16 write-ups from Substack within the last week.
Not my work - sourced from Giles Capital's weekly compilation:
[https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
**Medis Market Notes** on [**Netflix**](https://medismarketnotes.substack.com/p/netflix-a-sisyphean-task-or-understated) (🇺🇸 NFLX US - US$326bn) Netflix writes off $32bn in original content faster than economics require, making the 26x P/E look cheaper than it appears. Ad revenue on track for $3bn in 2026.
**The Finance Corner** on [**Intuit**](https://thefinancecorner.substack.com/p/deep-dive-into-intuit) (🇺🇸 INTU US - US$81bn) Down 56% on AI disruption fears. Author's model reaches $106bn on QuickBooks expansion into mid-sized businesses. Management's capital allocation history is the key question mark.
**Margin of Sanity** on [**Adobe**](https://marginofsanity.substack.com/p/this-is-ridiculous-adobe-after-earnings) (🇺🇸 ADBE US - US$78bn) 13 straight earnings beats and a 10x P/E, yet AI disruption anxiety dominates the narrative. CEO and CFO recently departed. Dominant creative platform keeps winning customers.
**PPinvest** on [**Tripadvisor**](https://ppinvest007.substack.com/p/tripadvisor-trip-focus-on-valuation) (🇺🇸 TRIP US - US$1.44bn) Operating business implied at $800M while Viator alone generates $1bn in revenue. TheFork sold to Amex for $700M. Short interest at 37%, 12 to 15 days to cover.
**Philliparenz** on [**Wolfspeed**](https://philliparenz.substack.com/p/die-vielleicht-spannendste-ki-wette) (🇺🇸 WOLF US - US$1.2bn) Post-bankruptcy silicon carbide chipmaker targeting AI power infrastructure. $1.1bn net cash, short interest above 100% of float. Article in German — worth translating.
**Dirt Cheap Europe** on [**Power Probe**](https://dirtcheapeurope.substack.com/p/the-red-tool-in-every-mechanics-pocket) (🇬🇧 PWR AIM - £66m) 91% market share in circuit testing tools, net cash, 6.5x EV/EBITDA. Controlling family owns the Taiwanese factory. Transfer-pricing risk and margin compression since IPO flagged.
**Six Sigma Research** on [**ClearPoint Neuro**](https://sixsigmaresearch.com/p/revisiting-my-post-why-i-am-adding) (🇺🇸 CLPT US - US$505m) Neurosurgery drug delivery platform with 60+ pharma partners, nine on fast-track FDA review. Dropped 25% on contagion from an unrelated failed trial. Author added at $8-9.
# Europe, Middle East & Africa
**One Business a Week** on [**Ferrari**](https://onebusinessaweek.substack.com/p/ferrari-an-unreasonable-car-company) (🇮🇹 RACE IM - US$82bn) 29.5% operating margins on 13,640 cars. Special editions are 7% of sales but 20%+ of revenue. Revenue grew 19% on flat unit volume.
**Businesses Not Stocks** on [**WH Smith**](https://businessesnotstocks.substack.com/p/wh-smith-updated) (🇬🇧 SMWH LN - £789m) Airport travel retail at 6.1x forward EBITDA after a discounted equity raise. Author targets 26% returns over three years. Active UK accounting regulator review running alongside.
**Price to Tangible Bruce** on [**SThree**](https://tangiblebruce.substack.com/p/cheapest-book-multiple-in-20-years) (🇬🇧 STEM LN - £261m) TOP PICK Trades at 95% of tangible book value, 8.5% yield, £51m net cash. The cheapest book multiple in 20 years looks like a floor unless UK STEM staffing is permanently impaired.
**The Dutch Investors** on [**Teqnion**](https://thedutchinvestors.substack.com/p/we-talked-to-teqnions-deputy-ceo) (🇸🇪 TEQN ST - SEK2.7bn) Swedish serial acquirer at 5.5x EV/EBIT with 40% insider ownership. Running a sound niche acquisition model through a growth trough. Capital efficiency record most allocators overlook.
**Businesses Not Stocks** on [**SIG**](https://businessesnotstocks.substack.com/p/sig-plc) (🇬🇧 SIG LN - £122m) SIG trades at £97m with £110m annual EBITDA. New management personally invested, targeting major cost reductions. At 4.8x EV/EBITDA, market is pricing in continued failure.
**Demystified Value** on [**Jerash Holdings**](https://demystifiedvalue.substack.com/p/jerash-holdings-jrsh-reports-profitability) (🇯🇴 JRSH US - US$53m) Jordan apparel contractor for North Face and Adidas. Returned to profitability in FY26 on $166M revenue. Capacity fully booked through 2026, doubling by 2027. Trades near book value.
# Asia-Pacific
**Hated Moats** on [**SK hynix**](https://hatedmoats.substack.com/p/sk-hynix-the-first-real-memory-moat) (🇰🇷 000660 KS - US$1.28tn) South Korea's leading maker of high-bandwidth memory chips for AI servers. Current pricing implies $55-75bn in annual free cash flow. The question is whether AI has permanently changed memory economics.
**Global Equities** on [**Sido Muncul**](https://www.angsanaanderson.com/p/sido-muncul-11-fcf-yield-but-49-of) (🇮🇩 SIDO IJ - US$632m) Holds 49% of Indonesia's traditional herbal medicine market at 9x P/E and an 11% free cash flow yield. Generates cash well above what its small-cap valuation implies.
**Global Equities** on [**MegaStudyEdu**](https://www.angsanaanderson.com/p/megastudyedu-why-i-believe-this-could) (🇰🇷 215200 KS - US$265m) TOP PICK South Korea's largest online tutoring platform at 4x earnings with an 8% yield. A major private equity firm is in exclusive takeover talks at three times the current price.
