YB new stock pitches (Thu, Mar 5)

NURS.V: 50-state mobile healthcare/telemedicine platform at intersection of home healthcare, wellness/med aesthetics & telehealth. VSDHOne launched Q2 2024, migrating established order flow (1.3M+ orders 2025, 2.5K+ licenses sold). Legacy verticals (3K+ nurses, franchise white-label) grew 20-30% organically, covering ~C$8M fixed cost base after 4 profitable quarters. Most treatments recurring (GLP-1s, TRT, peptides); AOV ~C$17-20, targeting C$40+ long-term. Pharmacy margins 18-20%, expanding to 26-30% post-Perfect Scripts integration (5% stake, option to 40%). 2026 guidance: C$150M revenue, 15-17% EBITDA margins—implies 30%+ lower order run rate vs Dec levels or 65%+ AOV compression. Trading 6.2x 2026 EBITDA vs peers at 15x+. Net cash C$32.7M pro forma. Uplisting to Nasdaq in progress. Risks: GLP-1 regulatory uncertainty, pharmacy partner scrutiny, insider ownership concerns, capital raising activity.

Read the full article here. Read time: 75 min

GCI Liberty (GLIBK), Alaska's dominant telecom provider generating ~$350M in FCF with 70% from broadband services to hospitals and schools (90% government-funded via Universal Service Fund), trades at 10x EV/FCF versus peers at a premium despite superior tax shields from a ~$1B tax basis step-up that eliminates cash taxes for a decade. The company, led by John Malone (7% equity, 51% voting control) who has been buying shares and backstopped a $300M rights offering, is positioned as an 'advantaged acquirer' with ~$630M net debt targeting 3-3.5x leverage, providing approximately $2B in M&A capacity to replicate Liberty Media's serial acquisition playbook by buying cash-generative communications assets at ~5x EBITDA. Starlink risk is overblown based on primary research showing zero churn among Alaska's 216 hospitals requiring fiber reliability and limited school churn only in remote districts where GCI is building funded infrastructure projects like AIRRAQ. The investment offers asymmetric risk/reward with downside protection at 9x FCF standalonevaluation three years out, while successful M&A execution could drive a re-rating to 15x+ FCF, delivering 100-200% equity upside over three years as the market shifts from viewing it as a telecom to a compounder, with current shares at $37 implying a $1.4B market cap.

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BEW.V: Asset-light IoT tracker (500k devices deployed, 24 consecutive +EBITDA qtrs) trades 3x 2026 sales vs 8x peer avg. Q4/Q1 strongest seasonally. 8 catalysts: 1) BeBatt launch (sub-$50 device, 10yr battery) 2) DaaS rental model (2x LTV, 6mo payback) 3) Margin inflection to 40% GM/20% EBITDA margin by 2028 (from 33%/12%) 4) AST SpaceMobile satellite connectivity via firmware update (zero capex, 85% untracked cargo TAM) 5) Europe entry via Vodafone board connection 6) TSX uplisting likely 2027 7) Seasonal strength 8) Takeout potential. 50%+ EBITDA CAGR to 2028. C$3 PT in 3yrs.

Read the full article here. Read time: 11 min