1/ Other Coronaviruses vs. #SARSCov2 in 🇨🇦 (continued)

Original thread below. Most striking observation was low circulation of Other Coronaviruses prior to #SARSCov2 “official” arrival in Feb/Mar 2020 in parts of Canada.

Additional observations follow…
2/ Canada-wide

Now showing prior 6 Coronavirus Seasons ('14-'20) vs. #SARSCov2

Coronavirus seasons occur like clockwork. Similar endemic peaks (~8%pos) / time frames.

%pos for #SARSCov2 in current ‘wave’ occurring much earlier vs. all prior years. PCR excess?
(see chart notes)
3/ Ontario

Similar trends. Note the seasonal decline in first “wave” of #SARSCov2 vs. timing of decline of every other Coronavirus season. Do lockdowns/restrictions really make a difference? Were we already heading down the curve when we locked down?
4/ BC & Prairies

Similar trends again. Interestingly, BC and the Prairies did have regular Other Coronavirus seasons in 2019/2020 (according to the data at least), and #SARSCov2 peak positivity was lower in BC/Praries (4-6%).

Current ‘wave’ occurring well before prior years.
5/ Finally, Quebec

Data not as clean/robust, but overall similar annual trends like clockwork.

This year, very early and high surge of #SARSCov2 PCR positivity in the current ‘wave’, well before any previous Coronavirus season of the past.
6/ Quick disclaimer: I’m not making any claims, just asking questions.

#SARSCoV2 PCR positivity is occurring everywhere and to a greater magnitude and well-before other Coronavirus seasons; despite masking / distancing / restrictions / lockdowns. Why?
7/ And what is to be made of the historical consistency of the endemic peak positivity rate of ~10% nationally (8-12% regionally) *every year* for Coronavirus season?

Why won’t #SARSCoV2 follow the same path? Why do some assume 50%+ of the population needs to be infected?
8/ End Thread. Thanks for reading.

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More from @rubiconcapital_

14 Nov
1/ Other Coronaviruses (non-COVID19) vs. #COVID19 in Canada

Comparing %pos by week for past cold seasons vs. the 2019/2020 Novel Coronavirus season.

Three provinces: ONT, QUE, BC

I honestly don’t know how to interpret what I’m seeing but it’s eye popping to say the least...
2/ BC…

Appears to have had a normal cold season (other coronaviruses) in 2019/2020 (yellow line) compared to the prior three seasons.

#COVID19 arrives (dark black line, surges weeks 11-14), and declines (seasonally, it would appear).
3/ but Ontario and Quebec are way different…
Read 9 tweets
20 Oct
1/ #COVID19 is having a significant impact on prevalence of other common respiratory pathogens, like influenza.

Globally, since COVID began, influenza cases are down * 98% * (see tweet-link below).

The Canadian data and implications are explored here🧵

2/ Guess what

Here in Canada, flu cases also *collapsed* when #COVID19 arrived

Since mid-April to today, lab-confirmed flu cases in Canada are: 154

Average of same the time-period in previous flu seasons?

*3,836*

(…despite increased flu testing)
3/ Here is an interesting visual

The 19/20 flu season (interrupted by #COVID19) vs. avg of ’16-‘19 flu seasons. # of cases and positivity % by week.

In 19/20, flu cases/positivity dive to near ZERO, whilst previous years the decline is (i) gradual, and (ii) never reaches zero.
Read 15 tweets
23 Sep
1/ Spent the evening slicing and dicing the @ONThealth COVID19 case-by-case database. Found here: data.ontario.ca/en/dataset/con…
2/ My goal was to see if I could glean anything from the data that could answer why rising case numbers are not resulting in material increases in new hospitalizations, and why new deaths are de minimis. @ONThealth
3/ We are seeing this phenomenon in many jurisdictions around the world (case explosions, deaths flatlined). The UK is one very good example, and Canada is experiencing the same. ImageImage
Read 17 tweets
31 Aug
– Valuation Musings

In my view, XPEL has “earned the right” to be valued using a DCF.

Its moat is well-documented, and evidenced by the numbers; hyper revenue growth rates, expanding operating margins, and very high and growing software-like returns on invested capital. Image
Henceforth, will likely always look expensive on trailing numbers. But if its moat is sustainable, for a “good” number of years to come, then its powerful combination of high growth with high ROIC means the value resides way, way out there [into the future]. Image
The following tables summarize my DCF’s output for NPV/share under a [wide] range of potential future revenue/EBITDA growth scenarios, under various #’s of years prior to the point when a terminal value growth rate is then assumed (4.5% ‘r’ in all cases, 9% WACC). Image
Read 6 tweets
30 Jun


Initiated a position today @ $.075/sh

BASIC THESIS:

Now a [more 'investable'] "levered equity stub" after closing $24m equity fin'g @ $.13/sh, repaying almost all punative/vigilante debt, w/ highly manageable maturities, breakeven+, and runway to reveal earnings power. ImageImage
B/S is truly (and finally) significantly strengthened imo, w/ latest raise quite likely the last.

Mkt cap ~$50m & EV ~$175m, 71m warrants @.07/sh ($5m infusion), & 181m warrants @.16/sh ($30m infusion) would heal B/S even more, and could result in reflexive price recovery.
Interesting Friday filing on

MMCAP took 41% of the recent $0.13/unit 1-share/1-warrant bot deal (75m of 181m units/shares).

But, the filing disclosed only 75m warrants, and no associated shares (only legacy shares), potentially implying short sales before/after bot deal.
Read 7 tweets
1 Mar
/ - picks/shovels for IVF industry

CEO put on a 5yr clinic in measured value creation / capital allocation

Business building historically funded by shares/cash, but EBIT PER SHARE GREW. ROIC stable.

Now net cash, acquisitions can be funded w/balance sheet

Flywheel ImageImageImageImage
Impressively, from '16 to '20:

Tangible capital grew 328% from $1.5m to $7.5m, while returns on tang cap maintained at +100% [good underlying business]

AND

Total capital grew 297% from $9m to $36m, while returns on tot cap maintained at 20-25% [good cap allocation] Image
In vitro fertilization holding up well Image
Read 4 tweets

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