Investment Pitches

Pitch Summary:
Alphabet Inc. is poised for further growth as it prepares to release its Q1 earnings. The company is expected to report a significant year-over-year revenue increase, driven by strong performance in its core search business and YouTube, with exceptional growth anticipated from its cloud division. Despite a forecasted decline in earnings per share due to increased investments in AI and data centers, Alphabet's historical trend of surpassing analyst expectations suggests a potential earnings beat. The company's strategic investments are likely to yield long-term benefits, supporting future revenue expansion. Alphabet's current valuation remains attractive, offering room for price appreciation as it continues to capitalize on growth opportunities in AI and cloud computing.

BSD Analysis:
Alphabet's consistent ability to exceed revenue and earnings expectations highlights its operational strength and market positioning. The company's focus on AI and cloud computing aligns with industry trends, positioning it well for sustained growth. While short-term margin compression is expected due to increased capital expenditures, these investments are strategic, aimed at enhancing future capabilities and market share. Alphabet's diverse revenue streams, including its burgeoning cloud business and potential in autonomous vehicles through Waymo, provide multiple growth vectors. The market's positive sentiment towards tech stocks, coupled with Alphabet's strong momentum, suggests a favorable outlook for its stock performance.

Pitch Summary:
Hamborner REIT offers a high dividend yield of approximately 8%, but this is not sustainable due to increasing costs in personnel, financing, and maintenance. The company's financials are under pressure, with expected cost increases of around 12 million EUR by FY-29, primarily from rising interest costs. The dividend yield is projected to decrease to 6.1% by FY-29, with a required yield of 8% from investors, resulting in a low CAGR of 2.5%. The potential for increased vacancy rates and property value declines further threatens financial stability. Management's plan to sell office assets may face challenges in a weak market, making Hamborner REIT a less attractive investment.

BSD Analysis:
Hamborner REIT's portfolio is valued at 1.35 billion EUR, with a yield of 6.6% and a vacancy rate of 3.5%. The company faces declining net rental income and FFO, with a 5.7% drop in FFO in FY-25. The proposed dividend for FY-25 is 0.39 EUR per share, reflecting a payout ratio of 60-70% of FFO. Despite a NAV discount of 47%, the company's financial outlook is bleak due to rising costs and potential declines in property values. The refinancing of mortgage-backed loans at higher rates will significantly impact profitability, and the company's strategy to dispose of office properties may not alleviate financial pressures.

Pitch Summary:
Perspective Therapeutics, a radiopharmaceuticals specialist, has shown promising developments in its lead candidate VMT-α-NET for treating neuroendocrine tumors (NETs). The company has reported encouraging interim data from its clinical trials, suggesting potential superiority over Novartis' Lutathera, a current standard of care. The recent discontinuation of a competing product by Sanofi has also positively impacted Perspective's stock price. With a market cap of approximately $510 million, Perspective is positioned for growth, especially if its ongoing trials continue to yield positive results. The company's strategic partnerships and manufacturing capabilities further bolster its potential for success in the expanding radiopharmaceuticals market.

BSD Analysis:
Perspective Therapeutics is leveraging its proprietary technology to target cancer cells with high precision, using alpha particle payloads that are more effective than traditional beta particles. The company's approach could significantly improve treatment outcomes for patients with NETs and potentially other solid tumors. The radiopharmaceuticals market is projected to grow substantially, offering Perspective a large addressable market. Despite the competitive landscape, Perspective's unique platform and recent positive data position it as a strong contender in the industry. The company's financial health, with sufficient funding through 2027, supports its ambitious clinical and operational goals, making it an attractive investment opportunity.

Pitch Summary:
Intel Corporation has experienced a significant surge in its stock price, reaching the base case price target of $66.52, driven by strong Q1 results that exceeded expectations. The company has shown impressive growth in its Data Center & AI business, with a 22% year-over-year sales increase, and its Client Computing Group remains a major revenue contributor despite market challenges. However, the stock is now considered fully valued at its current EV/EBITDA multiple, and the company faces execution risks in achieving peer group valuation. The outlook for Intel is positive, with expected revenue growth and margin improvements, but free cash flow is not projected to turn positive until 2027.

BSD Analysis:
Intel's strategic focus on AI and its role in CPU demand for AI applications is a promising development, as CPUs become more critical in inference and agentic AI tasks. The company's investment in advanced manufacturing processes, such as Intel 18A and 14A, positions it well for future growth, although current foundry operations remain loss-making. Intel's guidance suggests continued revenue growth and margin expansion, but the market's high expectations and the company's historical challenges in execution warrant a cautious approach. The stock's valuation, while justified by recent performance, limits immediate upside potential, leading to a downgrade from Buy to Hold.

