Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
DKAM Donville Kent Asset Management Jason & Jesse | “Zedcor Reported Q1 Earnings – Cash Earnings +51%. Revenue $19.4M +69%, Adj. EBITDA $7.6M +86%, EBITDA Margin 39%, Free Cashflow $6.4M +80%, Cash earnings $3.6M +51%, Cash Margin 19%. Canada revenue was $9.7M in the quarter +19%, Canada cash earnings were $5.7M +21%, US revenue was $9.7M +189%, US cash earnings $3.6M +449%. Their Canada segment continues to grow and the US segment is expanding considerably. The financial implications of scale are significant. Zedcor has been investing in the up-front growth costs in the US and as the expenses level out, cash earnings margins should march ahead from 37% now to ~60%. This is segmented revenue and earnings and doesn't factor in corporate costs, but much of that investment has now been made with their new facilities and new hires. The major pushback we hear about the stock is that it looks expensive. We strongly disagree and believe most of the confusion is how people treat accounting financials versus actual operating financials. For example, the rigid accounting rules makes Zedcor depreciate their powder coated steel tower beams over a fraction of their actual useful life. Depreciation is supposed to be a proxy for maintenance capex spread out over the useful life of an asset. Zedcor reported $53K in maintenance capex in the quarter versus $3.7M in depreciation expense. The company expenses through the P&L any small expenses like electrical components and solar panel replacements. With profit margins continuing to expand and treating expenses correctly, we project the stock is trading on 8.8x 2027 EBITDA and 11x 2027 cash earnings, while growing revenue +60% and earnings +100%. If they hit their short-term target of 26 hubs, and they are at normal capacity/utilization, the company should be 3-4x more profitable than it is today. Zedcor is developing their own internal AI monitoring software that will allow for more customization, and importantly increase the services they can offer their clients. ZDC will own the IP of their own vertical of that software. Zedcor is the only tower company that is tied into Direct2Dispatch, which is the software that enables Zedcor towers to stream directly into law enforcement dispatch centers and directly into police vehicles. When there is an issue, a police officer gets live footage from the scene as the incident occurs and before they arrive. Their cameras and software can now read license plates of cars going up to 70 mph. AI at the edge cameras/software decreased the number of staff needed on the backend. Ability of a person to monitor alarms/towers has gone up 3-4x with this technology. They are on target to open 6-8 new regions in 2026. Their current plan is to get 26 regions in the short-term with the longer-term goal of 42 regions so they are within 6 hours of all their towers across the US. When they open a new location (hub) it usually take 4-5 quarters to hit 100 towers deployed which gets them to profitability in that market. The branches in the US that are more mature have more towers per branch versus Canada, and are actually more profitable than Canada. The US could actually be more profitable than Canada as it matures which is important because the Canada segment is already at +60% EBITDA margins.” | NEUTRAL | Q2 2026 Jul 10, 2026 | View Pitch |
DKAM Donville Kent Asset Management Jason & Jesse | “Zedcor raised $30M at $6.00/share in February. This is enough capital to build ~100 towers so reading between the lines, we expect they have a large order coming from someone like Amazon or Kroger, wh” | BULL | Q1 2026 Apr 2, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
