Schindler (SCHP): H1 25 quick take
Schindler’s self‑help program is delivering
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6 years into IFRS 16—Was it really worth the hassle?
IFRS 16 split rent into depreciation & interest, inflating EBITDA while burying liabilities—clarity gained, simplicity lost for many still
Prepayments: The Cash Mirage Distorting EV/EBITDA
In industries with heavy prepayments—like airlines, SaaS, newspapers, and gyms—that low EV/EBITDA might not be the bargain it seems.
Small & Mid‑Caps: Is the Size Premium History?
Mega‑caps rule, but small & mid‑caps trade at steep discounts. The size premium is sleeping—ready to revive again when innovation realigns capital flows.
Cintas (CTAS): Keeps the Starch in Its Uniforms—and Its Earnings
Behind every crisp uniform is a logistics empire: Cintas has turned weekly laundry pickups into a $50 billion compounder—outpacing the market by far.
Accenture (ACN): Will it Survive the AI Tsunami?
Inside the Trillion‑Dollar Battle for Tech Services Margins, Moats and Mega‑Deals in the Age of Generative AI
Rating Agenices: Can they keep growing?
Can AI dethrone the Big Three credit raters? History, profits and deep data clash with new algorithms in a $7 trillion bond‑market battleground.