Another batch of company write-ups from Substack authors from within the last week.

Not my work - sourced from Giles Capital's weekly compilation: gilescapital.substack.com

Americas

Elliot's Musings on Snowflake (🇺🇸 SNOW US - ~US$85bn) Stock +37% after Q1 on AI product momentum. Co-founder stepping back mid-June. At 10x forward revenue with GAAP still loss-making, this is a narrative bet, not a value thesis.

LongTermValue Research on VSE Corp (🇺🇸 VSEC US - US$5.3bn) VSE closed a $2bn aerospace acquisition in May while insiders net sold. $900m net debt, 33x EV/EBITDA. The bull case needs acquisition synergies to show up fast.

Rock & Turner Investment Analysis on dLocal (🇺🇾 DLO US - US$3.6bn) Six consecutive quarters of 50%+ payment volume growth; $800m net cash, class action dismissed. Trailing EV/EBITDA is 14x; exit timing by the main investor is the main overhang.

Europe, Middle East & Africa

The Few Bets That Matter on Soitec (🇫🇷 SOITEC PA - ~€6.5bn) Soitec ran from €23 to €186 on AI photonics enthusiasm while revenue fell 30%. Trading at roughly double the average analyst target. The narrative ran far ahead of the business.

Ragnarok Research on Monday.com (🇮🇱 MNDY US - US$4.0bn) Monday.com fell 70% and still trades near 34x earnings, with a securities class action filed. The AI orchestration thesis is plausible. The entry price is not.

S.G.W - From the Front on Wix.com (🇮🇱 WIX US - ~US$3.1bn) Wix deployed $1.6bn repurchasing shares at $92; the stock trades far below that today. Latest earnings missed consensus by 44%. Real cash, real business, real capital destruction.

Schwar Capital Research on Spectra Systems (🇬🇧 SPSY LN - £70m) Adjusted EPS doubled to 37.8 cents; revenue up 30.7%. First follow-on sensor order from a central bank confirmed late May. The technology earns repeat business at 7x forward P/E.

Deep Value Insights on Braime Group (🇬🇧 BMTO LN - £16m) TOP PICK Family business at half book value and under 4x EV/EBIT. 34 straight dividend years; the Braime family owns the shares. Don Electronics adds modest leverage to a spotless record.

Asia-Pacific

Saadiyat Capital on Mari Energies (🇵🇰 MARI PSX - US$2.7bn) TOP PICK Pakistan's dominant gas franchise at 4.6x EV/EBITDA and 11x P/E, with reserves growing faster than production. Debt-free. Military and state shareholders own the majority; hard for foreign investors to buy.

Seraya Investment on NICE Information Service (🇰🇷 030190 KS - ~US$630m) Korea's dominant consumer credit bureau at 10.5x P/E with a 3.4% dividend yield. Market is ignoring it for AI hardware. Analyst consensus sees 34% upside.

Gabriel's Substack on TOYO Co. (🇯🇵 TOYO US - ~US$550m) Solar manufacturer at 7.6x P/E; Houston generates $140m in annual domestic manufacturing tax credits. Vietnam and Ethiopia cell capacity, the rest of the business, is essentially free optionality.

The International Investor on Scicom (MSC) Berhad (🇲🇾 SCICOM KLSE - US$118m) Founder-run, never had debt since founding. Cash return on invested capital at 29%; RM42.6m on the balance sheet. P/E of 21x is the constraint on a cleaner thesis.

S.G.W - From the Front on Reckon Limited (🇦🇺 RKN ASX - A$46m) Business Group alone worth more than A$100m against total EV of A$55m. Six analysts set an average target of A$0.95; the stock trades at less than half that.

Another batch of Substack company write-ups from within the last week.

Not my work - sourced from Giles Capital's weekly compilation: gilescapital.substack.com

Americas

Rijnberk InvestInsights on ServiceNow (NOW NYSE - $97bn) The market treats ServiceNow as an AI disruption victim but six consecutive quarters at 97% renewal says otherwise. P/E 61.5x caps it at 40. Quality story, not a value entry.

