While Tories are quite ruthless about removing a leader, Labour MPs can’t decide whether their regicide is a tragedy or comedy No one can say they weren’t warned. Last week’s elections had always been marked out as a time of maximum danger for Keir Starmer if the results were as bad as feared. And so it proved. Only no one had anticipated quite the level of drama that would go with it. While the T...
While Tories are quite ruthless about removing a leader, Labour MPs can’t decide whether their regicide is a tragedy or comedy No one can say they weren’t warned. Last week’s elections had always been marked out as a time of maximum danger for Keir Starmer if the results were as bad as feared. And so it proved. Only no one had anticipated quite the level of drama that would go with it. While the Tories have always been quite ruthless about getting rid of a leader they deem surplus to requirements, Labour MPs seem unable to decide whether their regicide is a tragedy or a comedy. Or a mixture of both. The action started on Sunday with former minister Catherine West saying she was going to stand against Starmer. Then she decided she would wait and seeThen West said she wouldn’t be standing against him after all. Cue chaos. Keir was determined to hang on , saying he deserved a bit longer. Meanwhile more than 100 of his MPs, including several ministers who had resigned their posts, insisted he had to go. His crime? Being a bit average. Continue reading...
Anastasija Vujic/iStock via Getty Images In my previous article on Nayax Ltd. ( NYAX ), I argued that the company would likely drift in and out of two different market regimes. Valuation under market regimes (Seeking Alpha) The 1Q26 earnings do not materially change that argument. This is a long-duration story, and, in the earnings call , Nayax did provide some visibility on the moving parts to th...
Anastasija Vujic/iStock via Getty Images In my previous article on Nayax Ltd. ( NYAX ), I argued that the company would likely drift in and out of two different market regimes. Valuation under market regimes (Seeking Alpha) The 1Q26 earnings do not materially change that argument. This is a long-duration story, and, in the earnings call , Nayax did provide some visibility on the moving parts to their long-term 2028 targets. That keeps the 2028 target relevant as an anchor for valuation. However, even under the higher end of the valuation range, the price on the stock already appears to be in fairly valued territory. I am, therefore, persisting with my “Hold” on Nayax at this point in time. Run Rate to 2028 Targets Nayax 2028 Outlook (Nayax 1Q26 Earnings Presentation) Revenue is where the 2028 story still looks intact. Nayax confirmed the FY26 revenue and adjusted EBITDA guidance of $515 million and $87.5 million, respectively. And as we go towards the 2028 target of getting $1 billion of revenue, I remind you that we still expect to see a couple of hundred million of inorganic contribution to that. – Aaron Greenberg, Chief Strategy Officer of Nayax, in the 1Q26 earnings call If you deduct $200 million from the 2028 targets, that leads to an organic revenue target of $800 million. Starting from the FY26 revenue guidance of $515 million, you get an organic CAGR of approximately 24.6% through 2028. The 26% organic growth in the first quarter was also slightly ahead of the guided 2026 range of 22%—25%. Note that I have assumed acquisition revenue is lapped into the organic base over a 12-month period, which is why the base was at $515 million. Nayax Adjusted EBITDA Margins (Tunga Capital, Nayax Annual Reports) The adjusted EBITDA margin, on the other hand, is tracking below the trend line. This is a key risk to the setup compressing towards the lower end of the range below. But they are also partly offset by two business model developments that keep the setup in play. C...
A Hong Kong investment tycoon sold two luxury apartments in the city’s Peak area for HK$900 million ($115 million), marking one of the biggest residential deals in the financial hub this year. Johnson Ko , a veteran businessman in the city, offloaded two connected flats at Mount Nicholson this week, according to land registry records. The project boasts the record for Asia’s most expensive apartme...
