CODI
Compass Diversified
stock NYSE

Company write-ups from Substack, all published within the last week.

Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/p/giles-capital-weekly-week-29-b61](https://gilescapital.substack.com/p/giles-capital-weekly-week-29-b61)
# Americas
**Rebound Capital** on [**Amazon**](https://reboundcapital.substack.com/p/deep-dive-amazon-updated) (🇺🇸 AMZN US - US$2.6tn) AWS has a $364bn contracted backlog and silicon cutting compute costs roughly in half. Fair value sits well above today's price. Strong thesis, not a cheap entry.
**Rijnberk InvestInsights** on [**Stryker**](https://rijnberkinvestinsights.substack.com/p/stryker-corporation-start-buying) (🇺🇸 SYK US - US$125bn) Surgical robotics market leader with an unbroken 32-year dividend streak. Trading below its own historical average post-cyberattack. Net debt of $12.3bn is the counterargument.
**HatedMoats** on [**MercadoLibre**](https://hatedmoats.substack.com/p/mercadolibre-valuation-model) (🇦🇷 MELI US - US$92bn) Dominant across LatAm e-commerce and fintech, though margins remain thin at 4.7%. Revenue grew nearly 50% in Q1 and the stock still fell. Growth thesis only.
**Acid Investments** on [**The Buckle**](https://acidinvestments.substack.com/p/a-seasonal-low-risk-trade-buckle) (🇺🇸 BKE US - US$2.2bn) Strip out the Q1 litigation benefit and earnings were flat. Founder family owns a third, zero debt, $266m in cash. Insiders are net sellers.
**Acid Investments** on [**Compass Diversified**](https://acidinvestments.substack.com/p/two-incentive-based-ideas-codi-kyvo) (🇺🇸 CODI US - US$760m) Management fee was halved on July 13, bonuses now tied to the stock price, CEO succession settled. Trades at $11 against a sum-of-parts value of $27.
# Europe, Middle East & Africa
**Simon Brenncke** on [**Trainline**](https://simonbrenncke.substack.com/p/trainline-dipping-with-abandon-into) (🇬🇧 TRN LN - £2.0bn) Trading at 7x EV/EBITDA with returns consistently above 20%. CEO exits in September, successor already named. UK regulatory headwinds are real. European rail liberalisation is the multi-year thesis.
**Show Me The Incentives** on [**InMode**](https://showmetheincentives.substack.com/p/inmode-ltd-inmd) (🇮🇱 INMD US - US$960m) TOP PICK Two groups are bidding above market. Net cash of $537m covers more than half the $960m market cap. The balance sheet is doing most of the work.
**Angsana Anderson** on [**Craneware**](https://www.angsanaanderson.com/p/craneware-good-business-temporary) (🇬🇧 CRW LN - £490m) Dominant US hospital software at 40% market penetration. The stated 14x P/E may be significantly higher after adjusting for a regulatory delay. Recovery thesis. Tread carefully.
**Tangible Bruce** on [**Orchard Funding Group**](https://tangiblebruce.substack.com/p/06x-tbv-pe-of-4-growing-mid-teens) (🇬🇧 ORCH AIM - £13m) Micro-cap UK lender at 4x earnings, below tangible book, 20% ROE. CEO holds the majority. Two-year-old fraud resolved, overhang removed. Liquidity extremely thin.
# Asia-Pacific
**Crack The Market** on [**Samsung Electronics**](https://crackthemarket.substack.com/p/samsung-more-profitable-than-nvidia) (🇰🇷 005930 KS - US$220bn) Quarterly profit came in 19x the year-ago number. The headline 4.6x P/E is much less cheap once cycle-normalized. Buyback program and possible US listing remain unpriced.
**Cohong Lane** on [**BYD**](https://www.cohonglane.com/p/geely-byd-two-roads-out-of-china) (🇨🇳 1211 HK - US$90bn) Q1 earnings fell more than half on domestic price war compression. Overseas sales surged. Cheap on the headline number. Where the earnings floor sits is the question.
**Quality Equities** on [**SK Hynix**](https://qualityequities.substack.com/p/sk-hynix-has-hbm-broken-the-cycle) (🇰🇷 SKHY US - US$55bn) More than half the high-bandwidth memory market, with Q1 margins above 70%. Cycle-normalized earnings make 5.4x look considerably less cheap. Worth revisiting if the capacity ramp stalls.
**Musa Iftikhar** on [**Lucky Cement**](https://saadiyatcap.substack.com/p/lucky-cement-limited) (🇵🇰 LUCK KSE - US$2.3bn) TOP PICK Pakistan's largest cement producer, 6x forward earnings despite 35% five-year growth. Half its income now comes from outside Pakistan. The frontier discount hasn't fully closed.
**Overlooked and Undervalued** on [**Reckon**](https://overandunder.substack.com/p/reckon-rkn-update-1) (🇦🇺 RKN AU - US$31m) Core accounting software for Australian SMEs trading under 4x EV/EBIT. The CEO draws nothing until shareholders receive A$150m in cumulative distributions. Liquidity thin.
**The International Investor** on [**PTFC Redevelopment**](https://theinternationalinvestor.substack.com/p/ptfc-redevelopment-update-intrinsic) (🇵🇭 TFC PM - US$30m) Debt-free Philippine compounder in storage and leasing, trading well below intrinsic value. 18% ROIC sustained for a decade. Market cap under US$30m, trading thin.

