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15 write-ups from Substack published with the last week.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
[**Guardian Research**](https://open.substack.com/users/47018375-guardian-research?utm_source=mentions) on [**GE HealthCare Technologies**](https://guardianresearch.substack.com/p/gehc-an-earnings-growth-masterclass) (🇺🇸 GEHC US - US$35bn)
Most classify this as a cyclical equipment maker, which couldn’t be further from where the business is heading. A mid-pivot into AI diagnostics and recurring software revenue, trading at 16x earnings while medtech peers command 29–37x, backed by a $21.8B order backlog and a credible path to $28–30B in sales by 2030.
[**Quipus Capital**](https://open.substack.com/users/18174823-quipus-capital?utm_source=mentions) on [**Suzano**](https://www.quipuscapital.com/p/suzano-pulp-and-paper-primer) (🇧🇷 SUZB3 SA - US$11bn)
Lowest-cost producer with 30% of the global hardwood pulp market. The Cerrado expansion is now ramping; the open question is how long Chinese overcapacity keeps prices suppressed before the cycle turns.
[**Value Don't Lie**](https://open.substack.com/users/5547617-value-dont-lie?utm_source=mentions) on [**Dauch Corporation**](https://www.valuedontlie.com/p/quick-value-305-dauch-corp-dch) (🇺🇸 DCH US - US$1.8bn) **TOP PICK**
Management owns 51% of a business trading at 4.4x EBITDA with $300M of identified cost cuts worth 17% of today’s market cap yet to be realised. The market is still digesting a complex industrial merger; the synergy upside makes the bar unusually low to clear.
[**Miroslav Štěpánek**](https://open.substack.com/users/94876173-miroslav-stepanek?utm_source=mentions) on [**Entravision Communications**](https://miroslavstepanek.substack.com/p/entravision-evc-eng) (🇺🇸 EVC US - US$130m)
6.8% dividend paid from a business sitting on roughly $380M of licensed broadcast airwaves. Two growing digital advertising platforms run alongside a declining legacy TV operation; the 2026 US midterm elections add a predictable revenue bump.
[**Tyler Moody**](https://open.substack.com/users/23728191-tyler-moody?utm_source=mentions) on [**Universal Electronics**](https://enterprisinginvestor.substack.com/p/universal-electronics-stock-analysis) (🇺🇸 UEIC US - US$56m)
The business trades below the value of its liquid assets - cash alone covers more than half the share price. Revenue has fallen sharply since 2019, but 28% gross margins and a pivot into smart home devices support the floor while the turnaround plays out.
# Europe, Middle East & Africa
[**Daan | InvestInsights**](https://open.substack.com/users/193028862-daan-investinsights?utm_source=mentions) on [**L’Oréal**](https://rijnberkinvestinsights.substack.com/p/loreal-sa-a-beauty-empire-built-to) (🇫🇷 OR PA - €131bn)
€20B in revenue across 150+ countries, backed by a marketing budget 2–3x the size of its nearest rival. The compounding record speaks for itself; worth understanding the business model even if the entry point requires patience.
[**Daan | InvestInsights**](https://open.substack.com/users/193028862-daan-investinsights?utm_source=mentions) on [**Adyen**](https://rijnberkinvestinsights.substack.com/p/adyen-22x-fcf-for-a-best-in-class) (🇳🇱 ADYEN AS - €40bn)
Processed 837 million transactions on Black Friday alone with effectively no downtime. After a 27% post-earnings selloff, the stock trades at 22x free cash flow. The bull case rests on enterprise clients continuing to shift their payment infrastructure here, and on margins recovering as the growth investment cycle matures.
[**Emerging Value**](https://open.substack.com/users/39159640-emerging-value?utm_source=mentions) on [**Allegro.eu**](https://emergingvalue.substack.com/p/allegroeu-a-leading-platform-in-poland) (🇵🇱 ALE WSE - US$8bn)
Poland’s answer to Amazon, at 14x forward earnings. Sentiment sits near the floor after an €880M write-down on a shopping mall acquisition. The core Polish marketplace is growing steadily; financial services and advertising are barely started.
