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Thursday, November 12, 2026

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Looking Back at Another Successful Thesis

DoubleU Games raised its all-cash tender offer for DoubleDown Interactive minority holders to $16.25 per ADS from $11.25 after net cash made the earlier bid untenable.

DDI $779M
The Value Road 3 clicks

From X

@calvinblissett 1 click

Calvin Blissett on X

Other than the backlog growing linearly every year and taking that at face value here are some secular trends I found that support growth pertinent to $BUKS: Management repeatedly points to several things in earnings calls: developing additional FAA-approved STCs; getting repeat installations from STCs it has already developed; bringing fabrication in-house rather than outsourcing it; increasing production capacity; selling more kits that customers install themselves; doing larger and more complicated special-mission aircraft; expanding systems-integration work; and growing internationally. During FY2026, BUKS invested approximately $2.7M in developing/producing new products BUKS’s Aerospace segment isn’t primarily an OEM. Its core exposure is modifying King Air, Cessna turboprop, Learjet and increasingly Challenger aircraft for ISR, aerial surveillance, sensors, search-and-rescue and other special missions; installing avionics/electronics; and selling modification kits under FAA STCs. 1. The turbine aircraft fleet BUKS targets is projected to grow ~2% annually for 20 years The FAA’s Aerospace Forecast FY2025–2045 projects the turbine general-aviation fleet to grow 2.1% annually through 2045. In contrast, the piston fleet is expected to shrink slightly. The FAA expects essentially all net growth in the traditional GA fleet to come from turbine aircraft. That’s highly relevant because BUKS specifically says its businesses concentrate on King Air and Cessna turboprops, Learjets and other turbine aircraft. 2. Business-jet deliveries are projected to grow ~3% annually for the next decade Honeywell’s 2025 Global Business Aviation Outlook forecasts: 8,500 new business jets worth $283 billion over the next 10 years, the highest value in the forecast’s 34-year history. It projects deliveries to grow at approximately 3% annually, with 2026 deliveries expected to increase another 5% YoY. 3. Honeywell found that 91% of business-aircraft operators expect to fly the same amount or more, with 28% expecting increased flying. The FAA separately forecasts total general-aviation flight hours to increase 19% from 2023 through 2045, with turbine, rotorcraft and experimental aircraft driving the increase. Higher utilization generally supports demand for upgrades and keeping existing aircraft economically useful. That’s relevant to BUKS because many of its products effectively extend or expand the capabilities of existing airframes rather than requiring operators to buy a new aircraft.

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

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 $71M
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 $391M
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 $672M
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

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