ZTS
ZOETIS INC.
stock NYSE

Another set of company write-ups from Substack authors, all from within the last week.
Not my work - sourced from Giles Capital's weekly compilation:
[https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
**Elliot's Musings** on [**Micron Technology**](https://alphaseeker84.substack.com/p/micron-technology-mu-q3-fy2026-results) (🇺🇸 MU US - US$1.3tn) Latest quarter beat estimates as AI memory chip demand accelerated. Management guided next quarter higher on high-bandwidth memory share gains.
**Hidden Market Gems** on [**Reddit**](https://sbeautiful.substack.com/p/rddt-the-mob-that-became-the-moat) (🇺🇸 RDDT US - US$29bn) Revenue up 69% as AI data licensing added a new stream alongside advertising. The CEO has been selling shares into the rally.
**Rijnberk InvestInsights** on [**Veeva Systems**](https://rijnberkinvestinsights.substack.com/p/veeva-systems-a-deep-dive-into-a) (🇺🇸 VEEV US - US$27bn) Near-monopoly in life sciences software, 75% gross margins, $6.5B net cash. At 32x earnings you are paying for a durable franchise, not cheap assets.
**The Value Nerds** on [**Celsius Holdings**](https://thevaluenerds.substack.com/p/celsius-holdings-celh-deep-dive) (🇺🇸 CELH US - US$8bn) Controls 21% of the US energy drink market. The Alani Nu acquisition diluted shareholders by 9.8% and the margin for error at current prices is thin.
**Emerging Value** on [**Inter & Co**](https://emergingvalue.substack.com/p/inter-and-co-the-other-brazilian) (🇧🇷 INTR US - US$2.5bn) Brazil's fastest-growing digital bank, 44 million clients, net income up 38% last quarter at a 15.5% return on equity. Trades at 8.6x earnings.
**Kairos Research** on [**Aimia**](https://kairosresearch.substack.com/p/aimia-allocator-takeover-trading) (🇨🇦 AIM TSX - CAD$252m) Agreed to sell its chemical business for C$265-271M, roughly matching the entire market cap. Remaining assets trade at a discount to book, management buying.
**D Invests** on [**Zoetis**](https://dinvests.substack.com/p/new-buy-zoetis) (🇺🇸 ZTS US - US$51bn) Decade-low multiples after US companion animal business fell 11% last quarter. At 10x operating profit, the diagnostics franchise is not getting credit.
**P14 Capital** on [**Belden**](https://p14capital.substack.com/p/bdc-the-networking-stock-to-rule) (🇺🇸 BDC US - US$4.5bn) Industrial networking at 12.6x operating profit versus a 21x peer average. Automation, broadband, and smart buildings all inflecting simultaneously, with short interest elevated.
# Europe, Middle East & Africa
**The Dutch Investors** on [**Evolution AB**](https://thedutchinvestors.substack.com/p/evolution-ab-has-the-dust-settled) (🇸🇪 EVO SS - SEK 129bn) 65% profit margins, net cash. Trading at 7x operating profit as the market treats Asia regulatory headwinds as permanent damage rather than a passing cycle.
**Price to Tangible Bruce** on [**Grainger**](https://tangiblebruce.substack.com/p/055x-tbv-for-a-15-compounder-with) (🇬🇧 GRI LN - £1.3bn) UK's largest listed residential landlord at 0.55x tangible book on a build-to-rent pivot. Mike Ashley has quietly built a 3% stake.
**Catalyst Investing** on [**Fiverr**](https://catalystinvesting.substack.com/p/fiverr-international-ltd-nysefvrr) (🇮🇱 FVRR US - US$380m) Two times last year's FCF with $180m net cash on a $380m market cap. Active buyers down 40% from peak and the CEO keeps selling into it.
**Dirt Cheap Europe** on [**Churchill China**](https://dirtcheapeurope.substack.com/p/priced-as-a-corpse-built-like-a-survivor) (🇬🇧 CHH LN - £37m) TOP PICK 231-year-old hospitality ceramics maker, net cash, directors buying, share price down 80% from peak. Trading at 3x EV/EBITDA on temporary margin compression, not structural failure.
**Price to Tangible Bruce** on [**Nexteq**](https://tangiblebruce.substack.com/p/a-profitable-net-net-with-a-cash) (🇬🇧 NXQ LN - £30m) TOP PICK Cash covers more than half the share price. Gaming hardware at 4-5x EV/EBIT through a destocking cycle, backed by 20 years of compliance certifications.
**Businesses Not Stocks** on [**Shoe Zone**](https://businessesnotstocks.substack.com/p/shoe-zone) (🇬🇧 SHOE LN - £23m) The Smith family controls 64% and bought 2.76 million more shares at 50p in May, the same month the dividend was scrapped. Contrarian conviction, distressed fundamentals.
# Asia-Pacific
**Memyselfandi007** on [**Tokio Marine**](https://valueandopportunity.substack.com/p/hello-japan-a-quick-look-at-berkshires) (🇯🇵 8766 JP - US$85bn) Japan's largest insurer at 14x earnings with a 3.1% dividend and active buybacks. Earns 60%+ of profits from US specialty coverage. Berkshire recently added to its position.
**Jam Invest** on [**Central China Management**](https://jaminvest.substack.com/p/hk-53-hkex-frustrations) (🇨🇳 9982 HK - HK$400m) Holds HK$2.58B in cash against a HK$400M market cap. Property services subsidiary of a distressed parent group where the cash has not moved to shareholders.

