Start Here: The Value Junkie Archive
Rigorous bottom-up equity research across global markets
The Value Junkie Archive
A running index of everything published on this Substack.
Deep Dives
D’Ieteren (DIE BB): The Belgian Holdco Hiding a World-Class Business at Half Price
80% of NAV sits in an exceptional business about to go public, yet the stock trades at a 50% discount to NAV. The Belron IPO looks increasingly likely and D’Ieteren is the only way to play it.
Idun Industrier: The Next Great Swedish Serial Acquirer That Nobody Talks About?
Sweden has produced the world’s greatest concentration of acquisition-driven compounders. Idun is the most aligned of the emerging generation, and right now it is under-earning.
TerraVest: Chairman Insider Trading Allegations, and Why I Added on the Drop
A significant governance blow, but a 32% drop feels like an overreaction for a business whose compounding engine remains intact.
Situation Updates
Whitbread (WTB LN): Checking Out of Restaurants, Checking Into Returns Focus
FY26 results and strategic reset: shedding restaurants, cutting capex, and management shifting to a returns focus. Right steps, execution risk remains, Corvex lurking.
Whitbread (WTB LN): An Interesting Activist Situation
Activist-driven strategic review highlights potential to unlock value, with a shift toward a capital-light model as a key lever.
VJ Distilled: Ideas to Watch
4th May 2026
Four ideas worth putting on your radar: a commodity volatility beneficiary, a capital pivot the market has not priced, an AI panic selloff, and a cheap CEE banking consolidator.
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