[**Iggy on Investing**](https://open.substack.com/users/129662952-iggy-on-investing?utm_source=mentions) on [**Global Dominion**](https://iggyoninvesting.substack.com/p/this-500m-company-will-generate-100m) (🇪🇸 DOM MC - €514m) **TOP PICK**
At 5x its 2027 free cash flow target, this trades at roughly a third of what comparable European service businesses command. The CEO and Chairman bought shares with their own money at Mahindra’s January block sale. Free cash flow goes from €25M today to €100M by 2027 as renewable energy assets are sold off and the capital-light service business takes over.
[**Under-Followed-Stocks**](https://open.substack.com/pub/underfollowedstocks) on [**Circle Group**](https://underfollowedstocks.substack.com/p/15-circle-group-spa) (🇮🇹 CIRC MI - €42m)
Software so deeply embedded in European port and customs operations that replacing it creates regulatory risk. IKEA is a client. Trading at 6.7x EBITDA with a 25% annual revenue growth track record since 2012, and the EU’s push to digitise logistics regulation still in early stages.
[**Etruscan Capital**](https://open.substack.com/pub/etruscancapital) on [**Macompta**](https://etruscancapital.substack.com/p/macompta-accounting-for-growth-in) (🇫🇷 MLMCA PA - €17m)
A simple idea with a good catalyst: France is making digital invoicing mandatory for small businesses, and Macompta is the cheapest and simplest platform to comply. €4M in revenue growing at 28%, solid margins, and a planned exchange uplisting in H2 2026 that most investors will miss.
# Asia-Pacific
[**Variant Perception Capital**](https://open.substack.com/pub/variantperceptions) on [**MediaTek**](https://variantperceptions.substack.com/p/mediatek-next-winner-powering-ai) (🇹🇼 2454 TW - US$55bn)
Two billion devices a year run on MediaTek chips - smartphones, televisions, tablets. As AI starts running on the device itself rather than in the cloud, the company’s position across the full hardware stack becomes considerably more valuable than the $19B revenue figure alone suggests.
[**Variant Perception Capital**](https://open.substack.com/users/263198408-variant-perception-capital?utm_source=mentions) on [**Japan Electronic Materials**](https://variantperceptions.substack.com/p/japan-electronic-materials-hidden) (🇯🇵 6855 TYO - US$420m)
Probe cards are what chipmakers use to test every semiconductor before it’s packaged - a small, highly technical component that cannot be skipped. With memory chip demand from AI data centres accelerating sharply, this company sits at a structural chokepoint. The stock has run 50%; the question is how far the earnings follow.
[**Variant Perception Capital**](https://open.substack.com/users/263198408-variant-perception-capital?utm_source=mentions) on [**Diffusion Engineers**](https://variantperceptions.substack.com/p/interesting-indian-microcaps-part-c3d) (🇮🇳 DIFFNKG NSE - US$120m)
Over 80% of revenue comes back from the same customers - not through contracts, but because wear-resistant parts for cement kilns and steel rollers are mission-critical and switching suppliers introduces real operational risk. New factory capacity funded from the IPO targets a near-doubling of revenue in 3–4 years.
[**Mr Deep-Value**](https://open.substack.com/users/113017890-mr-deep-value?utm_source=mentions) on [**Almetax Manufacturing**](https://www.mrdeepvalue.com/p/almetax-manufacturing-analysis) (🇯🇵 5928 TYO - US$28m)
Cash and liquid investments of ¥5.1B in a company with a ¥2.9B market cap. The business earns very little, but when liquid assets exceed the share price by that margin, the downside is well-defined. A classic Japanese balance sheet situation for those comfortable with operational marginalness.