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EU#8 - Anheuser-Busch InBev: Courage, Capital, and the Discipline to Build an Empire It takes only three ingredients to brew beer: water, barley, and hops. But building a global beer empire is different.Read more

🪙 Silverco Mining Ltd. (TSXV:SICO) Updated Snapshot (Feb 2026) Silverco is a restart-stage, high-grade-ish silver district consolidator advancing the Cusi Mine Complex (underground mine + permitted 1,200 tpd mill ) toward a restart decision —but the company explicitly says no production decision has been made yet , pending technical/financial/permitting milestones.Read more

Microsoft just burned $37.5 billion in 90 days. The stock has lost a third of its value.Read more

Rollins is the dominant pure-play compounder in global pest control — a structurally necessary, recession-resistant service business that has grown revenue for 24 consecutive years and delivered ROIC of 23–31% for 12 consecutive years, without a single year of ROIC below 21% even through COVID-19. The investment thesis rests on three mutually reinforcing pillars: (1) a Wide Moat rooted in switching costs — commercial customers cannot switch providers without triggering compliance risk, and residential customers renew habitually at annual price increases of 3–4% above CPI without meaningful churn; (2) a proven M&A flywheel that converts a fragmented industry of 34,000+ U.S. operators into compounding route density and FCF, completing 30–45 bolt-on acquisitions annually at disciplined multiples with zero reported impairments; and (3) a capital-light business model with minimal reinvestment needs, generating FCF of $678M in FY2025 on $3.76B of revenue.Read more

Main “Take aways”: - You get a good managed company, with a healthy balance sheet, at a fair price. - There is more “future” than you can see in the Snowflake.Read more

Business Overview Key Metrics Total: 9/17 +2 ✅ Projected Operating Margin: 20.22% +0 ⚠️ Projected 5-Year Revenue CAGR: 4.92% +2 ✅✅ Last 5-Year ROIC: 82.83% +1 ✅ Estimated Cost of Capital: 8.14% (less than ROIC) +1 ✅ Last 5-Year Shares Outstanding CAGR: -1.79% -1 ❌ Projected 5-Year EPS CAGR: 9.87% (given the easiness of "manipulation" of EPS growth below 10% represents a slight negative) +1 ✅ Projected 5-Year Dividend CAGR: 10.47% +1 ✅ Estimated Debt Rating: A3 +2 ✅✅ Morningstar Moat: Wide +0 ⚠️ Morningstar Uncertainty: Medium Domino's Pizza is a great brand, enjoying a wide moat that results in an operating margin of around ~ 20%. Given the maturity of the business, its revenue growth is below 10% but still modestly above the economy growth rate.Read more

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

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