Investment Pitches

Pitch Summary:
Oak Valley Bancorp is positioned to capitalize on attractive opportunities due to its flexible balance sheet, low-cost deposit base, and impressive asset quality. The bank's strong returns on equity and experienced management team further enhance its investment appeal.

BSD Analysis:
Oak Valley Bancorp's competitive advantage lies in its extremely low cost of funds, which allows it to maintain quality lending even in unfavorable rate environments. The bank's asset quality is impressive, with minimal net charge-offs and strong capital ratios, indicating a robust balance sheet. Despite concerns about operational inefficiency, the bank mitigates this through low-cost deposits and strong earning assets. The management team's significant ownership stake and educational background in banking schools add to the positive outlook. The bank's sensitivity to interest rate changes suggests it can perform well in various rate environments, making it a resilient investment.

Pitch Summary:
GE Aerospace is undervalued due to its strong service-based revenue model, high barriers to entry, and significant market position in the aerospace industry. The company benefits from long-term contracts and a focus on safety and innovation, making it a reliable investment in the industrial sector.

BSD Analysis:
GE Aerospace, a spin-off from General Electric, has positioned itself as a leader in the aerospace industry with a robust service-based revenue model, accounting for 70% of its income. This model provides stability and predictability, unlike traditional industrial companies reliant on order backlogs. The company's focus on safety and innovation, evidenced by increasing R&D spending, enhances its competitive edge. Despite some monopolistic traits, GE Aerospace faces minimal regulatory risks due to industry competition. The company's financial health is strong, with a positive equity position and consistent free cash flow, though its debt ratio suggests some financial burden. Overall, GE Aerospace's strategic focus and market position make it a compelling investment opportunity.

Pitch Summary:
SentinelOne is positioned to capitalize on its advanced AI-driven cybersecurity solutions, particularly with its autonomous response capabilities. The company's recent acquisition of Prompt Security enhances its offerings, and its new products are showing strong market traction. Despite trading at lower valuation multiples compared to peers, SentinelOne's scalable business model and growth in new product bookings suggest significant upside potential.

BSD Analysis:
SentinelOne's strategic acquisition of Prompt Security strengthens its position in the cybersecurity industry by adding complementary services that address emerging threats like prompt injections. The introduction of new solutions such as Purple AI is driving customer engagement and increasing revenue per customer. The company's ability to generate free cash flow, maintain a strong cash position, and initiate share buy-backs underscores its financial health. Despite high share-based compensation, the growth in ARR and customer wins, along with third-party validation, supports the likelihood of scaling and valuation appreciation. The market's recognition of SentinelOne's technological leadership could lead to a re-rating of its stock price.

Pitch Summary:
The author adds to their position in Oppenheimer Holdings, arguing the stock is significantly undervalued at roughly 9× earnings despite strong fundamentals. The core of OPY’s earnings comes from its private client and wealth management division, which benefits directly from rising markets through higher AUM, while the brokerage and trading operations thrive during periods of market volatility. With first-half EPS of $4.60, the author believes full-year EPS could approach $8, making the current valuation unusually low. The company maintains a debt-free balance sheet, a low-risk customer base, and tangible book value of $68 per share, making the entry point at ~$70 highly attractive. Insider ownership limits liquidity but also supports disciplined capital allocation, including buybacks below tangible book. Overall, the author views OPY as a well-run, low-risk, mispriced financial firm with asymmetric upside tied to capital markets activity and limited downside due to its conservative balance sheet.

BSD Analysis:
OPY fits the profile of a classic undervalued financial compounder: low leverage, a large wealth management business with recurring fee revenues, and countercyclical earnings contributions from brokerage and trading. This combination tends to produce resilient free cash flow even through volatile market environments. The valuation discount relative to peers suggests investors may be over-penalizing OPY for its smaller scale, low liquidity, and lower growth profile, while underappreciating the stability inherent in its fee-based wealth franchise. Capital allocation has historically been disciplined, with opportunistic buybacks at or below tangible book creating long-term value compounding. Key risks include reduced capital markets activity, structural pricing pressure within wealth management, and the firm’s limited ability to scale without acquiring assets or advisors. However, the clean balance sheet and absence of credit risk provide downside protection. For a buy-side investor, OPY screens as a conservative value opportunity with meaningful upside should earnings normalize toward the high end of the cycle or if market volatility drives stronger brokerage revenues.

