10 Quality companies trading at their lowest valuations ever.

1. $CSU - Constellation Software

P/FCF 19.84 2. $ADBE - Adobe

EV/EBIT 16.06

$NVO - ''A BET ON THE FAT'' - Full thesis 🧵

Novo Nordisk is still unloved and unwanted. That's exactly when we should dive deeper.

Find below my full deep dive on this (in my opinion) fantastic asymmetric opportunity.

A big thread 👇 1/ Origin story
What started as an insulin manufacturer turned out to be one of the global leaders in the diabetes and obesity sector.

Novo Nordisk’s roots go back to the early 20th century in Denmark, when two rival companies, Novo Terapeutisk Laboratorium (founded in 1925) and Nordisk Insulinlaboratorium (founded in 1923), were among the first outside Canada to produce insulin after its discovery. For decades, they competed with each other while also pioneering diabetes care.

By the early 1970s, both companies had established themselves internationally, and in 1974 Novo launched an IPO on the Copenhagen Stock Exchange. Nordisk followed with its own listing later. The two companies eventually merged in 1989, forming Novo Nordisk A/S, creating one of the world’s largest healthcare companies. They have been the market leader in the global insulin market for many years and are highly specialized in both diabetes and obesity medicine.

Publicly, Novo Nordisk is mostly known for it’s weight-loss drug Ozempic. Ozempic had an enormous impact on both medicine and popular culture. That was due to it’s unexpected, but highly effective side-effect, weight loss. This eventually led to the approval of Wegovy, which has the same active ingredient (Semaglutide) but was produced specifically targeted at obesity.

Fun fact
Novo’s iconic logo identifies the company and embodies their bullish determination to defeat serious chronic diseases. Recently they ‘‘Unordinary Drives Change’’ words to emphasize their unconventional spirit and how they’ve been able to push the boundaries of science for more than a century.

$NBIS $17.4B deal with $MSFT is a great indication that there is still a lot of value to be gained from all the AI CAPEX spending.

$META is ready to spend $600B and other MAG7 companies plan to spend another $465B in 2026.

Here are 10 companies to check out that may or may not be a buy right now but will certainly benefit from the AI CAPEX surge. 👇

🧵

1. $NBIS | Nebius
The big star of today, is of course Nebius. Up over 50% on the $MSFT news. Nebius is an AI-native cloud provider with its own data centers and supercomputers optimized for AI workloads. Unlike general-purpose clouds, it offers large-scale GPU clusters and proprietary software to help companies train and deploy models.

Rising AI infrastructure spending fuels the demand for Nebius’s specialized services, enabling it to secure long-term, multi-billion-dollar contracts (such as the one with $MSFT). This drives rapid growth while also validating its business model.
2/ $CRWV | Coreweave
CoreWeave is often mentioned in the same breath as $NBIS. But, Coreweave is slightly different. Corewave is an AI-native cloud built for high-performance, GPU-accelerated computing. Unlike AWS or Google Cloud, they designed its infrastructure specifically for AI and ML workloads, with a focus on renting out $NVDA GPUs.

Soaring demand for AI infrastructure makes CoreWeave a key partner for the MAG7, who must scale computing power faster than they can build it themselves. This positions CoreWeave to capture significant growth in the upcoming years.

$NVDA CEO Jensen Huang sees a massive $3T-$4T AI infra spending by 2030.

To him, this AI boom is only getting started.

Here are my 15 favorite picks to benefit from this AI transition that is still in it's early stages 👇

🧵

1/ $NVDA | Nvidia
The most obvious bet right now is of course Nvidia. Their GPUs are essential to the potential explosion and growth of AI and AGI. Their GPUs are the de facto standard for training and running complex AI models.

They have an estimated 90%+ market share in the data center AI chip market. This means any company building or deploying a large-scale AI system, from startups to tech giants like $MSFT and $GOOGL, is a potential customer.

Recent growth has been spectacular:
10yr revenue CAGR of 42.5%
3yr revenue CAGR of 77.1%

40% revenue growth is expected for the near future as well.

And do not forget: they have strong margins as well. Gross sits at 70% and net income at 52.4%!

A cash machine.

So much cash that they now announced a $60B buyback program.

