Rentokil: Will the Terminix Integration Deliver?
The market treats a 20%+ North American margin by 2027 as a scheduling problem. The back half of this integration may decide otherwise.
Watchlist
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Harley-Davidson: Can the Dealer Network Sell the Recovery?
HOG betting its turnaround on a cheap entry bike. The strategy assumes a dealer network that's quietly falling apart can still sell volume. We're not sure it can.
McDonald's: Is the Franchise Model Repricing?
The asset-light premium assumes operators absorb the strain. Operator relations just hit a survey low. We think the model itself is the live question.
Eli Lilly: Eli Lilly: Can Retatrutide Actually Be Monetised?
The most effective weight-loss drug ever made arrives into a price war — with a two-year gray-market head start that may have already set its price.
Lululemon: Is the US demand in terminal decline?
The balance sheet is pristine and the stock is washed out. The only question that matters is whether the home-market brand is softening — or breaking
CoreWeave: Can the Rental Model Hold?
A $99bn backlog, investment-grade debt, and a fleet of depreciating chips. We're mapping which one breaks first — and who we'd call to find out.