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 ›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 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 ›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 ›The earnings that justify the multiple are largely ordered rather than hoped for, lithography intensity in memory is rising in a way that shows up in revenue per tool rather than only in management's framing, and the next disclosure that matters is more likely to lift 2028 est...
Read Article ›The market is not underpricing Enterprise Products Partners so much as pricing it correctly as a spread product and then marking it against a Treasury curve that has moved violently.
Read Article ›A bank that spent seven years unable to grow has spent fifteen months deploying a balance sheet into markets financing, commercial relationships, and an investment bank taking measurable share, paid for it with a ratio rather than with dollars, and is now at the point where th...
Read Article ›Strip the war out and what remains is the question that decides the stock.
Read Article ›At eleven times forward earnings against a mid-thirties return on equity and a client cohort deepening at 34% per relationship, the risk-reward is skewed to the upside, and the stock is worth owning even after the run.
Read Article ›At 14 times forward earnings for a franchise compounding earnings at roughly a fifth a year on a 33% return on equity, with a funding book half-deployed and a Mexican bank that only became a bank last month, the market is underwriting the credit fear and paying nothing for the...
Read Article ›What tips the balance is that the approval was not the whole catalyst — it was the start of a data stream that gets richer, not thinner, from here.
Read Article ›The company is a fixed-fee volume engine that beat on reliability, is forward-sold through year-end, has a funded ramp to 60–63 MTPA nearly complete, and is retiring roughly 3% of its shares a year.
Read Article ›The reason the multiple is compressed is not that anyone doubts the ad engine; it is that Meta, alone among the hyperscalers, has no third-party cloud line absorbing the spend.
Read Article ›The harder, less-discussed truth about BridgeBio is that the equity sitting on top of this franchise is a thin residual behind a capital structure that private-credit and private-equity sponsors engineered to harvest the ramp first.
Read Article ›The discount as struck double-counts Argentina — once in the multiple and again in the reflex to distrust cash flows that are demonstrably Brent-linked and demonstrably deleveraging the balance sheet. The tape has earned back at least one of those two discounts.
Read Article ›Dave is a genuinely compounding franchise with a data moat, temporarily mispriced because the market read a high-return reinvestment decision as margin decay, carrying a real and unreserved regulatory tail that justifies a discounted multiple but not the one the market assigne...
Read Article ›The signed backlog says the consensus deceleration curve is too steep, and while that gap persists the stock can grind higher on upward revisions rather than on further multiple expansion. That is the constructive case, and it is a real one: bookings running ahead of revenue, ...
Read Article ›The hinge of the whole situation is a single line in the second-quarter results. Strip it out and clean 2026 earnings power sits closer to $15 a share — and 2027 then benefits a second time, because the refinancing itself lowers the ongoing interest bill.
Read Article ›The consensus reading is that this is a fully-valued yield vehicle: a solid 6% payer trading at ~11x EBITDA, worth owning for income and little more. My argument is that the operating engine is compounding meaningfully faster than that framing credits, that the loudest bear ob...
Read Article ›