SanDav

@BetterIRR Leverage is just too high at nearly 7x FCF

Levered, large inflation inpulse coming (esp food), global blue tax refunds challenges due to less flights. Really want to be long but macro sucks too much atm. Need further estimate cuts.

$FOUR nearing all time lows, quite the accomplishment! 🥳

@chitchatstocks Flywire $FLYW seems to be chipping away at NBS. Its been barely growing recently.

Nelnet's Bank interest income is slowly beginning to catch up to its AGM business $NNI

@stoic_returns Its not like the public UCaaS stocks are doing that great in order to benefit from relative valuation. Net2phone is not a SW enabled platform player like Bandwidth which is up 4x this year.

$IDT not only published great Q3 2026 results. ✅They announced the completion the acquisition of a majority stake on a tuck-in to fix their structural problem with advertisement. 🛫The CEO said this about the potential spin-off of Net2Phone

@pernasresearch x.com/7LukeHallard/s…

$WSE $WISE.L shares were initially hit yesterday following reports of a Belgian AML probe into roughly €500 million of suspicious transactions. The number sounds large, but it represents only ~0.25% of Wise’s FY2026 cross-border volume. More importantly, AML headline figures are often inflated and account for gross suspicious-flow numbers, not the amount ultimately proven to be criminal or tied to platform failures. This is also not Wise’s first regulatory issue. In 2022, Wise was fined $360,000 by Abu Dhabi’s regulator for AML-related deficiencies, and in 2025 Wise agreed to a $4.2 million U.S. multistate settlement tied to its AML/CFT program. The key challenge for fintechs like Wise is continuing to improve AML monitoring without adding excessive friction to the customer experience. Wise understands this tradeoff better than anyone. Better data, AI-driven monitoring, and network-level risk analysis will help Wise detect suspicious patterns more effectively while keeping the platform fast for legitimate users. Fraudsters will also use better tools, but Wise has the scale and data to win this fight. These are temporary growing pains as Wise transitions from a cross-border payments platform into a broader financial solutions company. We view dips like these as a buying opportunity.

$PAY Paymentus: A fintech powerhouse in the electronic billing space that’s largely under the radar at a $3 billion market cap seekingalpha.com/article/491054…

@MaaizKhan Been seeing a lot of anecdotal evidence on X that speaks to the brand value having lost ground in recent years

A company I own spent $1.1 billion to open 890 locations over three years. Then they changed the model and opened 962 locations in 18 months for $69 million. Same expansion with just 6% of the capital. Free cash flow is guided to triple over the next four years 👀

@MaaizKhan 2x

I doubled my investment with Remitly and I found another opportunity just like it: • 30%+ YoY Free Cash Flow growth • 5.7x EV/EBITDA while adjacent peers at 20x+ • 7x larger than nearest competitor (and founder-led) Want the details + full analysis? Comment “2x” and I’ll send it to you.

@mavix_leon @Symmetry_Invest You had been sharing a lot about $SLYG’s results lately. Guess you missed this

Shelly Group $SLYG Q1 '26 results: ▫️Revenues +25.9% ▫️EBIT +30.4% ▫️EBIT margin of 25.9% (vs. 25%) ▫️Net result +33.5% ▫️operating cash flow +100.2% ▫️Free cash flow +77.5% ▫️Cash on hand +44.4% ▫️Cloud user +7.4% QoQ ▫️Days sales outstanding (DSO) improved by 24 days

@Uzocapital A shareholder/owner would have to deduct the $44 million used each quarter to offset dilution, which nearly halves Adjusted EBITDA and FCF

$RELY +100% from my initial purchase 6 months ago...i think it doubles again. Key take away from results yesterday (another beat + raise), is the margin trajectory means EBITDA estimates likely need to go up 30% => single digit 2027 FCF/share multiple.

@MaaizKhan So just about enough to neutralise the dilution from SBC. A shareholder/owner would have to deduct this $44 million used to offset dilution, which nearly halves Adjusted EBITDA

$RELY bought back 1.3% of shares in the quarter below $16. Solid increase in buyback activity at great prices below intrinsic value.

Bandwidth $BAND Shares have more than doubled since Jan when I wrote it up. Up 35% following Q1 earnings today. Riding voice AI infrastructure tailwinds

@bradthomas Inspiring!

30 years ago: small-town real estate developer building stores for Blockbuster, Dollar General, Sherwin-Williams & more. By 2006: $100M portfolio. Then: bad partnership + GFC → lost everything. Restarted. Began writing in 2010. 15 years later, the most-followed analyst on Seeking Alpha, Forbes editor for a decade. No MBA—just the school of hard knocks. Biggest lesson: great investors don’t ignore risk… they’ve lived it.

@plantmath1 Cool :)

@Adj_3bitda Yea, all good though. Missed 10% on 2%, not the end of the world.

Sold my Europe ETFs exposure. Maybe panican but if Trump starts to genocide Iran, we’re going to see the largest refugee crisis since WW2 and Europe/Germany will be the main destination. Political turmoil incoming.

@bradthomas Nice. Keep up the great work!

@Adj_3bitda 100% That's our primary site which will soon include tools and video.

From 0 to 120k followers on Seeking Alpha in 15 years. Next challenge: 100k on X in 30 days. Follow if you’re serious about SWAN (sleep well at night) investing!

@joinyellowbrick $MSFT annual SBC is around $12 billion, but it is taking over $20 billion in buybacks just to offset the impact from dilution. Shares outstanding hasn’t budget since 2023 despite spending north of $20 billion annually on buybacks.

Question for the people who subtract SBC from FCF: are you doing it as a proxy for dilution (ie now your P/FCF kind of includes SBC dilution) or because you actually believe SBC should be treated as a cash expense?

@Investmentideen @chitchatstocks

Done. Canceled my both $wix subscriptions and "vibecoded" my first point solution.

@DrewCohenMoney $MSFT is spending over $12 billion annually in buybacks…. Just to neutralise dilution

$BKNG on SBC: "We believe stock-based compensation is a real operating cost. And as a result, we consistently reflect it in all of our profit metrics, and we strongly believe this should be an industry standard in reporting."

@Brian_Stoffel_ @StockMarketNerd

Can't say I've ever seen a company as revered by many fall as fast as $TTD (no position)