Andrew Walker

Andrew Walker × Andrew Carreon

At roughly $42, Shift4 trades near 6.5x EBITDA against discussed 10–11% organic growth, making durability pivotal.Over 80% of Shift4 Dine installations reportedly come from entirely new merchants, while Global Blue and the withdrawn 2027 $1 billion exit free-cash-flow target leave 12–18 months to test synergies and credibility.

Andrew Walker × Zack Buckley

Priority Technology trades at 4–5x free cash flow despite 10%+ FCF/share growth and over 90% recurring or reoccurring business, while Treasury Solutions contributes roughly $180M of adjusted EBITDA at an 84% margin.The $6.00–$6.15 take-private proposal trails the January 2025 $7.75 secondary and Buckley’s $17 SOTP, while the 9–10 month Barclays/Paul Weiss process remains unresolved amid possible negotiation leverage and kitchen-sinking risk.

Andrew Walker × Evan Vanderveer

Nubank's 140M customers and 60% Brazilian adult penetration mask Evan Vanderveer's thesis that the next five years will deepen relationships, lifting ARPAC from 17 toward the high-20s.With 20% efficiency versus 40-60% at incumbents and 7% of Brazil's $100B banking gross-profit pool, Evan underwrites $2 EPS by 2029/2030 at 16×, while credit stress, global expansion and AI commoditization remain risks.

Andrew Walker × Samit Umatiya

VEON’s 84.6% stake in a listed subsidiary is valued at about $2.8B versus roughly $4.9B of group EV, leaving four growing non-Ukraine markets and digital assets lightly valued.Q1 2026 equity free cash flow was $246M, while digital revenue is about 25% of revenue and management guides to about 50% in four years.Kyivstar’s listing and potential JazzCash monetization could crystallize value, but the 45.5% LetterOne-linked sanctioned stake and Starlink’s rural-network threat remain unresolved.

Andrew Walker × James Elbaor

PSUS’s roughly 17% discount could narrow toward the 9% U.S. equity CEF average, or potentially Gabelli’s 4%, as reporting improves.PS’s $550–590M adjusted FRE model implies roughly 30x FRE on $17B market cap, supported by $34.1B fee-paying AUM and permanent capital.Marlton models 80% payout and 20% retained for SPARC and PSUS; growth and S&P-like returns remain tests.

Andrew Walker × Jingshu Zhang

Jingshu Zhang frames Fiserv at about $55 and 6–7x adjusted EPS as a reset opportunity, with more than $9 of adjusted EPS expected in 2027 under one of fintech’s strongest teams.AML/KYC regulation, proprietary data, network effects, distribution, and distinct Clover and Toast niches support the case, while paused buybacks, $900M of Q4 debt reduction, limited insider buying, delayed PSU metrics, and Jana’s asset-sale pressure make execution the key test.

Andrew Walker × Roderick van Zuylen

Marex is framed as a tech-enabled clearing and prime-brokerage infrastructure business, trading at 7-8x this year's earnings with 30% ROE and 30%+ growth.Consolidation supports low-cost acquisitions, but Fed funds below 1.5% remains the key risk as 2.5-year hedges roll off; a May buyback authorization is a possible catalyst.

Andrew Walker × Will Cleary

FTAI’s vertical integration turned CFM56 module swaps from zero in 2020 into a $2B business with 10% share today, indicating value beyond the engine shortage.Swapping a module cuts a four-to-six-month, $7M shop visit to 2–3 weeks and $4.5M, while the $6B SCI could lock in roughly 25% module growth in 2027.SCI’s off-balance-sheet structure and FTAI Power’s unproven 2027 turbine target remain watchpoints.

Andrew Walker × Jeremy Raper

Jeremy Raper’s fully closed Avation (AVAP, London-listed) trade turned a 79p block bought against 140-145p tangible book into an average exit near 150p.That stake enabled activism in an illiquid, concentrated lessor, alongside debt refinancing, purchase-right monetization, asset sales, and buybacks.The post-mortem highlights aircraft values’ 25% rise and consolidation logic, but also tax complexity, operating entanglements, and the risk-reward shift after the rally.

Andrew Walker × Jeremy Raper

Japan’s large-cap activism trade may be in its sixth or seventh inning, but sub-$500-700 million family-run companies remain in the second or third.HUMM’s commercial asset-finance business grows double digits with loss rates below 2% of ANR, but Raper calls governance the problem.Raper’s February 19 EGM seeks three director removals, including the chairman, with dividends, cash distribution, and strategic review as potential catalysts.