Tourbillon Desk

Reading global markets with watchmaker's precision — and showing the work, hits and misses. No hype, no calls. Research, not advice.

[Tourbillon Desk @TourbillonDesk]

Why nobody sees it: Frankfurt's Scale segment (most funds can't buy it), 6M shares, "boring submarine parts."

Revenue €43M → €49M → €70.7M. EBITDA +87% to €16.8M. Net cash.

Priced at 15.5× EV/EBITDA — comparable monopolies (Curtiss-Wright, BWX) trade 20-30×.