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Wednesday, November 11, 2026

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@ActAccordingly

PAA Research on X

Turn around's are tough, but this is interesting category: $ETD (Ethan Allen). Earnings results were uninspiring to say the least, but the company is overcapitalized and now just went through a massive transition of management and the board. Take a gander. This is an overqualified board for a company of this size and certainly relative to the other players in the home furnishings space. Doug Bergeron is an aggressive guy, some of you who knew him at Verifone probably have mixed emotions, but he's the kind of person needed here. Lots that can be done with this brand. It's not hard to see how $ETD can double in size (or more) with some basic blocking and tackling around ecomm, retail expansion, and improved wholesale execution. This is a good brand that is hugely undermonetized.
@StableBread

Fajasy on X

Elmet $ELMT, which turns tungsten into parts for U.S. missiles and jets, has raised $325.4M in 2026, including its April IPO and $200M from the U.S. Department of War (DoW), and ~$81M of cash was left after it paid for stakes in two tungsten miners in October. $124.7M bought 4.99% of Masan High-Tech Materials (UPCoM: MSR), $ELMT's longtime Vietnamese supplier, and $24.7M bought 3.5M shares, plus warrants, of Blue Moon Metals $BMM, owner of the Springer tungsten mine in Nevada. Operations used another $60.7M through October 2 ($53.1M in Q3 alone), mostly to build inventory, which more than doubled to $152.8M from $69.7M as of December 31. Counting the $124.7M set aside for Masan as cash, net cash went from the $60.5M I calculated after the DoW deal in my September 17 update to ~$0 as of October 2. At $21.99, $ELMT is 4.4% below the $23 I used in September, but its EV rose to ~$811M from $784M, mostly because of the Q3 inventory build. The DoW's remaining $250M can't arrive before March 2027, comes in at most $50M per six-month window, and each draw has to name its use and meet the DoW's conditions. $ELMT's plan for the DoW money still has more than $290M to fund: (1) $165M+ to upgrade and expand its three U.S. plants, (2) $75M for its 70% of the joint venture restarting Springer's processing plant, and (3) a $50M advance to Blue Moon against future Springer tungsten. So until the first DoW draw lands, any spending on Springer, the plant upgrades, or more inventory comes from the ~$81M of cash, $18.1M of unused credit lines, and whatever cash the business generates.

Investor Letters

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Airbnb 3Q26: Business Update

Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…

ABNB $111B
Speedwell Memos 2 clicks

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

SPGI $136BICE $96B
Global Outperformers 3 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

The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $5.9B
Cannibal Stocks 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 $1.3B
Orphan REITs 2 clicks

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $77BRIOT $6.6B
Monte Independent Investment Research 3 clicks

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