Actual Post Content:
Speaking of doubling down, added 900 more $OPY today in the low 70s. $OPY is one of my favorite investment banks at just 9x earnings, I think it's really misunderstood because the vast majority of earnings come from its private client / wealth management division, which is indexed to the market (as markets increase, so does AUM), and its retail brokerage and Sales and Trading Desk position it to thrive when volatility occurs. With first half earnings of $4.60 and an improving backdrop for small caps, it really seems within striking distance of $8 a share in EPS which puts it at a comically low 9x. They have an extremely clean balance sheet (no debt), a low risk customer base, and significant tangible book value of $68 a share. At $70, you're paying just a tad above tangible book value and the company has a penchant for repurchasing shares when below. I like investment banks / advisories over banks or insurance at similar multiples, because it's really impossible for a wealth manager to lose money, they'd have to try. At 9x earnings you have a lot of upside from higher capital markets activity or volatility, but not much downside as Oppenheimer doesn't carry significant risk on its balance sheet. Lower liquidity (as a result of the high insider ownership) warrants some type of discount, but 9x vs the 15x-20x peers trade at seems like too much of a discount, and frankly the business is well run and attractively valued even if you ignore the multiples peers are trading at.

URL: https://x.com/blondesnmoney/status/1963335825321607521

Pitch Summary:
The author highlights Bombardier’s growing aftermarket services business, now nearly 30% of revenue and expanding at a mid-teens rate with higher margins than aircraft manufacturing. They also see optional upside from defense spending, as Bombardier’s Global jets are well-suited for surveillance and military applications, with more than $2.5B of confirmed contracts at superior margins. However, capacity constraints limit annual production to roughly 150 jets, and the author believes this caps growth, resulting in only 6–8% expected stock CAGR over the next five years. With topline growth below 10%, they conclude that the stock appears fairly valued and not compelling at current levels. Still, they note that upcoming USMCA renegotiations in 2026 could cause temporary volatility; a 15–20% drawdown driven by macro or policy fear could create an attractive entry point.

BSD Analysis:
Bombardier today is a focused business jet OEM with improving fundamentals, anchored by high-utilization fleet dynamics and a structurally increasing aftermarket mix. Aftermarket penetration is key: recurring, high-margin service revenue stabilizes earnings across cycles and raises lifetime aircraft monetization. The defense angle is strategically interesting, offering margin uplift, geopolitical demand insulation, and potential long-term contracts with governments seeking ISR platforms. However, the core limitation is capacity and capital intensity: without major expansion, revenue growth is inherently constrained and dependent on premium pricing and mix. The investment case therefore hinges on whether Bombardier can sustainably lift margins, expand its defense pipeline, or grow maintenance revenue enough to offset volume caps. Risks include narrow product concentration, exposure to cyclical business jet demand, and potential cross-border trade uncertainties tied to USMCA renegotiation. While aftermarket expansion and defense tailwinds can improve earnings quality, the valuation must reflect bounded growth potential; thus, the author's skepticism aligns with a view that Bombardier is more of a quality, steady compounder than a high-return growth story unless market fear temporarily misprices it.

Actual Post Content:
Tailwind: Aftermarket services currently at 29% of revenue and growing at 16-20% yoy at higher EBITDA margins. Every new jet delivered adds to the installed base that needs maintenance forever. Wildcard: Defense Spending Bombardier's Global jets make perfect defense platforms - long range, high altitude, spacious cabin for recon equipment. $2.5B+ in confirmed military contracts with 20-25% higher margins than commercial. Defense could be a nice revenue multiplier? Unfortunately, the stock seems fairly valued here. $BBBD.B can only manufacture 150 jets a year and even under optimistic assumptions, I only see the stock growing at 6-8% CAGR over 5 years Ultimately, can't bring myself to buy a business with topline growth < 10% 🤷‍♂️ Here are my assumptions under which I get 6-8% CAGR for Bombardier's stock One caveat💡 Attractive entry point for $BBD.B? USMCA/CUSMA goes up renegotiation in 2026 and shenanigans highly likely. Bombardier will end up getting exempt given its defense applications but... if the stock dips another 15-20% due to panic, that could be a good long entry point.

