CoreMedics (CRMD) is presented as a high-conviction med-tech play with the potential for a 20x return as it begins its commercial product rollout. With its stock down approximately 40% from its highs, energy drink leader Celsius (CELH) is viewed as a timely buying opportunity in a high-growth category winner. For real estate exposure, consider **

Celsius Holdings (CELH)

• The speaker views Celsius as the clear "category winner" in terms of growth in the energy drink market, even though Red Bull and Monster still have larger market shares.
• The growth strategy is to appeal to women and casual energy drink consumers who are not attracted to the "extreme marketing" of its competitors.
• The company is benefiting from a broader trend of younger consumers moving away from coffee (Starbucks is mentioned as "not doing well") and towards energy drinks.
• The business model is described as "wonderful" because caffeine creates addiction and recurring revenue.
• Celsius recently acquired its main emerging threat, Alani, strengthening its competitive position.
• The speaker agrees with a Goldman Sachs projection of Celsius reaching 20% market share by 2026 and sees significant potential for international expansion.
• The stock is considered cheap based on the speaker's proprietary metric, with an EV/GP/RG of 0.43 (a value under 0.5 is considered cheap).
• Financial health appears strong, with an EBITDA margin of 28% ("cash machine") and a Rule of 40 score of 63.
• The stock is currently trading approximately 40% below its recent highs, which the speaker sees as an opportunity given the company is fundamentally stronger after the Alani acquisition.
• A key strength is its marketing and rapid innovation, with 29 flavors and frequent limited-edition releases that drive store traffic and create novelty, similar to a "fast fashion" model.

Takeaways

• Bullish Sentiment: The speaker is very positive about the company's growth trajectory and competitive positioning.
• Growth Play: This is presented as an investment in a high-growth company that is actively taking market share in a large and profitable industry.
• Valuation Opportunity: The stock is considered undervalued, especially since it is trading significantly off its highs despite recent strategic improvements like the Alani acquisition.
• Durable Business Model: The recurring revenue nature of caffeinated beverages and the company's innovative marketing provide a strong foundation for sustained growth.

Nebius (Ticker Not Mentioned)

• This is presented as a major play on the Artificial Intelligence (AI) boom, which the speaker believes is "real" and not "hype." The speaker even considers NVIDIA (NVDA) to be undervalued.
• The core thesis is the massive need for new data centers specifically designed for GPUs, as existing centers were built for the prior CPU era.
• Nebius secured a transformative $19.4 billion contract with Microsoft to build and operate AI data centers over a five-year period.
  • This breaks down to approximately $3.88 billion in revenue per year.
  • This is a massive increase from its trailing twelve-month revenue of $249 million.
  • The speaker projects revenue growth could exceed 1,000% as this deal materializes, with revenue starting to be recognized by the end of the current year.
• The valuation is considered "very cheap" with an EV/GP/RG of 0.12 and a Rule of 40 score of 1,400, reflecting the massive expected growth.
• The company has "hidden value" through its 28% ownership stake in ClickHouse, a database company the speaker compares to multi-billion dollar companies like Snowflake (SNOW) and Databricks. This stake alone could be worth billions.
• The speaker views Nebius as a potential "mini big tech" company due to its integrated software/hardware approach and the strong industry relationships of its CEO (former CEO of Yandex Russia).

Takeaways

• Extremely Bullish Sentiment: The speaker sees Nebius as a company on the verge of explosive, transformational growth.
• Direct AI Infrastructure Play: This is an investment directly tied to the build-out of essential infrastructure for the AI revolution.
• Massive Undervaluation: The current stock price is seen as not reflecting the enormous revenue coming from the Microsoft deal or the value of its stake in ClickHouse.
• Catalyst-Driven: The primary investment catalyst is the execution of the Microsoft contract over the next 12 months, which should lead to a dramatic re-rating of the stock.
• Buy on Weakness: The speaker notes that while it's psychologically tough to buy after a large run-up, any fear-induced pullback would be a very attractive buying opportunity.

CoreMedics (CRMD)

• CoreMedics has developed a catheter lock solution that prevents life-threatening and costly infections for patients undergoing dialysis or receiving nutrition through a catheter (TPN).
• The product has a strong value proposition: insurance and Medicare are highly motivated to pay $200 for the preventative vial to avoid a $100,000 hospitalization bill for treating an infection.
• The company is in the process of rolling out its product with the two dominant dialysis providers in the market (Fresenius and DaVita).
• CoreMedics is expanding its addressable market to TPN patients and has acquired a portfolio of other anti-infection and antifungal products, positioning itself as a broader "anti-infection company."
• The primary investment thesis is that it is a great medical company that is currently "dirt cheap."
• The valuation is exceptionally low, with an EV/GP/RG of 0.04. The speaker notes that if the stock were to re-rate to a valuation of 0.5, it would represent a 20x increase in price.
• The company's growth and profitability metrics are strong, with a Rule of 40 score of 221.

Takeaways

• Very Bullish Sentiment: The speaker is pounding the table on this stock due to its combination of a strong product and an extremely low valuation.
• High-Upside Potential: This is presented as a small-cap med-tech stock with the potential for exponential returns if it successfully executes its commercial rollout and the market recognizes its value.
• Clear Value Proposition: The investment is easy to understand—the company saves the healthcare system significant amounts of money, which should drive adoption.
• Early-Stage Commercialization: The investment is timely as the company is just beginning its major commercial rollout, offering a chance to get in before the growth fully materializes in the financial results.

The Real Brokerage (REAX)

• The Real Brokerage is a disruptive, cloud-based real estate brokerage with no physical offices, operating entirely through an app.
• Its business model is to disrupt traditional brokers (Keller Williams, Century 21) by attracting their top-performing agents.
• It achieves this by offering agents a superior commission structure, allowing them to keep 100% of their commission after paying a set cap to the company.
• This asset-light model has allowed the company to grow revenue at approximately 50% per year, even during a major downturn in the number of real estate transactions.
• The speaker prefers this model to capital-intensive disruptors like Open Door (OPEN).
• The stock is considered "relatively undiscovered" and cheap for its growth rate, with an EV/GP/RG of 0.12 and a Rule of 40 score of 53.
• The speaker has seen REAX signs in their own neighborhood while not having seen an Open Door sign in years, providing anecdotal evidence of its growing presence.
• The speaker expresses a hope that the stock, currently trading in the $5 range, could experience another "step change" in valuation and trade in the $20s within two years.

Takeaways

• Bullish Sentiment: The speaker is a disciplined buyer of the stock based on its strong growth metrics and disruptive model.
• Disruptive Growth Stock: This is an investment in the modernization of the real estate industry, betting on an asset-light, agent-friendly model to win market share.
• Resilient Growth: The company's ability to grow rapidly in a weak housing market demonstrates the strength of its business model.
• Undervalued Growth: The stock is seen as an opportunity to invest in a high-growth, undiscovered company at a reasonable valuation before it becomes more widely known.