The weight of the world, seems to be on $NVDA's shoulders right now. And they continue to hold.

Valuation: Fair value 2/ $NBIS | Nebius
Nebius is one of my key holdings right now. They've had a great year so far, and are living up to all the hype surrounding the company. Guidance was raised, growth was strong and demand keeps growing.

To meet all the AI-compute, we're gonna need a shitload of computing power. And that's were Nebius comes in.

Nebius provides the underlying cloud computing power and specialized infrastructure that AI developers and companies need to create, train, and run advanced AI models and applications.

Besides their core business they have a lot of strong subsidiaries, which makes them a fast-growing diversified player in the AI spectrum. I'm especially impressed with Avride, which is their autonomous driving play.

If they continue to outperform, like they have done in the past quarters, I think we can still see a 2X or 3X in a relatively short timeframe.

Nebius is in their hyper-growth fase. So this investment comes with a lot of (execution)-risk.

Valuation: fair value.

These 12 companies got CRUSHED after their Q2-earnings.

A dive into their performances and if I think these companies are a buy right now.

🧵

1/ $NVO | Novo Nordisk
To be completely fair, $NVO dropped 2 weeks before their earnings, as they had a pre-announcement.
The stock dropped almost 35% because of the following reasons:
✅ Lower sales and operating profit outlook for 2025
✅ Lower growth expectations in the US, primarily because of Wegovy slowdown
✅Compounded GLP-1s are taking market share
✅ Competition from $LLY is increasing
✅Appointment of a new CEO - investors were not impressed as they hoped for someone from the outside

Is $NVO a buy now?
Yes, I think it is. I think $NVO provides one of the best risk/rewards in the market right now. Market is pricing in a lot of negative news right now and I think the correction was overdone.

Last week, when $LLY showed worse than expected results for their oral GLP-1, $NVO's shares rose quickly. Positive catalysts can provide significant upside, while I think downside risk is very limited. 2/ $ASML | ASML
ASML shares dropped over 10% after their Q2-results.
Currently the share price is down almost 40% from it's all-time high.

Why did the stock fall?
✅The main reason was their weak guidance for 2026. ASML stated; ''we prepare for growth but we cannot confirm it at this stage''. This uncertainty
✅Q3 guidance was below expectations
✅There are still heightened risks from macroeconomic and geopolitical factors
✅ Overall growth seems weaker than expected. Some of it is due to cyclicality, but also because 2 of the 3 big customers are not doing very well (Samsung + $INTC)

Is $ASML a buy right now?
I think it is. If it wasn't my largest position already, I would certainly be adding around the €600 level.
In my humble opinion, these challenges they are facing are merely temporary.

Valuation also looks attractive, as it is trading at multi-year low levels when looking at EV/EBIT and forward PE.

Is the $TTD a buy right now?

The Trade Desk dropped 40% after their Q2 report.
Is this a buying opportunity or was the drop justified?

🧵

1/ The company
First, in a nutshell what The Trade desk does.

The Trade Desk is a demand-side platform (DSP) that helps advertisers manage and optimize their digital advertising campaigns across various channels and devices.

It's essentially a tool that allows companies to buy and manage ad space on the internet in a smart and efficient way, outside of the ecosystems of the likes of $AMZN and $GOOGL.

They use AI and data to maximize the advertising impact. This is great for companies that are not specialized in setting up advertising campaigns themselves, due to lack of budget or resources.

Important to know is that they released Kokai in 2023, which is their new ad-buying platform (it replaced Solimar). While this platform is still being optimized, $TTD expects to realize lower cost per reach, CPC and CPA. This should eventually lead to higher growth and improving margins. 2/ The price collapse
The stock price fell almost 40% after ''disappointing'' Q2-earnings. I put ''disappointing'' between quotations, because I honestly don't see why it was received this bad.

In the beginning of the year, $TTD had a similar drawdown. In that instance, the share price quickly recovered almost 75% in a time-span of 2 months.

Will the same happen this time. Who knows.

Let's first figure out why the share price is down this time 👇

These 10 companies CRUSHED Q2-earnings.

A dive into their performances and if I think these companies are a buy right now.

