Langdon Global Smaller Companies ALSK.PA
Bull thesis on Esker SA from Langdon Global Smaller Companies
SGA – Global Growth 2025 Q4 (NOW)
Pitch Summary: During the quarter, we liquidated our position in ServiceNow due to forced attrition. While ServiceNow remains a well-positioned leader in enterprise workflow automation, recent developments have increased uncertainty about prospects for the share price. Execution remains strong, but concerns have grown regarding a potential deceleration in 2026 organic growth, a higher valuation multiple, […]
2025 Q4 Sands Capital Technology Innovators Fund 2025 Q4 (PLTR)
Pitch Summary: Palantir is a data intelligence and operational AI platform that helps governments and enterprises solve complex challenges by integrating and analyzing data across functions. Its core product, Foundry, connects disparate data sources and provides a unified view of operations, enabling users to uncover insights, automate workflows, and take real-time action. Foundry integrates directly […]
SaaS Isn’t Dead, the Pricing Model Might Be HubSpot, Inc. – HUBS
Pitch Summary: HubSpot’s valuation has decreased from about 36x to 24x NTM FCF, reflecting market concerns about its PLG model optimized for human users. The opportunity for HubSpot lies in providing an operating system for SMBs that can execute growth workflows with guardrails. If HubSpot remains the primary platform for marketing, sales, and service actions, […]
SaaS Isn’t Dead, the Pricing Model Might Be ServiceNow, Inc. – NOW
Pitch Summary: ServiceNow is being repriced like a seat-driven workflow company, with its valuation moving from about 41x to 25x. The bear case is that as agents perform more tasks, seat expansion weakens, and AI add-ons become defensive. However, the bull case is that autonomy increases the need for governed execution, where ServiceNow can serve […]
Opendoor Technologies Inc
Pitch Summary: Opendoor Technologies is experiencing renewed optimism due to its multi-year turnaround effort, highlighted by a strategic shift towards a volume-driven acquisition strategy and recalibrated pricing models. The company is focusing on clearing legacy inventory and expects a significant increase in home acquisitions, aiming for net-income breakeven by the end of 2026. BSD Analysis: […]
A (not so) Quick Take on BoxBox, Inc. – BOX
Pitch Summary: Box, Inc. is well-positioned to capitalize on the AI revolution by leveraging its Intelligent Content Management Platform to automate workflows centered on unstructured data, which makes up a significant portion of enterprise data. BSD Analysis: Box is integrating advanced AI capabilities into its platform, such as Agentic AI, which allows for autonomous task […]
