Daily Brief United States: BillionToOne, Tile Shop Holdings , Bel Fuse, Bath & Body Works , Base Oil, Topgolf Callaway Brands , Alliance Laundry Holdings, Apple and more

• Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.
• BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.
• IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.

• TTSH plans to delist from Nasdaq using a reverse/forward stock split, cashing out fractional shareholders at $6.60/share.
• Management owns 37% of TTSH, while Fund 1 Investments holds 29%; approval of the proposal is likely.
• Historical precedents show similar reverse/forward split transactions mostly succeed, with only 2 out of 11 failing.

• Bel Fuse’s Class A and B shares have a 25% price spread; historical trends suggest eventual price convergence.
• Lennar’s divestiture of MRP stake offers a 6.38% premium; government shutdown delays SEC approval, affecting exchange timeline.
• LakeShore Biopharma’s privatization offer faces widened spread due to Nasdaq delisting; liquidity issues persist despite 18% upside potential.

Key points (machine generated)

• Bath & Body Works is led by new CEO Daniel Heaf, who has a strong background from Nike and Burberry.
• The company is experiencing a turnaround with positive revenue trends and is trading at multi-year lows, indicating a discounted valuation.
• BBWI is focusing on expanding its product lines and has significant free cash flow for aggressive share repurchases, with analysts projecting a 106% upside to a price target of $60.81.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Asia’s base oils prices extend fall vs gasoil prices, with Group II heavy-grade differentials slipping to lowest since start of Q3 2024.
• Ongoing squeeze on base oils margins increases importance for refiners to maintain balanced-to-tight supplies to boost their leverage to adjust prices accordingly.
• Weaker margins and importance of balanced supplies boost incentive for refiners to adjust output accordingly.

Key points (machine generated)

• TopGolf Callaway plans to spin off or sell its TopGolf Entertainment business by 2026 while keeping its core Golf and Apparel operations.
• Callaway’s remaining assets are valued at approximately 5x the estimated EPS of $1.57 for 2027, with analysts predicting a potential 50% upside due to various market factors.
• A target stock price of $19 is suggested for Callaway, indicating a 125% upside, with recommendations to take a long position in MODG and short LUCK.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Alliance Laundry Holdings (ALH US) went public on 9 October 2025 on the NYSE and has a current market cap of $5.3bn.
• Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.
• Global index inclusion is uncertain beyond February 2026, due to float cap constraints.

• US base oils demand likely to weaken over coming weeks amid seasonal slowdown in requirements and expected rise in supply.
• US Group II domestic price-premium to export prices stay in narrow range at time of year when it typically widens.
• Steady domestic price-premium points to more balanced fundamentals, curbs pressure on any imminent adjustment in those domestic prices.

• Asia’s base oils demand likely to stay cautious in face of seasonal slowdown in consumption and expectations of healthy availability of supply.
• Firmer Group II prices in markets like India and China relative to FOB Asia cargo prices point to steadier buying interest in those markets.
• Any such buying interest could reflect impact of or concern about tighter supply because of recent or upcoming plant-maintenance work in countries that supply those markets.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.
• We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150