Deep Value RoundupCronos Group – CRON
Pitch Summary: Cronos Group has demonstrated strong management execution, particularly with its strategic acquisition of CanAdelaar B.V., a leading cannabis company in the Netherlands. The acquisition was made at a favorable price, enhancing Cronos’ presence in Europe. The company’s gross margin of 51% is notably higher than competitors, indicating operational efficiency. Cronos’ pristine balance sheet, […]
Cardio Diagnostics (CDIO) UpdatesCardio Diagnostics – CDIO
Pitch Summary: Cardio Diagnostics has developed innovative tests, Epi+Gen CHD™ and PrecisionCHD™, which have received favorable reimbursement rates from CMS, significantly higher than previous estimates. The company’s partnership with Dr. Lal PathLabs in India expands its reach, leveraging a network of 290 clinical laboratories. Recent studies validate the PrecisionCHD test’s high sensitivity and specificity in […]
123 Coats Group Coats Group Plc – COA.L
Pitch Summary: Coats Group Plc is strategically pivoting from its traditional apparel threads business towards higher-margin technical and sustainable products. The acquisition of OrthoLite in late 2025 marks a significant step in strengthening its position in the global footwear industry. The company’s ‘Growth & Returns’ plan aims to balance organic investment with capital discipline, focusing […]
FirstSolar – updated methodologyFirst Solar – FSLR
Pitch Summary: First Solar is a company that requires close monitoring of macroeconomic cycles and order backlog health. Despite strong management execution and a high quality score, the company faces structural risks due to its asset-heavy nature and exposure to sector cyclicality. The recent positive free cash flow may be temporary, and the company’s reliance […]
#15 Circle Group SpACircle Group SpA – CIRC.MI
Pitch Summary: Circle Group SpA is strategically positioned at the core of Europe’s logistics digitalization, driven by regulation and public initiatives. The company offers niche software solutions deeply integrated into customer workflows, creating high switching costs and long-term customer relationships. With a revenue CAGR of 25% since 2012, Circle combines organic growth with a systematic […]
Applied Materials Q1 Review – This Warrants a Serious Expectations ResetApplied Materials, Inc. – AMAT
Pitch Summary: Applied Materials has shown strong financial performance in Q1 2026, with revenue of $7 billion, beating consensus estimates despite a 2% YoY decline. The company is well-positioned to benefit from the AI-driven demand for semiconductor equipment, with a robust medium-term outlook. Its services segment, which is highly reliable and resilient, recorded a record […]
Industry research on video games in Japan Nintendo Co., Ltd. – 7974.T
Pitch Summary: Nintendo has demonstrated strong performance with the successful launch of the Switch 2, selling 17 million units since its release. The company projects to sell 19 million units by the end of fiscal 2026, surpassing initial expectations. Despite recent stock price declines, Nintendo’s valuation appears attractive, trading at approximately 20x operating income, with […]
Industry research on video games in Japan Capcom Co., Ltd. – 9697.T
Pitch Summary: Capcom has demonstrated impressive growth with a 12% CAGR in sales and consistent improvement in operating margins. The company has managed to increase operating income every year since 2014, showcasing resilience in a hit-driven industry. Capcom’s strong portfolio of franchises, including Resident Evil and Monster Hunter, continues to drive sales, with the latter’s […]
122 Johnson MattheyJohnson Matthey Plc – JMAT.L
Pitch Summary: Johnson Matthey is strategically repositioning itself from traditional automotive catalysts towards hydrogen and battery ecosystems. The company is investing in electrolyser manufacturing and cathode precursor plants to become a key player in green hydrogen and electric vehicle supply chains. It is also enhancing its PGM recycling efforts to reduce reliance on mining. However, […]
GOSS Ph3 PROSERA ReadoutGossamer Bio, Inc. – GOSS
Pitch Summary: Gossamer Bio’s approach with seralutinib, an inhaled TKI, has shown mixed results in its phase 2 trials. While the study demonstrated a statistically significant reduction in the PVR biomarker, the functional benefit in 6MWD was minimal. The market’s reaction to the data was negative, as the PVR reduction was considered underwhelming compared to […]
