BAYN
Bay National Corporation
stock OTC

Fresh batch of company write-ups from Substack authors, published from 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
**alphaseeker84** on [**Micron Technology**](https://alphaseeker84.substack.com/p/micron-technology-mu-q3-fy2026-results) (🇺🇸 MU US - US$1.1tn) Cheap only on forward earnings assuming a cyclical peak that holds. Michael Burry disclosed a short on July 2. Insiders sold $124.9 million of stock over the past three months.
**angsanaanderson** on [**Block**](https://www.angsanaanderson.com/p/block-why-100-revenue-growth-is-misleading) (🇺🇸 XYZ US - US$45bn) Headline 101% revenue growth strips to 17% organic once Bitcoin is pulled out. A $240 million DOJ accrual sits unresolved. The author rates it a sell and prefers PayPal at lower multiples.
**commonshares** on [**Constellation Software**](https://commonshares.substack.com/p/csu-bought-more) (🇨🇦 CSU TSX - C$55bn) Trades at 54x earnings, capping the value investing score. Mark Leonard steps off the board in May 2026. A director bought at C$3,284 anyway.
**dinvests** on [**Zoetis**](https://dinvests.substack.com/p/new-buy-zoetis) (🇺🇸 ZTS US - US$33bn) Down 54% from its 2022 peak, trading at decade-low multiples. It's the clear market leader in animal health, priced as if GLP-1 drugs will eliminate pet care spending. They haven't.
**hightechinvesting** on [**Zoom Video Communications**](https://hightechinvesting.substack.com/p/zoom-aktie-reif-fur-meinen-wiedereinstieg) (🇺🇸 ZM US - US$28bn) $7.76 billion in net cash, founder still in control. Revenue stalled at 5%. The $1.9 billion in free cash flow suggests the market is pricing something worse than the numbers show.
**alphaseeker84** on [**Darden Restaurants**](https://alphaseeker84.substack.com/p/darden-restaurants-dri-q4-fy2026) (🇺🇸 DRI US - US$24bn) At 20x with flat same-store sales, the author rates it fairly valued. FY27 guidance came in soft. Base case is a 6.6% three-year return at a price that offers no margin of safety.
**valuedontlie** on [**Somnigroup International**](https://www.valuedontlie.com/p/quick-value-320-somnigroup-sgi) (🇺🇸 SGI US - US$15bn) Buying Leggett & Platt at 6x earnings while industry volumes sit 30% below normal. The author's base case is $97 by 2028 and he targets entry in the $60s.
**uzocapital** on [**Merlin Labs**](https://uzocapital.substack.com/p/pattern-recognition-episode-2-merlin) (🇺🇸 MRLN US - US$950m) Founder-owned autonomous pilot software with DoD, GE, and Honeywell partnerships. Pre-revenue. The Waymo comp at $126 billion implies 100x upside if certification timelines hold. High execution risk.
**miroslavstepanek** on [**Hydreight Technologies and Victory Square Technologies**](https://miroslavstepanek.substack.com/p/hydreight-technologies-nursv-a-victory) (🇨🇦 NURS.V, 🇨🇦 VST.CN - C$252m, C$77m) Canadian telehealth platform growing 180% annually at 9.5x forward earnings. The moat is multi-jurisdictional nursing licences that competitors can't easily replicate. Parent Victory Square trades at 44% of that holding's value.
# Europe, Middle East & Africa
**hatedmoats** on [**SAP SE**](https://hatedmoats.substack.com/p/sap-dcf-valuation) (🇩🇪 SAP GR - US$180bn) Trading at 30% below its 10-year valuation median. The base-case DCF comes to $260 against a $155 share price today. Cloud margin expansion is what closes that gap.
**duckpondvr** on [**Bayer AG**](https://www.duckpondvr.com/p/bayer-ag-etr-bayn-update) (🇩🇪 BAYN GR - €20bn) RoundUp litigation is now quantified at $7.25 billion, removing years of binary risk. Insider buying resumed in 2026 after a three-year drought. Three new drug approvals. The conglomerate discount persists.
