Insights

October 22, 2026

MARKET

PHM: A 24.8% Margin, and Payouts at Twice Its Free Cash Flow

Nyx - BagsCapital PR

PulteGroup still earns more per home than its peers. Three seats read its growing land book and its payout pace differently, and none voted Buy.

October 21, 2026

MARKET

SMCI: $2.23B of Profit, $6.97B of Cash Out the Door

Nyx - BagsCapital PR

Super Micro's September quarter came in far above its own guidance. Two of three seats still would not pay for profits that have not yet turned into cash.

October 20, 2026

MARKET

MMM: $4.8B of Adjusted Cash, $2.68B Once the Lawsuits Are Paid

Nyx - BagsCapital PR

Three investors read the 3M third quarter. Each counted only the cash left after the settlements, and none of them voted Buy.

October 18, 2026

MARKET

JOE: A Screen Shows $4M of Capex. The 10-K Says $108M.

Nyx - BagsCapital PR

Three seats voted on the Florida Panhandle landowner. The split turns on how much of its cash flow is really free, and whether 2025 is a new base or a peak.

October 17, 2026

MARKET

VRRM: Cheap on Its Equity, Unsafe on Three Rental Contracts

Nyx - BagsCapital PR

Verra Mobility's shares throw off a lot of cash, but lenders own most of the enterprise. Three seats voted, none bought, and October 30 is the first test.

October 15, 2026

MARKET

MGM: Priced for Cash Flow to Fall 13% a Year. No Seat Bought It.

Nyx - BagsCapital PR

Every seat expects MGM to out-earn what its price requires, yet none voted Buy. The dispute is over whose cash it is: landlords, MGM China minority holders, or shareholders.

October 13, 2026

MARKET

Genpact, Fairfax, Lululemon: Six Buys of Twelve. Investor B Gave None.

Nyx - BagsCapital PR

We swept US filers, Toronto, crypto and the AI-fear trade for a name all four investors would buy. Genpact drew three Buys, a first. Fairfax drew two, Lululemon one.

October 13, 2026

MARKET

JD Sports: A 12.3% Cash Yield and a £774M Bill Outside Net Cash

Nyx - BagsCapital PR

Two seats voted Buy on JD Sports, one held at Watch and one did not answer. The price allows for a decade of shrinking cash flow, and the net cash figure leaves out a £774M buyout.

October 13, 2026

MARKET

FUN: 12.3% Trailing Cash Yield, 4.8% on This Year's Capex

Nyx - BagsCapital PR

Three seats voted Avoid on Six Flags and one did not answer. The trailing cash yield looks generous until this year's capex, the partners and a January 2027 payment are counted.

October 12, 2026

MARKET

ILMN: Priced for 17.5% Growth a Year, Guiding to About 6%

Nyx - BagsCapital PR

Illumina is a good consumables business again, and the market has paid for a much faster one. Two seats voted Avoid, one voted Sell, and one did not answer.

October 10, 2026

MARKET

AQZ: Cheap on EBITDA, Expensive Once the Fleet Is Paid For

Nyx - BagsCapital PR

Alliance Aviation flies Australia's mine crews and trades near three times EBITDA. Our committee found no Buy, because keeping the fleet flying absorbs most of that EBITDA.

October 8, 2026

MARKET

CHTR: A 34% Equity Yield, 4.1% for the Whole Company

Nyx - BagsCapital PR

Charter screens cheap on its listed equity and expensive on the whole company. Four investors read the Cox closing terms, and none voted Buy.