Lindbergh $LDB.MILindbergh S.p.A. – LDB.MI
Pitch Summary: Lindbergh S.p.A. presents a compelling investment opportunity as it transitions from a logistics-focused company to a leader in the Italian HVAC market. The company’s strategic pivot towards acquiring and consolidating HVAC businesses positions it well in a fragmented industry ripe for consolidation. With a strong growth trajectory in its HVAC segment, evidenced by […]
#9: Unburdened by What Has Been Repligen Corporation – RGEN
Pitch Summary: Repligen is positioned as a leading innovator in the bioprocessing industry, with a product portfolio that does not heavily overlap with its peers. The company has demonstrated consistent growth by launching and iterating meaningful products annually. Despite recent challenges in the bioprocessing sector, Repligen is expected to benefit from a recovery in consumables […]
OCI Global’s Merger OCI Global – OCI.AS
Pitch Summary: OCI Global is currently undervalued due to a proposed merger with Orascom Construction, which has been criticized for disadvantaging minority shareholders. The merger implies a valuation of €3.73 per OCI share, but after tax, it is worth €3.17, while the stock trades at €3.00. Activist investor Norbury Capital estimates OCI’s fair liquidation value […]
Portfolioupdate: 3x Kauf, 1x VerkaufCewe Stiftung & Co. KGaA – CWC.DE
Pitch Summary: Cewe is a leading European photo service and online printing company, recognized for its stable and predictable business model. The company has consistently increased its revenue and EBIT margin over the years, with a moderate but steady growth rate. Despite its strong fundamentals, Cewe’s stock is undervalued, trading at a low EV/EBIT multiple. […]
Portfolioupdate: 3x Kauf, 1x VerkaufHBM Healthcare Investments – HBMN.SW
Pitch Summary: HBM Healthcare Investments is a Swiss firm investing in both public and private healthcare companies, with a strong track record of NAV growth. Despite a challenging market environment, HBM has maintained a diversified portfolio with a focus on profitable companies. The stock is currently trading at a 25% discount to NAV, offering a […]
Portfolioupdate: 3x Kauf, 1x VerkaufMolten Ventures – GROW.L
Pitch Summary: Molten Ventures is a leading venture capital firm in the UK, with a strong track record of investing in prominent European startups. The firm has a diversified portfolio valued at £1.37 billion, with Revolut being its largest holding. Despite a conservative approach to valuation adjustments, Molten has consistently delivered returns exceeding its target […]
Q2 Update – Kaspi, Inter&co, ZalandoInter&co – INTR
Pitch Summary: Inter&co continues to show strong growth, adding 1.6 million new customers in Q2 and surpassing 40 million total customers. The company’s profit increased by over 50%, aligning with analyst expectations. Despite rising interest costs, Inter&co improved its return on equity to 13.9%, moving closer to its 30% target. The investment and insurance segments […]
Q2 Update – Kaspi, Inter&co, ZalandoZalando SE – ZAL
Pitch Summary: Zalando’s Q2 results showed a 5% increase in GMV and a 7.3% increase in revenue, slightly exceeding analyst expectations. The company is on track with its annual guidance, and the consolidation of Aboutyou is expected to boost growth further. The advertising segment saw a significant 45.2% increase, contributing to a higher marketing share […]
Q2 Update – Kaspi, Inter&co, ZalandoKaspi.kz – KSPI
Pitch Summary: Kaspi.kz reported a 20% increase in revenue and a 14% increase in net profit for Q2, aligning with expectations. The company is expanding its grocery delivery service, but the declining basket size, especially when adjusted for inflation, is concerning. The marketplace segment showed growth in GMV with a favorable product mix, enhancing the […]
New Portfolio Addition: Revisiting a Category Leader in Customer Engagement (BRZE)Braze, Inc. – BRZE
Pitch Summary: Braze, Inc. offers a robust customer engagement platform that stands out due to its real-time streaming infrastructure and unified data model, which are difficult for competitors to replicate. The company’s deep integration into customers’ tech stacks increases switching costs, making it a sticky solution for clients. Braze’s platform supports a wide range of […]