Pitch Summary:
BP is currently trading at $46.25, with a technical gap below at $44.78. The company is facing leadership instability with a new CEO, Meg O'Neill, who has been in position for less than a month. Recent shareholder revolts and a lack of buyback support add to the uncertainty. Analysts have set a target price of $44.14, indicating a potential downside. The upcoming earnings report on April 28 could act as a catalyst for the stock to fill the gap. The strategy involves buying May $46 puts to capitalize on the expected decline.

BSD Analysis:
BP's frequent changes in leadership and strategy have created a lack of clear direction, which is reflected in the shareholder unrest and recent AGM outcomes. The company's decision to suspend share buybacks to focus on reducing net debt removes a key support for the stock price. While the dividend yield remains attractive, it may not be sufficient to counteract the expected gap fill. The technical alignment with the fundamental analyst target suggests a strong case for a short position. However, external factors such as oil price fluctuations and potential positive surprises from the new CEO could pose risks to this bearish thesis.

Pitch Summary:
Hydreight Technologies Inc. is undergoing a significant transformation, evolving from a mobile care network to a comprehensive digital healthcare platform. The company has positioned itself as a leader in the telehealth industry by enabling rapid deployment of D2C telehealth brands through its VSDHOne platform. With a strong growth trajectory, the company is expected to exceed market forecasts for Q4 2025, driven by its innovative platform and strategic market entry into high-margin sectors like home STI testing. The implementation of a share buyback program further supports the potential for significant stock price appreciation.

BSD Analysis:
Hydreight's aggressive expansion strategy, including its entry into the home testing market and the launch of the VSDHOne platform, positions it well for continued growth. The company's ability to navigate regulatory barriers and its strategic capital position, bolstered by a recent financing round, mitigate liquidity risks and support scaling efforts. However, the rapid growth necessitates substantial investment in infrastructure and marketing, which could pressure margins. Despite these challenges, the expiration of initial discounts and vertical integration of the supply chain offer opportunities for margin expansion. The primary risk remains operational execution in a highly regulated environment.

Pitch Summary:
We have also recently made a small purchase in Microsoft. The stock has sold off, along with the broader software sector, on technological disruption fears that AI could potentially replace all software. We believe that not all software companies should be painted with the same brush. While we acknowledge that AI capabilities released by companies like Anthropic and OpenAI are incredible and will only get better, we think Microsoft's suite of productivity and business software will be further enabled by AI rather than being entirely replaced. Microsoft is deeply entrenched within its customer base, and their ability to bundle products is a moat we believe is under-appreciated. As such, we believe that at 20x PE the stock offers value. We are encouraged by the new E7 bundle that comes with M365 Copilot and will be observing its adoption rate in the coming quarters.

BSD Analysis:
The manager initiated a small position in Microsoft, viewing the AI disruption fears as creating an attractive entry opportunity. The investment thesis argues that Microsoft's productivity software will be enhanced rather than replaced by AI, differentiating it from other software companies facing disruption risks. The manager highlights Microsoft's customer entrenchment and underappreciated product bundling capabilities as sustainable competitive advantages. At 20x PE, the valuation is considered attractive given these defensive characteristics. The new E7 bundle with M365 Copilot represents a concrete catalyst for AI integration that could drive adoption and revenue growth. This reflects a contrarian view that Microsoft is well-positioned to benefit from rather than be disrupted by the AI revolution.

Pitch Summary:
KKR and Apollo saw their share prices remain soft amid ongoing negative sentiment surrounding alternative asset managers' private credit exposure and concerns over gating / redemption restrictions. While it is indeed true that many of the private credit funds tailored to wealthy individuals have seen elevated levels of redemptions, thus spurring a number of managers to limit withdrawals to 5%, what may have been under-appreciated is that these same funds are still receiving new inflows, and hence net flows are closer to zero. Importantly, institutional demand for private credit continues to be strong; the noise has largely been around the retail space. The major banks (and BlackRock) that have reported earnings also remained constructive on the sector. In particular, when asked about systemic risk in private credit, Jamie Dimon said that "it almost can't be systemic at that size relative to anything else". We are inclined to agree. The $2 trillion direct lending market is only 3% of total debt outstanding for US households and businesses. In comparison, real estate mortgages were 60% at the peak of the housing bubble in 2006. We believe our entry valuations, at low-teens earnings multiples, offer an attractive entry point over a multi-year horizon, and we added to both positions during the quarter. We also note that KKR's Co-CEOs have made meaningful insider purchases during this period, which we view as an encouraging sign that they are aligned and see value at current price levels.