Another set of company write-ups from Substack authors, all from within the last week.
Not my work - sourced from Giles Capital's weekly compilation:
[https://gilescapital.substack.com/](https://gilescapital.substack.com/)
# Americas
**Elliot's Musings** on [**Micron Technology**](https://alphaseeker84.substack.com/p/micron-technology-mu-q3-fy2026-results) (🇺🇸 MU US - US$1.3tn) Latest quarter beat estimates as AI memory chip demand accelerated. Management guided next quarter higher on high-bandwidth memory share gains.
**Hidden Market Gems** on [**Reddit**](https://sbeautiful.substack.com/p/rddt-the-mob-that-became-the-moat) (🇺🇸 RDDT US - US$29bn) Revenue up 69% as AI data licensing added a new stream alongside advertising. The CEO has been selling shares into the rally.
**Rijnberk InvestInsights** on [**Veeva Systems**](https://rijnberkinvestinsights.substack.com/p/veeva-systems-a-deep-dive-into-a) (🇺🇸 VEEV US - US$27bn) Near-monopoly in life sciences software, 75% gross margins, $6.5B net cash. At 32x earnings you are paying for a durable franchise, not cheap assets.
**The Value Nerds** on [**Celsius Holdings**](https://thevaluenerds.substack.com/p/celsius-holdings-celh-deep-dive) (🇺🇸 CELH US - US$8bn) Controls 21% of the US energy drink market. The Alani Nu acquisition diluted shareholders by 9.8% and the margin for error at current prices is thin.
**Emerging Value** on [**Inter & Co**](https://emergingvalue.substack.com/p/inter-and-co-the-other-brazilian) (🇧🇷 INTR US - US$2.5bn) Brazil's fastest-growing digital bank, 44 million clients, net income up 38% last quarter at a 15.5% return on equity. Trades at 8.6x earnings.
**Kairos Research** on [**Aimia**](https://kairosresearch.substack.com/p/aimia-allocator-takeover-trading) (🇨🇦 AIM TSX - CAD$252m) Agreed to sell its chemical business for C$265-271M, roughly matching the entire market cap. Remaining assets trade at a discount to book, management buying.
**D Invests** on [**Zoetis**](https://dinvests.substack.com/p/new-buy-zoetis) (🇺🇸 ZTS US - US$51bn) Decade-low multiples after US companion animal business fell 11% last quarter. At 10x operating profit, the diagnostics franchise is not getting credit.
**P14 Capital** on [**Belden**](https://p14capital.substack.com/p/bdc-the-networking-stock-to-rule) (🇺🇸 BDC US - US$4.5bn) Industrial networking at 12.6x operating profit versus a 21x peer average. Automation, broadband, and smart buildings all inflecting simultaneously, with short interest elevated.
# Europe, Middle East & Africa
**The Dutch Investors** on [**Evolution AB**](https://thedutchinvestors.substack.com/p/evolution-ab-has-the-dust-settled) (🇸🇪 EVO SS - SEK 129bn) 65% profit margins, net cash. Trading at 7x operating profit as the market treats Asia regulatory headwinds as permanent damage rather than a passing cycle.
**Price to Tangible Bruce** on [**Grainger**](https://tangiblebruce.substack.com/p/055x-tbv-for-a-15-compounder-with) (🇬🇧 GRI LN - £1.3bn) UK's largest listed residential landlord at 0.55x tangible book on a build-to-rent pivot. Mike Ashley has quietly built a 3% stake.
**Catalyst Investing** on [**Fiverr**](https://catalystinvesting.substack.com/p/fiverr-international-ltd-nysefvrr) (🇮🇱 FVRR US - US$380m) Two times last year's FCF with $180m net cash on a $380m market cap. Active buyers down 40% from peak and the CEO keeps selling into it.
**Dirt Cheap Europe** on [**Churchill China**](https://dirtcheapeurope.substack.com/p/priced-as-a-corpse-built-like-a-survivor) (🇬🇧 CHH LN - £37m) TOP PICK 231-year-old hospitality ceramics maker, net cash, directors buying, share price down 80% from peak. Trading at 3x EV/EBITDA on temporary margin compression, not structural failure.
**Price to Tangible Bruce** on [**Nexteq**](https://tangiblebruce.substack.com/p/a-profitable-net-net-with-a-cash) (🇬🇧 NXQ LN - £30m) TOP PICK Cash covers more than half the share price. Gaming hardware at 4-5x EV/EBIT through a destocking cycle, backed by 20 years of compliance certifications.
**Businesses Not Stocks** on [**Shoe Zone**](https://businessesnotstocks.substack.com/p/shoe-zone) (🇬🇧 SHOE LN - £23m) The Smith family controls 64% and bought 2.76 million more shares at 50p in May, the same month the dividend was scrapped. Contrarian conviction, distressed fundamentals.
# Asia-Pacific
**Memyselfandi007** on [**Tokio Marine**](https://valueandopportunity.substack.com/p/hello-japan-a-quick-look-at-berkshires) (🇯🇵 8766 JP - US$85bn) Japan's largest insurer at 14x earnings with a 3.1% dividend and active buybacks. Earns 60%+ of profits from US specialty coverage. Berkshire recently added to its position.
**Jam Invest** on [**Central China Management**](https://jaminvest.substack.com/p/hk-53-hkex-frustrations) (🇨🇳 9982 HK - HK$400m) Holds HK$2.58B in cash against a HK$400M market cap. Property services subsidiary of a distressed parent group where the cash has not moved to shareholders.

They’re losing market share and the economy is just bad so people aren’t spending as much on their pets as before. I’m currently underwater on ZTS

Say more on ZTS. It's starting to look attractive time to me, but what is the bear case?