Company Research
In-depth research on individual businesses, including the full coverage history as each thesis develops.
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Company Research Report - Dentsply Sirona, Inc. - NASDAQ: XRAY
A Turnaround Under Construction: Testing Dentsply Sirona's Return-to-Growth Plan Against the Evidence — Real Management Change, Early and Mixed Proof Points, and a Valuation Discount That Reflects Today's Performance, Not Tomorrow's
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Company Coverage August 2026 Update: Eldorado Gold - NYSE: EGO · TSX: ELD
Q2 2026 Results: A ~25–26% 2027E Free Cash Flow Yield — a Level Rarely Available in a Producing Gold Name — as Skouries and McIlvenna Bay De-Risk on Schedule; the Consolidated Cost Base Is Running Ahead of Full-Year Guidance, but the Print Is Better Underneath the Headline Than the Tape's Reaction Suggested.
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Company Coverage August 2026 Update: KBR, Inc.- NYSE: KBR
Q2 2026 Results: Mission Technology's Margin Trajectory Is the Underappreciated Story, but Sustainable Technology's Growth Is Increasingly Fixed-Price and JV-Earnings Dependent as Plaquemines Rolls Off — This Print Tests, Without Yet Breaking, MPC's Reclassification Thesis."
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Company Coverage Update: Eldorado Gold - NYSE: EGO · TSX: ELD
Valuation Scenarios & Metals Price Matrix: this note adds three analytical dimensions not developed in the June 2026 Strategic Asset Analysis — a mine-by-mine AISC cost-curve positioning analysis benchmarked against mid-tier gold peers; a mechanics deep-dive on Skouries' copper byproduct credit across live copper prices; and a 5×5 multi-scenario valuation matrix spanning gold at $4,000–$6,000/oz and copper at $5.00–$7.00/lb. The strategic asset inventory, leadership analysis, balance-sheet review, and monitoring framework in the June 2026 report remain current and are not restated here.
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Company Coverage Update: Photronics, Inc. - NASDAQ: PLAB
Competitive Position Upgrade — Revised: Photronics is the only U.S.-headquartered, publicly traded, independent merchant photomask supplier — and unlike previously characterized, it is in active EUV photomask production with manufacturing-grade IBM R&D agreements at 7nm, 5nm and beyond, and holds the first U.S. merchant multi-beam mask writer with explicit U.S. Government Trusted designation. The national security characterization requires material upgrade.
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Company Research: McGraw Hill, Inc. - NYSE: MH
McGraw Hill holds 190 terabytes of proprietary, outcomes-linked learning data and 25.6 billion annual learning interactions — an asset that is structurally difficult for any AI-native competitor to replicate and that is becoming more valuable, not less, as the market matures past the “generic LLM” phase of AI adoption in education.
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Company Research: Photronics, Inc. - NASDAQ: PLAB
Photomasks are the foundation of wafer manufacturing and a critical, non-substitutable enabler of the semiconductor production process: no advanced Integrated Circuit (IC) or Flat Panel Display (FPD) can be fabricated without them, and Photronics is a global merchant leader in their production
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Company Research: KBR, Inc. - NYSE: KBR
KBR is hiding a higher-quality business inside a contractor's valuation: the market prices it like a legacy engineering firm at ~6.5x EBITDA, while the underlying business has quietly transformed into an industrial-IP and mission-critical infrastructure platform — 85+ proprietary process technologies, a $23B+ backlog, and margins north of 20% in its core segment. The January 2027 spin-off splits this into two purer-play businesses, finally forcing the market to price each piece for what it actually is.