🧵

1/ $NBIS | Nebius
$NBIS is up 114% YTD, including the 20% gain from yesterday after their excellent Q2 earnings.

What did investors like?
▶️They increased their capacity guidance to 1GW by late 2026
▶️Year-end capacity guidance raised from >100 MW to 220 MW
▶️ARR Forecast increased to $900M - $1.1B
▶️Cash and cash equivalents remain strong at $1.68 billion, but they will need to raise more cash to continue this momentum
▶️Revenue was up 625% YoY
▶️Their core business delivered positive adjusted EBITDA

Overall, very solid results and even better than most investors expected.

Would I add to $NBIS right now?
I'm not currently adding to $NBIS. It's already a solid part of my portfolio at 9%. However, I do think there is much more growth potential.

Keep in mind, this is quite a risky play. Execution has been great, but they have to continue to deliver on these promises or the stock price will come under pressure. 2/ $ZETA | Zeta Holdings
Zeta initially jumped almost 30% after beating all estimates.

What did investors like?
▶️ Revenue was up 35% YoY
▶️ Free cash flow grew by 69% YoY
▶️ They increased FY2025 guidance
▶️ They announced a $200M buyback program

Their customer growth was very strong as well:
▶️Scaled Customers: Increased by 21% to 567.
▶️Super Scaled Customers: Grew by 17% to 168

Would I buy into $ZETA right now?
I don't currently have a position in $ZETA, and I don't plan to open one soon. However, looking at their latest performance, this is a company that is overdelivering and has a lot of growth-potential

For more information on Zeta, check out @wealthmatica, he does great updates on $ZETA

My top 5 buys right now! 🎯

I've been buying into these 5 companies in the last month. 👇

🧵

1/ $ASML
ASML cut their guidance for 2026, and the market hated it. ASML's management has a tendency of underpromising, and overdelivering. Is that the case right now? Time will tell.

All I know is that they still have a huge moat, AI sector tailwinds, AI CAPEX spend increasing and their largest customers are still ramping up production. We will need ASML's machines to power through the AI boom, whether we like it or not.

They are now priced at multi-year low levels:
- Forward PE: 25.8
- EV/EBITDA: 18.75

Margins are still high:
- Gross: 52.5%
- Net: 29.3%
- ROIC: 23.7%

This is my top holding, and I'm happy keeping it that way. 2/ $NVO
One of the most hated companies in the market right now. Sentiment is weaker than ever and the stock price fell 70% from it's ATH.

I think it's an overreaction. A pullback was justified, but not like this.

Underneath the hood, is still a very strong company.
Around for over 100 years and highly specialized in the diabetes and obesity market.

They have a strong diversified pipeline and the money, knowledge, employees to turn this ship around.

Currently priced for bankruptcy:
- Forward PE: 12.1
- PEG: 1.1
- EV/EBITDA at 27.4

Margins and ROIC are strong:
- Gross: 84.6%
- Net: 34.5%
- ROIC: 29.3%

I've doubled my position last week and will now wait for clear direction. One of my highest convictions right now.

''A bet on the fat'' - My $NVO Thesis!

If there is one company that is out of favor on X right now, it's Novo Nordisk.

But underneath this negative sentiment, is a high margin, cash generating business that's perfectly set-up to benefit from the obesity trend.

🧵A big thread -Let's dive in 👇 1/ The Company 🇩🇰
Novo Nordisk is a Danish pharmaceutical company, mostly known for it's weight-loss drug Ozempic.

They have been the market leader in the global insulin market for many years and are highly specialized in diabetes and obesity medicine.

Novo Nordisk employs over 77,000 people worldwide. They have employees in 80 countries and market their products in 170 countries.

- ''A hidden gem'' - My $DLO Thesis!

DLocal shares have fallen over 85% since its IPO, but the ''new'' CEO, Pedro Arnt is turning things around. Growth is accelerating and profits are increasing.

🧵A big thread -Let's dive in 👇 1/ $DLO The company 🇺🇾
DLocal is a fintech platform from Uruguay, it connects global merchants to emerging market consumers.

DLocal provides payment solutions for some of the world’s largest companies, like $AMZN, $GOOGL, $UBER, $NIKE, $CRM and $MSFT (and many more).

