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Update as of 10 April: As written here in February, Delta is the leading carrier among the major US airlines and keeps that pole position even amidst the tariff-induced turmoil. True, the carrier had to jettison its record guidance for 2025 it had issued in January; still, Delta made a gross profit of roughly 1 cent per available seat mile in the traditionally weak winter quarter when other airlines struggle to turn any profit at all (my calculations from an adj.Read more

Valuation Future Positioning (3, 5, 10 Years): Defence Holdings is a former esports shell (Guild Esports → Cassell Capital) that completed a full pivot into defence technology in May 2025. In its current form, this is effectively a pre-revenue start-up operating inside a listed vehicle.Read more

Siemens: From Industrial Giant to the Digital Operating System of the Real World For many investors, Siemens still carries an outdated image: a sprawling industrial conglomerate that buys promising businesses only to suffocate them in layers of corporate bureaucracy. It is a convenient narrative—and a wrong one.Read more

I have held the stock of this company for 5 years My target is 200 NOK. $NAS.OL (Norwegian Air Shuttle Q2 figures: Profitability soars, inaugural dividend declared Norwegian announced its first dividend since restructuring, with NOK 0.90 per share (approval 10July2025, ex-dividend date 12August 2025, payment date 20August 2025 ) The airline reported a profit before tax of NOK 1,055 million, a significant improvement from the NOK -611 million EBIT reported in Q1.Read more

☁️Business Overview Key Metrics Total: 11.5/17 +2 ✅✅ Projected Operating Margin: 36.47% +1 ✅ Projected 5-Year Revenue CAGR: 11.50% +2 ✅✅ Last 5-Year ROIC: 26.80% +1 ✅ Estimated Cost of Capital: 10.24% (lower than ROIC) +1 ✅ Last 5-Year Shares Outstanding CAGR: -2.53% +1 ✅ Projected 5-Year EPS CAGR: 13.22% +0 ⚠️ Projected 5-Year Dividend CAGR: 8.68% +1.5 ✅ Moody's Debt Rating: Aa2 +2 ✅✅ Morningstar Moat: Wide +0 ⚠️ Morningstar Uncertainty: Medium Alphabet is a growing company presenting a projected solid revenue and EPS growth above 10%, a wide moat resulting in an operating margin between ~30-40% and good capital allocation displaying a return on its invested capital (ROIC) almost 3 times the estimated cost of capital. The fact that it has been buying back shares during the previous years is always nice to see.Read more

In 2026, the story is no longer about how many companies Swedencare can buy, but how effectively it can scale its existing brands (ProDen PlaqueOff and NaturVet) into global Big Box retail and e-commerce The Pet Humanization Play Swedencare's narrative rests on three pillars: The Global Brand Portfolio: Moving from a single product company to a diversified pet health giant. The story is about cross-selling, taking a successful dental product from Sweden and putting it in 2,000 Walmart stores in the US The Channel Pivot: Swedencare is taking direct control of its destiny by moving Amazon sales inhouse and entering Big Box retail like Walmart, CVS etc.Read more

At the current price of ~210 USD, the market is valuing FactSet as a certain victim of generative AI (“SaaSPocalypse”), completely ignoring the company’s structural transformation over the last 5 years. FactSet no longer sells just access to stock prices (which can be commoditized); it sells operational infrastructure built on four strategic pillars that are extremely hard for a chatbot to replace: Cobalt (Private Markets), CUSIP (Global Standards), Vermilion (Reporting), and Portware (Execution).Read more

In the world of enterprise software, few names carry as much weight as SAP. What started as a small German startup has evolved into the largest publicly listed company in Europe by market capitalization.Read more

Corporate Structure and Strategic Architecture 1. Capital Recycling: An Operational Necessity, Not Financial Engineering The heart of Brookfield's business model is not a passive "buy and hold" strategy, but an active "buy, improve, sell, and repeat" cycle.Read more