PETS
PetMed Express, Inc.
stock NASDAQ

14 write-ups from Substack worth reading, all published within the last week or so.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com](https://gilescapital.substack.com)
# Americas
**AlphaSeeker** on [**Alphabet**](https://alphaseeker84.substack.com/p/alphabet-inc-goog-q2-2026-results) (🇺🇸 GOOG US - US$3.9tn) Best quarter in company history: 24% revenue growth, 34% operating margins. Then raised $49.6B equity, stopped buybacks, and turned free cash flow negative. Something has shifted.
**Archive Invest** on [**Microsoft**](https://archiveinvest.substack.com/p/627b-in-contracted-revenue-azure) (🇺🇸 MSFT US - US$2.8tn) $627B in contracted future revenue, Azure growing 40%. Nearly half that backlog is OpenAI, and $190B in annual capital spending hasn't started paying back yet.
**Hated Moats** on [**Netflix**](https://hatedmoats.substack.com/p/netflix-dcf-valuation-037) (🇺🇸 NFLX US - US$292bn) 33% operating margins and $6.6B of free cash flow in H1. DCF model puts intrinsic value 22% above today's price.
**CapEx & Chill** on [**Netflix**](https://capexandchill.substack.com/p/netflix-disappoints-on-guidance-but) (🇺🇸 NFLX US - US$292bn) 45% penetration of 800 million addressable households. Ads, gaming, and live events each barely started. $27.1B in remaining buyback capacity.
**The Finance Corner** on [**Otis Worldwide**](https://thefinancecorner.substack.com/p/otis-the-subscription-that-nobody) (🇺🇸 OTIS US - US$27bn) 92% of profit comes from elevator maintenance, a subscription nobody cancels. Author's own model puts fair value at $69. Stock trades at $83.
**Sanjiv** on [**New York Times**](https://sanj2f3.substack.com/p/new-york-times-group-nyt) (🇺🇸 NYT US - US$12bn) 13.1 million subscribers growing at 15.5% annually. Berkshire's new CEO tripled the NYT position as his first major stock move. Author's model says fairly valued.
**Wolf of Oakville** on [**Gatekeeper Systems**](https://www.wolfofoakville.com/p/gatekeeper-systems-gsiv-fins-review-b7f) (🇨🇦 GSI TSX.V - CAD$175m) Earnings update: revenue up 68%, back to profitability. CEO sold 4 million shares last September while company burned $21m cash over the past year.
**Stellarium** on [**Mobile Infrastructure**](https://stellarium.substack.com/p/mobile-infrastructure-corp-nasdaq) (🇺🇸 BEEP US - US$75m) 35 US parking facilities trading at half book value, 64% insider-owned. Plan is to sell assets at private-market prices and retire debt.
# Europe, Middle East & Africa
**Best Anchor Stocks** on [**ASML and TSMC**](https://www.bestanchorstocks.com/p/the-bottleneck-is-dying-long-live) (🇳🇱 ASML AMS, 🇹🇼 TSM US - €610bn, US$800bn+) Both advanced chipmaking equipment and Taiwan's leading foundry are chokepoints in global chip production. Tests whether AI-driven demand justifies valuations leaving little room for a cycle turn.
**Tactic Hazel** on [**ASML**](https://tacticzhazel.substack.com/p/asml-just-broke-its-own-rule) (🇳🇱 ASML AMS - €610bn) ASML broke its own rule on conservative multi-year guidance, raising 2027-2028 capacity commitments 30% annually. Author reads this as booked demand, not aspiration.
**Rock & Turner** on [**Saga**](https://rockandturner.substack.com/p/spending-the-kids-inheritance-saga) (🇬🇧 SAGA LN - £945m) Founder's son back in the chair, buying shares personally. Net debt fell from £637m to £465m over two years. At 3.7x leverage, equity is still a stub.
**Angsana & Anderson** on [**Pets at Home**](https://www.angsanaanderson.com/p/pets-at-home-undervalued-with-a-takeover) (🇬🇧 PETS LN - £865m) 12x earnings, 9% free cash flow yield. Vet services generates 80% of group profit. COVID-era pets now entering the most expensive part of their lives.
**Price to Tangible Bruce** on [**Fuller, Smith & Turner**](https://tangiblebruce.substack.com/p/048x-tbv-assets-no-screener-will) (🇬🇧 FULL LN - £344m) TOP PICK Freehold pubs across southern England valued at £991m by a January 2026 professional appraisal. Market cap is £344m. On the assets alone you'd be left with more than you paid.
# Asia-Pacific
**Korea Value Hunter** on [**Savezone I&C**](https://koreavaluehunter.substack.com/p/savezone-i-and-c-revisited-what-a) (🇰🇷 067830 KS - US$66m) TOP PICK Six Seoul transit-site department stores appraised at up to 1 trillion won. Trades at 0.19x book, with governance reform forcing value to surface.