In essence you can compare them to $ADYEN, but they are definitely not the same. $DLO focuses solely on emerging markets while $ADYEN has a worldwide reach.

They help all of the above companies navigate the difficult landscape of payment processing in emerging markets.

They aim specially at: Latin America, Africa, the Middle East, and Asia and currently operate in 43 countries.

This video is a great summary of what they do 👇

''Never sell ASML'' - My $ASML thesis!

ASML is unloved right now, and that's exactly when you should dive into a company. Down 40% from it's all-time highs, provides a great asymmetric opportunity.

🧵A big thread -Let's dive in 👇 1/ The Company 🇳🇱
ASML produces lithography machines for the semiconductor industry. They are headquartered in the Netherlands, employing over 44,000 people.

In addition to their Dutch headquarters, ASML operates sites around the world, primarily in the United States, Germany, and Taiwan, where they conduct their R&D, manufacturing, and refurbishing activities.

Here is how they make money (and they make a lof of it) 👇

Stock prices tend to follow EPS.

Here are 10 great companies that:
➡️Grew their EPS at least 20% CAGR in the last 3 years
➡️Will continue to grow their EPS by at least 20% in the next 2 years
➡️Will grow their revenue by at least 20% in the next 2 years

1/ $HIMS
Hims & Hers Health is a telehealth company that makes it easy for people to get treatments for things like hair loss, mental health, skincare, sexual health, and now even weight loss.

Everything happens online, from doctor consultations to prescription delivery. They started in 2017 focused on men but quickly expanded to women’s health too.

The whole idea is simple; affordable, and discreet healthcare from home.

✅5 Year Revenue CAGR: 79.9
✅ 3 Year EPS CAGR: 23.3%

For the next 2 years expectations are:
✅EPS: 37%
✅Revenue: 38.3% 2/ $AMD
AMD makes the chips that power everything from gaming PCs and laptops to data centers and AI.

They’re known for their Ryzen CPUs and Radeon graphics cards, and lately, they’ve been going big on AI and high-performance computing.

Under CEO Lisa Su, AMD has become a serious competitor to $INTC and $NVDA and they are perfectly setup to benefit from the AI-boom.

✅5 Year Revenue CAGR: 30.8%
✅ 3 Year EPS CAGR: 26.3%

For the next 2 years expectations are:
✅EPS: 26.3%
✅Revenue: 21.1%

🚨 $EVO Evolution Q2-25 Earnings Summary🚨

Evolution shares rose 8% after the latest earnings reports. This is on the back of a 20% gain since the June lows, after CEO martin Carlesund stepped on the gas and bought shares in the company worth 2 year salaries.

Here is everything you need to know about the Q2 earnings report of $EVVTY / $EVO / $EVO.ST:

🧵 1/ $EVO Revenue growth accelerated
Revenue in Q2 was up 3.1% YoY. Growth would have been a lot higher, at 8.8%, if it was adjusted for changes in FX rates.

Albeit, this growth is still relatively weak, but it's not a continuation of the strong deceleration we saw last quarter. I'm very pleased that growth reaccelerated, which was one of my main concerns last quarter.

15 companies to buy and hold for the next decade!

And no, this is not just a list of the Mag 7 😉

How many do you own? ✅

🧵

1/ $BN | Brookfield Corporation 🇨🇦
Brookfield Corporation is a global alternative asset manager. They invest in various sectors including real estate, infrastructure, renewable power, private equity, and credit.
They have shown incredible performance over the last decades. They have delivered 18% annual returns for the last 20 years. Management thinks they can continue this trajectory and double in size over the next 5 years.

They have a very experienced management team and their strategic positioning allows them to capitalize on major global trends such as energy transition, urbanization, and the growth of digital infrastructure.

Simply put: do you think you can invest your money better than they do? Most of us can't. So why not put your money in $BN? 2/ ASML 🇳🇱
ASML is the Dutch semiconductor giant most of us know by now. They design and produce lithography machines. Their biggest consumers are: $TSM, $INTC and Samsung.

To me, this one of the easiest buy and holds in the market right now, because of their highly monopolistic position and AI tailwinds that will benefit them in the upcoming years.

