Recovery Value

Equities Credit Crequities

[Recovery Value @DKCCap]

@aleabitoreddit $SNDK post spin

[Recovery Value @DKCCap]

@ContrarianCurse Classic boomer PM rationalizing underperformance. Do the math.

[Recovery Value @DKCCap]

@SFarringtonBKC @athelascapital Clown?

[Recovery Value @DKCCap]

@SFarringtonBKC @athelascapital isn’t this just luck? China exports keep ramping. Trox liquidity under pressure post inventory release. Similar to LYB where Chinese broke the global supply demand. Stocks moving w PMI/ expectations for things to get better - yet spot prices/spreads are not?

[Recovery Value @DKCCap]

@ContrarianCurse WFE gated by cleanroom? Then further gated by litho? Incrementals all dram so math implies 150-180bn peak in near term. In that scenario wouldn’t want to be long ?

[Recovery Value @DKCCap]

@ContrarianCurse Tpu one big scale up essentially is the view. Hard to say. But profit dollars being competed away from NVDA seems clear

[Recovery Value @DKCCap]

@ContrarianCurse Get you. Though BOM clear so has to be architecturally. Decompose to scale up / out bandwidth GB capacity flops etc. most externalized so internal cost curve advantage relies on scale up. Stock seems appropriate to rich on out year?

[Recovery Value @DKCCap]

@ACapitalLP Pre pack?

[Recovery Value @DKCCap]

@ACapitalLP What do you think it’s worth? On my math around 300mm upper end. Curious how you get there.

[Recovery Value @DKCCap]

@ACapitalLP Brazil equity value is immaterial. Bridging 26's isnt the issue. Funding the burn is. Was same hope when Jamaica was sold, which left the BS in one quarter.

[Recovery Value @DKCCap]

@ACapitalLP 12's will be lucky to recover anything

[Recovery Value @DKCCap]

@LNG_Investor_ Where was pricing rumored ? Seems unlikely to be higher margin vs existing SJ 5/6 given likely traded margin for duration + HH linkage vs diesel

[Recovery Value @DKCCap]

@TraderNorway More likely to get first day motions before Q1 cash flow statement. Bonds are toast

[Recovery Value @DKCCap]

@TheRoyaltyKing @SFarringtonBKC @ClarkSquareCap Turns out you didn’t 😂

[Recovery Value @DKCCap]

@ACapitalLP 1L only in name. 🥯

Recovery from what? Recurring earnings power is negative.

[Recovery Value @DKCCap]

@TBU12345678 What they say? Numbers looked fine

[Recovery Value @DKCCap]

@FPL_Harry If you had your AM chip left what would you do

[Recovery Value @DKCCap]

@SFarringtonBKC Move in bonds says your math is wrong. EBITDA clearly negative ex-non recurring spot sales and won’t ramp. Liquidity so bad sold a main pocket of value at a massive discount to the curve. Wes running out of furniture to sell. Cash EBITDA < interest structurally so needs to rx.

[Recovery Value @DKCCap]

@cate_long Hi Cate - Is Genera providing the gas or has that yet to be disclosed?