Capitalist Letters on DoorDash (DASH NASDAQ - $70bn) Network effects past the tipping point with 60.7% US food delivery share. P/E 77.5x caps it at 40 and heavy executive selling through Q1 2026 makes the same point.

The Pursuit of Compounding on Constellation Software (CSU TSX - C$52bn) The cleanest insider signal this week: President Miller bought C$5m open-market in December. Constellation formalises PEMS capital deployment with EV/EBITDA now 28% below its 10-year median.

Value Don't Lie on Zoetis (ZTS NYSE - $33bn) Permanent impairment is priced into an animal health monopoly with 40%+ EBITDA margins. From 30x to 13x P/E on a product-cycle reset. The 2027-28 pipeline is the catalyst.

Komodo Capital on Turning Point Brands (TPB NASDAQ - $1.6bn) Modern Oral pouches up 133% YoY while front-loaded capex masks true earnings power. At scale the FCF economics look exceptional. FDA PMTA approval timing is the key risk.

Canadian Value Stocks on Pollard Banknote (PBL TSX - C$485m) TOP PICK The NeoPollard cliff is the bear case but 64% family ownership just launched its first-ever buyback and solo iLottery wins keep stacking up. Trades at 5.7x EV/EBITDA.

Lionheart Investing on Chicago Atlantic BDC (LIEN NASDAQ - $233m) An under-followed cannabis lender trading 27% below NAV with a 14% yield and insider buying at current prices. The thesis is mean reversion to book value.

Wolf of Oakville on Biorem (BRM TSX-V - C$46m) Earnings update. Record $77m backlog at 1.5x trailing revenues with Q1 revenue growing 44% YoY and 11 consecutive profitable quarters. Net cash with insider buying.

Europe, Middle East & Africa

Quality Stocks on Accenture (ACN NYSE - $110bn) The market has priced AI as an existential threat to consulting but the thesis is that complexity creates demand rather than destroying it. Down 50%, now at 10.5x EV/EBIT.

Memyselfandi007 on Gerard Perrier (PERR EPA - €310m) Earnings update. Q1 2026 sales up 10% as defense and cyber acquisitions accelerate. 230 open positions signal capacity already being built. Author increased to 5% at €83.

Underfollowed Stocks on Enogia (ALENO EPA - €37m) French ORC turbomachinery specialist just past its profitability inflection with €26.8m backlog and positive FCF for the first time. Trailing valuation looks rich but 2028 targets make it compelling.

Asia-Pacific

Tailwind Holdings on Arigatou Services (3177 TYO - $23m) TOP PICK The kind of name that gets overlooked: a 25-year founder-operated Japanese thrift chain at 2.9x EV/EBIT, zero analyst coverage and net cash. Expansion cost pressure is temporary.

Another batch of company write-ups from Substack authors worth taking a look at.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com

Americas

Capitalist Letters on Oracle Corporation (🇺🇸 ORCL US - US$498bn) Oracle's third Ellison-led pivot targets US$224bn revenue by 2030 with cloud growing 75% annually. Contracted future revenue of US$553bn is the bull case; US$112bn net debt and negative free cash flow are the cost.

HatedMoats on Mastercard (🇺🇸 MA US - US$450bn) Wonderful business at fair price. DCF base case lands at US$568 versus US$504 today, a roughly 13% margin of safety. Author selling US$480 puts and waiting for genuine weakness.

Elliot on ServiceNow (🇺🇸 NOW US - US$96bn) Earnings update. Subscription revenue up 19%, AI guidance raised by US$500m, but the stock crashed 14% post-print as Iran-driven uncertainty pushed customers to delay deals for software hosted on their own servers.

Elliot on Intel Corporation (🇺🇸 INTC US - US$95bn) Earnings update. Data centre revenue up 22% and the chip manufacturing turnaround on schedule, but the stock trades at a record-high price-to-sales while investors wait 12-18 months for the foundry business to start generating cash.