We will need these machines for all our electronic devises, whether it's now or in 2030. Without the machines, we simply cannot make the chips/semiconductors needed to progress.

Do not focus on short-term news or quarterly setbacks with ASML. ASML is playing the long game, and so should you.

Here are my 12 favorite NON-US companies! You should be watching these!

🧵

1/ $NBIS
Nebius is highly specialized in AI-centric cloud infrastructure and services. When you buy Nebius, you buy a stake in:
✅Nebius core: AI-centered cloud platform + data centers
✅Avride: Autonomous driving and delivery robots
✅Clickhouse: open-sourced, column-oriented SQL database management system
✅TripleTen: Online education platform that provides coding bootcamps
✅Toloka: Crowdsourcing platform that provides human-annotated data for training and evaluating AI models

All of these together make them a very strong AI play, and that's why they are up over 100% in the last year.

Growth:
- Rev: 462% YoY
- Revenue growth next 2 year: 240%

Valuation
It's hard to properly value Nebius now as they are still early in their scaling phase, but if I do a sum of parts analysis I get a fair value of $93.43 per share. All will depend on their execution in the upcoming years. So far, so good. 2/ $DLO
$DLO provides payment solutions for some of the world’s largest companies like $AZMN, $UBER, $MSFT $SHOP and $GOOGL. I like to refer to them as the mini- $ADYEN, with a specialization in and a focus on emerging markets.

Growth 5Y
- Rev: 68.3%
- EPS: 50.8%
- Revenue growth next 2 year: 26.9%

Operational
- ROIC: 32.2%
- Gross margin: 40.7%
- Operating margin: 20.5%

Valuation
- Forward PE: 18.1
- Forward P/OCF: 6.74
- PEG: 1.2

Sentiment: Attractively valued. $DLO is one of my latest buys. I think this company is mispriced and deserves to trade at a lot higher valuation. It's priced like a dying dividend company while still growing 25%+ CAGR.

I found EIGHT companies where the stock price is severely lagging its fundamentals.

All of them are out of favor right now. Most of them unloved. 💔

A momentum shift could lead to significant upside.

The question is, do you believe in their stories?

🧵

1/ 3/ $DLO | DLocal
Since IPO
Revenue: +1307%
EPS: +787%
Stock price: -65%
$DLO is one of my favorite companies right now, and I've recently taken a position.

The hold a strong position in the emerging market payment solutions sector, and have been increasing their TPV incredibly fast.

Can they keep their take rate under control and will they fight of their many competitors? If so, this company looks really undervalued and provides a great risk/reward.

Hiring Pedro Arnt certainly was the right thing to do, as I think he is the right man to keep this ship straight and make the story happen, just as he did at $MELI. 2/ $NVO
Since Q1-2022
Revenue: + 112%
EPS: +98.2%
Stock price: +25.86%

We all know what's happening here: $LLY came to join the party and execution has not been great. Therefore, they are losing market share.

Novo Nordisk is however taking matters into their own hands, and they started by firing their CEO.

Their steady and fast growth, strong pipeline the tailwind from the growing obesity sector still provide significant upside potential.

The two main questions are: can they keep up with $LLY and will the new CEO turn things around?

My $DLO thesis 🧵

I recently opened a position in $DLO. Here is why!

1/ What does $DLO do?
$DLO is like a mini- $ADYEN, but specifically aimed at emerging markets.

They provide payment solutions for some of the world’s largest companies like $AZMN, $UBER, $MSFT $SHOP and $GOOGL (and many more)

They help these companies navigate the difficult landscape of payment processing in emerging markets. They aim specially at: Latin America, Africa, the Middle East, and Asia. They currently operate in 43 countries. 2/ One-stop Shop
$DLO acts as a one-stop-shop. The below picture perfectly captures how that works.

They basically connect a huge scala of payment methods through one API. They make all these different payment methods, in all of the countries they operate in, easily accessible to their clients.

1/ Is $EVO , a buy now?

The stock price went flying today (up 8.5%), after CEO Martin Carlesund bought €6M worth of shares.

Is this the catalyst we've all been waiting for, after the disastrous earnings from last quarter?

Here are my thoughts and let me know yours in the comments!