BSD Analysis:
The manager presents a contrarian bullish case for KKR amid market concerns about private credit exposure. The thesis argues that negative sentiment is overblown, with net flows actually near zero despite retail redemptions due to continued institutional inflows. The manager emphasizes that private credit represents only 3% of total US debt, far below systemic risk levels compared to the 2006 housing bubble. At low-teens earnings multiples, the manager sees attractive entry valuations for a multi-year investment horizon. The addition of positions during market weakness and management's insider buying activity reinforce confidence in the investment thesis. This represents a classic value opportunity where temporary market fears have created attractive pricing for a quality alternative asset manager.

Pitch Summary:
TSMC is steadily driving yield improvements in its most advanced nodes through relentless R&D efforts. These seemingly small incremental efforts (that largely go unreported by the media), compounded over time, are what gradually widen a company's economic moat and ultimately drive meaningful long-term business progress and market value appreciation. We continue to own Great Businesses such as TSMC, Tencent, Apple, DBS, KKR, Apollo, CNOOC, Sheng Siong, among others.

BSD Analysis:
The manager maintains a bullish stance on TSMC as a core holding in their 'Great Businesses' category. The investment thesis centers on TSMC's continuous technological advancement through R&D investments that drive yield improvements in cutting-edge semiconductor nodes. The manager emphasizes that these incremental operational improvements, while not making headlines, compound over time to strengthen TSMC's competitive moat. This reflects confidence in TSMC's market-leading position in advanced chip manufacturing and its ability to maintain technological superiority. The pitch suggests the manager views TSMC as a long-term compounder benefiting from secular growth in semiconductor demand. The emphasis on moat-widening activities indicates appreciation for TSMC's sustainable competitive advantages in the foundry business.

Pitch Summary:
Netflix: A changing capital cycle. Who are you? - A counter-positioning business run by a driven Owner Manager - That achieved scale and used it powerfully - A disrupter that created Network + Scale Economics - Which it re-invested for customers benefit & a bigger moat. Where are you? - Netflix was being attacked by gorillas with capital and ambition - e.g. Apple, Amazon, Disney - But it prospered in the heat of competition - Due to its high-quality, innovative products - Achieving industry leading margins - When the capital cycle turned (i.e. others gave in) it was uniquely positioned = Huge operational gearing resulted - Sector analysts are not SCA or capital cycle specialists. This requires a generalist approach + age!? Netflix: To the victor, the spoils. Capital Cycle/Investment Cycle +/- Sentiment Cycle - Netflix, Meta

BSD Analysis:
Holland Advisors presents Netflix as a masterclass in capital cycle investing and sustainable competitive advantages. The company is characterized as a counter-positioning business led by a driven owner-manager that successfully created network and scale economics while reinvesting for customer benefit. Despite facing intense competition from well-capitalized rivals like Apple, Amazon, and Disney, Netflix prospered through high-quality, innovative content and achieved industry-leading margins. The key insight is that when the capital cycle turned and competitors reduced their streaming investments, Netflix was uniquely positioned to benefit from huge operational gearing. Holland emphasizes that sector analysts often miss these capital cycle dynamics and sustainable competitive advantage frameworks, requiring a generalist investment approach. The 'to the victor, the spoils' theme suggests Netflix has emerged as the dominant winner in the streaming wars. This represents Holland's expertise in identifying businesses that can withstand competitive pressure and emerge stronger when capital cycles shift in their favor.

Pitch Summary:
Nubank: A snowball on a long, wet hill. Nubank's trifactor - Is the lowest unit-cost bank, has very high ROE's & customers LOVE it - Brought powerful 'Scale Economy Shared' model to sleepy banking sector - Looks a perfect SNC. Is Amazon-esq in customer focus and disruption - Its global growth runway could be very long. Supernatural Compounders - Wise, Nubank, Biglari, Bollore, Carvana, Kelly Partners

BSD Analysis:
Holland Advisors views Nubank as an exceptional 'supernatural compounder' with a compelling three-factor advantage: lowest unit costs in banking, very high returns on equity, and exceptional customer satisfaction. The company has successfully introduced a 'Scale Economy Shared' model to the traditionally sleepy banking sector, disrupting incumbents through superior customer focus reminiscent of Amazon's approach. Nubank's digital-first platform enables it to operate at significantly lower costs than traditional banks while delivering superior customer experiences. The manager sees a very long global growth runway ahead, suggesting significant expansion opportunities beyond its current Latin American markets. The combination of operational efficiency, high profitability, and customer loyalty creates a powerful competitive moat. Holland's 'snowball on a long, wet hill' metaphor suggests accelerating growth potential as the company scales. This represents a classic Holland investment in a disruptive financial services company with strong network effects and sustainable competitive advantages driven by an innovative business model.