14 write-ups from Substack worth reading, all published within the last week or so.
Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com](https://gilescapital.substack.com)
# Americas
**AlphaSeeker** on [**Alphabet**](https://alphaseeker84.substack.com/p/alphabet-inc-goog-q2-2026-results) (🇺🇸 GOOG US - US$3.9tn) Best quarter in company history: 24% revenue growth, 34% operating margins. Then raised $49.6B equity, stopped buybacks, and turned free cash flow negative. Something has shifted.
**Archive Invest** on [**Microsoft**](https://archiveinvest.substack.com/p/627b-in-contracted-revenue-azure) (🇺🇸 MSFT US - US$2.8tn) $627B in contracted future revenue, Azure growing 40%. Nearly half that backlog is OpenAI, and $190B in annual capital spending hasn't started paying back yet.
**Hated Moats** on [**Netflix**](https://hatedmoats.substack.com/p/netflix-dcf-valuation-037) (🇺🇸 NFLX US - US$292bn) 33% operating margins and $6.6B of free cash flow in H1. DCF model puts intrinsic value 22% above today's price.
**CapEx & Chill** on [**Netflix**](https://capexandchill.substack.com/p/netflix-disappoints-on-guidance-but) (🇺🇸 NFLX US - US$292bn) 45% penetration of 800 million addressable households. Ads, gaming, and live events each barely started. $27.1B in remaining buyback capacity.
**The Finance Corner** on [**Otis Worldwide**](https://thefinancecorner.substack.com/p/otis-the-subscription-that-nobody) (🇺🇸 OTIS US - US$27bn) 92% of profit comes from elevator maintenance, a subscription nobody cancels. Author's own model puts fair value at $69. Stock trades at $83.
**Sanjiv** on [**New York Times**](https://sanj2f3.substack.com/p/new-york-times-group-nyt) (🇺🇸 NYT US - US$12bn) 13.1 million subscribers growing at 15.5% annually. Berkshire's new CEO tripled the NYT position as his first major stock move. Author's model says fairly valued.
**Wolf of Oakville** on [**Gatekeeper Systems**](https://www.wolfofoakville.com/p/gatekeeper-systems-gsiv-fins-review-b7f) (🇨🇦 GSI TSX.V - CAD$175m) Earnings update: revenue up 68%, back to profitability. CEO sold 4 million shares last September while company burned $21m cash over the past year.
**Stellarium** on [**Mobile Infrastructure**](https://stellarium.substack.com/p/mobile-infrastructure-corp-nasdaq) (🇺🇸 BEEP US - US$75m) 35 US parking facilities trading at half book value, 64% insider-owned. Plan is to sell assets at private-market prices and retire debt.
# Europe, Middle East & Africa
**Best Anchor Stocks** on [**ASML and TSMC**](https://www.bestanchorstocks.com/p/the-bottleneck-is-dying-long-live) (🇳🇱 ASML AMS, 🇹🇼 TSM US - €610bn, US$800bn+) Both advanced chipmaking equipment and Taiwan's leading foundry are chokepoints in global chip production. Tests whether AI-driven demand justifies valuations leaving little room for a cycle turn.
**Tactic Hazel** on [**ASML**](https://tacticzhazel.substack.com/p/asml-just-broke-its-own-rule) (🇳🇱 ASML AMS - €610bn) ASML broke its own rule on conservative multi-year guidance, raising 2027-2028 capacity commitments 30% annually. Author reads this as booked demand, not aspiration.
**Rock & Turner** on [**Saga**](https://rockandturner.substack.com/p/spending-the-kids-inheritance-saga) (🇬🇧 SAGA LN - £945m) Founder's son back in the chair, buying shares personally. Net debt fell from £637m to £465m over two years. At 3.7x leverage, equity is still a stub.
**Angsana & Anderson** on [**Pets at Home**](https://www.angsanaanderson.com/p/pets-at-home-undervalued-with-a-takeover) (🇬🇧 PETS LN - £865m) 12x earnings, 9% free cash flow yield. Vet services generates 80% of group profit. COVID-era pets now entering the most expensive part of their lives.
**Price to Tangible Bruce** on [**Fuller, Smith & Turner**](https://tangiblebruce.substack.com/p/048x-tbv-assets-no-screener-will) (🇬🇧 FULL LN - £344m) TOP PICK Freehold pubs across southern England valued at £991m by a January 2026 professional appraisal. Market cap is £344m. On the assets alone you'd be left with more than you paid.
# Asia-Pacific
**Korea Value Hunter** on [**Savezone I&C**](https://koreavaluehunter.substack.com/p/savezone-i-and-c-revisited-what-a) (🇰🇷 067830 KS - US$66m) TOP PICK Six Seoul transit-site department stores appraised at up to 1 trillion won. Trades at 0.19x book, with governance reform forcing value to surface.