🧵 2/ Sign of confidence
Insiders buying back shares is about the biggest sign of confidence an investor can get. And when the CEO does it? It means even more.

And that's exactly what happened last Friday. CEO Martin Carlesund bought €6M worth of shares, which is about twice his yearly salary.

There is no reason for him to buy back shares now, if he thinks next quarters earnings will be terrible. If anyone knows what's up, it's him.

These 10 companies are perfectly set-up to benefit from the upcoming AI-boom!🤖

How many of these do you own? 🧵

1/ $NBIS Nebius
Nebius is one of my highest conviction plays right now. To meet all the AI-compute, we're gonna need a shitload of computing power. And that's were Nebius comes in.

Nebius provides the underlying cloud computing power and specialized infrastructure that AI developers and companies need to create, train, and run advanced AI models and applications.

They're sitting on $1.5B in cash, raised $1B through convertiable bonds yesterday and they have another $1.8B in ClickHouse equity. And on top of that, their self-driving unit, Avride, is racking up autonomous miles at a rate second only to Waymo.

If they continue this growth, and live up to their expectations, $NBIS could be a 5X or 10X within a relatively short timeframe. 2/ $CRWV Coreweave
I see quite a few people on X, including myself, debating whether to invest in Coreweave or $NBIS.
Don't worry, there is a place for both!

CoreWeave is a specialized cloud provider that has carved out a niche by focusing on providing the raw power needed for the most demanding computing tasks in the modern digital world.

CoreWeave's main service is providing access to a massive number of high-performance Graphics Processing Units (GPUs). In essence, CoreWeave positions itself as a specialized, high-performance alternative to traditional general-purpose cloud providers, like AWS, Azure, Google Cloud.

$CRWV has had a massive run-up already after it's IPO, up over 200%. Investors clearly see the potential.
For now, I see more potential in $NBIS, but $CRWV could be a great long-term AI play. If you can handle the volatility that is.

$ASML, the strongest monopoly in the market.

They face zero competition, have high margins and yet they are still very much underappreciated.

Here is my full thesis 👇

🧵

1/ The Company 🇳🇱
$ASML is THE leading manufacturer of lithography machines for the semiconductor industry.

They are headquartered in the Netherlands and have just over 44.000 employees. They continue expanding their campus and manufacturing facilities to meet future demand. The whole Eindhoven region in the Netherlands thrives on ASML.

Of course they have different sites all over the world as well (US/Germany/Taiwan), where they do R&D, manufacturing and refurbishing. 2/ $ASML's Core business
ASML develops and produces lithography machines that use light to print incredibly intricate patterns onto silicon wafers. These patterns form the billions of transistors and connections that make up a microchip.

These machines are used by the likes of $TSM, $INTC and Samsung to produce their highly advanced semiconductors.

The two main types of machines ASML produces are:
1. DUV (Deep Ultraviolet): these systems use DUV light (e.g., 193 nm wavelength) and are widely used for mass manufacturing of many types of logic and memory chips.

2. EUV (Extreme Ultraviolet): This is ASML's flagship and most advanced technology. EUV systems use much shorter wavelength light (13.5 nm) to create the smallest and most complex features on cutting-edge chips.

Just a sidenote: the EUV machines are banned from export to China, the DUV machines are subject to restrictions, but can still be exported

The US Healthcare system is far from perfectly balanced. And that's where $OSCR comes in!

Oscar Health is a fast growing health insurance company, disrupting the US medial insurance industry.

Here is my $OSCR thesis:

🧵

1/ The company
US hospitals and doctors are among the best in the world. However, they are incredibly expensive and therefore not available to a lot of Americans.

$OSCR's mission is to ''fix'' this incredibly broken system, and make good healthcare available for everyone in the US.

They do this through an app and digital tools to offer and manage health plans for individuals and small businesses.

Therefor they've build their own health insurance platform. 2. The platform
$OSCR built a DTC (direct-to-consumer) health insure platform.

This platform is easily accessible through their mobile app.

The app works as the primary interface through which they deliver on their promises of user-centricity, transparency, and cost efficiency.

The app is aimed at making healthcare more simple.

They do this by offering 24/7 virtual care, personalized health management (with data and AI), and a dedicated "concierge" (which is a sort of personal nurse) support team.