Pitch Summary:
Wise... A supernatural compounder - The best innovative businesses solve a problem - Wise's is the cost of Forex via banks - Banks Forex spreads = an unseen global tax on SME/Individual - Customers save c.2% of every single transaction with Wise. Wise is re-investing profits to reduce customer pricing further - Customers love this, but the share price fell! - Also building an alternative clearing network of its own. Wise is re-investing back in itself at likely high ROIC rates. Wise has all the four traits we love in great Co's (#builttolast) - Preserve a core ideology - BHAG (Big Hairy Audacious Goals) - Trying new things - Constant innovation in new products and services. Wise: Scale Economy Shared in action 'The market leader over time will be the provider of the cheapest, fastest, most convenient service with the broadest coverage. This will only be achieved by building the best global infrastructure, so we will continue to reinvest every year.' Kristo Kaarmann, Wise CEO and Founder, June 2024 analyst meeting. Wise words 'You need a genuine desire day in day out to delight the customer. I've seen a lot of business, but I've never seen one that focused on delighting the customer that didn't succeed.' Warren Buffett, emphasis ours. 'The biggest driver of new customers is word of mouth/recommendations... And the biggest driver of recommendations is the fact that we are so much cheaper and more transparent than other banks or anything else that is available.' Kristo Kaarmann, Wise CEO and Founder, June 2024 analyst meeting. Supernatural Compounders - Wise, Nubank, Biglari, Bollore, Carvana, Kelly Partners

BSD Analysis:
Holland Advisors identifies Wise as a 'supernatural compounder' that solves a genuine customer problem - the high cost of foreign exchange through traditional banks. Customers save approximately 2% on every transaction, creating a compelling value proposition that drives organic growth through word-of-mouth recommendations. The company exemplifies a 'Scale Economy Shared' model, reinvesting profits to reduce customer pricing further while building sustainable competitive advantages. Despite strong customer metrics and reinvestment for growth, the share price has declined, creating an attractive entry point. Wise is building its own alternative clearing network, which should generate high returns on invested capital over time. CEO Kristo Kaarmann's commitment to continuous reinvestment and customer obsession aligns with Holland's investment philosophy. The company demonstrates all four traits of enduring businesses: core ideology preservation, big audacious goals, innovation, and constant product development. This represents a classic Holland investment in a disruptive fintech with strong network effects and an owner-manager focused on long-term value creation.

Pitch Summary:
Meta: Sentiment/Investment cycles - Meta is an example of occasional very inefficient markets - ...that don't understand Owner Manager psychology. Capital Cycle/Investment Cycle +/- Sentiment Cycle - Netflix, Meta

BSD Analysis:
Holland Advisors views Meta as a prime example of market inefficiency driven by sentiment cycles rather than fundamental analysis. The manager believes investors fail to understand owner-manager psychology, particularly Mark Zuckerberg's long-term vision and capital allocation decisions. Meta is categorized alongside Netflix as benefiting from capital and investment cycles, suggesting the company is well-positioned as competitive dynamics shift in its favor. The fund sees Meta as trading at attractive levels due to temporary sentiment issues rather than structural problems. Holland's framework suggests Meta possesses sustainable competitive advantages through its network effects and scale economics. The manager appears confident that market sentiment will eventually align with the company's fundamental strengths. This represents a classic contrarian position where Holland is buying during periods of uncertainty and negative sentiment.

Pitch Summary:
Jet2: Mr Market's view PE = 5x, MCap = £2.2bn (@ £11.25) but £500m = Company cash. Jet2: 15-20% compounding for PE of 5x. Jet2 plc Financial Results | Year ended 31 March 2025 * All numbers exclude 2021-22 pandemic period. Compounders dressed up as cyclicals - Jet2, Credit Acceptance, Ryanair, Greenbrick, Summerset

BSD Analysis:
Holland Advisors presents Jet2 as a compelling value opportunity trading at just 5x PE with a market cap of £2.2bn, including £500m in cash. The manager believes the market is misunderstanding this as a cyclical business when it's actually a compounder capable of 15-20% annual returns. The airline has demonstrated strong financial performance in the post-pandemic period, with results excluding the 2021-22 disruption showing consistent growth. Holland categorizes Jet2 as a 'compounder dressed up as a cyclical,' suggesting the market is undervaluing its sustainable competitive advantages and growth potential. The significant cash position provides financial flexibility and downside protection. The low valuation multiple appears disconnected from the company's underlying compounding characteristics. This represents a classic Holland Advisors investment - buying quality businesses when sentiment is poor but fundamentals remain strong.

