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Equity research and DCF theses from the EquityForge community.
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Celsius Holdings - growth gone awry
Value investment, or Value trap?I came across Celsius Holdings while browsing the value investing subreddit, where someone asked whether CELH represented the epitome of a classic value investment... s…
By Rhughes · Aug 5, 2026 · 113 views
Wix - Narrative vs. Numbers
The Growth StoryOver the last decade, Wix saw its revenue grow at an astonishing pace. from the mid 40's pre-2020, to the low teen's today. AI is not new, but every year, it seemingly becomes more cap…
By Rhughes · Jul 22, 2026 · 133 views
Dropbox: The Buyback You Forgot About
18 million paying users may be priced 35% below a conservative intrinsic value.The company grew paying users from 13 million in 2019, to a peak of 18.22 million in FY24. That trend has since started t…
By Rhughes · Jun 23, 2026 · 37 views
Novo Nordisk - a Classic Value Trap
A stock price 68% off its all time highs does not make it a quality value opportunity. In fact, in the case of Novo Nordisk, my base case (assuming market share rebound due to the success of their ora…
By Rhughes · Jun 11, 2026 · 66 views
Lulu Lemon: Mirroring Aritzias 2023 issues
Lululemon’s recent slowdown is driven less by structural deterioration and more by a combination of U.S. market saturation and cyclical execution missteps, creating a disconnect between fundamentals a…
By Rhughes · Jun 5, 2026 · 33 views
Carter’s: The Undervalued Backbone of Baby Apparel
There’s decent value in baby clothing!As a new dad, I have spent my fair share of time at our local Carter’s. I always assumed it was expensive, and was pleasantly surprised when I found out how reaso…
By Rhughes · Jun 4, 2026 · 21 views
Northland Power: Infrastructure powering the AI Boom
Chip production powered by wind!The question is not whether Artificial intelligence is valuable or not. unequivocally… it is. The question is also not whether the main beneficiaries are solid companie…
By Rhughes · May 27, 2026 · 39 views
PayPal.. the Platform Beyond the Wallet: Valuation/Analysis
Behind all of the fear is a boring business building the financial plumbing of our world going forward.Hop onto any investing forum and you are bound to come across many opinions of Paypal. I have see…
By Rhughes · May 26, 2026 · 76 views
Adobe: The SaaS-pocalypse might have created an attractive entry point!
I will write up a full analysis on my Adobe position at some point in the future. this is just to test my new Content management system!I recently completed my DCF for Adobe. I looked at a few differe…
By Rhughes · May 25, 2026 · 135 views