Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 210 | Founded | 4 years ago | Last Issue | 10 days ago |
| Active | |||||
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invariant.substack.comLatest Issues
Scandinavian Tobacco Group: What If?
Q1'26 note.
“We have set a clear direction of prioritizing our investments, putting more emphasis on our power brands. We’ve taken steps to reduce complexity in our organization and in our portfolios, and we started to execute on our plans...
Imperial Brands: Solemn
H1'26 note.
“We’ve announced a 4% increase in our ordinary dividend, and we’re on track with our GBP 1.45 billion share buyback. Now this is our fourth consecutive year of share buybacks and brings the total capital returned to investors s...
Haypp Group: Engine for the New Environment
Q1'26 note.
“The trees here are in misery, and the birds are in misery. I don’t think they sing; they just screech in pain. It’s a land that God, if he exists, has created in anger. Taking a close look at what’s around us, there is some so...
Logista: Still Truckin'
H1’26 note.
“Looking ahead to the remainder of fiscal year 2026, we reiterate our guidance and expect adjusted EBIT, excluding profit on inventory to grow at a mid-single-digit rate. This growth will be supported by continued strength of o...
Altria: An Oral History
Q1'26 note.
“The smokeable products segment delivered strong financial performance in the first quarter, reflecting the continued resilience of our smokeable business. Segment adjusted OCI grew by 6.3% with adjusted OCI margins expanding t...
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