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Solid batch of company write-ups from Substack authors from last week.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
**Hated Moats** on [**Salesforce**](https://hatedmoats.substack.com/p/salesforce-dcf-valuation) (🇺🇸 CRM US - US$153bn) DCF values the business at $264 per share, 41% above current price, assuming 10% near-term growth fading to 3% terminal. $15B in operating cash flow underpins the case, though $39.5B in debt keeps leverage elevated.
**Mulberry Financial** on [**Coinbase**](https://mulberryfinancial.substack.com/p/why-gold-is-falling-and-why-the-banks) (🇺🇸 COIN US - US$46bn) Stablecoin payments now process $20-30B daily, positioning Coinbase as the regulated gateway to digital finance. 39.6% five-year revenue growth and 18% net margins at 2.9x book, though a P/E near 37x limits near-term value.
**The Finance Corner** on [**Crocs**](https://thefinancecorner.substack.com/p/crocs-the-fashion-fad-is-still-around) (🇺🇸 CROX US - US$4.2bn) TOP PICK Strip out the $738M HeyDude write-down and this is a 6.7x P/E business generating $659M in free cash flow at 58% gross margins. Share count down 30% since 2013 through aggressive buybacks.
**Enterprising Investor** on [**MarineMax**](https://enterprisinginvestor.substack.com/p/marinemax-stock-analysis) (🇺🇸 HZO US - US$600m) Trading at 0.57x book value with an activist's $35 per share all-cash bid on the table, implying 35% upside. Blackstone, Centerbridge, and TPG reportedly circling. Interest costs ballooned from $3M to $68M since 2022.
**Winter Gems** on [**D-Box Technologies**](https://www.wintergems.com/p/portfolio-q1-2026-d-box) (🇨🇦 DBO TSX - CAD$178m) Patent-protected haptic cinema seats installed across 1,145 screens globally, with a new CEO driving 80 installations per quarter. Stock has re-rated 5x from $0.14, and the lead activist trimmed 34.5% in February.
**Wolf of Oakville** on [**iFabric Corp**](https://www.wolfofoakville.com/p/ifabric-corp-ifato-fins-review) (🇨🇦 IFA TSX - CAD$85m) 66% insider ownership and Q1 2026 guidance of $25-27M revenue (250% growth) from new Walmart and Costco medical scrubs programs. Offset by a net loss in 2025, compressed margins, and a weaker balance sheet.
# Europe, Middle East & Africa
**Investing with Wes** on [**Cerillion**](https://investingwithwes.substack.com/p/cerillion-plc-cerl) (🇬🇧 CER LN - £384m) 81.5% gross margins, 93% customer retention, zero debt, and a 20% founder-CEO stake. Strong business, but 23x P/E with a 3% free cash flow yield below the risk-free rate leaves no margin of safety. Author's valuation sits 41% below current price.
**Best Anchor Stocks** on [**Judges Scientific**](https://www.bestanchorstocks.com/p/from-headwindsto-tailwinds) (🇬🇧 JDG LN - £283m) Proven serial acquirer of niche scientific instrument businesses, now 50% off its highs. Trough 2026 earnings assume zero US funding recovery, no major contract wins, and no acquisitions. £50M of acquisition firepower and 118% cash conversion suggest the worst is priced in.
**Guardian Research** on [**Schmid Group**](https://guardianresearch.substack.com/p/160-year-old-family-business) (🇩🇪 SHMD US - US$284m) The only equipment provider for a key step in manufacturing AI chip substrates, 52% family-owned with zero analyst coverage. Currently loss-making with a stressed balance sheet, though guided to >€100M revenue and >12% EBITDA margin for 2026.
**Almost Mongolian** on [**Zoomd Technologies**](https://www.almostmongolian.com/p/zoomd-technologies-why-its-back-in) (🇮🇱 ZOMD V - US$63m) TOP PICK 3.8x P/E and 2.5x EV/EBIT on an adtech platform that gets paid only when it delivers paying customers. Revenue grew 155% over 18 months. $18.3M net cash, zero debt. Two major clients paused spending during a technical transition; sole analyst targets C$4.00 versus C$0.84 current.
# Asia-Pacific
**Capytal Management** on [**Marco Polo Marine**](https://capytalmanagement.substack.com/p/marco-polo-marine-upcycle-incoming) (🇸🇬 MPM SG - US$400m) Offshore vessel operator and shipyard with 27% Q1 revenue growth, secured multi-year contracts, and insider buying. Benefiting from an aging fleet across Asia, though the stock has tripled from mid-2025 levels, pushing the valuation to 14.4x EV/EBIT.
**Iggy on Investing** on [**Otto Energy**](https://iggyoninvesting.substack.com/p/the-hormuz-speculation-with-a-cash) (🇦🇺 OEL AU - US$16m) Negative enterprise value. A$28M cash on the balance sheet exceeds the A$24M market cap, meaning the market values the producing oil assets at less than zero. CEO's 2% bonus on capital returned aligns incentives to distribute cash within 12 months while oil prices stay above $100.
**Altay Cap** on [**Osaka Yuka Industry**](https://altaycap.substack.com/p/nanocap-osaka-yuka-industry-4124) (🇯🇵 4124 TYO - US$14m) A ¥185B chemical company bid ¥3,201 per share for this precision distillation specialist; an activist blocked the deal and now holds 42%. Stock trades at ¥2,746, 14% below the failed bid. Zero analyst coverage, minimal daily volume. Special situation.
**Mr. Deep Value** on [**Silicon Studio**](https://www.mrdeepvalue.com/p/silicon-studio-analysis) (🇯🇵 3907 TYO - US$12m) 4.4x EV/EBIT, 6.8x P/E, and cash on the balance sheet equal to 65% of the market cap. Capital-light software and staffing business generating ¥286M annual free cash flow. Fragmented 70% free float creates activist optionality. Nintendo is 17% of revenue.