Research

All Reports

In-depth equity research on individual companies and macroeconomic analysis. Updated regularly as new opportunities emerge.

Sector:

21 reports

Apr 25, 2026NFLXTechnologySELL

Netflix: A sell at $92?

SELL rating on Netflix with $83 PT. Q1 beat priced in, reverse DCF says 6% perpetual growth and 20x terminal multiple. Live events real but already priced. Paramount Skydance / WBD changes the bidding economics.

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Apr 21, 2026Macro

The Market Is Pricing a Dovish Fed Chair. It Forgot About the Eleven Other Voters.

Warsh's confirmation hearing is the easy part. Confirmation timing, committee voting math, and sticky inflation make the 2026 cut narrative far less likely than markets are pricing.

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Apr 12, 2026Macro

The Buffer Is Running Out

The ceasefire rally bought a week of optimism. The blockade erased it in hours. And the emergency reserves keeping global oil markets functional expire in days.

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Mar 29, 2026DBAMacro

Fertilizer Shock: The Chokepoint That Will Feed This Year's Food Inflation

Urea hit $700 per ton. A third of global fertilizer ships through Hormuz. Oil has a pipeline workaround. Fertilizer does not. Spring planting is happening right now, and the market is not pricing what comes next.

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Mar 28, 2026HOODFinancialsHOLD

Robinhood Is Building an Exchange. The Market Is Pricing a Brokerage.

With Rothera, its CFTC licensed prediction markets exchange and clearinghouse, going live mid-2026, Robinhood is acquiring vertical control over an entirely new asset class that generated $300+ million in annualized revenue in its first year. Exchanges trade at 20 to 30x EBITDA. Brokerages trade at 13 to 15x. The distinction matters.

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Mar 22, 2026DBAMacro

The Strait That Starves the Field

Half the world's traded urea ships through Hormuz. U.S. fertilizer prices are up 70% in 90 days, spring planting starts in weeks, and there is no strategic fertilizer reserve anywhere on earth. The market is pricing an oil shock. It has not started pricing the food shock yet.

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Mar 20, 2026BIZDMacro

The Private Markets Boom Is Real. But the Easy Money Phase Is Over.

The U.S. private credit default rate is 5.8% or 1.4%, depending on where you look. That gap says more about private markets in 2026 than any headline about trillion dollar deal years ever could.

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Mar 13, 2026BZ=FMacro

A Supply Chain Crisis Disguised as an Oil Shock

Oil gets the headline. But the Strait of Hormuz closure is simultaneously hitting natural gas, fertilizers, aluminum, and food inputs, and most of that damage is not in the price.

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Mar 4, 2026BBYConsumerBUY

The $900M Ad Platform Hiding Inside a Retailer

The market is pricing Best Buy as a structurally declining retailer at 6.2x forward EV/EBITDA and a 10% unlevered FCF yield. The stock implies no credit for two initiatives inflecting now: Best Buy Ads, which collected over $900 million in FY26, and a digital Marketplace that hit $300 million in domestic GMV in Q4.

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Mar 3, 2026NCLHIndustrialsHOLD

The Market Is Right on the Multiple, Wrong on the Timeline

Norwegian Cruise Line Holdings operates 34 ships (~71,400 berths) across Norwegian Cruise Line (mass/premium), Oceania Cruises (upper premium), and Regent Seven Seas Cruises (luxury), generating $9.8 billion in 2025 revenue with 17 ships on order through 2037. The company is in the early innings of a turnaround under new CEO John Chidsey.

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Feb 25, 2026DASHTechnologyBUY

More Than a Delivery Company

DoorDash made $0.88 in Adjusted EBITDA on every order it delivered in 2025, up 60% from two years ago, and the market has barely noticed. The stock trades at 20x forward EBITDA as if profitability is still a question. It is not.

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Feb 8, 2026UBERTechnologyBUY

UBER: The Margin Story Hiding in Plain Sight

Uber has quietly crossed one of the most important thresholds in consumer internet: the transition from growth-stage platform to scaled free cash flow compounder. The company generated $52B in revenue in FY2025 on over 200 million monthly active consumers, with $8.1B in Adj. EBITDA at a 15.6% margin.

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Feb 3, 2026SOFIFinancialsHOLD

SOFI's Breakout Year: Why This Fintech Star May Already Be Priced for Perfection

SoFi Technologies reported exceptional Q4 2025 results on January 30, 2026, marking its first billion dollar quarterly revenue while maintaining strong profitability metrics. The company added a record 1 million members in Q4, reaching 13.7 million total members.

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Jan 31, 2026DALIndustrialsBUY

Delta Air Lines (DAL): Re-Rating Potential as Premium and Loyalty Take the Controls

Delta Air Lines trades at a valuation discount to both its intrinsic DCF value and historical peer multiples, despite superior premium revenue mix and improving financial leverage. The company is positioned to deliver 10%+ EPS CAGR over the next four years.

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Jan 31, 2026NFLXTechnologyM&A

Can Netflix's All-Share $102B Warner Bros. Discovery Deal Reshape the Streaming Wars?

Netflix, Inc. has entered into a definitive agreement to acquire Warner Bros. Discovery's studio and streaming assets in what represents the largest media consolidation transaction in streaming industry history.

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Jan 24, 2026MCDConsumerHOLD

McDonald's Corporation: Equity Research Report

McDonald's trades 10% above our base case fair value, offering limited upside from current levels. The company's structurally sound business model is anchored by real estate ownership ($41.8B PP&E), global franchise network (95% franchised, 40,000 stores).

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Jan 20, 2026NFLXTechnologyM&A

Streaming's Endgame: Netflix Consolidates the Entertainment Empire - The WBD Merger

Netflix's $159.3B all-cash acquisition of Warner Bros Discovery represents a transformational consolidation creating a $741B global entertainment platform with unmatched scale and content breadth. The transaction delivers $582B in value creation (3.7x MOIC).

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Jan 15, 2026KOConsumerHOLD

Is KO Still the Safe Dividend Bet?

Coca-Cola is being valued like a slow growing bond proxy, but recent results show it can still compound through a mix of pricing, premiumization, and portfolio breadth. In Q3 2025, organic revenue grew 6% with price and mix up 6% and global unit case volume up 1%.

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Jan 10, 2026Macro

2026 Global Markets and Economies Outlook

Global markets enter 2026 with rare alignment: policy easing, fiscal support, and solid consumer demand. AI-driven investment and large fiscal programs should sustain moderate growth despite inflation, labor shortages, and high tariffs.

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Dec 20, 2025WMTConsumerHOLD

Walmart Inc Equity Research Report

Walmart remains a fortress-quality retailer with resilient FCF generation, defensible moat, and emerging high-margin growth vectors (e-commerce, advertising). However, at $105.32, the stock offers limited risk-adjusted upside and sits at fair value on both DCF and comps.

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Nov 15, 2025AAPLTechnologyHOLD

Apple Inc.: Equity Research Report

AAPL trades fairly valued at $270 despite 48% upside to bull case. Three catalysts determine outcome: iPhone 17 supercycle, services inflection (10.3% CAGR to $175B), and China recovery (22%+ market share). Risk-adjusted expected value $263 suggests limited upside near-term.

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