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Invariant

Devin LaSarre

Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.

Platform
Substack
PricingOnly free issuesPublishesWeekly
Issues95SubscribersRead invariant.substack.com

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#201
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/Finance(Free)

Latest Issues

Recent posts by this newsletter. Browse the email archive.

Logista: Undisturbed

“Logista will continue to record sustained growth for the year 2024, estimating mid-single digit growth in Adjusted EBIT over that achieved in 2023. This expected growth excludes the effect of the €30 million impact on the value of inventor...

a month ago
27
2

Scandinavian Tobacco Group: Across the Board

“Net sales increased from DKK 6.7 billion in 2018 to DKK 8.7 billion in 2023, an increase of close to 30%. The EBITDA margin has improved from about 20% in 2018 to 24.1% in 2023. And the free cash flow before acquisitions has each year been...

a month ago
28
0

The Nicotine Arc

“It literally took the judges two minutes to see the winner, and then they concentrated on who is coming second.” \- Dorian Yates

2 months ago
43
5

Haypp Group: Ahead of the Nicotine Pouch Megatrend

“The consumer demand continues to increase, and the volume of nicotine pouches has grown by 46% during the quarter relative to Q4 2022. This is 2 percentage points higher than the 44%, which we grew for the full year. And on the back of thi...

2 months ago
46
31

Authors

The writers behind this newsletter.

  • Devin LaSarre

    Strategist, designer, investor.

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