Equity Analyst, Not Advisor | Actionable equity deep-dives from around the world on free Substack. Feedback always appreciated!
Joined March 2022
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What do you call a company that specializes in sofas and carpets? Sofa Carpet Specialist 🤓
This small U.K retailer trades at 80% net cash, has friendly shareholder return policies of over 8% per year, and great ROIC/ROE/FCF generation.
🧵Here's $scs.l:
open.substack.com/pub/alaric…
Hi everyone,
Just a heads up that I've recently started a job as a research analyst at a hedge fund!
For compliance reasons however, I will no longer comment on individual securities.
Full letter sent to Substack subscribers:
alaric.substack.com/p/an-upd…
Of course, ASOS can and likely will undertake more debt to pay off the current one.
But it will have little leeway to expand or make any errors, and any more macro problems will compound.
The dilution risk is also very real, with two c.20% dilution events in 3 years now.
$ASC.L
My DCF shows a 723p share value, close to the buyout rumor stemming from this FT Alphaville article (sources in the article are poor).
ft.com/content/4a6d6202-3496…
But that is if all goes well.
ASOS is still interesting, but the r/r is far from as compelling as 3 months ago.
$ASC.L
@RocketLab 🚀reported Q1 2023 earnings a couple of weeks ago.
🧵From high growth and great Neutron development to enhanced competitive positioning, here are 7 highlights:
$RKLB
7/7 Guidance - Other
"Space Sy. [...] to benefit from meaningful revenue recognition under the MDA contract [from] Q3'23." (Contract represents $143m in backlog)
Engine to be reflown in Q3
2023: 15 launches (inc. HASTE)
2024: 20
No info on (Amazon?) reaction wheels mega deal
Bonus - $VORB bankruptcy assets purchase
Yesterday, @RocketLab announced its purchase of $16m in former-competitor Virgin Orbit assets (manufacturing complex, machinery and equipment)
Tomorrow, it flies TROPICS, a former $ASTR Astra mission.
$RKLB
nitter.gq/RocketLab/status/16611…
Neutron is expanding! We’re grateful to be standing on the shoulders of giants as we grow our presence in Long Beach to support Neutron’s production and path to the pad.
More info: tinyurl.com/mtzbd6et
Ok this is huge.
🚀
• Rocket Lab to REUSE a Rutherford engine in Q3’22
• And « assess the opportunities for flying a COMPLETE pre-flown 1st stage following the launch »
• Reuse cost savings now of 60-70%, up from 50% as heli ops are officially over
nitter.gq/RocketLab/status/16486…
For the first time, we’re going to launch a pre-flown 3D printed Rutherford engine. It has already been to space and back. Now it’s going again.
Learn more about the next major steps in our Electron reusability program: bwnews.pr/3oosOXR