Company Research

Shopify | An Ecommerce Backbone

The hidden 40% ROCE company growing 30%

Jul 20 • Armin Hartl

David Einhorn's Lanxess Bet

Now 40% off and with tailwind from European protectionism

Jul 9 • Armin Hartl

Inside The 10-Qs: The True Cost Profiles of Met Coal Miners

Why headline numbers are misleading and which miner actually holds a $30/t structural cost advantage [ $AMR $SMR $METC $HCC]

Jun 26 • Armin Hartl

Blue Ant Media (BAMI) | Management's Playbook

A serial acquirer in the making? This goes beyond my 3x base case

Jun 11 • Armin Hartl

Met Coal | What 1,293 Iron and Steel Plants Tell You about Global Demand, Supply and Prices

Here's the market structure for the next decade, backed by real projects

May 19 • Armin Hartl

Offshore Drillers | Q1 2026 Market Round-up [$RIG $VAL $NE $SDRL]

90% utilization has been replaced with something better

May 11 • Armin Hartl

[BAMI.TO] Blue Ant Media | 2026 Q2 Earnings

Revenue Grew 82%, Stock Fell 12.5% | Is the Thesis Broken?

Apr 16 • Armin Hartl

79% Revenue Growth, 27% FCF Margin and 100% Re-investment Rate at 30% Unit Economics

A niche security equipment manufacturer is penetrating the North American market rapidly

Apr 9 • Armin Hartl

[$BAMI.TO] Blue Ant Media | Why I Double Down Now

The upside just got larger. Even Cormark's price target implies +240% upside

Mar 28 • Armin Hartl

Offshore Demand Unpacked

Is the inflection already here? [$VAL $RIG $NE $SDRL]

Mar 6 • Armin Hartl

Offshore Drillers | 2025Q4 Market Round-up [$RIG $VAL $NE $SDRL]

Strong share price yet weak operational performance. Why drillers remain nevertheless attractive

Feb 26 • Armin Hartl

[BAMI.TO] Blue Ant Media | Hidden Economics Offering 3x Upside

A Canadian micro-cap temporarily sold-off in a special situation

Feb 11 • Armin Hartl

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