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Thursday, November 12, 2026

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@StableBread

Fajasy on X

Fuel Tech $FTEK, the power plant pollution-control company, trades closer to its book value than to my updated sum-of-the-parts (SOTP). At $1.35/share, $FTEK trades 13.4% above its $1.19/share book value, and the market values the operating business at $14.3M ($42.1M market cap less $27.8M of cash and investments), ~0.5x TTM sales. Updating my August SOTP for the lower cash balance gives $1.65-2.10/share, 22-56% above today’s price, still with nothing for the data center pipeline or DGI (its technology for dissolving oxygen into water).
@valuedontlie

Colin King on X

Some initial $KBR RemainCo thoughts: Investors thought they were getting a ~20% margin business in STS which turns out to be 10% after corp costs + normalized JV earnings... some of this was expected, but looks like a bigger reset From that lower base, it's expected to grow 10% annually with 12%+ margins and minimal capex which is great No formal 2027 guidance but implying $425M EBITDA and $3.5B revenue (12% margin)... biggest no-no for spin-offs are mismanaging year 1 expectations from carve-out to standalone financials Capital allocation was sort of glossed over... dividend is gone, no commitment on buybacks, haven't done M&A at STS in 5+ years... They'll still pursue megaprojects (obv can't guide to these tho) so maybe some capital allocation goes there? 85% FCF conversion (from net income) is pretty low for an asset-light business too... sounds like this is a working capital intensive business model Hmm...
@aleabitoreddit

Serenity on X

So there's the positive fundamental long term outlook that I've interpreted. On the other hand, there's near term headwinds that I highlighted above, which markets are pricing in. Negatives I saw near term were $MSFT Vineland pushing back into Q2 2027, which delays revenue recognition. Alongside 2026/2027 capex hikes + downward revision of next quarter revenue. We've seen markets punish near term execution delays with $AAOI recently too. For long term, I don't see this earnings as negative, given 100% prepayments, compute prices going up, new contracts and their subsidiaries growing.

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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 $3.8B
Doomberg 5 clicks
IBIT · long

Ishares Bitcoin Trust Etf

IShares Bitcoin Trust ETF (IBIT) is presented as a high-conviction Bitcoin position with attractive risk-reward.

IBIT $121M
Value Investors Club 2 clicks

Deep Dive: XPEL

XPEL sells paint-protection film and DAP cutting software, using 90,000-plus vehicle templates to win share from 3M and Eastman.

XPEL $1.1B
Rebound Capital 1 click

On the Horizon

A tiny defense supplier trades at roughly 6.5x estimated normalized EBIT as military-program volumes rise and a strategic review considers…

AIRI $13M
The Mikro Kap 1 click

Wix: More Pain (Ticker: WIX)

Wix cut 2026 bookings guidance by $50 million and revenue by $25 million after layoffs and weaker agency-partner demand, deepening scrutiny…

WIX $4B
Emerging Moats Research

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