Daniel Pronk

$TEA.AX is up ~100% from its lows now, and making new all time highs. Nice to see this one paying off, and it's still cheap, imo.

I added very aggressively during the (irrational) dip to $3.50. It became the largest position in my portfolio. I recently had to trim it down because it was getting a little too big for comfort lol. Congrats on the gains, too, David! I think this one's got a lot of compounding left.

Searching "TEA.AX" and scrolling through recent posts, every one has low impressions. Like 100 to 200, and no likes. Almost nobody is interested in this gem of a company. Which is good for those few who are.

Revenue of $NU vs. $SOFI Nubank is also selling for half the P/E.

@MoS_Investing Capital deployed should result in strong YoY metrics relative to 2026

@PronkDaniel what makes you say this about 2027?

2027 numbers for $CSU.TO could look silly at this pace. Capital deployment is on fire.

It's pretty crazy that this business ( $NU ) is trading for a fwd PE of 13. They have so much TAM left to capture, too.

@DrewCohenMoney It's conservative because they didn't include China or Russia.

Forget the $22.7t in enterprise applications $600b digital ad TAM... for X?

@ariaradnia Oh my bad! For some reason I read $INTC lol!

@PronkDaniel Perhaps a bit provocative but the turbo tax developments and rev de accel is a disaster in my books

Shout out Manu for predicting the $INTU downfall I was of the opposing opinion (albeit never had a position) Did not expect today's disaster report

@Aholtz324 That is an X thing that I did not do. They must be trying to get their numbers up now that they're going public 🤣

@PronkDaniel Why is there a “get starlink” link attached to this? Is that you or 𝕏 pushing it?

Reading through $SPCX filings. Starlink is highly profitable. This is good for $AMZN holders.

But it's conservative because China and Russia weren't included.

@DrewCohenMoney It's painful to listen to these questions sometimes.

$CSU had their first earnings call in over 8 years And the sell-side did not disappoint. First question? How did 1Q payroll taxes impact margins for the quarter...

@SPACMAN17 Hey, I'm looking into $RMIX and I can't find these slides anywhere. Do you have them available?

2/ To meet their $130M EBITDA run-rate by end of 2026, $RMIX will need to acquire $58M of EBITDA. Today's transaction brings $13M of EBITDA based on the last investor deck, putting the company at a run-rate of $85M EBITDA with $45M left to acquire this year.

1/ $RMIX - announced this AM the closing of Hope Concrete. Based on filings, it was acquired for ~915k shares + $39.4M. At $16/share that's $54M vs $13M of EBITDA or a 4.2x EBITDA multiple. This is how a roll-up works: buy at 4-6x but trade at 12x or higher. Rinse and repeat.

I've been thinking about what could slow down the AI theme. All I can come up with are: - Public pushback - Energy bottlenecks

@BarrySchwartzBW @ErnestWongBWM Any highlights from the AGM I think would be good for investors. I know many won't find the time to watch the full 4 hours. Key takeaways would be great to highlight, imo! Thank you Barry and Ernest! It's always a great listen.

Recording a podcast on CSU today - anything you would like us to cover? @ErnestWongBWM

I was discussing $META with my Discord not long ago and there were some interesting points. Meta's AI investments are leading to internal growth, whereas the hyperscaler growth largely comes from outside demand (like Anthropic, or other companies moving to cloud). This means Meta's growth is entirely from its own business getting better, and therefore could be the cleanest sign its investments are paying off. Additionally, its growth could be viewed as more durable, as it's not largely reliant on the spend of money-burning AI companies. I think Meta isn't getting the respect it deserves in the market, especially considering it's growing revenues faster than $AMZN, $MSFT and $GOOG. What're your thoughts?

@francastromt They also have a $1.7B advertising business growing 70% YoY with 80% EBIT margins. The ads business alone would probably be a $30B company in the market today.

Para que se den una idea de lo absurdo del precio de $MELI hoy. La division de E commerce tiene un valor de 68.000 millones de USD. El segmento de Mercado Pago, la parte de pagos, tiene un valor de 36.000 millones de USD. Y luego la parte de creditos es de aproximadamente 21.500 millones. Esto nos da un EV de 125.000 millones de USD. El mercado esta asignando hoy por precio un valor de 94.000 millones. Bajo mi punto de vista el mercado hoy esta asignando practicamente un valor nulo a la parte de creditos(neobanco) y eso es un gran error porque MercadoLibre tiene un flujo de datos transaccionales que le permite crecer muy fuerte en el rubro creditos(+87%) con una morosidad estable. Es por eso que $MELI con los supuestos actuales(sin asignar valor a la expansion de multiplos futuros por la inversion intensiva actual) deberia rondar los 2.400 USD aproximadamente.

Looks like it could be a decently large one. 400+ employees listed on the website. $TVK.TO colterenergy.com

@BradoCapital Thank you for the summary Braden. I appreciate that! Sounds like it's business as usual.

My $CSU.TO raw notes from this morning's AGM: - Opened with a video showing year-by-year acquisitions across operating groups. Seeing gross/recurring revenue alongside capital deployed was impressive with over 1,300 acquisitions during their 30 year run. - Core message remained consistent: - Decentralization - Decisions pushed to business units - Small teams - Buy-and-hold forever mindset - No PE-style flipping - Scale highlights: - 69K employees - 1,500+ business units - 1,300+ acquisitions - 100+ countries - 150+ vertical markets - Conventional org charts are NOT how CSI operates - HQ exists to coach, not control - Nyland (Lumine) mentioned speaking with their telecom customers about potential acquisition opportunities that improve service to end customers - Concentrating talent within verticals is a major edge. Deep knowledge in transportation with Bill Delaney (CEO of Modaxo, part of Volaris) runs transportation software services for 3,000+ cities and governments - Mark Miller's AI comment: - “It’s about what you actually do, not what you say you’re going to do” - Short-term leaders focus on what they say, not execution - Vertical markets require deep industry expertise, even in the AI era - Founder who spoke on a panel sold to CSI in 2018 is now fully out of that business and running an academic vertical inside completely outside of the operating unit he sold to - Interesting pattern: founders often stay within Constellation in new leadership roles years later - Agentic coding is helping them build more software faster - Some companies are fully rebuilding and modernizing products from scratch — previously inconceivable pre-agentic coding - CSI is hosting many AI hackathons to: - Produce new products - Rebuild outdated systems - Modernize software untouched for decades - Potential upside: - Longer product life cycles - Lower churn - CSI increasingly investing in “PEMS” in other words taking stakes in other public software companies. Miller sees value in public markets and mentioned on the earnings call last week that private valuations haven't moved while publics get smoked. - PEMS = Permanent Engaged Minority Shareholders - Holding long term, not trading the equities - Brief mention of Mark Leonard at the start, then not referenced again... Company remains very private about his health - Mark Miller: - “We really haven’t seen any AI-related attrition of customers” - Software businesses are not just products, they are Companies: - Support matters - Sales matters - Services matter - Customers don’t ask for AI. Customers ask for solutions. If AI improves the solution, great