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Equity Bits

@EquityBitsEmail

Equity Bits highlights comp-advantaged, high-ROIIC cos occupying dominant & emerging market-leading positions in growth industries trading under 20X earnings.

EquityBits.Substack.com
Joined September 2024
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Equity Bits (formerly Capital Light) is an investing newsletter focused on global competitively advantaged businesses occupying a dominant or emerging market-leading position in growth industries. Run by @LukeWolgram Link in bio!
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Auto Partner H1 2026 update is now live! Four factors are driving margins higher this year: The Export Business Auto Parts Inflation/Deflation cycle Oil prices Currency Fluctuations Link in bio & first reply!
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Tomorrow, at 8 AM PT/11 AM ET, Equity Bits is publishing an update on Auto Partner $APR.WA. Auto Partner has seen margins soar in H1 2026. Equity Bits explains the four factors driving margins this year, with the goal of understanding long-term sustainability. Link in bio!
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Retail investors tend to overrate TAM. A company that dominates a small niche gets pricing power and little competition. A company chasing share in a huge, established market gets neither.
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Tomorrow, at 8 AM PT/11 AM ET, Equity Bits highlights some of the Top Research and Pitches in May & June 2026. Link in bio!
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Paying up for quality caps your upside. It's fine for just beating the market, not for spectacular returns. The real money is buying great companies early, before high ROIC shows up in the numbers and the multiple catches up. Equity Bits hunts these under 10x EV/EBIT.
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Riken Keiki $7734 FY25 Update. Equity Bit's base case is for ¥5000 per share or 37% upside from the most current price of ¥3650. Equity Bits continues to believe that Riken Keiki remains materially undervalued. Link in bio.
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ACTIONABLE IDEA #5: Riken Keiki (7734) — FY25 Update Riken Keiki released FY25 earnings and a new medium-term management plan on May 13, 2026. Highlights for FY25: -> Revenue ¥55.2B (+12.6% YoY) -> Operating Profit ¥12.4B (+16.8% YoY) -> Net Profit ¥9.96B (+24.4% YoY)
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Historical guidance history, along with backlog strength, continues to support the idea that management is conservative on targets.
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Equity Bits believes the stock remains attractive, trading at almost half the multiples of Western peers, despite a dominant market position and leading market share. At an EV/EBIT of 11.7, Equity Bits believes there remains upside to a mid to high teens multiple. Long $7734.
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Capital Light is rebranding to Equity Bits. This rebrand will give the newsletter more flexibility in the types of companies covered, and implies a shorter, punchier type of coverage in the future.
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April's Top Research and Top Pitches! Longs: Alta Fox - $PBH.TO Shorts: Wolfpack Research - $POET Morpheus Research - $FIGR Callisto Research - $SRAD Grizzly Research - $PGHN Link in bio!
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Updated Capital Light performance metrics.
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Capital Light just published on Riken Keiki TSE: $7734. Riken Keiki's business model is underappreciated by the market. 7734 trades at a discount to all major peers. CL sees 30% immediate upside to fair value, and as much as 100% upside by 2027 in a bull case. Link in bio!
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Tomorrow, Capital Light is publishing on a new Japanese long idea that it believes has up to 100% upside by 2027. Post goes live at 10 AM ET/7 AM PT. Link in bio!
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