$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al’s wartime near-monopoly has produced net cash, owned aircraft and a 2x EBITDA valuation, while regulatory obligations, customer float…
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Yet Another Value Blog
Everything we have picked from this writer, newest first.
Shitcos, Griftcos, and alignment versus enrichment at $IREN
IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until…
$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital
Nubank’s 140 million customers, 30%-plus ROE and 20% efficiency ratio fuel a debate over whether it is an early Capital One or a mature…
$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management
DNOW's MRC merger targets $75 million of synergies and $350 million of 2027 EBITDA, with a $30 to $32 2029 case relying on multiple…
$UWMC lost $600m hedging a deal they'd already lost
UWMC booked a roughly $600 million Q2 hedging loss tied to TWO months after the deal collapsed, contributing to an expensive capital raise.
$HIMS: Paul Cerro wouldn't trust the CEO to walk his dog. He's still long. Why? | Cedar Grove
Hims & Hers investor Paul Cerro is long again on labs and patient data raising retention and LTV, despite stagnant subscribers, GLP-1…
$PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin
United Parks trades around 8x EBITDA with an 8% unlevered cash yield, aggressive buybacks and roughly 80% effective short interest, despite…
Would I have been the patsy at $QVCPQ? $QVCAQ
QVC’s confirmed bankruptcy plan lets operating-company creditors take holdco assets and wipes out preferreds that traded above $5 before…
$CBZ: stop the buybacks and restart the M&A flywheel? | Reference Equity
CBIZ's proposed shift from buybacks to equity-funded bolt-on M&A targets renewed revenue compounding after the $2.3 billion Marcum deal and…
Corporate dark arts: the strangest 8-K I've ever seen $DMRC
DMRC’s incoming CEO can earn more than $40 million if shares rise roughly fivefold, despite an 8-K warning of substantial doubt about the…
Is insider buying a signal if the insiders are always wrong? $LILAK
LILAK’s canceled GCI Liberty deal, preferred-stock distribution, and $1.7 million of insider buying revive governance concerns around John…
$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds
VEON’s 84% Kyivstar stake and JazzCash underpin a sum-of-the-parts case for 4x upside, despite its sanctioned shareholder, capital…
Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA
MSA Safety’s Pershing Square Challenge finalists pitch gas-detection subscriptions, mandated SCBA replacement cycles and a 2023 liability…
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