A Hong Kong investment tycoon sold two luxury apartments in the city’s Peak area for HK$900 million ($115 million), marking one of the biggest residential deals in the financial hub this year. Johnson Ko , a veteran businessman in the city, offloaded two connected flats at Mount Nicholson this week, according to land registry records. The project boasts the record for Asia’s most expensive apartment per square foot. The sale price is 38% higher than the HK$652 million Ko paid for the properties in 2017. The buyers are two offshore companies — Prime Alliance Investment Ltd. and Venture Gains Investment Ltd. — and it wasn’t immediately clear who the ultimate beneficial owners are. Ko is executive director of Frontier Services Group Ltd. , a company founded by Blackwater’s Erik Prince to provide logistical, aviation and security services. Ko started Reorient Group, a boutique brokerage and investment firm that was acquired by Jack Ma-backed Yunfeng Financial Holdings Ltd. in 2015. A spokesperson for Frontier Services didn’t respond to a request for comment. Hong Kong House Sells for $133 Million With 25% Gain Over Decade New World’s Once-Hot Luxury Development Returns at a Cut Price Hong Kong Ultra-Luxury Home Sales Slide After Stamp Duty Hike Hong Kong’s home prices have been recovering since the second half of last year, fueled by demand from mainland buyers. Despite a recent stamp duty hike for ultra-luxury homes, Midland Realty expects high-end transactions to surpass 2018’s record this year, according to a report by the property agency.
JHVEPhoto/iStock Editorial via Getty Images Sometimes you encounter companies that, from the perspective of legacy appeal, have a significant upside - but then something fundamental in the market changes, and their appeal is in question. That is, I believe, a good description of many IT services and companies in the light of AI, but it definitely describes the company Autodesk ( ADSK ). That analy...
JHVEPhoto/iStock Editorial via Getty Images Sometimes you encounter companies that, from the perspective of legacy appeal, have a significant upside - but then something fundamental in the market changes, and their appeal is in question. That is, I believe, a good description of many IT services and companies in the light of AI, but it definitely describes the company Autodesk ( ADSK ). That analysts are split on the company is an understatement. Autodesk is down 20% in a year, next to the SPY, which is up. It's considered a "STRONG BUY" by Wall Street averages; Quant has it at "BUY", while SA averages are at "HOLD". So what's going on with Autodesk? How does it fare with the AI surging, and how is it meeting these challenges? My own experience with Autodesk goes back many years. Before deciding to go into an entirely different direction career-wise, I actually thought about going into IT and design. At the time, I was in the older versions of what was then called 3D Studio MAX. However, for me, life took a different turn, and I haven't worked actively with any such products for over 20 years, so when I looked at this company, I found myself quite nostalgic but also interested. Back when I was in the "game", the company was primarily a 2D and 3D drafting and modeling company, with the typical licensing model of owning forever, with localized PC installation as opposed to clouds. The current focus for the company is a Data-driven ecosystem with generative AI for its ideas and software. It now uses SaaS and subscriptions, like any modern software. I honestly never thought I'd see the day when, instead of paying $30,000 for a full version of something like the EastWest suite, it would instead come down to a subscription fee - but this is where we are. The company's products can now be used both on desktops and on mobiles and on other devices with cloud sync. I looked for a bit at what has changed and was amazed at how we've moved from manual drawing and blocking to sma...
Large-scale attack on Russian regions and huge oil refinery comes after 24 were killed when missile hit flats in Kyiv Ukraine has launched a large-scale long-range drone attack targeting several regions in Russia including the huge Ryazan oil refinery, after three days of massive strikes by Moscow against Ukraine. Kyiv’s attack on Friday followed a series of drone and missile attacks on Ukraine , ...
Large-scale attack on Russian regions and huge oil refinery comes after 24 were killed when missile hit flats in Kyiv Ukraine has launched a large-scale long-range drone attack targeting several regions in Russia including the huge Ryazan oil refinery, after three days of massive strikes by Moscow against Ukraine. Kyiv’s attack on Friday followed a series of drone and missile attacks on Ukraine , including on the capital, Kyiv, where a cruise missile hit an apartment block on Thursday, killing 24 people including three children. Continue reading...