**globaloutperformers** on [**Latour AB**](https://globaloutperformers.substack.com/p/latour-ab-20) (🇸🇪 LATO SS - SEK 120bn) Trades below net asset value for the first time in eight years. The Douglas family, 75% owners, is adding shares. Nord-Lock and Bemsiq generate 25% operating margins.
**Kubang Pasu Capital** on [**Vusion SA**](https://kubangpasucapital.substack.com/p/vusion-a-mispriced-retail-technology) (🇫🇷 VU PA - €1.9bn) TOP PICK The current valuation assumes the 2027 Walmart transition permanently impairs the business. Global leader in electronic shelf labels, 5x EBITDA, €439m in net cash, and a €1.7bn backlog from other clients.
**businessesnotstocks** on [**Headlam Group plc**](https://businessesnotstocks.substack.com/p/headlam-group-plc) (🇬🇧 HEAD LN - £16m) £16m market cap against £500m in revenues. UK flooring distributor with 29.5% insider ownership and £121m in working capital against £50m of debt. Housing recovery is the key variable.
# Asia-Pacific
**Capytal Management** on [**Kaspi.kz JSC**](https://capytalmanagement.substack.com/p/77x-pe-8-dividends-whats-not-to-like) (🇰🇿 KSPI US - US$17bn) TOP PICK Kazakhstan's super-app at 6.8x P/E with an 8% dividend. Tencent was just added as a strategic investor. The founder owns 23% and the Turkey expansion is the next leg of growth.
**showmetheincentives** on [**ReNew Energy Global Plc**](https://showmetheincentives.substack.com/p/renew-energy-global-plc-rnw) (🇮🇳 RNW US - US$1.2bn) India's largest renewable energy operator, 20.2 GW committed pipeline, 38% revenue growth. The $6.75 take-private offer looks understated. The 54% insider ownership group has been pushing for a full cash exit.

Fresh batch of company write-ups from Substack authors, published from 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
**alphaseeker84** on [**Micron Technology**](https://alphaseeker84.substack.com/p/micron-technology-mu-q3-fy2026-results) (🇺🇸 MU US - US$1.1tn) Cheap only on forward earnings assuming a cyclical peak that holds. Michael Burry disclosed a short on July 2. Insiders sold $124.9 million of stock over the past three months.
**angsanaanderson** on [**Block**](https://www.angsanaanderson.com/p/block-why-100-revenue-growth-is-misleading) (🇺🇸 XYZ US - US$45bn) Headline 101% revenue growth strips to 17% organic once Bitcoin is pulled out. A $240 million DOJ accrual sits unresolved. The author rates it a sell and prefers PayPal at lower multiples.
**commonshares** on [**Constellation Software**](https://commonshares.substack.com/p/csu-bought-more) (🇨🇦 CSU TSX - C$55bn) Trades at 54x earnings, capping the value investing score. Mark Leonard steps off the board in May 2026. A director bought at C$3,284 anyway.
**dinvests** on [**Zoetis**](https://dinvests.substack.com/p/new-buy-zoetis) (🇺🇸 ZTS US - US$33bn) Down 54% from its 2022 peak, trading at decade-low multiples. It's the clear market leader in animal health, priced as if GLP-1 drugs will eliminate pet care spending. They haven't.
**hightechinvesting** on [**Zoom Video Communications**](https://hightechinvesting.substack.com/p/zoom-aktie-reif-fur-meinen-wiedereinstieg) (🇺🇸 ZM US - US$28bn) $7.76 billion in net cash, founder still in control. Revenue stalled at 5%. The $1.9 billion in free cash flow suggests the market is pricing something worse than the numbers show.
