17 Investment write-ups to look at

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](https://gilescapital.substack.com) # Americas **Capitalist Letters** on [**Oracle Corporation**](https://www.capitalist-letters.com/p/oracle-the-time-has-come) (🇺🇸 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**](https://hatedmoats.substack.com/p/mastercard-dcf-valuation) (🇺🇸 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**](https://alphaseeker84.substack.com/p/servicenow-now-q1-2026-results) (🇺🇸 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**](https://alphaseeker84.substack.com/p/intel-corporation-intc-q1-2026-results) (🇺🇸 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**](https://thefinancecorner.substack.com/p/zoom-has-something-in-common-with) (🇺🇸 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**](https://www.wealthyreadings.com/p/the-perfect-edges) (🇺🇸 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**](https://coughlincap.com/p/a-microcap-at-3x-ebitda-growing-20) (🇺🇸 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.**](https://www.wolfofoakville.com/p/biorem-inc-brmv-fins-review-839) (🇨🇦 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**](https://rijnberkinvestinsights.substack.com/p/hermes-buy-today-and-hold-forever) (🇫🇷 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**](https://deepvaluecapitalbykyler.substack.com/p/notes-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**](https://www.schwarcapital.com/p/why-30-of-our-portfolio-sits-in-one) (🇬🇧 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**](https://valuezoomer.substack.com/p/raysearch-laser-focused) (🇸🇪 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**](https://www.deepvalueinsights.com/p/a-net-net-with-insider-buying) (🇫🇷 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**](https://www.asiatechreview.com/p/atr-daily-sk-hynix-posts-record-profits) (🇰🇷 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**](https://www.konichivalue.com/p/why-is-the-nintendo-stock-dropping) (🇯🇵 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**](https://theinternationalinvestor.substack.com/p/protected-profits-how-the-worlds) (🇲🇾 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**](https://altaycap.substack.com/p/art-vivant-tyo-7523-cheap-adjusted) (🇯🇵 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.