Published Research

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7published calls
5exchanges
6sectors
0paywalls
Report dateJul 4, 2026
FormatSubstack note
Valuation~1.2x EV/trailing earnings
CashUS$101.76M / no debt
Bear0-20% loss
BaseC$1.41 (+80%)
Bull~C$2.20
StatusPublished
Why the market may be wrongPriced for ore exhaustion. The reserve paperwork is seven years stale; the drilling is not.
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Report dateApr 22, 2026
Length42 pages
Valuation~18.5x FY26e EV/EBITDA
Quality score88 / 100
Risk score37 / 100
Moat directionWidening
Balance sheetNet cash / asset-light
StatusPublished
Why the market may be wrongVertical integration still under-modeled.
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Report dateMar 31, 2026
Length52 pages
Valuation~2.5x EV/EBITDA
Quality score74 / 100
Risk score48 / 100
Moat directionImproving
Balance sheetUS$306M cash / zero debt
StatusPublished
Why the market may be wrongReserve-life and infrastructure optionality missed.
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Report dateMar 16, 2026
Length32 pages
Valuation~9.1x EV/EBITDA
Quality score76 / 100
Risk score56 / 100
Moat directionProject-led
Balance sheetUS$78M net cash / zero LT debt
StatusPublished
Why the market may be wrongInternally funded pipeline not in the price.
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Report dateMar 1, 2026
Length21 pages
Valuation9.0x EV/EBITDA
Quality score79 / 100
Risk score44 / 100
Moat directionStable to widening
Balance sheetUS$189M net cash
StatusPublished
Why the market may be wrongRobotics share and defense growth obscured by a cyclical lens.
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Report dateFeb 2026
Length17 pages
Valuation9.71x P/E TTM
Quality score81 / 100
Risk score52 / 100
Moat directionStable
Balance sheetRMB 3.6B net cash
StatusPublished
Why the market may be wrongPriced like a developer. It is a cash-rich service operator.
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Report dateFeb 2026
Length20 pages
Valuation3.5x EBITDA ex India stake
Quality score72 / 100
Risk score46 / 100
Moat directionBrand-led, mixed
Balance sheetListed asset support
StatusWatchlist follow-up
Why the market may be wrongNo credit for the listed Indian stake.
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