**alphaseeker84** on [**Darden Restaurants**](https://alphaseeker84.substack.com/p/darden-restaurants-dri-q4-fy2026) (🇺🇸 DRI US - US$24bn) At 20x with flat same-store sales, the author rates it fairly valued. FY27 guidance came in soft. Base case is a 6.6% three-year return at a price that offers no margin of safety.
**valuedontlie** on [**Somnigroup International**](https://www.valuedontlie.com/p/quick-value-320-somnigroup-sgi) (🇺🇸 SGI US - US$15bn) Buying Leggett & Platt at 6x earnings while industry volumes sit 30% below normal. The author's base case is $97 by 2028 and he targets entry in the $60s.
**uzocapital** on [**Merlin Labs**](https://uzocapital.substack.com/p/pattern-recognition-episode-2-merlin) (🇺🇸 MRLN US - US$950m) Founder-owned autonomous pilot software with DoD, GE, and Honeywell partnerships. Pre-revenue. The Waymo comp at $126 billion implies 100x upside if certification timelines hold. High execution risk.
**miroslavstepanek** on [**Hydreight Technologies and Victory Square Technologies**](https://miroslavstepanek.substack.com/p/hydreight-technologies-nursv-a-victory) (🇨🇦 NURS.V, 🇨🇦 VST.CN - C$252m, C$77m) Canadian telehealth platform growing 180% annually at 9.5x forward earnings. The moat is multi-jurisdictional nursing licences that competitors can't easily replicate. Parent Victory Square trades at 44% of that holding's value.
# Europe, Middle East & Africa
**hatedmoats** on [**SAP SE**](https://hatedmoats.substack.com/p/sap-dcf-valuation) (🇩🇪 SAP GR - US$180bn) Trading at 30% below its 10-year valuation median. The base-case DCF comes to $260 against a $155 share price today. Cloud margin expansion is what closes that gap.
**duckpondvr** on [**Bayer AG**](https://www.duckpondvr.com/p/bayer-ag-etr-bayn-update) (🇩🇪 BAYN GR - €20bn) RoundUp litigation is now quantified at $7.25 billion, removing years of binary risk. Insider buying resumed in 2026 after a three-year drought. Three new drug approvals. The conglomerate discount persists.
**globaloutperformers** on [**Latour AB**](https://globaloutperformers.substack.com/p/latour-ab-20) (🇸🇪 LATO SS - SEK 120bn) Trades below net asset value for the first time in eight years. The Douglas family, 75% owners, is adding shares. Nord-Lock and Bemsiq generate 25% operating margins.
**Kubang Pasu Capital** on [**Vusion SA**](https://kubangpasucapital.substack.com/p/vusion-a-mispriced-retail-technology) (🇫🇷 VU PA - €1.9bn) TOP PICK The current valuation assumes the 2027 Walmart transition permanently impairs the business. Global leader in electronic shelf labels, 5x EBITDA, €439m in net cash, and a €1.7bn backlog from other clients.
**businessesnotstocks** on [**Headlam Group plc**](https://businessesnotstocks.substack.com/p/headlam-group-plc) (🇬🇧 HEAD LN - £16m) £16m market cap against £500m in revenues. UK flooring distributor with 29.5% insider ownership and £121m in working capital against £50m of debt. Housing recovery is the key variable.
# Asia-Pacific
**Capytal Management** on [**Kaspi.kz JSC**](https://capytalmanagement.substack.com/p/77x-pe-8-dividends-whats-not-to-like) (🇰🇿 KSPI US - US$17bn) TOP PICK Kazakhstan's super-app at 6.8x P/E with an 8% dividend. Tencent was just added as a strategic investor. The founder owns 23% and the Turkey expansion is the next leg of growth.
**showmetheincentives** on [**ReNew Energy Global Plc**](https://showmetheincentives.substack.com/p/renew-energy-global-plc-rnw) (🇮🇳 RNW US - US$1.2bn) India's largest renewable energy operator, 20.2 GW committed pipeline, 38% revenue growth. The $6.75 take-private offer looks understated. The 54% insider ownership group has been pushing for a full cash exit.