URL: https://x.com/kairospraxis/status/1963324573686141209

Pitch Summary:
In August, SEG announced two significant catalysts. First, SEG improved operations to a $7MM adjusted loss in Q2 2025 from a $28MM adjusted loss in Q2 2024. Second, SEG announced the sale of 250 Water Street for $151MM, yielding pro-forma net cash of ~$17 per share versus its current $24 price. Further, I estimate 250 Water Street was ~$10MM annual drag on results and believe the additional cash can result in at least $5MM of annual interest income. With this swing in profitability, I believe SEG will be comfortably profitable as Meow Wolf and other recently signed tenants begin operations over the next two years. I project $3 in 2028 FCF/sh. with at least $10 in net cash. A 15x multiple and credit for net cash yields a $55 price target.

BSD Analysis:
SEG is transitioning from a cash-burning development story to a cash-generating entertainment platform. The sale of 250 Water Street unlocks liquidity, eliminates a major earnings drag, and materially strengthens the balance sheet. As new experiential tenants ramp, SEG’s operating leverage should drive substantial margin expansion. Shares trade at a discount to private-market entertainment valuations despite improving unit economics. Key catalysts include tenant openings, rising foot traffic, and potential asset monetization.

Pitch Summary:
Over the last two years, SHC has been experiencing an atypical downturn in its end markets. I describe it as atypical, as one does not normally think of things like hip replacements and syringes as economically sensitive. However, excessive stocking of medical equipment during COVID and hoarding during the 2021 supply chain shortages created bloated inventories at hospitals and distributors, which, as these customers returned to normal inventory levels, resulted in flat volumes versus SHC’s historical mid-single digit volume growth. While SHC’s share price has expressed great skepticism, given my belief in SHC’s dominant position and long-term healthcare trends, I was confident it was a matter of when, not if, SHC’s volumes recovered. During H1, management’s tone began to change regarding the recovery, and SHC reported 6% volume growth in Q2, confirming my thesis and driving SHC’s shares from -16% YTD at the end of June to +21% at the end of August. For perspective, SHC grew volumes 4-7% from 2019 through 2022, and during that time SHC traded 18-22x EBITDA. If SHC can return to its historical EBITDA growth of ~10%, I believe SHC will again be viewed as a consistent compounder, warranting a high multiple. 18x my 2027 EBITDA estimate would yield $35 versus the current $16 price.

BSD Analysis:
SHC is emerging from a multi-year destocking cycle that masked its stable, non-cyclical end-market demand. The return to mid-single-digit volume growth validates the company’s competitive moat and suggests EBITDA normalization ahead. Shares trade at a steep discount to historical sterilization comps despite improving fundamentals and reduced legal overhang. With operating leverage, SHC could compound EBITDA at ~10% annually, justifying a re-rating toward high-teens EV/EBITDA multiples. A return to normalized procedure volumes, incremental capacity additions, and potential pricing tailwinds are key catalysts.

Pitch Summary:
We initially believed Samsonite would benefit from a U.S. dual listing, where the market typically awards higher multiples than in Hong Kong. While that logic still holds, the reality is that potential multiple expansion cannot outweigh a cyclical business decline in a macro downturn. In hindsight, Samsonite was more of an “okay business” than a compelling compounder. It rode the wave of post-COVID pent-up demand in 2023 and H1 2024, but luggage demand is unlikely to accelerate in today’s environment, especially with added uncertainties from the tariff war. Moreover, management has made it clear they will not pursue a U.S. listing until business trends improve, leaving few catalysts in the near term. Given the combination of weak fundamentals, macro headwinds, and management’s stance, we chose to close our position.

