Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 225 | Founded | 4 years ago | Last Issue | 8 days ago |
| Active | |||||
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invariant.substack.comLatest Issues
Imperial Brands: On the Table
Perspective on Paravicini’s plan.
“I just want to make one point. In a company where every $100 you sell, $50 go straight into profit, savings are very important. As an ex-CFO, as a CEO, I will never leave money on the table.” - Lukas Para...
Escalation: Altria Steps Up to the FDA
“You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing.” - Thomas Sowell
Over the last handful of years, there has been a constant, sometimes rampant, stream of...
Scandinavian Tobacco Group: Shear
Q2'26 note.
“With this sale, we are getting back to a more comfortable leverage level where we would like to operate. So, as we also said in the presentation, we will likely be below the target of 2.5x. It's too early for us to say anythin...
Logista: Another Seed
Q3'26 note.
“Don’t judge each day by the harvest you reap but by the seeds that you plant.” - Robert Louis Stevenson
Haypp Group: Welcome to the Jungle
Q2'26 note.
“Welcome to the jungle, we got fun and games / We got everything you want, honey, we know the names” – Guns N’ Roses
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