Another round of company write-ups from Substack from the last week or so.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
**Americas**
[**Buffetts Disciple**](https://open.substack.com/pub/buffettsdisciple) on [**Adobe**](https://buffettsdisciple.substack.com/p/adobe-adbe-show-me-the-numbers) (🇺🇸 ADBE - $148 billion)
Trading at a 60% discount to peers despite higher growth, Adobe’s valuation appears to misunderstand its market position. Even if growth slows, low-teens earnings growth remains achievable.
[**Unemployed Value Degen**](https://open.substack.com/users/131407762-unemployed-value-degen?utm_source=mentions) on [**Magna Mining**](https://unemployedvaluedegen.substack.com/p/will-nickel-be-the-next-to-pop-part) (🇨🇦 NICU.V - $535 million)
The author surveys four nickel producers and picks Magna Mining as the standout. CEO Jason Jessup sold FNX Mining for $1.5B; guiding cash flow positive Q1 2026.
[**Variant Perception Capital**](https://open.substack.com/users/263198408-variant-perception-capital?utm_source=mentions) on [**Cipher Pharma**](https://variantperceptions.substack.com/p/cipher-pharmaceuticals-the-rare-value) (🇨🇦 [CPH.TO](http://CPH.TO) \- $215 million)
Cipher’s Natroba acquisition has tripled quarterly revenues, driven by a CEO who owns \~40% of the company and draws no cash compensation, signaling deep conviction.
[**Trident Opportunities**](https://open.substack.com/pub/tridentopportunities) on [**Ampco-Pittsburgh**](https://tridentopportunities.substack.com/p/ampco-pittsburgh-corporation-ap-a) (🇺🇸 AP - $95 million)
The planned exit from its UK facility, expected to boost EBITDA by $7-8 million, positions Ampco-Pittsburgh for improved profitability by reallocating volume to its Swedish plant.
[**Wolf Of Oakville**](https://open.substack.com/users/108998783-wolf-of-oakville?utm_source=mentions) on [**Progressive Planet and Atlas Engineered Products**](https://www.wolfofoakville.com/p/2026-wolf-picks-released) (🇨🇦 PLAN.V, AEP.V - $23 million, $25 million)
From his 2026 picks, we highlight two Canadian micro-caps. Progressive Planet trades at 8x FCF funding PozGlass cement alternative; Atlas expands via Penn-Truss acquisition and Ontario robotics facility.
**Europe, Middle East & Africa**
[**InvestingWithWes Newsletter**](https://open.substack.com/pub/investingwithwes) on [**Trainline**](https://investingwithwes.substack.com/p/trainline-plc-trnl) (🇬🇧 TRN.L - £1 billion)
Britain’s dominant rail booking platform trading around 9x earnings. Platform economics and digital adoption tailwinds offset regulatory overhang; business quality exceeds current valuation.
[**HatedMoats**](https://open.substack.com/pub/hatedmoats) on [**Mo-Bruk**](https://hatedmoats.substack.com/p/mo-bruk-dcf-valuation) (🇵🇱 MBR.WA - PLN 1.2 billion) **TOP PICK**
Poland’s dominant waste processor with scarce permits creating regulatory moat. DCF suggests 37% upside; 48% EBITDA margins with capex cycle ending points to FCF inflection.
[**The Superinvestors of Augustusville**](https://open.substack.com/pub/augustusville) on [**TeamViewer and WW International**](https://augustusville.substack.com/p/two-new-positions) (🇩🇪 [TMV.DE](http://TMV.DE), 🇺🇸 WW - €925 million, $300 million)
TeamViewer’s mission-critical software creates switching costs, supporting 40%+ EBITDA margins. WW emerges from bankruptcy with $1.1B debt shed, guiding $145-150M EBITDA for 2025.
[**Silba**](https://open.substack.com/users/305256855-silba?utm_source=mentions) on [**EVS Broadcast Equipment**](https://silbadeepdives.substack.com/p/evs-tier-1-castle-on-a-shrinking) (🇧🇪 [EVS.BR](http://EVS.BR) \- €475 million)
This capital returns play offers 3.6% yield and 29% FCF margins, defended by a powerful moat: reliability in tier-1 broadcasting serves as “insurance” for customers.
[**Deep-Value Stocks**](https://open.substack.com/pub/mrdeepvalue) on [**Accentis**](https://www.mrdeepvalue.com/p/accentis-nv-analysis) (🇧🇪 [ACCB.BR](http://ACCB.BR) \- €33 million)
Deep-value opportunity where fair value of main property (€35.6M) and net cash (€10.5M) together exceed market cap, providing strong margin of safety.
[**Kreuzmann’s Ideas** ](https://open.substack.com/pub/jakubkriz)on [**Kolejkowo**](https://jakubkriz.substack.com/p/where-passion-meets-profits) (🇵🇱 [KOL.NC](http://KOL.NC) \- PLN 100 million)
Niche growth story expanding rapidly with 2-4 year payback on new locations. 2026 forecast of PLN 8M net income implies forward P/E of just 12x.
**Asia-Pacific**
[**Miroslav Štěpánek**](https://open.substack.com/users/94876173-miroslav-stepanek?utm_source=mentions) on [**EDU Holdings**](https://miroslavstepanek.substack.com/p/edu-holdings-limited-eduax-eng) (🇦🇺 [EDU.AX](http://EDU.AX) \- AUD 110 million) **TOP PICK**
Following massive buybacks, EDU trades at 6.8x 2025 profit forecast, offering a cheap way to invest in Australia’s rising international student migration trend.
[**Just A Value Investor**](https://open.substack.com/users/179860128-just-a-value-investor?utm_source=mentions) on [**Global Testing Corporation**](https://justavalueinvestor.substack.com/p/a-nanocap-trading-at-5x-earnings) (🇸🇬 [AYN.SI](http://AYN.SI) \- SGD 34 million)
Singapore nanocap semiconductor tester at 4.8x earnings with fortress balance sheet and ongoing buybacks. Net cash exceeds concerns though 68% customer concentration warrants attention.