BSD Analysis:
Samsonite is a straightforward bet on global travel normalization plus brand and distribution strength in luggage. Travel is cyclical, but the category has structural support as international mobility continues to recover and consumers replace old bags after long gaps. Samsonite’s advantage is scale—brand recognition, shelf space, and multi-price-point coverage across segments. The key risk is that luggage is discretionary and can get promotional fast when demand softens, pressuring margins. Management’s job is to protect pricing power, innovate enough to stay relevant, and avoid inventory missteps that force discounting. If travel holds up, Samsonite has strong operating leverage because fixed costs don’t rise as fast as sales. It’s not complicated: it works when planes are full and the company stays disciplined.

Pitch Summary:
Seaport is another special situation investment underway: it combines the spin-off with rights offering, a large asset sale on the horizon, and a bold turnaround plan under new leadership. Seaport’s execution has been consistent with management’s guidance. The team has attracted strategically aligned tenants to Pier 17 and the Historic District, including Meow Wolf, Gitano, Willett’s NYC, and more; finalized plans for legacy tenants such as ESPN and Nike; taken control of the Tin Building with a new management structure; and, most importantly, completed the sale of the 250 Water Street parcel for $150.5 million. Despite these achievements, the stock has been very volatile year-to-date — falling into the $17s in Q2 before recovering to the $25s after the land sale. We attribute this to ongoing cash bleeding, an unfavorable macro and political backdrop, and our own overestimation of the near-term cash flow breakeven timeline. Even with the right team and a sound plan, turning around a cash-bleeding portfolio takes more time and patience. We acted proactively to take advantage of the 250 Water Street land sale, an asset-sale special situation, to recover a portion of losses. While we remain confident in Seaport’s long-term turnaround, we will look to expand our position when there is a more attractive entry point.

BSD Analysis:
Seaport Entertainment is an experiential real-estate and entertainment platform, which is a fancy way of saying it needs foot traffic, programming, and disciplined capex to work. The upside is in “destination economics”—if you control a unique location and curate the right mix of food, events, and retail, you can create premium rent and sponsorship opportunities. The downside is that these projects are capital-hungry and exposed to tourism cycles, local regulations, and execution mistakes that don’t show up until the cash is spent. Investors should watch asset monetization, leasing progress, and whether management is simplifying the story rather than chasing shiny expansions. This is a business where one or two marquee assets can drive most of the valuation. If the team nails programming and tenant mix, the rerating can be meaningful. If not, it becomes a slow grind of carrying costs and “plans.”

Pitch Summary:
REVG has been a successful special situation investment: the management sold and closed non-core businesses, capitalized on the upcycle in fire trucks and ambulances, and executed a turnaround plan materially better than expected. By fiscal Q2 2025, the Specialty Vehicle segment achieved an adjusted EBITDA margin of 12.4% — way ahead of consensus. We believe segment margins can expand into the mid-teens, consistent with best-in-class peers. This reflects both a cyclical tailwind and structural improvements in operations. While the stock has appreciated meaningfully, risks remain. A potential recession could further pressure the already soft RV market. New tariffs already add some cost headwinds, and a resurgence of inflation could erode margins, particularly given the company’s three-year fixed price backlog. To mitigate these risks, we implemented a collar option strategy to protect the downside while maintaining exposure to further upside. With valuation now hitting our target, we plan to adjust the position in the future as more attractive investment opportunities arise.

BSD Analysis:
Shyft is a specialty vehicle manufacturer tied to commercial fleet replacement cycles—delivery vans, service bodies, and upfitting where reliability matters. The long-term tailwind is fleet modernization, especially as delivery density increases and operators demand more purpose-built vehicles. The problem is that fleet capex is cyclical and sensitive to rates, customer budgets, and industry profitability. Shyft’s margin profile depends on mix, execution, and avoiding the operational hiccups that tend to plague low-volume manufacturing. If management can improve throughput, reduce variability, and win sticky fleet relationships, earnings can snap back hard. The bear case is a prolonged pause in fleet orders and pricing pressure from larger competitors. This is a cyclical industrial that can look cheap for a reason—until orders return.