Pitch Summary:
AmpliTech Group (AMPG) operates a high-quality, diversified business model centered on designing, developing, and manufacturing advanced RF and microwave signal-processing components and systems. The company serves multiple end markets, which include satellite communications, 5G/6G telecom, quantum computing, defense, aerospace, and space. It operates through five divisions: AmpliTech Inc., Specialty Microwave, Spectrum Semiconductor Materials, AmpliTech Group Microwave Design Center, and the fast-growing AmpliTech Group 5G Division.

AmpliTech's 5G ORAN product is the material driver of the current revenue growth that the company has seen. ORAN (or O-RAN) stands for "Open Radio Access Network." ORAN, led by the O-RAN Alliance, is an agreed-upon framework that has been adopted by telecom operators for 5G networks, mainly in non-US markets. 5G ORAN is an open interface for building a 5G network. This allows telecom operators to mix and match vendors, reducing their dependence on proprietary, single-vendor systems while improving the supply chain and driving down costs for the telecom operators.

A key point about true 5G networks vs. 4G or 4G LTE is that due to the coverage efficiency, bandwidth used, and latency requirements, 5G networks will have materially more endpoints (RAN) devices required than 4G networks. This means that ORAN makers will be in high demand as the replacement cycle from 4G to 5G continues, which is a massive tailwind for AmpliTech for the next 3 years.

The company is currently forecasting at least $50m in 2026 revenue (100% growth over 2025), which will be driven by two large LOI's that they have secured. The company announced in 2025 they have received an LOI for $78 million in ORAN radio systems with an Asian telco and a $40m LOI for a North American MNO. These LOIs are both just getting ramped up and will support the 2026 revenue growth.

AmpliTech's business segmentation structure creates natural cross-selling opportunities and a somewhat resilient revenue base, although their 5G ORAN business is lumpy. The legacy components business (low-noise amplifiers (LNAs) and low-noise blocks (LNBs)) provides stable, high-margin recurring demand from satellite, defense, and test/measurement customers. Their 5G systems business, which was materially scaled up in 2025, delivers a scalable, high-volume platform revenue opportunity within the 5G Open RAN (ORAN) space.

Fiscal 2025 revenue reached a record $25.2 million, up approximately 165% year-over-year from $9.5 million in 2024. Growth was driven by strong demand for LNA/LNB products, expanded 5G product lines, and a rebound in the Spectrum division's Asian markets. Gross profit rose to $6.0 million (from $3.5 million), but gross margin compressed to 23.9% (from 36.7%).

This compression in gross margin was largely a one-off event tied to three factors: (1) elevated legal and professional fees associated with capital-raising activities and compliance during the year's rapid scaling; (2) one-time costs from the registered direct and rights offerings that strengthened the balance sheet; and (3) the deliberate early-stage ramp-up of carrier-grade 5G ORAN radio production, including competitive pricing to secure Tier-1 operator relationships and initial manufacturing scale-up inefficiencies. Management has explicitly guided that these headwinds are transitory and gross margins should return to the ~40% range in the back half of 2026 and be trending toward the 30--50% telecom industry benchmark as fixed costs are absorbed and pricing normalizes on established contracts. This margin improvement should be steadily driven as the company shifts from market-penetration pricing and low-volume pilot deployments to recurring, high-volume orders with better gross margins.

The model is further strengthened by vertical integration with design and manufacturing in the U.S. patented front-end and LNA technologies, and a transition from pure component supplier to full systems provider. AmpliTech's products are 100% American-made, which may be a key selling point with US telcom providers due to onshoring efforts in the future.

Amplitech is led by its founder, chairman, president, and CEO, Fawad Maqbool. Fawad has 30 years of microwave engineering experience with dual BSEE degrees in microwave and biomedical engineering. He has scaled the business from nothing to $50m in revenue forecasted for 2026. Maqbool founded the company in 2002 and has steered it from a bootstrapped startup to a NASDAQ-listed growth platform while maintaining hands-on oversight of RF innovation.

