▶ 전체 게시글 텍스트
Another batch of company write-ups from within the last week.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
**Rijnberk InvestInsights** on [**Uber**](https://rijnberkinvestinsights.substack.com/p/just-12x-fcf-and-a-09x-peg-for-one) (🇺🇸 UBER US - US$152bn) 12x FCF on a platform compounding trips at 20%, with 50m Uber One members driving half of mobility and delivery bookings. The CFO's recent $1.6m open-market purchase at $71.25 suggests the AV disruption fears are overdone.
**S.G.W - From the Front** on [**American Tower**](https://sgwfieldnotes.substack.com/p/amerian-tower-corp-amt-weighing-the) (🇺🇸 AMT US - US$81bn) Tower REIT trading on past quality. The data centre push (10% of revenue, structurally weaker returns) is diluting the core franchise, and the top three customers already represent 59% of tower revenue.
**Elliot's Musings** on [**Datadog**](https://alphaseeker84.substack.com/p/datadog-inc-ddog-q1-2026-results) (🇺🇸 DDOG US - US$74bn) Earnings update. Q1 revenue +32% with the non-AI customer base back to mid-20s growth, plus new hyperscaler GPU training wins. $4.8bn net cash and 22-23% operating margins.
**Rebound Capital** on [**Domino's Pizza**](https://reboundcapital.substack.com/p/deep-dive-dominos-pizza-dpz) (🇺🇸 DPZ US - US$10bn) 23% US pizza share and 32 consecutive years of international same-store sales growth, on an 18x P/E with a 6.3% FCF yield. Worth watching, with GLP-1 demand the real overhang.
**Acid Investments** on [**GXO Logistics**](https://acidinvestments.substack.com/p/quick-brief-on-a-post-amazon-scare) (🇺🇸 GXO US - US$6bn) 8.6x EBITDA versus a historical 12-15x after the Amazon panic, despite only 6% actual revenue overlap with what Amazon does. 5-year contracts and a sales pipeline up 20% suggest the threat is overstated.
**Waterboy Stocks** on [**Saga Communications and New England Realty Associates**](https://waterboystocks.substack.com/p/nen-sga) (🇺🇸 SGA US, 🇺🇸 NEN US - US$65m, US$203m) SGA: 9% yield at risk, but asset cover and the 2022 Connoisseur takeover bid at $30 are the real story. NEN: 7.4% cap rate versus 5-6% Boston comps, with the Brown family buying units back.
**Wolf of Oakville** on [**iFabric**](https://www.wolfofoakville.com/p/ifabric-corp-ifato-fins-review-9c4) (🇨🇦 IFA TSX - CAD$123m) Q1 revenue tripled to C$27.5m as Walmart and Costco distribution scaled for the antimicrobial textile coating. 66% insider ownership and a forward 14x P/E against a noisier TTM make the math work.
# Europe, Middle East & Africa
**Rock & Turner** on [**RELX**](https://rockandturner.substack.com/p/relx-the-ai-driven-growth-acceleration) (🇬🇧 REL LN - £41bn) A quality compounder still priced as a legacy publisher. 17.5x forward P/E versus a 30x historical multiple, 35% operating margins, and a £2.25bn 2026 buyback (+50%). The May OpenAI partnership signals real AI licensing optionality.
**The International Investor** on [**Prada**](https://theinternationalinvestor.substack.com/p/the-devil-wears-prada-and-its-financial) (🇮🇹 1913 HK - €11bn) A luxury compounder with a 31.8% five-year earnings CAGR and a 4% dividend yield expanding to 4.9%. The century-old brand moat plus Miu Miu and the closed Versace deal add multi-brand growth optionality.
**Elliot's Musings** on [**monday.com**](https://alphaseeker84.substack.com/p/mondaycom-mndy-q1-2026-results) (🇮🇱 MNDY US - US$3.85bn) Earnings update. Q1 revenue +24% with AI now 10% of net new ARR, a $553m buyback at the trough (around 10% of float), and $1bn net cash remaining.
# Asia-Pacific
**Asia Tech Review** on [**Alibaba and Tencent**](https://www.asiatechreview.com/p/alibaba-bets-on-ais-future-tencent) (🇨🇳 BABA US, 🇨🇳 0700 HK - US$318bn, US$540bn) Two takes on Chinese AI monetisation. Alibaba's Cloud AI revenue is forecast to triple to $4.4bn by year-end, while Tencent's Marketing Services grew 20% on AI-optimised ad recommendations.
**Asia Tech Review** on [**Sea Limited**](https://www.asiatechreview.com/p/shopee-is-still-growing-like-crazy) (🇸🇬 SE US - US$54bn) Southeast Asia rarely shows up in a Western screen. Sea's adjusted EBITDA crossed $1bn for the first time on 47% Q1 revenue growth, with Shopee, Garena and fintech all contributing.
**KonichiValue Japan** on [**Nintendo**](https://www.konichivalue.com/p/nintendo-fy26-earnings-record-earnings) (🇯🇵 7974 JP - ¥8.15T) Earnings update. Record FY26 net profit ¥424bn (+52%) but margin compressed from 24% to 16% on a 3x DRAM price spike. ¥2.22T net cash.
**Maius Partners** on [**China Merchants China Direct Investments**](https://www.maiuspartners.com/p/back-to-the-future) (🇭🇰 133 HK - US$510m) **TOP PICK** Hong Kong closed-end vehicle at 0.6x price-to-NAV. The Moonshot AI stake is now worth around 8x its carried value after May's $20bn Series D. Dividend yields 8% after quadrupling in 2025.
**Altay Capital** on [**Takasago Tekko**](https://altaycap.substack.com/p/takasago-tekko-5458-a-profitable) (🇯🇵 5458 JP - ¥3.4bn) **TOP PICK** A 100-year-old steel processor where net cash and rental real estate already exceed the market cap. The hidden piece is a Tokyo factory site carried at ¥2m since 1923, worth ¥8-17bn on nearby deals.