Riskified (NAS:RSKD) — mrkt cap $750mm; Price $4.64; EV/EBITDA NA
MORE RESEARCH NEEDED. Riskified provides fraud prevention infrastructure to mid-sized e-commerce merchants via an API that analyzes transaction data in real time. Their pricing is volume-based, and demand for their service is growing as online fraud becomes more complex. The platform combines machine learning, identity clustering, and data fusion to detect suspicious behavior and prevent chargebacks. Merchants benefit from higher approval rates and reduced fraud losses. Revenue grew 10% in 2024, with 15% GMV growth, and the company is guiding to further revenue and margin expansion in 2025. While more work is needed on the competitive landscape, we find the underlying technology compelling and see potential for sustained growth.
Nanalysis (TSE:NSCI) — mrkt cap $30mm; Price $.26; EV/EBITDA NA
MORE RESEARCH NEEDED. Nanalysis is a leader in Benchmark Nuclear Magnetic Resonance (NMR) spectrometers. Adoption of Benchmark NMR is a growing trend, offering a lower-cost and more accurate alternative to traditional methods such as gas chromatography. Nanalysis primarily competes with Magritek and Bruker. Management appears to be rational and disciplined, now in the later stages of stabilizing the business following a disruptive service acquisition. While the company’s large service arm provides a meaningful competitive edge over Magritek, there remains some uncertainty regarding which product is technologically superior. That said, current valuation suggests the market is discounting the company entirely. If Nanalysis can achieve profitability through either the service or product segment, the stock could re-rate meaningfully. We will continue to monitor the development of both segments. Thanks to subscriber Peter for flagging this.
OVH Group (PA:OVH) — mrkt cap €1.9B; Price €12.69; EV/EBITDA NA
MORE RESEARCH NEEDED. OVH Group is a French cloud computing and web hosting company that offers Infrastructure-as-a-Service, including dedicated servers and public/private cloud solutions. We’ve been exploring ways to invest in the decoupling between Europe and the U.S., and one emerging angle is data repatriation. The U.S. currently hosts nearly 50% of global data centers, and as AI advances, data localization is increasingly viewed as a national security priority. OVH could be a potential European beneficiary. Further work is needed to assess its technical capabilities and product offerings to be able to capitalize on this trend.