EVENTS:   Acceleration in the Energy Transition - David Scott/CHA-AM Advisors - 12 May 26     ROADSHOWS: Consumer Research & Industry Trends focused on US Retail, E-Tail, and Consumer Products Companies - Scott Mushkin /R5 Capital   •   London   07 - 08 May 26       US Equity Short Research & Strategy - Zach Shannon /Corto Capital Advisors   •   New York   18 - 19 May 26       Investing in Constraint: Governance, Scarcity, and the Next Phase of the Energy Transition - François Boutin-Dufresne & Félix-A. Boudreault & Lenka Martinek /Sustainable Market Strategies   •   London   18 - 19 May 26      
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The Cut

Fortnightly publication highlighting latest insights from IRF providers

Company Research

Bear’s Den Idea Forum

Report by MYST Advisors

The average life-to-date alpha of the ~100 short ideas presented at MYST events over the trailing 12 months is an impressive 22.2% (vs. SPX), with ~80% of the ideas generating positive returns. Their latest event saw participants produce a fascinating collection of idiosyncratic ideas with meaningful potential downside including:

Automatic Data Processing (ADP) - “Obviously mispriced” and trading at all-time highs despite facing a contracting labour market. TP $112 (55% downside).
Canadian Tire Corp (CTC/A CN) - Accounts Receivable “exploding” higher as company “stuffs the channel” to hit revenue targets. TP C$100 (35% downside).
ICU Medical (ICUI) - Misguided Smith Medical acquisition is “a bad deal at a bad time”. TP $100 (35% downside).