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Diginex at $1.15 against a $1.05 billion contract price
A US$1.05 billion reverse takeover of a business with 42 times the acquirer's revenue is denominated at US$1.75 a share. The stock trades at US$1.15.
Independent research notes on small-cap companies where a disclosed transaction sits at a price the market has not caught up with. Each one is built on arithmetic from public filings — no forecasts, no ratings, no managed money.
Published case studies
13 notes
SpaceX's $500bn revenue forecast is doing the work, not the launch cadence
A private-market revenue number has become the public argument for the equity. The multiple implied is the part nobody has written down.
The AI screen has quietly become a semiconductor screen
Every name that screens well on the AI theme resolves to the same handful of supply-chain chokepoints. That is concentration, not diversification.
The Nasdaq correction is a positioning story before it is a fundamentals story
Drawdowns of this shape are usually leverage leaving, not earnings arriving. The distinction decides whether the low is a level or a process.
D-Wave and Rigetti report tomorrow and neither has a revenue base to defend
Two pure quantum names, one reporting day, and very little top line under either. The quarter is a cash-burn test rather than a growth test.
Arista and the momentum cohort have one input left: order backlog
Momentum in networking equipment runs on backlog visibility. When that stops being disclosed the multiple compresses before the revenue does.
Data centre ETFs are now a policy trade, whichever way the vote goes
Power demand, permitting and interconnection queues are set by legislatures as much as by customers. That makes the exposure partly political.
Jensen Huang dominates the morning tape because the supply chain is the story
Coverage of one executive is standing in for coverage of a bottleneck. The capacity number is what actually moves the group.
Uber's Q3 miss is a mix problem wearing a growth costume
A miss driven by segment mix is a different object from a miss driven by demand. The two deserve different multiples.
Dell up 130% in a year is what an AI re-rating looks like from the inside
A hardware business re-rated on server demand. The margin question arrives after the multiple, and later than holders expect.
Nuclear stocks are being priced on a permitting calendar, not a build calendar
The gap between a licence and a reactor is a decade. Equity prices are behaving as though it were a quarter.
The analyst note pile for ASML, Alibaba and Intuitive Surgical has one common flaw
Three unrelated businesses, three notes, and in each case a target price with no stated sensitivity.
Bank stocks in November are a net-interest-margin story with a credit tail
Deposit costs are falling slower than the market assumed, and the credit tail has not been tested at these rates.
No case studies match that filter.
Method. Every figure resolves to a filing, a company release or a dated quote, and each note carries its inputs so the arithmetic can be re-run. Where a claim cannot be reduced to one of those, it is labelled as opinion or left out.