Giles Capital Weekly - Week 3

10 stocks that caught my attention this week. Common thread: management alignment, misunderstood situations, and catalysts the market may not be pricing in.

🏆 Otello (🇳🇴OTEC - $140M) - Norwegian holdco closing its NAV discount through buybacks. Underlying asset Bemobi grew payments 40% last year. Management options vest only on sale AND capital return. Down 5% YTD - could be an entry point.

🏆 Billington Holdings (🇬🇧BILN - £50M) - £19M cash on £50M market cap. CEO and CFO bought at 284p in September. Exiting 5-year capex cycle with £10M FCF potential. That's a 33% yield.

Pool Corporation (🇺🇸POOL - $11B) - World's largest pool products distributor. 455 sales centers, 4x more than nearest competitor. 65% recurring revenue from maintenance.

Staffline (🇬🇧STAF - $62M) - UK's largest blue-collar staffing at 3.5x EV/EBITDA. Chairman's firm owns 28%. Market share with top 20 clients: 22% → 49% in three years.

Tenaz Energy (🇨🇦TNZ - C$650M) - Dutch North Sea gas rollup at 2.1x 2026 FFO. Management kept 70% of exercised warrants. 25% FCF yield by 2027 if they execute.

Petco Health (🇺🇸WOOF - $831M) - 5.5x EV/EBITDA with Q3 EBITDA +21% YoY. Market's pricing bankruptcy. Vetco hospital network alone worth more than current EV.

Cellebrite (🇮🇱CLBT - $3B) - Digital forensics for FBI, CIA, 150+ countries. 80%+ gross margins. FedRAMP Level 4 certification expected Q1 2026.

Gullewa (🇦🇺GUL - A$19M) - Gold royalty at 25% implied FCF yield. A$10.7M cash on A$19M cap. Unhedged at A$7,000/oz gold.

China Yuchai + Chongqing Machinery (🇨🇳CYD $800M, 2722 HK $2B) - ByteDance spending $160B in 2026 on AI infra. Every data center needs backup generators. Single-digit multiples.

AVTECH Sweden (🇸🇪AVTB - $45M) - SaaS cutting airline fuel costs 2-3% via exclusive UK Met Office data. 38% revenue growth, 67% gross margins. Down 30% on contract fears.

Week 3 has the full write-ups on these plus 6 more companies, along with articles on risk management, capital allocation, and why net-nets still work.