The Finance Corner on Zoom Communications (🇺🇸 ZM US - US$26bn) Strip away US$7.7bn cash plus a US$4bn Anthropic stake from a US$26bn company and the core video business is left at roughly 7x free cash flow. A near-mirror of the old Yahoo and Alibaba setup.

The Few Bets That Matter on CF Industries and Intrepid Potash (🇺🇸 CF, IPI - US$18bn, US$420m) Two North American fertiliser plays as defensive macro hedges. CF benefits directly from the Hormuz disruption tightening global nitrogen supply; IPI is the sole US potash producer with net cash and lithium optionality.

Brian Coughlin on Meridian Holdings (🇺🇸 MRDN US - US$77m) Global online betting operator at 5x adjusted EBITDA after a March rebrand and reverse split. A US$92m goodwill writedown muddies the GAAP picture; underlying revenue grew 21% to US$183m and debt was cut 51% year-on-year.

Wolf Of Oakville on Biorem Inc. (🇨🇦 BRM CN - US$33m) Canadian air-emissions-control microcap with C$65m of contracted backlog against a C$46m market cap. FY25 earnings up 60%, net cash on the balance sheet, and management guiding to a 43% beat over the next three quarters.

Europe, Middle East & Africa

Rijnberk InvestInsights on Hermès International (🇫🇷 RMS PA - €173bn) Sixth-generation family-controlled luxury business at 38x earnings after a 40% drawdown. Operating margins of 40%, return on capital above 30%, €8bn net cash, and a 15-hour minimum craft time per Birkin bag means supply can only grow 7-10% a year.

DeepValue Capital on Pandora (🇩🇰 PNDORA DC - DKK52bn) The world's largest jewellery company by volume, down 60% from highs with a 33.5% IRR base case and a 4% dividend. Author passed despite the numbers, arguing jewellery is won by design taste rather than scale, and the new product team has yet to prove it can deliver consistently.

Schwar Capital Research on Ashtead Technology (🇬🇧 AT LN - £700m) Author writes up Ashtead at 30% of his portfolio after a 65% year-to-date run. UK underwater equipment rental business with 30,000+ pieces of kit, structurally short market, and a cost-and-scale advantage smaller players can't replicate.

Myles Kuah on RaySearch Laboratories (🇸🇪 RAY B SS - SEK6.1bn) Swedish oncology software with an 80% share of the proton therapy planning market. Trading at 27x earnings after a 50% drawdown, with 90% gross margins, expanding operating leverage, and founder Johan Löf controlling 41% of votes.

Deep Value Insights on Passat SA (🇫🇷 ALPAS PA - €17m) Classic Graham net-net. Net cash equals 82% of market cap, P/B is 0.42x, EV/EBITDA is 0.7x, and the 81-year-old founder plus his CEO son are both buying open market in March 2026. Zero analyst coverage.

Asia-Pacific

Asia Tech Review on SK Hynix (🇰🇷 000660 KS - US$170bn) Korean memory chip leader with 61% share of high-bandwidth memory and 72% gross margins on that product line. A clear beneficiary of AI infrastructure spending, though P/E approaching 25x and memory cycle risk warrant caution.

Rei Saito on Nintendo (🇯🇵 7974 JP - US$61bn) TOP PICK Stock down 40% in six months on production cuts and AI-narrative panic. Backing out ¥2.29tn net cash, the core business trades around 9-10x EV/EBITDA. Switch 2 sold 17.4 million units in six months and the Mario movie is the biggest 2026 release.

Eric Jurado on Karex Holdings (🇲🇾 KAREX MK - US$127m) The world's largest condom manufacturer, with one in five sold globally. Iran disruption doubled shipping times and pushed raw material costs up 25-30%, allowing 20-30% price hikes into demand that doesn't go away. Currently unprofitable, but small revenue gains drop heavily to the bottom line on recovery.

AltayCap on Art Vivant (🇯🇵 7523 JP - US$83m) TOP PICK Tokyo microcap below NCAV plus investments. Founder's August 2025 buyout at ¥1,670 was blocked by activist Hiroyuki Maki, who has now accumulated 40.13% and is openly seeking management control. Top three holders own 83% of shares.