Outside of Fawad, AmpliTech's leadership team combines deep technical expertise with proven operational discipline. Complementing him is COO Jorge Flores, who joined in 2021 with over 30 years of operations and program management experience across complex manufacturing environments.

Management's execution has been strong within the last few years. In 2025 they delivered 165% revenue growth while simultaneously certifying the industry's first U.S.-manufactured 64T64R CAT-B massive MIMO ORAN radio. This 5g ORAN product allowed them to secure the $78m LOI with a Tier-1 operator. While their 4Q results showed a gross margin decline due to the 5G ramp, they continue to be transparent and unwavering about the long-term vision for the company. As they approach a positive operating profit (likely later in 2026), they have proactively raised capital on favorable terms to fund the 5G ramp once the business inflects.

Guidance has been consistently met or raised, and the team's willingness to accept short-term gross-margin dilution for strategic design wins demonstrates a sophisticated understanding of carrier procurement cycles. AmpliTech's management is well positioned to convert early ORAN leadership into multi-year, high-margin revenue.

My biggest issue with management is their IR has not been great. They had not scheduled an earnings call for Q4 results and released the results, and the stock sold off 30% after the results. Then, in what seemed kind of reactionary, they scheduled a call to discuss the results. They also do not do a very good job at getting back to investors who have questions. This is not an idea killer to me if the business decisions seem correct and they are focusing on execution, but I do think they could improve IR.

AmpliTech sits at the epicenter of the secular shift to Open RAN in 5G infrastructure. Traditional 4G RAN was monolithic and proprietary, locking operators into single-vendor ecosystems with high costs and limited flexibility. ORAN disaggregates the radio, baseband, and software layers, enabling multi-vendor interoperability, which is why Amplitech has succeeded in selling into much larger MNO telecom companies. ORAN is an interesting product within 5G that is more flexible and adoptable than its 4G counterpart.

Specifically, AmpliTech's 5G ORAN product offers ~30% cost savings, faster innovation, and domestic supply chain security, which is a critical sales advantage over Chinese competition due to geopolitical concerns.

As I mentioned above, the key investment insight about the 5G opportunity ahead of AmpliTech is understanding the 5G infrastructure rollout versus the previous 4G infrastructure. A key differentiator is the dramatically higher density of endpoints required for 5G versus 4G. 5G demands gigabit-per-second speeds, ultra-low latency, and higher bandwidths. These requirements force denser network topologies as higher-frequency bands, which have shorter propagation distances. The shorter distances of propagation force telecom companies to deploy many more small cells and massive MIMO radios per square kilometer (5-20x depending on the buildings and structures nearby). This density is required for applications that require low latency and fast two-way signal strength, like autonomous vehicles, AR/VR, drones, and other new technologies.

Industry forecasts project the global 5G infrastructure market growing at a 22%+ CAGR by 2035. ORAN will be a major subset of that growth. AmpliTech's U.S.-made, OTIC-tested, O-RAN-compliant, and interoperability-proven device positions the company as a rare domestic pure-play beneficiary.

Current analyst consensus (one covering firm) forecasts align with management's reaffirmed FY2026 revenue guidance of at least $50 million (roughly 2x FY2025), which to me is an easy forecast to hit with just the existing two LOIs. But the company recently discussed that they are in the process of RFPs and other discussions for additional LOIs on their 5G ORAN products. I expect we'll hear more about further LOIs by mid-summer, which could materially bolster the 2025 revenue and support another sizable revenue growth in 2026.

The Legacy RF and Spectrum divisions should continue growing mid-teens, providing a stable base while 5G systems become the dominant, higher-margin contributor. Gross margins normalize to ~40%+ by H2 2026 and sustain or expand thereafter, driving robust free-cash-flow generation and potential for margin expansion through operating leverage.

AmpliTech reported what was viewed by investors as a bad quarter in Q4 2025. Although revenue grows 111% y-o-y, it sequentially declined for the last two quarters. On top of that, the gross margins went down to 24%. Management did a fairly good job at explaining the Q4 numbers, although the conference call was a week after the earnings announcement.

The 2026 revenue guidance of "at least $50m" in revenue is still intact, and management confirmed that on the call. There will likely be some lumpy quarters as they ship orders against both of their LOIs. Investors never like a lumpy business, so I suspect that is why its current enterprise value is just $46m.

Note that the company completed a rights offering in January 2026, in which they sold 2.2m shares at $4 which came with two rights: Series A right with $5 strike and expiry in July 2026, Series B right with $6 strike and expiry in November 2026. This would be about a 18% share dilution if the rights were executed, which suggests some resistance around $5-6/share. What is interesting about this rights offering is, why did management execute this with such short expiry times? $5 in July 2026 and then $6 in November 2026. It is a bit of foreshadowing from management, about what they see on the horizon for 2026.

