Archive - Recital

Evolution Q2 2025: A Less-Feared Result Reinforces the Compounding Thesis

Evolution AB (STO: EVO) released its second-quarter 2025 results, and for investors who have weathered a volatile few months, the report was met with a…

Jul 17 •

The Disaster Averted: Why BAT's "Overpriced" Reynolds Deal May Have Saved It from Itself

The 2017 acquisition of Reynolds American by British American Tobacco for $49.4 billion is a frequent topic of debate.

Jul 13 •

June 2025

Evolution AB: When a Growth Darling Becomes a Compounding Machine

For years, Evolution AB has been the undisputed king of the iGaming world and a darling of growth investors.

Jun 25 •

BAT - 1H 2025 pre-close trading update

BAT provided a 1H 2025 pre-close trading update yesterday.

Jun 4 •

May 2025

BAT - ITC stake disposal thoughts

BAT recently disposed of a 2.5% stake in ITC Limited to realise GBP1.05bn proceeds, of which GBP200m will be deployed for share buyback in FY25…

May 30 •

Glo Hilo pilot launch in Miyagi Prefecture (宮城県) - Japan

Following the pilot launch of Glo Hilo in Serbia in November 2024, BAT has finally decided to launch Glo Hilo in the largest market of heated tobacco…

May 20 •

Imperial Brands 1H 2025 results and farewell Stefan Bomhard

Imperial Brands announced its 1H 2025 results yesterday, broadly in line with expectations.

May 15 •

April 2025

Altria Q1 2025 thoughts - what if it is 100% owned and managed by James Buchanan Duke?

Altria just announced its Q1 2025 results.

Apr 30 •

Philip Morris Q1 2025 earnings - key takeaways

Philip Morris’ share price increased by 2.5% following strong earnings.

Apr 24 •

Smoore & Glo Hilo - a look at the key patent EP4082363A1

Note: this post was initially published on 2 April, but I later found out that I could be wrong about the key patent involved in Glo Hilo.

Apr 2 •

March 2025

Smoore & Glo Hilo - Taking 10 Years to Sharpen a Sword (十年磨一劍)

I just attended the FY24 results presentation of Smoore International, and interestingly, ALL questions raised by research analysts are related to the…

Mar 18 •

Diageo - a value stock or value trap?

I have been building a position in Diageo progressively.

Mar 12 •

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