Pitch Summary:
Sable Offshore is a California-based oil company that acquired suspended assets from Exxon Mobil and has been trying to restart oil production. Its efforts were repeatedly delayed by a Cease & Desist order from a local authority - CCC (the California Coastal Commission). In our view, the legal outcome was essentially binary: either the stock would be worthless if the ruling went against Sable, or it could trade above $40 if production restarted, based on peer valuations. At the time, the stock traded around $20 — roughly a 50/50 probability priced in. We are not experts in oil and gas operations or in California’s regulatory law. What we did know, however, was that the CCC order was set to expire in early February, which meant a clear resolution was imminent. To position for either outcome, we implemented a strangle strategy in December and January — buying both call and put options expiring in March and April. This gave us exposure to a large move in either direction, with limited downside. On February 12, the local government announced that Sable did not, in fact, need CCC approval to proceed with its assets. The stock quickly surged into the $30s. While our puts expired worthless, the calls more than doubled, producing a strong net gain.

BSD Analysis:
Sable Offshore is a high-beta energy story where value hinges on regulatory clarity, asset readiness, and the ability to safely produce and monetize offshore barrels. Offshore projects can throw off enormous cash flow when they run well, but they’re capital-intensive and unforgiving when something goes wrong. The upside is simple: if Sable can ramp production efficiently, the operating leverage to oil prices is significant. The downside is equally simple: permitting delays, compliance issues, or operational setbacks can stall the thesis and burn capital. Investors should focus on balance sheet liquidity, timeline credibility, and whether management is de-risking execution quarter by quarter. This is not a “set it and forget it” equity—it’s a catalyst and operational delivery trade. If you like torque and can tolerate uncertainty, it can work; if you need predictability, look elsewhere.

Pitch Summary:
NCR Atleos has been one of the most successful spinoffs in recent memory. We spent significant time speaking with stakeholders, but in truth, what we did was not to reinvent the wheel, but simply to verify the company’s plan and capabilities. Much of the thesis was already laid out in the company’s own presentations. The real opportunity came from recognizing what many others refused to see. In conversations with North American and European investors, we repeatedly saw them shut down at the mention of “cash” and “ATM,” or dismiss the story because of painful prior experiences with NCR. Few were willing to listen to the fact that a pivot toward ATM-as-a-Service (ATMaaS) would significantly expand its TAM even if overall ATM demand is going to decline, and the new management team has delivered much better results in recent years. That collective reluctance was the opening. As Atleos began to execute and, later, as a highly respected investor published a detailed bullish report, the stock nearly doubled from where we first discovered it. We believe its re-rating journey is still in the early innings — many investors are only now beginning their research. The stock nearly doubled and we think the market is still early.

BSD Analysis:
NCR Atleos is the “plumbing” behind cash access—ATMs, network services, and managed infrastructure that banks and retailers rely on even as the world talks about going cashless. The key nuance is that cash usage declines slowly and unevenly, while the need for reliable ATM networks remains stubbornly persistent in many communities. Atleos can win by being the lowest-cost, most reliable operator, shifting banks from owning ATMs to outsourcing them. The business has strong recurring service revenue characteristics, but it’s also exposed to transaction volumes and contract renewals. Execution is about operational uptime, cost discipline, and securing long-duration managed services agreements. The bear case is a faster-than-expected cash decline or margin squeeze from competitive bidding. The bull case is that Atleos becomes the consolidator in a “boring but essential” infrastructure niche.

