16 Investment write-ups to look at

16 write-ups from Substack within the last week.

Not my work - sourced from Giles Capital's weekly compilation:

https://gilescapital.substack.com/

Americas

Medis Market Notes on **Netflix** (🇺🇸 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** (🇺🇸 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** (🇺🇸 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** (🇺🇸 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** (🇺🇸 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** (🇬🇧 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** (🇺🇸 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** (🇮🇹 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** (🇬🇧 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** (🇬🇧 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** (🇸🇪 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** (🇬🇧 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** (🇯🇴 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** (🇰🇷 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** (🇮🇩 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** (🇰🇷 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.