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Catalysts The Rubin Supercycle : The successful shipment of Vera Rubin systems in late 2026—offering up to 10x better performance per watt —ensures that competitors cannot erode market share. This keeps hardware demand "off the charts".Read more

Investment Thesis DefenCath's regulatory moat (only FDA-approved antimicrobial CLS in the U.S., NCE+GAIN exclusivity through 2033, composition patent to 2042) is intact and the 72% real-world CRBSI reduction is standard-of-care quality data; the TDAPA pricing step-down is a commercial mechanics event, not a competitive displacement event The stock at $7.02 prices in approximately the bear case ($6.54), meaning investors are effectively receiving the REZZAYO prophylaxis Phase III binary and the DefenCath TPN pipeline for free — an unusual asymmetry for a cash-flow-positive commercial pharma company Operating cash flow of $175M in FY2025 and $148.5M in cash provides full self-funding of pipeline without dilution risk, and the $75M buyback at current prices represents management's explicit capital allocation conviction about intrinsic value The Melinta acquisition was well-priced ($30M goodwill on $391M identified intangibles) and adds an annualizing $130M+ revenue stream with shared call points that provide SG&A leverage as the combined platform scales Post-TDAPA recovery in 2027 (3x–5x higher add-on payment vs. H2 2026 per management, plus Medicare Advantage contracting upside not in guidance) provides a clearly identified catalyst path back to re-rating independent of pipeline success Risk Considerations ReSPECT Phase III failure (data Q2 2026) would eliminate ~$221M of base case rNPV, trigger impairment of the $143M IPR&D intangible, and likely reset the stock to the $5.60 52-week low or below — this is the primary binary risk and is near-term Customer concentration at 79% revenue from three accounts is structurally dangerous; any publicly announced reduction in DefenCath orders from a major dialysis organization would be a material negative event with little warning The Q4 GAAP EPS miss ($0.16 vs.Read more

Confidential: Please Pass This onto: Mr. Ben Way and Ms Amy Mahony Confidential until 23rd April 2026 or requested extension. .Read more

Executive Summary – Stellantis N.V. (H1 2025 Update) Consensual target price €10.50 per share (range €8.50 – €11.00) ➡️ Based on institutional consensus (JPMorgan €11, Morgan Stanley €8.50, Wolfe Research €6) and the H1 2025 results review, together with our internal analysis. Narrative supporting the target price 1.Read more

1. The Empire of E-Commerce + Everything Else Amazon is the unchallenged king of U.S. e-commerce , with over 37% market share — Walmart is still staring at the rearview mirror.Read more

In a nutshell: Hims & Hers has invested heavily and benefits are starting to show through growth and expansion. Investing continues with steps taken with a clear long term goal on the background, to be a front door for customers, the delivery channel, the platform and ecosystem.Read more

Based on the projections presented by the company on the investor day of March 31, 2025, we will assume 5-year fundamental projection for BlackRock based on its 2024 results and strategic targets: Assumptions Revenue CAGR : 10% annually, aligned with BlackRock’s 2030 ambition. Operating Margin : Maintained at 45% (as adjusted).Read more

🪙 Manuka Resources Limited (ASX:MKR) Manuka Resources (ASX:MKR) is a near-term restart precious-metals producer targeting gold + silver production in Q2 CY2026 from its Cobar Basin (NSW) asset base, using the existing 1Mtpa Wonawinta processing plant and feed from Wonawinta silver plus Mt Boppy gold (including stockpiles). This is a restart + financing + execution story (plant refurbishment/upgrade, mining start-up, concentrate/ ore sales), with meaningful commodity torque.Read more

1. Digital Ad Dominance That Prints Cash Alphabet is the undisputed heavyweight champion of digital advertising — responsible for nearly 30% of global ad spend.Read more