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Wednesday, November 11, 2026

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@david_katunaric 1 click

Mikro Kap David on X

Yesterday I dug deeper into an 🇦🇺 special situation that reminds me of when I first found $ICCC back in September 2025. In both cases, a high-quality core business is taking share in an oligopolistic niche with a superior product, yet its underlying economics are obscured by a legacy development program that has consumed decades of spending and exhausted nearly everyone who has ever owned the stock. As was the case with ImmuCell, I don’t think this setup requires regulatory approval to work. FAA approval would create significant upside, while abandonment would remove the cost burden, allowing management to focus entirely on the core business and letting its underlying economics shine through. There is also a less “dramatic” but plausible third path: the legacy program’s drag on profitability continues to diminish while the attractive aerospace business grows around it. Both situations also brought experienced industry executives into senior leadership at a potentially important turning point. And, so far, I believe the new management team is making the right moves. There are several ways this could play out, but I believe the favorable outcomes are more likely, while the unfavorable ones shouldn’t carry much downside at the current valuation. I wrote up this company now so that, as new information emerges, you’ll know what matters, what doesn’t, and how each development changes the risk-reward. That should put you in a position to act while others are still parsing headlines and catching up. Link in the comment below.

Investor Letters

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💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $18MGUTS $12M
PETITION 2 clicks

The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

ESRT $877M
Orphan REITs 2 clicks

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $98M
Atrium Research - Equity Research 3 clicks

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $357M
Orphan REITs 3 clicks
NGVC · long

Natural Grocers Vitamin Ctge

Natural Grocers (NGVC) returned to $27.80 after a prior long entry at $21 and exit recommendation at $46.

NGVC $677M
Value Investors Club

Post Q3 EVC Update

EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.

EVC $920M
Nat Stewart - Stock Picking Newsletter 26 clicks

Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $920M
The Value Road 4 clicks

GREAT DEC-TECTIVE WORK

Diversified Energy reported $255.6 million of “true” nine-month free cash flow, while its $1.8 billion Birch acquisition would shift…

DEC $972M
The Oak Bloke 4 clicks

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