YB new stock pitches (Tue, Jun 10)

Comstock Inc. (LODE) combines a high-margin metals recycling business with promising biofuels technology and valuable assets. The PV recycling division (Metals) is the only North American recycler with R2v3/RIOS certification, allowing it to issue liability-terminating certificates to utility customers, with projected earnings of $107M by 2030 assuming 30% market share despite tipping fees dropping from $500 to $100/ton. The biofuels division (Bioleum) recently raised $20M at a $1B+ valuation with 48%+ gross margins and $8/gallon pricing, operating as a separate entity with Comstock retaining ~70% economic interest. Additional assets include Silver Springs real estate ($100M+), Green Li-ion shares ($19M), and Nevada mining assets ($30-50M). Despite current financial tightening affecting planned financings, Metals requires only $6M for its first 50k ton/year plant, likely funded through Comstock-level dilution. At current prices, LODE trades 90% below its risked fair value of $12.71/share, offering asymmetric upside potential from both the established recycling business and the transformative biofuel opportunity.

Read the full article here. Read time: 16 min

Moury Construct, a family-owned Belgian construction firm trading at 3x EV/EBITDA with a 20%+ ROE, offers significant value with its fortress balance sheet (€120M net cash), record €361M backlog (two years of revenue), and increasing dividends (€12.50 regular + €5 special). The company operates a vertically integrated model with in-house trades (carpentry, HVAC, joinery) that provides margin control and consistently delivers 15.5% EBIT margins despite construction industry volatility. With negative working capital, minimal capex (1.3% of revenue), and strong cash flow conversion, Moury has built a capital-light business that requires little reinvestment. Despite its century-long history, diversified exposure across residential/commercial/public projects, and strong execution, the stock remains severely undervalued due to limited liquidity, family control, and sector perception. Growth opportunities include executing on backlog, potential acquisitions, and benefiting from EU green building retrofits and public infrastructure investment.

Read the full article here. Read time: 50 min

Gaztransport & Technigaz SA (GTT.PA) is a dominant manufacturer of LNG containment systems with an 80-90% market share and exceptional financials including 93% ROIC, 47% ROA, 96% gross margin, 47% free cash flow, no debt, and 50% revenue growth last year. Trading at 18x trailing and 15x forward PE, GTT appears undervalued compared to high-ROIC peers like Nvidia (45x/29x), Rightmove (26-30x), Games Workshop (26-30x), and Hermes (50x+). The company's competitive moat stems from heavily patented intellectual property, high barriers to entry in a complex and regulated industry, customer stickiness due to high switching costs, and a long track record since 1963. However, concerns include the stock's recent surge (up 25% YTD and 15% in the past month) and the cyclical nature of the LNG market, which appears to be in an upcycle phase, potentially making this a less-than-ideal entry point despite the company's strong fundamentals.

Read the full article here. Read time: 3 min