Pitch Summary:
Cake Box has delivered exactly what we anticipated. The company accelerated store openings (from 20 to 26) and improved its underlying EBITDA margin (from 19.7% to 20.6%). EPS grew 19% in FY2025, and the stock price rose to over 200p from 140p since we commenced our research. We were able to capture this opportunity because we are consumers ourselves — we know what makes a cake shop good or bad, and we could apply that understanding to the business. That simple, firsthand knowledge provided the foundation for a differentiated view, allowing us to invest when the market was skeptical. We remain optimistic about Cake Box’s core UK business. At the same time, the company has taken bold steps this year: acquiring Ambala, a well-known Indian snack brand in the UK, and opening its first international store in Paris. These initiatives naturally add uncertainty and risks, but we believe their potential upside is not reflected in the current valuation, with the stock still offering a 5% dividend yield. We are monitoring closely as the story develops.

BSD Analysis:
Cake Box is a small but very “real economy” compounder—franchise-led retail with a product that people buy for birthdays, weddings, and “I messed up” apologies. The franchise model keeps capital intensity low and pushes store-level economics onto operators who are highly motivated to hustle. The brand’s core advantage is consistency and convenience: predictable quality, quick turnaround, and a format that scales without needing Michelin-star labor. The risk is that consumer belts tighten and discretionary celebration spending gets more price-sensitive, which can pressure like-for-like sales. Execution matters most in franchise discipline, supply chain, and keeping quality uniform as the footprint expands. If management keeps unit growth rational and protects franchisee returns, the business can keep compounding quietly. This is not a moonshot—more of a steady grinder with the right incentives.

Pitch Summary:
PepsiCo is undoubtedly one of the world’s great consumer franchises, whose leading scale and iconic brands have propelled it to over 100 years of exceptional performance. Yet, the Company’s strategic and financial challenges have recently led to poor operational results, sharp stock-price underperformance and a meaningfully discounted valuation. As our presentation makes clear, despite its strengths, PBNA has underperformed its peers for more than a decade on both growth and margins. This long-term underperformance stems from several related strategic missteps, including self-inflicted share losses in soda, an underperforming vertically integrated bottling structure and a proliferation of new brands and SKUs that has strained focus and execution. For years, the disappointing performance of PepsiCo’s beverage business was more than offset by its resilient and high-performing foods business, PFNA. More recently, however, PFNA has begun to falter. Growth has slowed due to a challenging consumer backdrop and series of PepsiCo-specific issues, while substantial increases in investment spending well beyond the needs of the current demand environment have meaningfully compressed profit margins. This lack of strategic clarity, decelerating growth and eroding profitability in the North American food and beverage businesses has obscured PepsiCo’s enormous potential. The result is that PepsiCo – long admired as one of the world’s most respected and well-run CPG businesses – has become a dramatic underperformer. PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value. A sharper, focused and more competitive PBNA would be fully equipped to take back market share, accelerate revenue growth and deliver meaningful margin expansion. And a leaner, stronger PFNA would have greater flexibility to reinvest in proven brands with enduring consumer loyalty, while also delivering an attractive financial profile. The PepsiCo Opportunity: PepsiCo finds itself at a critical inflection point. The Company has an opportunity – and an obligation – to improve financial performance and regain its position as an industry leader. As shown in our presentation, the upside from a more focused, streamlined PepsiCo is substantial – greater strategic focus, faster organic growth and meaningful profit-margin expansion would warrant a valuation in line with peers, the market and PepsiCo’s own history, representing a path to more than 50% stock-price increase from today’s depressed levels.

BSD Analysis:
PepsiCo is being positioned by Elliott as a classic underperforming consumer staples giant with substantial latent value. The letter argues that operational missteps—especially in PBNA and PFNA—have depressed margins and growth, leaving valuation at a discount to peers. Fundamentally, PepsiCo trades at a mid-20s P/E with stable cash flows, a strong dividend, and significant brand moat, but growth has decelerated. Refranchising bottling, cost alignment, SKU simplification, and targeted reinvestment could expand margins by several hundred basis points, driving EPS acceleration. Catalysts include updated financial targets, improved capital allocation, and activist pressure. The risk/reward skews positively given Pepsi’s resilient global footprint.

