New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, November 11, 2026

Back to the front page

Expert Call | Lumentum & Marvell Deal

Marvell’s all-stock acquisition of Lumentum targets optical supply, DSP synergies and AI data-center demand, while adding fab integration, customer-retention and regulatory risks.

LITE $48B
P Equity Research 2 clicks

From X

@StableBread

Fajasy on X

By my numbers, Magna Mining $MGMNF (TSX: $NICU) is worth CAD$0.88-3.08/share before restart capital, depending mostly on Levack, its flagship mine. Here’s what the stock is worth under four Levack outcomes at Q2 margins, before restart capital (the upfront spending to rebuild and reopen the mine): 1) Levack worth nothing: CAD$0.88-1.09/share from cash, McCreedy West (the producing mine), and Crean Hill (the permitted nickel mine), 45-56% below the CAD$1.98 share price (October 23 close). 2) Levack at McCreedy West’s scale: 17M lbs/year is worth ~US$114M, which makes the stock worth CAD$1.35-1.56/share, 21-32% below CAD$1.98. 3) Levack at its study’s plan: The October 7 preliminary economic assessment (PEA) plans 36.8M lbs/year from mid-2028 to 2035, worth ~US$246M, which makes the stock worth CAD$1.90-2.12/share, 4% below to 7% above CAD$1.98. 4) Levack at the top of CEO Jason Jessup’s range (3x McCreedy West): 54M lbs/year is worth ~US$361M, which makes the stock worth ~CAD$2.59/share (+31%) with McCreedy West and Crean Hill at the top of my ranges. With a 10% higher realized price, Levack rises to ~US$479M and the stock to ~CAD$3.08 (+56%). The PEA’s CAD$70.1M of initial capital would take ~CAD$0.21/share off the last three cases, but pre-commercial cash flow and tax credits cut the net funding need to CAD$8.6M (~CAD$0.03/share). On the upside, SCP Resource Finance, a mining-focused investment bank, put a CAD$5.10 target on the stock (+158%) in its April 14 note, before Alpayana, a Peruvian mining group, bought 62.4M new shares at CAD$2.25. Canaccord Genuity $CCORF, a Canadian investment bank, and Desjardins, a Quebec-based financial cooperative, also cover the stock, and both advised Magna on the Alpayana deal. Reaching SCP’s CAD$5.10 would demand ~US$964M from Levack and the rest, ~3.9x Levack’s value at the PEA’s output and Q2 margins. Getting there takes (1) ore from R2, a high-grade zone at Levack, (2) higher metal prices, (3) better margins at Levack than at McCreedy West, or a strong mix of the three.
@convequity

Convequity on X

In our view, $MNDY needs customers to pay for agent work, not just human seats. MNDY sits on Route 2 of our SaaS Survival Scorecard, contested optionality. Sticky workflows help, but coordinating other SaaS applications is increasingly something an external agent can do. An agent can now perform much of the typing, summarising and routing that once required someone to open a board. MNDY's opportunity is to capture customers' unwritten knowledge of how work gets done, which could make its agents harder to replace. We estimate AI ARR at $20-30 million, well behind selected AI-native leaders despite an established customer base. We think growing revenue-linked work could outweigh human-seat losses if MNDY captures enough revenue through API capacity, AI credits and future agent charges. A larger investment case requires evidence that paid agent work can sustain growth and attractive margins.

Investor Letters

All letters

Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW…

FRVO $2.3B
Doomberg 4 clicks
OSW · short

One Spa World

OneSpaWorld (OSW) faces about 37% downside as its valuation requires unattainable growth in average revenue per customer after major-market…

OSW $3.1B
Value Investors Club

Sea Ltd Earnings Update: Q3 2026

Sea Ltd reported Q3 2026 revenue of $8.6 billion, up 43.4% year over year, while net income rose 34.0%.

SE $48B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 83 of 283

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

375 firms

Sectors

Ordered by how often our editor reaches for them.