13 company write-ups from Substack authors within the last week.

Not my work - sourced from Giles Capital's weekly compilation: gilescapital.substack.com

Americas

TSCS on RTX (🇺🇸 RTX NYSE - US$254bn) The $271bn order backlog stretches three years of revenue and sits largely outside analyst models. Pratt & Whitney engine servicing and missile production are the growth engines; guidance was raised in April.

CapexAndChill on MercadoLibre (🇦🇷 MELI NASDAQ - US$92bn) Latin America's dominant marketplace is building a logistics network few competitors can replicate. A 96%-owned delivery fleet and live China cross-border shipping are already operational; the margin compression was the price.

SixSigmaCapital on TransMedics (🇺🇸 TMDX NASDAQ - US$2.4bn) Earnings update. Revenue grew 21% but operating costs surged faster, compressing margins sharply in the quarter. The organ-transport franchise remains intact; the question is whether the expense trajectory turns.

Guardian Research on Penguin Solutions (🇺🇸 PENG NASDAQ - US$2.2bn) Cash covers most of the market cap, memory revenues are up 63% on AI server demand, and the market still prices the business as if none of it matters.

Elliot's Musings on Backblaze (🇺🇸 BLZE NASDAQ - US$470m) Cloud storage at a fraction of AWS pricing, with AI bookings one in three new deals. The stock jumped 65% post-earnings; the thesis is intact but the entry point changed overnight.

Europe, Middle East & Africa

Hated Moats on Novo Nordisk (🇩🇰 NVO NYSE - US$211bn) Earnings update. Wegovy pill reached 200,000 weekly prescriptions by April and obesity care grew 22%. The US pricing reset looks structural rather than temporary, and the franchise is still working out the implications.

The Value Pond on Associated British Foods (🇬🇧 ABF LSE - £13.3bn) At peer multiples, Primark accounts for most of the market cap and the food business comes close to free. A separation review is active and a £250m buyback is running.

Best Anchor Stocks on Stevanato Group (🇮🇹 STVN NYSE - US$4.4bn) Demand for GLP-1 drug delivery is outpacing Stevanato's glass manufacturing capacity. New facilities come online later this year; down 23% from its highs but 27x earnings still requires some optimism.

Guardian Research on Valens Semiconductor (🇮🇱 VLN NYSE - US$135m) Cash alone exceeds enterprise value: $92.6m on the balance sheet against a $57m enterprise value. The automotive connectivity standard this team co-authored is gaining design wins in China; profitability expected by year-end.

Floebertus on Alquiber (🇪🇸 ALQ BME - €70m) Spain's largest flexible vehicle rental company trades at 10x earnings, barely followed by any analyst, with the founding family holding 76%. Revenue growing 15% and the Italy expansion is underway.

Asia-Pacific

Heavy Moat Investments on Nintendo (🇯🇵 7974 TSE - US$66bn) TOP PICK Switch 2 sold nearly 20m units; the guidance cut is a memory cost story, not a franchise one. The second most valuable IP library after Disney trades at 9x operating profit.

SGW Field Notes on Cochlear (🇦🇺 COH ASX - A$6.3bn) Guidance was cut 30% on Middle East receivables, currency, and hospital capacity, none of which changes the franchise. A near-monopoly cochlear implant business at a decade-low valuation, with a new product launching.

The Illiquid Edge on Beam Communications (🇦🇺 BCC ASX - A$25m) TOP PICK The cash from the Zoleo divestment roughly equals the entire A$25m market cap. The surviving satellite franchise generates positive operating profit; zero brokers follow it and a capital return is signalled.