Another set of company write-ups from Substack authors, all from within the last week.
Not my work - sourced from Giles Capital's weekly compilation:
[https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
**Elliot's Musings** on [**Micron Technology**](https://alphaseeker84.substack.com/p/micron-technology-mu-q3-fy2026-results) (🇺🇸 MU US - US$1.3tn) Latest quarter beat estimates as AI memory chip demand accelerated. Management guided next quarter higher on high-bandwidth memory share gains.
**Hidden Market Gems** on [**Reddit**](https://sbeautiful.substack.com/p/rddt-the-mob-that-became-the-moat) (🇺🇸 RDDT US - US$29bn) Revenue up 69% as AI data licensing added a new stream alongside advertising. The CEO has been selling shares into the rally.
**Rijnberk InvestInsights** on [**Veeva Systems**](https://rijnberkinvestinsights.substack.com/p/veeva-systems-a-deep-dive-into-a) (🇺🇸 VEEV US - US$27bn) Near-monopoly in life sciences software, 75% gross margins, $6.5B net cash. At 32x earnings you are paying for a durable franchise, not cheap assets.
**The Value Nerds** on [**Celsius Holdings**](https://thevaluenerds.substack.com/p/celsius-holdings-celh-deep-dive) (🇺🇸 CELH US - US$8bn) Controls 21% of the US energy drink market. The Alani Nu acquisition diluted shareholders by 9.8% and the margin for error at current prices is thin.
**Emerging Value** on [**Inter & Co**](https://emergingvalue.substack.com/p/inter-and-co-the-other-brazilian) (🇧🇷 INTR US - US$2.5bn) Brazil's fastest-growing digital bank, 44 million clients, net income up 38% last quarter at a 15.5% return on equity. Trades at 8.6x earnings.
**Kairos Research** on [**Aimia**](https://kairosresearch.substack.com/p/aimia-allocator-takeover-trading) (🇨🇦 AIM TSX - CAD$252m) Agreed to sell its chemical business for C$265-271M, roughly matching the entire market cap. Remaining assets trade at a discount to book, management buying.
**D Invests** on [**Zoetis**](https://dinvests.substack.com/p/new-buy-zoetis) (🇺🇸 ZTS US - US$51bn) Decade-low multiples after US companion animal business fell 11% last quarter. At 10x operating profit, the diagnostics franchise is not getting credit.
**P14 Capital** on [**Belden**](https://p14capital.substack.com/p/bdc-the-networking-stock-to-rule) (🇺🇸 BDC US - US$4.5bn) Industrial networking at 12.6x operating profit versus a 21x peer average. Automation, broadband, and smart buildings all inflecting simultaneously, with short interest elevated.
# Europe, Middle East & Africa
**The Dutch Investors** on [**Evolution AB**](https://thedutchinvestors.substack.com/p/evolution-ab-has-the-dust-settled) (🇸🇪 EVO SS - SEK 129bn) 65% profit margins, net cash. Trading at 7x operating profit as the market treats Asia regulatory headwinds as permanent damage rather than a passing cycle.
**Price to Tangible Bruce** on [**Grainger**](https://tangiblebruce.substack.com/p/055x-tbv-for-a-15-compounder-with) (🇬🇧 GRI LN - £1.3bn) UK's largest listed residential landlord at 0.55x tangible book on a build-to-rent pivot. Mike Ashley has quietly built a 3% stake.
**Catalyst Investing** on [**Fiverr**](https://catalystinvesting.substack.com/p/fiverr-international-ltd-nysefvrr) (🇮🇱 FVRR US - US$380m) Two times last year's FCF with $180m net cash on a $380m market cap. Active buyers down 40% from peak and the CEO keeps selling into it.
**Dirt Cheap Europe** on [**Churchill China**](https://dirtcheapeurope.substack.com/p/priced-as-a-corpse-built-like-a-survivor) (🇬🇧 CHH LN - £37m) TOP PICK 231-year-old hospitality ceramics maker, net cash, directors buying, share price down 80% from peak. Trading at 3x EV/EBITDA on temporary margin compression, not structural failure.
**Price to Tangible Bruce** on [**Nexteq**](https://tangiblebruce.substack.com/p/a-profitable-net-net-with-a-cash) (🇬🇧 NXQ LN - £30m) TOP PICK Cash covers more than half the share price. Gaming hardware at 4-5x EV/EBIT through a destocking cycle, backed by 20 years of compliance certifications.
**Businesses Not Stocks** on [**Shoe Zone**](https://businessesnotstocks.substack.com/p/shoe-zone) (🇬🇧 SHOE LN - £23m) The Smith family controls 64% and bought 2.76 million more shares at 50p in May, the same month the dividend was scrapped. Contrarian conviction, distressed fundamentals.
# Asia-Pacific
**Memyselfandi007** on [**Tokio Marine**](https://valueandopportunity.substack.com/p/hello-japan-a-quick-look-at-berkshires) (🇯🇵 8766 JP - US$85bn) Japan's largest insurer at 14x earnings with a 3.1% dividend and active buybacks. Earns 60%+ of profits from US specialty coverage. Berkshire recently added to its position.
**Jam Invest** on [**Central China Management**](https://jaminvest.substack.com/p/hk-53-hkex-frustrations) (🇨🇳 9982 HK - HK$400m) Holds HK$2.58B in cash against a HK$400M market cap. Property services subsidiary of a distressed parent group where the cash has not moved to shareholders.