Pitch Summary:
We still own a much smaller VSAT from when we bought it 18 months ago. We think the management team are terrific, but they inherited a Ranger with a carburetor that needs a bit of tuning and new brakes—or a different analogy, pivoting the base business from legacy technology and financing structures to the new world satellite fleet and economics. The company is also dealing with the aftermath of an unexpected satellite malfunction that impaired capacity and forced a major operational rethink. While the long-term value proposition of a global multi-orbit satellite operator remains intact, the near-term balance sheet, integration, and capital intensity issues have created a more challenging investment profile. We are watching with interest, but the combination of execution risk, leverage, and uncertain timing for full fleet ramp-up has made us reduce our position materially.

BSD Analysis:
Viasat is deep in a transition to become a global satellite communications player after acquiring Inmarsat, but the journey has been messy. The ViaSat-3 satellite issues hurt sentiment, yet the combined network still offers broad coverage and attractive capacity for aviation, maritime, and government customers. Demand for in-flight connectivity and secure satcom keeps rising, giving Viasat real long-term tailwinds. Integration synergies and cost actions should stabilize margins once the dust settles. Competition from Starlink is real, but Viasat competes in segments where reliability and multi-orbit coverage matter more than raw speed. The balance sheet is stretched, but cash flow should improve as integration matures. This is a high-risk, high-variance satellite story — but not one without strategic value.

Pitch Summary:
Which brings us to Six Flags Entertainment - FUN. This has been owned on and off for 25 years along with a few of its peers from time to time. It has cyclicality in the business and how investors value it. We would and continue to argue that a well-run regional theme park business is a solid moat business with high margins, returns and solid free free-cash flow. But it is not a straight line due to “need something new” capex spending and the vagaries of attendance, which can be affected by general economic conditions, gas prices, and the relative insanity of management on how they price tickets. But somehow, here we are 25 years later making almost the same pitch. We see higher labor costs as real, but much of the rest is the same. This is a place for kids under 21 to get the hell out of their parent’s Dodge and for the next generation of parents who have exhausted every other entertainment option for their kids. You know who you are. One thing that has changed is we have a mess on a much bigger scale as Six Flags and Cedar Fair merged last year, bringing together a management team that couldn’t run a theme park with a management team that can’t run an integration. Naturally, we think we know better. And we aren’t tied to legacy acrimony. So we are sticking our nose in the mix here and being public with this Letter to the Board. First a word to the math. Take the trailing 12 months and add 20% to it and put a ten multiple of EBITDA. Then take the Aspirational Plan in the Sky and take 20% off it and put on a ten multiple. That will give you roughly 39 and 77. That is unadjusted for nonsense or stock comp and uses the current debt level. The stock is 23 as of this writing. Different fun can be had taking capex down and making attendance projections on a DCF. And there is arguably well north of $500mm of potential asset sales that will barely dent operating earnings. One of the funny things about theme parks is many of them were built “way out of town” 30 years ago. Now, they are right in the middle of high-end suburban construction where “higher and better use” may be a value add. Read the letter. We have a “guy” who sits on the Board with a non-theme park background. That background was CFO for a decade of what has become ABInBev, so he has the ability to set in place proper integration at a pace that is not the current pony trot. This is not “activism,” this is simply paying attention to what you own and helping shorten the road to the bank.

BSD Analysis:
Six Flags is leaning hard into a higher-quality, higher-yield strategy after years of chasing discount traffic that destroyed pricing power. Early signs show that premiumization — better food, cleaner parks, improved experiences — is nudging margins back in the right direction. Attendance volatility remains a nagging risk, but the company is building a more resilient model less dependent on steep promotions. Capital discipline has improved, reducing the historical boom-bust pattern in capex. Partnerships, memberships, and dynamic pricing add longer-term revenue visibility. Weather and macro always matter in theme parks, but Six Flags’ pivot toward a more curated experience is the right move. If execution stays consistent, the stock could rerate off “perpetual turnaround” status.

