Coverage

AI ad platform at 13.3x my FY27 EBITDA after a beat-and-raise Q3. The discount to peers my BUY case rested on is gone, and the bull and bear cases are now about the same size.

Cross-border payment processor for emerging markets, where volume compounds faster than revenue and the whole question is whether existing merchants keep buying more.

Roofing and insulation distributor at 4.6x net after TopBuild. Almost nothing stops QXO from putting secured debt ahead of the unsecured notes, and the term loan gives up only ~60bp of spread for a first lien.

Fluorochemicals duopoly funding a TiO2 trough; the PFAS discount that made the 2028s cheap has largely closed.

LTL carrier deleveraging on operating self-help rather than a freight recovery, with a clean secured stack where the tranche choice matters more than the credit call.