17 company write-ups from Substack, all published within the last week or so.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com](https://gilescapital.substack.com)
# Americas
**Capitalist Letters** on [**Microsoft Corporation**](https://www.capitalist-letters.com/p/microsoft-undervalued-and-undisruptable) (🇺🇸 MSFT US - US$2.8tn) Microsoft shed US$500bn in market cap this year on AI capex fears. At 22x trailing P/E, Capitalist Letters argues durable platform lock-in will outlast any spending cycle debate.
**Jimmy's Journal** on [**Netflix**](https://jimmysjournal.substack.com/p/netflix-nflx-deep-dive) (🇺🇸 NFLX US - US$357bn) Netflix walked away from a US$110bn Warner bid, collected a US$2.8bn breakup fee, then lost its chairman in June. Ad revenue guides to US$3bn in 2026. P/E sits at 24x.
**Rijnberk InvestInsights** on [**Qualcomm**](https://rijnberkinvestinsights.substack.com/p/qualcomm-a-contrarian-pick-with-huge) (🇺🇸 QCOM US - US$201bn) Qualcomm loses Apple's modem business this year. The automotive division scaled from US$500m in 2019 to US$6bn; new humanoid partnerships give the next cycle a free option at 20x earnings.
**sbeautiful** on [**Qualcomm**](https://sbeautiful.substack.com/p/the-forty-minute-robot) (🇺🇸 QCOM US - US$201bn) A second take on Qualcomm, through the robotics lens. Power-efficient silicon solves the binding constraint for humanoid robots, with Figure and NEURA design wins echoing the automotive playbook.
**Crack The Market** on [**Valero Energy**](https://crackthemarket.substack.com/p/valero-energy-the-gulf-coast-fuel) (🇺🇸 VLO US - US$84bn) Valero recorded US$1.3bn net income in Q1 2026 after a US$595m loss a year ago. At 11.5x EV/EBIT with US$6bn net debt, the refinery recovery looks priced.
**Berczy Park Capital** on [**Fairfax Financial Holdings**](https://berczyparkcapital.substack.com/p/past-is-prologue) (🇨🇦 FFH TSX - US$34bn) Fairfax has compounded book value at 15-20% annually. Berczy Park Capital sees aggressive buybacks at 1.35x book and an upcoming Poseidon IPO as the near-term rerating catalyst.
**AlphaSeeker84** on [**FactSet Research Systems**](https://alphaseeker84.substack.com/p/factset-research-systems-fds-q3-fy2026) (🇺🇸 FDS US - US$8bn) Earnings update. FactSet grew organic ASV 7.1% in fiscal Q3 2026 to US$2.49bn and guided full-year revenue to US$2.45-2.47bn.
**Capytal Management** on [**Miami International Holdings**](https://capytalmanagement.substack.com/p/take-advantage-of-market-volatility) and [**Marex Group**](https://capytalmanagement.substack.com/p/take-advantage-of-market-volatility) (🇺🇸 MIAX US, 🇬🇧 MRX US - US$4.1bn, US$4.7bn) Miami International holds 17% of US options volume with US$549m net cash and 56% FY2025 revenue growth. Marex grew Q1 2026 revenue 48% as large banks retreated from futures clearing.
**Angsana Anderson** on [**Bumble**](https://www.angsanaanderson.com/p/why-are-singles-ditching-bumble) (🇺🇸 BMBL US - US$421m) Bumble trades at 3x NTM earnings with a 23% free cash flow yield, but paying users fell 21% in Q1 2026. Management's own goodwill impairment test assumes 0% terminal growth.
**P14 Capital** on [**Build-A-Bear Workshop**](https://p14capital.substack.com/p/bbw-build-a-bear-workshop) (🇺🇸 BBW US - US$430m) TOP PICK Down 50% YTD on the first revenue decline in eight quarters, Build-A-Bear still guides pre-tax income 7-16% higher. Zero debt, US$27m cash, and 25% short interest set up the recovery trade.
**Miroslav Stepanek** on [**LibertyStream Infrastructure Partners**](https://miroslavstepanek.substack.com/p/libertystream-libv-vltlf-a-potential) (🇺🇸 LIB.V TSX.V - US$156m) LibertyStream delivered its first tonne of lithium carbonate to a US customer in June. Claimed production cost is US$6,200 per tonne against spot prices above US$20,000. Two recent registration statements flag dilution risk.
**Deep Value Insights** on [**Vaso Corporation**](https://www.deepvalueinsights.com/p/a-cheap-stock-hidden-on-the-otc) (🇺🇸 VASO US - US$33m) TOP PICK US$22m in cash against a US$33m market cap, with an exclusive GE HealthCare contract generating US$6-7m annually hiding beneath two loss-making segments. A May 8-K signals management is finally clearing them out.
# Europe, Middle East & Africa
**Hated Moats** on [**SAP SE**](https://hatedmoats.substack.com/p/sap-deep-dive-analysis) (🇩🇪 SAP GR - US$195bn) SAP's cloud backlog grew 30% to €77.3bn but guidance fell short of expectations. JPMorgan moved to Neutral, and an EU antitrust probe into ERP support practices adds to the overhang at 24.9x P/E.
**Tangible Bruce** on [**Henry Boot PLC**](https://tangiblebruce.substack.com/p/a-net-net-thats-even-cheaper-on-look) (🇬🇧 BOOT LN - £225m) Henry Boot trades 47% below its 312p net asset value after a profit warning in January. New CEO starts Monday. Land held at cost is the embedded discount the market hasn't rerated.
# Asia-Pacific
**Heavy Moat Investments** on [**Nintendo Co., Ltd.**](https://heavymoatinvestments.substack.com/p/nintendo-a-high-quality-business) (🇯🇵 NTDOY US - US$55bn) Switch 2 sold 19.86m units in year one. Nintendo guided FY27 net profit 26.9% lower, and the share has fallen 52% from its 52-week peak. US$14bn in net cash and irreplaceable IP are the floor.
**Coughlin Cap** on [**Coupang**](https://coughlincap.com/p/coupang-and-the-korea-wealth-effect) (🇰🇷 CPNG US - US$33bn) South Korea's regulator fined Coupang a record US$409m in June for a breach exposing 37.55m users. Q1 operating margin was 0.1% at 83x trailing P/E.
**First Hill** on [**RS Technologies**](https://firsthill.substack.com/p/strange-times-we-live-in-rs-tech) (🇯🇵 3445 JP - US$1.3bn) RS Technologies' 40% stake in Gritek is worth more than twice its own market cap. The core wafer-reclaim business earns ¥14.9bn annually, making Gritek a free option on top.
