Timon Wunderlich

Daily Market News + Stock Analysis

[Timon Wunderlich @ValinClub]

6/6 Einhorn calculation: over the next 4 years, Versant should generate free cash flow exceeding 60% of its current $6B market cap. After that: a business with well-known brands, minimal debt, and a growing digital mix.

Not a recommendation — just a case I find interesting.

[Timon Wunderlich @ValinClub]

1/6 David Einhorn pitched $VSNT - Versant Media at the Sohn Conference.

Comcast spun off most of its TV networks in Jan. 2026: CNBC, MS NOW, Golf Channel, plus digital assets like Rotten Tomatoes, Fandango, and GolfNow.

[Timon Wunderlich @ValinClub]

5/6 The digital assets get lost in the cable TV noise: Rotten Tomatoes (world's most recognized film review site).
Fandango (the go-to for US movie tickets).
GolfNow (the largest golf tee-time booking platform).

Digital is ~20% of $7B in revenue today. Target: ~50% long-term.

[Timon Wunderlich @ValinClub]

8/8 Build cycle ends 2028. Cash flow turns. Star activist at 10% pushing for returns.
Not a recommendation - just a situation I find interesting.

[Timon Wunderlich @ValinClub]

1/8 $CLNX — Chris Hohn holds very few stocks. Long-term, concentrated. When I looked at his portfolio, one name stood out.

[Timon Wunderlich @ValinClub]

7/8 On the debt: Cellnex proves the towers are worth more than the market implies through asset sales.
Ireland sold in 2024 for ~€1B at 24x EBITDAaL. Swiss subsidiary (~6,000 sites) in sale process now, expected at ~€2B. The stock trades at just 15x EBITDAaL enterprise-wide.

[Timon Wunderlich @ValinClub]

7/7 Belron's operating profit has grown 20%+ per year over the last decade. IPO expected H2 2026 in Amsterdam or New York.

Not a recommendation - just a situation I find interesting.

[Timon Wunderlich @ValinClub]

1/7 $IETB Belron (Carglass parent) is heading for an IPO at an enterprise value of ~€32B. That would make it one of the largest European IPOs in the last decade.

But Belron is already publicly traded - just indirectly. And at a significant discount.

[Timon Wunderlich @ValinClub]

6/7
- Moleskine swung to an €8M loss.
- Only PHE, a car parts distributor, is growing: profit up 9.7% in 2025.