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Another round of company write-ups taken from Substack within the last week or so.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
[**Crack The Market**](https://open.substack.com/pub/crackthemarket) on [**Constellation Energy**](https://crackthemarket.substack.com/p/constellation-energy-the-federal) (🇺🇸 CEG - $92B)
Largest US nuclear fleet with 25% of merchant capacity as AI data centers demand massive baseload power. Microsoft signed a 20-year deal to restart Three Mile Island. Regional capacity prices up 10x.
[**Hated Moats**](https://open.substack.com/pub/hatedmoats) on [**Constellation Software**](https://hatedmoats.substack.com/p/constellation-software-dcf-valuation) (🇨🇦 [CSU.TO](http://CSU.TO) \- C$57B) **TOP PICK**
The VMS acquisition machine at 18x earnings, cheapest in nearly a decade. DCF analysis suggests C$3,643 intrinsic value versus C$2,781 current price, implying 31% upside with 23.7% margin of safety.
[**310 Value**](https://open.substack.com/users/8544992-310-value?utm_source=mentions) on [**LandBridge**](https://310value.substack.com/p/landbride-its-the-pore-space-stupid) (🇺🇸 LB - $2.8B)
The market is missing the real value in LandBridge’s pore space ownership, which generates 69% of revenue. This durable, land-based royalty business trades at just 19.1x EBITDA, with the much-discussed datacenter thesis offering a free call option.
[**Waterboy Stocks**](https://open.substack.com/users/185444190-waterboy-stocks?utm_source=mentions) on [**Stratus Properties**](https://waterboystocks.substack.com/p/stratus-properties) (🇺🇸 STRS - $214M)
Austin real estate developer at 34% discount to after-tax NAV ($26.69 vs $40.38). Eastdil Secured engaged for strategic review. Recent asset sales executed at or above NAV.
[**Catalyst Investing**](https://open.substack.com/users/433769576-catalyst-investing?utm_source=mentions) on [**Tilly’s**](https://catalystinvesting.substack.com/p/road-to-100k-week-2-entering-my-first) (🇺🇸 TLYS - $50M)
Market prices TLYS for near-bankruptcy (EV around $10M), yet company has $39M cash and zero debt. First profitable quarter since 2022 with gross margins expanding 460 basis points.
[**The Illiquid Edge**](https://open.substack.com/pub/benevolusinsights) on [**MTY Group, Goodheart-Willcox, Comstock Holding, and Otello Corp**](https://www.benevolusinsights.com/p/portfolio-positions-heading-in-to) (🇨🇦 MTYFF, 🇺🇸 GWOX, 🇺🇸 CHCI, 🇳🇴 OTEC - C$550M, $193M, $112M, NOK 1.2B)
Brief mentions worth looking at from a portfolio that returned 25% in 2025 with zero S&P correlation. MTY screens at 25% levered FCF yield with three active bidders. Goodheart-Willcox generates $23M FCF on $193M market cap from its ebook business. Comstock is led by NVR founder Dwight Schar with square footage set to double. Otello trades at 36% NAV discount while buying back 10% annually.
# Europe, Middle East & Africa
[**High Yield Landlord**](https://open.substack.com/pub/jussiaskola) on [**International Workplace Group and Helios Towers**](https://www.high-yield-landlord.com/p/my-biggest-wins-of-2025-and-lessons) (🇬🇧 IWG - £3B, 🇬🇧 HTWS - £1.8B)
A couple of brief mentions worth a look from the author’s biggest 2025 winners. IWG is transforming to capital-light managed space with triple-digit fee income growth as AI drives flexible workspace demand. Helios Towers offers African telecom infrastructure with 70%+ EBITDA in hard currencies and $5B+ contracted revenues, mispriced as risky despite multinational telco contracts.
[**Multibagger Ideas**](https://open.substack.com/users/303470219-multibagger-ideas?utm_source=mentions) on [**Ashtead Technology Holdings**](https://multibaggerideas.substack.com/p/ashtead-technology-investment-thesis) (🇬🇧 AT.L - £300M)
The magic happens at the intersection of quality and value. This resilient business has dominant market share and a 25% ROIC, yet trades at just 7.5x P/E. A serial acquisition playbook has created a powerful flywheel effect.
[**Saesch**](https://open.substack.com/users/35137034-saesch?utm_source=mentions) on [**Team Internet Group**](https://increasingodds.substack.com/p/aim-a-z-part-33) (🇬🇧 TIG - £119M)
Board states DIS segment alone worth more than entire market cap. Strategic review progressing well with active disposal discussions. 50% insider ownership plus Kestrel Partners at 27% driving change.
[**The Stonkstack**](https://open.substack.com/users/161626868-the-stonkstack?utm_source=mentions) on [**Vindexus and Tenaz Energy**](https://stonksvalue.substack.com/p/whats-in-my-deep-value-portfolio-f76) (🇵🇱 VIN.WA, 🇨🇦 [TNZ.TO](http://TNZ.TO) \- PLN 158M, C$1.1B)
Two brief mentions worth your time from a net-net focused portfolio. Vindexus is a Polish debt collector at 0.55x tangible book and 0.63x NCAV, profitable every year since 2007 with no obvious reason for such extreme cheapness. Tenaz Energy is now Netherlands’ largest natural gas producer after securing exceptionally favorable North Sea assets, trading below 1P NAV with +190% return since early 2025.
# Asia-Pacific
[**Capitalist Letters**](https://open.substack.com/pub/capitalistletters) on [**Grab Holdings**](https://www.capitalist-letters.com/p/grab-exceptional-business-at-fair) (🇸🇬 GRAB - $17B)
An outlier business that has built a wide moat with its powerful ecosystem of interconnected services. Impressive 47% annual revenue growth over the last five years and recent profitability inflection affirm its unique strategy is working.
[**First Hill**](https://open.substack.com/users/67870466-first-hill?utm_source=mentions) on [**RS Technologies**](https://firsthill.substack.com/p/rs-technologies-a-deep-value-garp) (🇯🇵 3445.T - ¥78B)
A classic Lollapalooza Effect is at play in this misunderstood semiconductor play, which grows revenue 30% annually yet trades at 9.5x P/E. Its durable moat comes from the multiplicative convergence of its recurring wafer business and a powerful M&A flywheel.
[**Mr Deep-Value**](https://open.substack.com/users/113017890-mr-deep-value?utm_source=mentions) on [**Nikkato Corporation**](https://www.mrdeepvalue.com/p/nikkato-corp-analysis) (🇯🇵 5367.T - ¥7.43B) **TOP PICK**
A classic Japanese cigar-butt trading at 0.55x tangible book and EV/FCF of just 3. The market is pricing in decline while the operating business shows resilience, creating an asymmetric setup as management works to close the gap.