Company write-ups from Substack, all published within the last week.

Not my work - sourced from Giles Capital's weekly compilation: [https://gilescapital.substack.com/p/giles-capital-weekly-week-29-b61](https://gilescapital.substack.com/p/giles-capital-weekly-week-29-b61)
# Americas
**Rebound Capital** on [**Amazon**](https://reboundcapital.substack.com/p/deep-dive-amazon-updated) (🇺🇸 AMZN US - US$2.6tn) AWS has a $364bn contracted backlog and silicon cutting compute costs roughly in half. Fair value sits well above today's price. Strong thesis, not a cheap entry.
**Rijnberk InvestInsights** on [**Stryker**](https://rijnberkinvestinsights.substack.com/p/stryker-corporation-start-buying) (🇺🇸 SYK US - US$125bn) Surgical robotics market leader with an unbroken 32-year dividend streak. Trading below its own historical average post-cyberattack. Net debt of $12.3bn is the counterargument.
**HatedMoats** on [**MercadoLibre**](https://hatedmoats.substack.com/p/mercadolibre-valuation-model) (🇦🇷 MELI US - US$92bn) Dominant across LatAm e-commerce and fintech, though margins remain thin at 4.7%. Revenue grew nearly 50% in Q1 and the stock still fell. Growth thesis only.
**Acid Investments** on [**The Buckle**](https://acidinvestments.substack.com/p/a-seasonal-low-risk-trade-buckle) (🇺🇸 BKE US - US$2.2bn) Strip out the Q1 litigation benefit and earnings were flat. Founder family owns a third, zero debt, $266m in cash. Insiders are net sellers.
**Acid Investments** on [**Compass Diversified**](https://acidinvestments.substack.com/p/two-incentive-based-ideas-codi-kyvo) (🇺🇸 CODI US - US$760m) Management fee was halved on July 13, bonuses now tied to the stock price, CEO succession settled. Trades at $11 against a sum-of-parts value of $27.
# Europe, Middle East & Africa
**Simon Brenncke** on [**Trainline**](https://simonbrenncke.substack.com/p/trainline-dipping-with-abandon-into) (🇬🇧 TRN LN - £2.0bn) Trading at 7x EV/EBITDA with returns consistently above 20%. CEO exits in September, successor already named. UK regulatory headwinds are real. European rail liberalisation is the multi-year thesis.
**Show Me The Incentives** on [**InMode**](https://showmetheincentives.substack.com/p/inmode-ltd-inmd) (🇮🇱 INMD US - US$960m) TOP PICK Two groups are bidding above market. Net cash of $537m covers more than half the $960m market cap. The balance sheet is doing most of the work.
**Angsana Anderson** on [**Craneware**](https://www.angsanaanderson.com/p/craneware-good-business-temporary) (🇬🇧 CRW LN - £490m) Dominant US hospital software at 40% market penetration. The stated 14x P/E may be significantly higher after adjusting for a regulatory delay. Recovery thesis. Tread carefully.
**Tangible Bruce** on [**Orchard Funding Group**](https://tangiblebruce.substack.com/p/06x-tbv-pe-of-4-growing-mid-teens) (🇬🇧 ORCH AIM - £13m) Micro-cap UK lender at 4x earnings, below tangible book, 20% ROE. CEO holds the majority. Two-year-old fraud resolved, overhang removed. Liquidity extremely thin.
# Asia-Pacific
**Crack The Market** on [**Samsung Electronics**](https://crackthemarket.substack.com/p/samsung-more-profitable-than-nvidia) (🇰🇷 005930 KS - US$220bn) Quarterly profit came in 19x the year-ago number. The headline 4.6x P/E is much less cheap once cycle-normalized. Buyback program and possible US listing remain unpriced.
**Cohong Lane** on [**BYD**](https://www.cohonglane.com/p/geely-byd-two-roads-out-of-china) (🇨🇳 1211 HK - US$90bn) Q1 earnings fell more than half on domestic price war compression. Overseas sales surged. Cheap on the headline number. Where the earnings floor sits is the question.
**Quality Equities** on [**SK Hynix**](https://qualityequities.substack.com/p/sk-hynix-has-hbm-broken-the-cycle) (🇰🇷 SKHY US - US$55bn) More than half the high-bandwidth memory market, with Q1 margins above 70%. Cycle-normalized earnings make 5.4x look considerably less cheap. Worth revisiting if the capacity ramp stalls.
**Musa Iftikhar** on [**Lucky Cement**](https://saadiyatcap.substack.com/p/lucky-cement-limited) (🇵🇰 LUCK KSE - US$2.3bn) TOP PICK Pakistan's largest cement producer, 6x forward earnings despite 35% five-year growth. Half its income now comes from outside Pakistan. The frontier discount hasn't fully closed.
**Overlooked and Undervalued** on [**Reckon**](https://overandunder.substack.com/p/reckon-rkn-update-1) (🇦🇺 RKN AU - US$31m) Core accounting software for Australian SMEs trading under 4x EV/EBIT. The CEO draws nothing until shareholders receive A$150m in cumulative distributions. Liquidity thin.
**The International Investor** on [**PTFC Redevelopment**](https://theinternationalinvestor.substack.com/p/ptfc-redevelopment-update-intrinsic) (🇵🇭 TFC PM - US$30m) Debt-free Philippine compounder in storage and leasing, trading well below intrinsic value. 18% ROIC sustained for a decade. Market cap under US$30m, trading thin.