Rough SOTP arrives ~β¬32/sh before any holdco discount. If mgmt is willing to pay $13.30 for FMC but unwilling to buyback at ~0.7 times book and around four times guided EBITDA, shareholders should keep asking why.
Some buildings stay cheap because the landlord makes you nervous
After 1H, $TESB.BR has become easier to understand, but harder to value. It's proven to be a diversified industrial portfolio capable of producing ~β¬300m of EBITDA despite weakness in machinery and the disappearance of T-Powerβs legacy contract
The building is not falling down.
$TESB.BR 1H 2026 - stronger operational margins, and solid performance for Agro and Industrial Solutions.
Company raised expectations for the full year.
So the fair question now is what discount should be applied to its capital allocation strategy? Buybacks, which would increase per-share ownership of TESBβs own assets at depressed valuations, have not resumed in 2026 while management pursues external minority investments.
one ought at least entertain the possibility that the public sellers may not have gotten a secret genius thesis
The stock works if the core keeps doing what it appears already to be doing, mgmt keeps retiring 6β9% of the equity each year, and LPR stop obscuring what is valuable.
Liberty Latin America carries roughly $8.5bn of debt, about $700m of cash and 4.6x consolidated net leverage. at first glance, funding is the first-order issue and borrowing-group figures should not be confused with consolidated figures. $LILA
If creditors ultimately own a restructured Puerto Rico while LLA shareholders retain a healthier mid-3x-levered core, that can be a perfectly good outcome.
When insiders, chairman-class shareholder and the corp treasury are all competing with public sellers for the same shares,
@GuastyWinds I think HD Hyundai's Q2 were 1.44bn USD, ~1.8x Q2 book-to-bill using its quarterly revenue. Siemens Grid's quarterly book-to-bill is 1.5x. Nonetheless, it's a very solid point. Customers indeed remain backlogged despite adding capacity. OEM capacity expansion is also very bullish
$TESB.BR 1H 2026 - stronger operational margins, and solid performance for Agro and Industrial Solutions.
Company raised expectations for the full year.
Tessenderloβs operating history is not simple. It began as a chemical and industrial group, evolved through fertilizers, animal by-products, gelatin/collagen, pipes, water-treatment chemicals, textile machinery, energy, and now an increasingly explicit investment layer. $TESB.BR
Is Abbott now just a challenged, levered, low-growth healthcare conglomerate? It's trading at 52-wk low as portfolio has become noisy and lots of competition is making things messy. And there's a debt-funded acquisition that lowered EPS guidance.
$ABT π§΅
In sum, the asset thesis is stronger than the stock price suggests, but the financing thesis is getting substantially weaker.
For now, a binding Bronx financing package holds the key. A project-level, substantially non-recourse solution can upgrade the equity thesis sharply.
$BALY is now a highly levered, financing-dependent special situation in which the equity can rerate sharply if management converts several non-binding financing/monetization initiatives into cash.
If it cannot, the equity holders can suffer severe dilution.
Also, if Ballyβs can monetize Vegas while avoiding a large development commitment, that can simultaneously:
generate liquidity;
reduce future capital requirements;
improve lender confidence;
reduce the probability of a BALY equity raise