A round of company write-ups taken from Substack from the last week.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
[**D Invests**](https://open.substack.com/users/103031227-d-invests?utm_source=mentions) on [**Pool Corporation**](https://dinvests.substack.com/p/pool-corporation-undisputed-industry) (🇺🇸POOL US - US$11 billion)
An undisputed industry leader, POOL’s investment case is anchored by its 65% recurring revenue from non-discretionary maintenance, supporting 17% average dividend growth and a durable business model.
[**TSCS**](https://open.substack.com/pub/tscsw) on [**Pennant Group**](https://tscsw.substack.com/p/why-development-is-dead-and-why-thats) (🇺🇸PNTG US - US$1.5 billion)
The U.S. senior housing sector presents a classic capital cycle opportunity. A collapse in new construction is creating a massive supply vacuum set against relentless demographic demand.
[**Bestowal Capital**](https://open.substack.com/pub/bestowalcapital) on [**Petco Health**](https://bestowalcapital.substack.com/p/deep-value-2-petco-health-and-wellness) (🇺🇸WOOF US - US$831 million)
Petco’s equity is priced for bankruptcy, yet the company trades at just 5.5x EV/EBITDA and generated 21% YoY EBITDA growth, signaling survival and creating asymmetric upside.
[**Capytal Management**](https://open.substack.com/pub/capytalmanagement) on [**Tenaz Energy**](https://capytalmanagement.substack.com/p/is-this-happening-again) (🇨🇦TNZ.TO - C$650 million)
Tenaz appears undervalued despite its run-up, having executed a highly accretive acquisition at just 2.1x 2026E FFO multiple, projected to drive a 25% FCF yield by 2027.
[**Kairos Research**](https://open.substack.com/users/11909559-kairos-research?utm_source=mentions) on [**ContextLogic**](https://kairosresearch.substack.com/p/contextlogic) (🇺🇸LOGC US - US$560 million)
Former Wish e-commerce disaster transformed into Berkshire-style capital allocation vehicle. Retained $2.9B NOLs while acquiring US Salt with board members taking zero salary.
[**Show me the incentives...**](https://open.substack.com/users/287561864-show-me-the-incentives?utm_source=mentions) on [**NSTS Bancorp**](https://open.substack.com/pub/showmetheincentives/p/nsts-bancorp-inc-nsts?r=1fzy2&utm_campaign=post&utm_medium=web) (🇺🇸NSTS US - US$50 million)
Community thrift conversion trading near tangible book with activist involvement. Classic special situation as regulatory constraints lift and buybacks accelerate.
# Europe, Middle East & Africa
[**The Dutch Investors**](https://open.substack.com/users/207588953-the-dutch-investors?utm_source=mentions) on [**Cellebrite**](https://thedutchinvestors.substack.com/p/5-things-you-missed-from-cellebrites) (🇮🇱CLBT US - US$3 billion)
Digital forensics leader serving FBI, CIA, and agencies across 150+ countries. FedRAMP Level 4 certification expected Q1 2026 unlocks federal cloud opportunities.
[**Central Tendency**](https://open.substack.com/pub/centraltendency) on [**Otello Corporation and Staffline Group**](https://centraltendency.substack.com/p/on-a-review-of-2025) (🇳🇴OTEC NO, 🇬🇧STAF LN - US$140 million, $62 million) - **TOP PICK**
A 2025 review worth reading for these two ideas. Successes stemmed from holdco arbitrage like Otello’s aggressive buybacks and backing management teams with excellent capital allocation like Staffline.
[**Rock & Turner Investment Analysis**](https://open.substack.com/pub/rockandturner) on [**Billington Holdings**](https://rockandturner.substack.com/p/billington-holdings) (🇬🇧BILN LN - £50 million) - **TOP PICK**
Classic Ben Graham net-net with £19M cash on £50M market cap. At end of 5-year capex cycle with anticipated £10M FCF run-rate, implying a staggering 33% yield.
[**Myles Kuah**](https://open.substack.com/users/36515773-myles-kuah?utm_source=mentions) on [**AVTECH Sweden**](https://valuezoomer.substack.com/p/avtech-sweden-cleared-for-takeoff) (🇸🇪AVTB SS - US$45 million)
A selloff over contract renewal fears creates an opportunity in this high-margin software business, which boasts 38% y/y revenue growth and 67% gross margins.
# Asia-Pacific
[**Capytal Management**](https://open.substack.com/pub/capytalmanagement) on [**Chongqing Machinery and China Yuchai**](https://capytalmanagement.substack.com/p/china-aidc-2026) (🇨🇳2722.HK, CYD US - US$2 billion, $800 million)
China’s AIDC buildout is set to accelerate, with focus on power-rich regions like Inner Mongolia. These upstream suppliers of transformers and diesel generators stand to benefit.
[**AmsterdamStocks**](https://open.substack.com/pub/amsterdamstock) on [**Gullewa**](https://amsterdamstock.substack.com/p/gullewa-gulax-a-gold-royalty-cash) (🇦🇺GUL.AX - A$19 million)
High-margin gold royalty trading at implied 25% FCF yield with fortress balance sheet. Hedges settled November 2025 provide unhedged exposure to gold prices.