There is a bull case where they receive new LOIs for 5G ORAN, as management has suggested on the recent call. If that is the case, their revenue growth might be significantly higher than 30% in 2027 and 2028.

The only analyst covering AmpliTech (Maxim Group) revised down their price target from $9 to $7 a share after the Q4 2025 earnings report on margin concerns. Currently Maxim Group is forecasting 2026 EBITDA at $11m, which would put the valuation at 3.5x 2026 EBITDA. I am a bit suspicious of that figure, as I think it assumes full-year gross profit at 40%, instead of a blended full-year number closer to 35%. Even so, my 2026 EV/EBITDA multiple is just 10.3x, and then it drops to 4.4 for 2027. This is more than reasonable if the company can continue its path to EBITDA and cash flow breakeven while growing the topline at +30%. I believe shares are worth north of $6 (210% upside) once the company can prove out gross margins and scale their 5G ORAN business.

5G ORAN LOIs: With over $100m in LOIs in hand, the main issue will be timing around projects and rollouts. Management expects to get through a good chunk of the LOIs in 2025, so I assume we will see a few quarters above $10m revenue.

New LOIs for 5G ORAN: The 5G rollout globally is still in the expansion stages globally, where cost might become a key factor in new projects, which is exactly where AmpliTech is strongest.

The worst seems to be behind AmpliTech in terms of the valuation drop after the recent earnings. Q1 has historically not been a great quarter for the business, but they expect to begin to start executing against the LOIs they have in hand, so I would expect to see a solid Q1 report, which will put investors at ease with the story.

BSD Analysis:
Deep Sail Capital presents a compelling bull case for AmpliTech Group, positioning it as a pure-play beneficiary of the 5G Open RAN infrastructure buildout. The manager's thesis centers on AmpliTech's differentiated position as a U.S.-based manufacturer of 5G ORAN radio systems, which offers telecom operators ~30% cost savings and supply chain security advantages over Chinese competitors. With $118 million in signed LOIs ($78M Asian telco, $40M North American MNO) supporting 100% revenue growth to $50M in 2026, the company appears well-positioned for substantial near-term expansion. The investment case is strengthened by the structural shift from 4G to 5G networks, which requires 5-20x more endpoint devices per square kilometer due to higher frequency bands and shorter propagation distances. Management's willingness to accept temporary margin compression (24% in Q4 2025) to secure Tier-1 operator relationships demonstrates strategic discipline, with gross margins expected to normalize to ~40% by H2 2026. At just 10.3x 2026 EV/EBITDA and a $46M enterprise value, the manager sees 210% upside potential to $6 per share as execution de-risks and margins recover.

Pitch Summary:
We also initiated a new position during the quarter: Amadeus IT Group (AMADY). Headquartered in Madrid, Amadeus holds a dominant duopoly position in each of its two major business segments. The company was originally formed by a consortium of European airlines to create a global distribution system (GDS) that connects airline inventory to travel agency booking systems worldwide. Over decades, Amadeus has strengthened its competitive position and today holds roughly 50% share of all GDS air bookings, with the remainder split between Sabre Corp. (SABR) and privately held Travelport. While airlines have attempted to bypass GDS providers through "New Distribution Capabilities" (NDC) to save on fees, to date, their efforts have been largely futile. Travel management companies require a centralized, aggregated platform to function efficiently. The sheer complexity of thousands of agencies connecting to hundreds of individual airline APIs creates a powerful network effect. Network effects, once firmly established, are very difficult to disrupt. The other half of Amadeus' business is its Airline IT segment, which provides mission-critical software that manages everything from passenger service systems to boarding and reservations to roughly 200 major airlines worldwide. Amadeus' software holds about 45% market share among large carriers, and contracts often last for a decade. These platforms are deeply embedded in airline operations, creating massive switching costs and multi-year implementation hurdles for any competitor trying to replace the incumbent. This "stickiness" is reflected in the segment's extraordinary 70%+ EBITDA margins. In our view, the fear that AI will displace this type of critical infrastructure is unfounded; Amadeus remains the backbone of global air travel. While recent spikes in jet fuel prices—driven by the war in the Middle East—will likely pressure Amadeus' near-term revenues, we recognize that this is a cyclical headwind rather than a structural one. Because both major business lines are tied to booking volumes, the market has sold off the shares in anticipation of this temporary lull. The selloff provided us with a rare opportunity to acquire a dominant, growing franchise at an attractive price. We remain constructive on the long-term growth of global travel and believe these tailwinds will drive significant long-term value for Amadeus shareholders.

