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REN acquisition of Mirantis ($625M, all-stock) 1. Transaction overview Acquirer: IREN (AI infrastructure / former Bitcoin mining company) Target: Mirantis (cloud infrastructure & Kubernetes orchestration software) Deal value: ~$625M (stock consideration) [ growjo.com ] Announcement date: May 5, 2026 [ kearney.com ] Structure: Mirantis to operate as a standalone subsidiary [ kearney.com ] Mirantis brings: 1,500+ enterprise customers Kubernetes / AI infrastructure orchestration (k0rdent platform) [ kearney.com ] 2.Read more

ASIC is a technology-differentiated E&S insurer compounding book value at 15–20%+ ROE with a structurally improving combined ratio — but Zimmer's controlling ownership, a $300M affiliated investment portfolio, and a sub-one-year public track record keep the multiple at 1.56x book, creating a meaningful valuation discount to specialty insurance peers if the underwriting thesis holds. Investment Thesis The combined ratio has improved from 93.9% (2024) to 87.4% (Q1 2026) while GWP grew 23%+ — a combination that suggests genuine underwriting discipline and technology-driven cost efficiency, not just cyclical tailwind The operating expense ratio (10.9% of NEP in Q1 2026) reflects the centralized, automated model's scale benefits, and further leverage is likely as premium volume grows on a largely fixed central cost base The stock trades at approximately 10x forward earnings (annualizing Q1 run rate) and 1.56x book — a substantial discount to specialty P&C peers like RLI Corp (~3x book) or Bowhead (~27x P/E), justified primarily by governance concerns and a short track record rather than fundamental underperformance AM Best's upgrade of the rating outlook to positive, combined with zero debt and a well-capitalized balance sheet ($631M equity), provides balance sheet credibility and positions ASIC to grow its premium base without additional capital Multiple expansion to 2.0–2.3x book (base case) would imply ~$28–$33/share — 35–60% upside — driven by 2–3 more years of sub-90% combined ratios building an auditable track record Risk Considerations Casualty reserve development is the primary financial risk: the long-tailed casualty book (73% of GWP) is still in early development and adverse prior-year emergence would be financially and reputationally damaging for a recently public insurer The $304M affiliated investment complex (Zimmer-controlled Utility & Infrastructure fund + ZIS affiliate loan) represents ~48% of stockholders' equity in non-standard, potentially illiquid assets managed by or connected to the controlling shareholder — a structural governance risk that could persist indefinitely given Zimmer's voting majority E&S market hardness — the cyclical tailwind supporting pricing discipline and above-technical rates — is showing early signs of softening in property; a broader softening cycle would compress margins for all E&S carriers regardless of technology advantage Favorable catastrophe experience in Q1 2026 is not a durable driver; second-half cat seasons remain the primary quarterly earnings volatility source and could produce combined ratios materially above the YTD trend Controlling shareholder structure and emerging growth company disclosures limit public minority shareholder visibility and recourse; investors are largely dependent on Zimmer's goodwill in capital allocation decisions, including the affiliated investment relationshipsRead more

Exceptional investments are often hiding behind familiar labels. Hotel101 Global Holdings may appear, at first glance, to be just another hotel company.Read more

Barton Gold Holdings Limited (ASX: BGD) Projects / Location / MRE / Grades Introduction Barton Gold Holdings Limited is an Australian gold developer focused on building a regional gold production platform in the Central Gawler Craton of South Australia. The company’s story is not just one project, one drill target, or one speculative discovery.Read more

Rating: High-Quality Compounder / Buy on pullbacks Style: Infrastructure-led secular grower Core debate: Is Quanta simply an expensive contractor riding an unusually strong capex cycle, or is it the best-positioned execution platform for a multi-year grid, electrification, and AI-power buildout that deserves a premium multiple? Executive view Quanta is one of the clearest “picks-and-shovels” beneficiaries of the U.S. power infrastructure supercycle.Read more

Originally Posted Dec 5 on the Woodworth Contrarian News Page Brought to you by Quinn Millegan & The Woodworth Contrarian Fund A Deep Dive Into Why the Market Is Pricing MGPI for Permanent Decline When Cyclical Recovery Is Lurking in Plain Sight MGP Ingredient’s factories in Atchison, KS & Lawrenceburg, IN - MGP Ingredients Corporate THE SETUP: MEET THE STOCK THAT FELL 75% AND NOBODY NOTICED MGP Ingredients closed at $24.70 yesterday (with a 3–6% increase intraday today). Two years ago—December 4, 2023—it traded at $91.53.Read more

Fidson Healthcare Plc - Narrative At its core, Fidson Healthcare Plc is a company benefiting from a simple but powerful trend: Nigeria is steadily shifting toward producing more of its own medicines. As this transition plays out, companies that already have the capacity, regulatory footing, and distribution network in place are likely to pull ahead—and FIDSON fits that profile.Read more

Investment Thesis The stock trades near or below the bear-case DCF intrinsic value (~$33), meaning you are paying for a business in secular decline and getting the Retail Media growth optionality largely for free Retail Media’s underlying CexT grew 16% in 2025 ex-scope changes; as the $75M headwind anniversaries in late 2026, reported growth should re-accelerate and likely re-rate the multiple Management has retired ~$871M in shares since 2018 and continues buying at ~$28/share, compounding per-share value even if aggregate FCF is flat The Luxembourg redomiciliation removes the primary structural barrier to acquisition; at $35–42/share a takeout is both fair to shareholders and strategically rational for a PE buyer or holding company The commerce data asset — 5B SKUs, $1T+ in observed transactions, 90% client retention — is 20 years in the making and cannot be replicated quickly by any credible acquirer or competitor Risk Considerations A single large retailer reducing scope cost $75M in annual revenue; the top-10 clients represent ~20% of revenue, making the thesis vulnerable to one or two more relationship deteriorations Performance Media (~$915M of CexT) faces structural headwinds from walled garden dominance and potential client in-housing; if it declines faster than Retail Media grows, total CexT could shrink rather than stabilize 2026 capex steps up to ~$175M (from $101M in 2025) for data center renewal, compressing near-term FCF to ~$130–150M and limiting the buyback pace precisely when the stock may be cheapest Criteo’s independence is its value proposition to retailers — any acquisition by a strategic player that competes with retailers (Amazon, Walmart, Google) would trigger customer attrition and destroy the core asset it was purchased for Agentic commerce (MCP, conversational shopping) is the growth narrative but is pre-revenue and depends on AI assistant providers adopting Criteo’s APIs rather than building their own commerce data layers​​​​​​​​​​​​​​​​Read more

1. Growth Engines in AI & Data Center AMD reported 36% YoY revenue growth in Q1 2025 , reaching $7.44B , with non‑GAAP EPS of $0.96 , a 55% YoY jump.Read more