Asked on the October call how 2027 pricing and add-on tiers would be monetized, co-CEO Alex Norström called it "premature" to talk about specificity around next year.
Read Article ›EchoStar is a levered, controlled, litigation-wrapped way to own 1.9% of SpaceX alongside a large pile of cash, and at $90 the stock sells that package for about sixty cents on the dollar.
Read Article ›At this price DHT is a well-run liquidating annuity valued as one, and the asymmetry an owner is actually paid for sits in 2028, not in the next two dividends.
Read Article ›The evidence that Magic's 2026 is a structural step-up rather than a channel-fill peak is stronger than the single share datapoint the skeptics lean on, and durability is the part of this business the market still prices as a release schedule rather than an installed base.
Read Article ›Since late September, Mirum Pharmaceuticals has put a fourth medicine on the U.S. market, reported that its hepatitis delta antibody met the primary endpoint of a pivotal Phase 3 trial, and reported that its commercial lead drug met the primary endpoint of a second Phase 3 in ...
Read Article ›The market's error with Ulta came in March and April, when it treated one quarter of discretionary overhead spend and a partnership wind-down as evidence that America's largest specialty beauty retailer was losing its category.
Read Article ›At under seven times forward earnings, with the share count structurally shrinking and a third-quarter consensus that requires a collapse four quarters of cash receipts contradict, the stock is mispriced to the upside, and the November print is the most likely thing to correct...
Read Article ›The market has already moved the stock 26% off the panic low and back to roughly fifteen times forward unlevered cash flow.
Read Article ›The market is paying a going-out-of-business multiple for the half of Freshworks that is winning and a fair one for the half that is stalling.
Read Article ›CoreWeave's execution is not the issue, nor is demand; the issue is that the equity has become a highly levered residual claim on an enormous AI-infrastructure capital program.
Read Article ›Two FDA decisions and one reimbursement unlock inside the next six weeks are the nearest-term evidence that could force the company's valuation gap closed.
Read Article ›On the evidence already reported rather than projected — a fee rate up 13% in a year, equity-method earnings nearly doubled, economic earnings per share compounding above 50% and a share count down roughly a tenth — the market is still pricing AMG on what its long-only book is...
Read Article ›Chipotle is installing a back-of-house retrofit it calls the High-Efficiency Equipment Package where equipped restaurants are turning out two to three more entrées in their peak fifteen-minute window than the rest of the system, which management says translates into hundreds o...
Read Article ›Chief Executive Jim Conroy, in the seat since February 2025, has pushed the merchant organization into better and more popular brands without systematically raising price points, and says closeout opportunities are very strong, with mainstream retail's softness freeing up canc...
Read Article ›The market repriced the whole company for a disruption thesis about Legal; yet Legal supplies roughly an eighth of group profit and it is the division that sped up.
Read Article ›On cash flow, this stock is already struck closer to a mid-cycle oil deck than to the futures strip, and the next twelve months of return comes out of the balance sheet rather than out of the multiple.
Read Article ›The market is still pricing Devon as though 40% of its barrels will go on earning 2% of its revenue, and that is the one thing about this company that is already changing
Read Article ›At about 18x 2027 earnings, with net cash, a 5.7% free cash flow yield and an unused repurchase authorization underneath it, TechnipFMC is mispriced.
Read Article ›In the June quarter, the company finished the hardest thing it has attempted in decades: cutting Amazon's volume by more than half from 2024 levels, roughly two million pieces a day, alongside some 78,000 operational positions, close to 150 buildings, and about $4.5 billion of...
Read Article ›At 23x forward earnings, with every segment's operating metrics improving, the market is underpricing RTX's near-term operational momentum: aircraft on ground falling, Collins cost actions landing, Raytheon converting a 2.4x book-to-bill.
Read Article ›The market has marked down a franchise for a threat it cannot yet feel, and at 37 times forward earnings Howmet is worth owning — not for a re-rating to $328, but because the business is compounding faster than the multiple needs to expand.
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