Pitch Summary:
Wave is approaching two near-term catalysts: Phase 1b/2a data for RNA-editing asset WVE-006 in AATD and early obesity data for siRNA WVE-007 (INHBE). WVE-006 already showed, at the lowest dose, rapid increases in protective M-AAT toward the ~11 µM threshold in Pi*ZZ patients. Upcoming multi-dose 200 mg and first 400 mg data could establish best-in-class status if total AAT rises well above threshold and hepatic Z-AAT declines. Economics are shared with GSK, but Wave keeps double-digit tiered royalties (up to high teens) and milestones while passing future development spend to GSK after the current trial. This could largely remove financing overhang and fund the rest of the pipeline. WVE-007 targets INHBE to drive fat-selective weight loss and has shown additivity with GLP-1s in preclinical models, potentially enabling a durable “background” therapy. Initial human biomarker/PK tolerability data are encouraging; a higher-dose cohort is enrolling. Additional programs (DMD exon-53 WVE-N531 and allele-selective HD WVE-003) provide extra shots on goal. Near-term, positive 006 and 007 updates could drive 10–20% and then 40%+ upside, respectively; longer term, successful de-risking implies multi-bagger potential.

BSD Analysis:
Wave develops oligonucleotide therapeutics across RNA editing (AIMer), siRNA, and ASO modalities with multiple clinical assets. Set-up: The stock round-tripped after a big 2024 run as investors waited for new readouts; current EV (~$1.35B) reflects cash (~$179M) and partnered economics. Differentiation: RNA editing offers reversible, titratable effects vs permanent DNA editing; WVE-006 could raise M-AAT and lower Z-AAT, addressing lung and liver simultaneously. Partnership: GSK deal front-loads milestones/royalties and offloads post-P1/2 spend, easing dilution risk while preserving meaningful upside. Pipeline breadth: Obesity (INHBE) is orthogonal to GLP-1s, with preclinical fat-selective loss and durability; DMD/HD assets have competitive early data. Risks: Small patient Ns, translational uncertainty for INHBE, competition (e.g., BEAM-302 in AATD), and typical biotech regulatory/financing risks if milestones slip. View: Favorable risk/reward into catalyst cluster with asymmetric upside if 006 confirms best-in-class profile and 007 shows human signal.

Pitch Summary:
Puuilo is a leading Finnish discount retailer focused on DIY, home & garden, and pet supplies, with a strong value-for-money positioning. Since its 2021 IPO, it has doubled its store network to nearly 50 and aims to reach 70–75 stores by 2028. The company consistently earns >16% EBITA margins—among the highest in European retail—and targets 17–19% by YE2028 through higher private-label mix, economies of scale, and operating leverage. Store-level payback is exceptional at ~19 months, enabling self-funded expansion and >80% dividend payout. Despite macro headwinds in Finland, Puuilo continues to gain market share while larger peers (Tokmanni, Motonet) stagnate. Discount retail has proven countercyclical, supported by consumers trading down amid inflation and rising living costs. Management’s disciplined expansion—5–6 openings per year—balances growth and capital efficiency. Private-label share (20%→30%) and improving sales density from maturing stores will drive both growth and margin expansion. Even with moderate re-rating, the stock offers 12–17% annual total shareholder return through 2028. Puuilo’s efficiency, cost control, and high-return rollout model make it a durable compounder in Nordic retail.

BSD Analysis:
Puuilo operates discount DIY and home stores in Finland with >30k SKUs and a clear low-price, high-efficiency model. Set-up: The market underappreciates Puuilo’s mix of steady organic growth and strong FCF yields in a defensive discount channel. Store economics: New stores require ~€1.8m investment and deliver ~€4–5m early sales, scaling to ~€10m by year 10 with 21% EBITDA margins and <2-year payback. Financials: €1.1B market cap, 16–17% EBITA margin, <2x leverage, and 80%+ dividend payout yield a sustainable 12–17% TSR outlook. Competitive moat: Private-label expansion, standardized store concept, and scale advantages underpin margin stability versus peers Tokmanni (7–8% EBIT) and Motonet (10%). Risks: Finnish consumer softness, overexpansion, competitive pricing pressure, and slower private-label penetration. View: High-quality Nordic discount retailer compounding through disciplined expansion, cost leadership, and shareholder returns.