BSD Analysis:
Greenskeeper initiated a new position in Amadeus IT Group, capitalizing on market weakness driven by cyclical travel concerns. The investment thesis centers on Amadeus's dominant duopoly position across two business segments: Global Distribution Systems (50% market share) and Airline IT solutions (45% market share among large carriers). The manager emphasizes powerful network effects in the GDS business, where complexity creates barriers to airline bypass attempts through NDC initiatives. The Airline IT segment demonstrates exceptional profitability with 70%+ EBITDA margins, supported by decade-long contracts and massive switching costs that create significant competitive moats. Recent selloff due to Middle East conflict and fuel price concerns is viewed as cyclical rather than structural, providing an attractive entry point. The manager dismisses AI disruption fears for mission-critical airline infrastructure and remains bullish on long-term global travel growth trends.

Pitch Summary:
A feature article in this weekend's Barron's captured the current market sentiment and the disconnect regarding our largest holding—Berkshire Hathaway (BRK.A/B). The stock has declined 7% year-to-date and underperformed the S&P 500 by 40% over the past year. This marks one of the worst periods of relative performance in its history. We view Berkshire as fundamentally undervalued. Management appears to share our conviction, having resumed share buybacks last month. With its $370 billion cash pile, we suspect that it will continue to retire shares. The lower the price, the more aggressively they will act and capture value for long-term shareholders. Fellow Canadian Greg Abel is now in charge. No successor to Buffett can ever hope to replicate his stock-picking genius. But we believe Greg brings a distinct set of strengths to the CEO role. Greg is hands-on, detail-oriented, and—crucially—willing to engage in the operational friction necessary to drive efficiency. Unlike the hands-off approach of the past, we believe Abel will hold subsidiary management teams to a higher standard of accountability, driving margin expansion across Berkshire's diverse operations. Berkshire Hathaway is positioned to grow operating earnings at a high-single-digit clip for decades. It possesses a fortress balance sheet and a collection of businesses largely insulated from Al-driven disruption. Yet, "Mr. Market" currently remains indifferent, favouring speculative Al narratives over proven cash flow. Berkshire may not be "sexy," but it is a rock-solid compounder. We expect the tide to turn as valuations eventually reconnect with reality. When it does, our discipline and patience will be rewarded.

BSD Analysis:
Greenskeeper presents a compelling contrarian case for Berkshire Hathaway during a period of significant underperformance. The manager views the 7% YTD decline and 40% underperformance versus the S&P 500 as creating fundamental value, supported by management's resumption of share buybacks. The thesis centers on new CEO Greg Abel's operational approach, which differs from Buffett's hands-off style by emphasizing accountability and efficiency across subsidiaries. This operational focus is expected to drive margin expansion across Berkshire's diverse business portfolio. The manager highlights Berkshire's defensive characteristics, including a $370 billion cash position, fortress balance sheet, and businesses insulated from AI disruption. With projected high-single-digit operating earnings growth and aggressive share repurchases at current valuations, Greenskeeper expects significant value creation as markets eventually favor proven cash flows over speculative AI narratives.

Pitch Summary:
Booking Holdings is a compelling investment due to its robust free cash flow generation, minimal capital requirements, and strong market position in a growing travel industry. The company has demonstrated impressive financial performance, with revenue and EPS compounding at 12% and 16% annually over the past decade, respectively. Despite the challenges posed by the COVID-19 pandemic, Booking has shown resilience and a quick recovery, underscoring its operational strength. The stock's current valuation at 16.8x forward earnings appears modest given its quality and growth prospects. The company's strategic focus on expanding its alternative accommodations and connected trip offerings positions it well against competitors like Airbnb. Additionally, Booking's aggressive capital return strategy through share buybacks enhances shareholder value.

BSD Analysis:
Booking Holdings benefits from several secular trends, including the growth of the global travel market, rising global prosperity, and the ongoing shift from offline to online bookings. These trends provide a solid foundation for Booking's growth algorithm, targeting 8% revenue growth and 15% EPS growth annually. The company's ability to leverage its existing customer base and infrastructure to expand into adjacent travel verticals, such as flights and attractions, further strengthens its market position. Moreover, the integration of AI into its operations enhances efficiency and customer experience, supporting margin expansion. Booking's asset-light model and disciplined capital allocation, including substantial share repurchases, ensure that it remains a strong performer in the travel industry.