Independent Research, Food Delivery Space, Newmoon Capital

Newmoon Capital

Independent Research, Food Delivery Space

We look for owner-operators in what we believe are either highly defensible assets or soon to be highly defensible assets, trading at a fraction of their future potential.

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<ul><li>ENR should do 15.4% EBITDA margin in FY26 versus GEV at 13.6%, or 180bps higher.</li><li>Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is actually 280bps.</li><li>Far higher margin.</li></ul>

ENR should do 15.4% EBITDA margin in FY26 versus GEV at 13.6%, or 180bps higher.Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is actually 280bps.Far higher margin.

United States

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

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GE Vernova (GEV US)

Bigger, Better, Faster

Also remember that ENR has a 100bps penalty from the Siemens AG royalty payments that will sunset in a few years and so the real margin delta is...

Newmoon Capital

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