YB new stock pitches (Tue, Mar 4)

Darling Ingredients (DAR) is a global leader in rendering, gelatin production, and renewable diesel. The company operates in three segments: Feed Ingredients (60-65% of revenue), Food Ingredients (20-25%), and Fuel Ingredients. DAR's Feed segment faces commodity volatility, while the Food segment is growing with the Gelnex acquisition. The Fuel segment operates through the Diamond Green Diesel (DGD) joint venture with Valero, boasting a 1.2 billion gallon/year capacity. DAR's vertically integrated model provides a competitive advantage in feedstock sourcing for renewable diesel. The company's valuation is sensitive to commodity prices, regulatory environment, and segment performance. Management guides for $1.25-$1.3 billion EBITDA in 2025. The base case price target is $60, with a bull case of $88 and a bear case of $27. Analysts recommend buying in the low $30s and selling in the low-to-mid $50s range.

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GPW.WA, the Warsaw Stock Exchange, is trading at 2.4x EV/S and 6.9x EV/EBT with a 7.5% dividend yield. As the largest exchange in Central and Eastern Europe, it has over 400 main market listings and experienced 11.1% YoY revenue growth in Q3. The Polish state owns 51.8% of voting rights, making a takeover unlikely. GPW's unique energy trading arm, TGE, accounts for one-third of turnover. The company's new strategy targets 6-8% revenue CAGR and 8-12% EBITDA CAGR through 2027, potentially outpacing current analyst estimates. GPW's business includes financial markets (equities, derivatives, bonds), commodity markets (electricity and gas trading), and information services. The company benefits from Poland's stable economy and currency, with GDP growth projected at 3% for 2024. Despite being the cheapest global exchange operator based on valuation metrics, GPW faces risks such as state influence and energy market fluctuations. Investors may find GPW attractive as a defensive position with long-term growth potential and rising dividends.

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I use Interactive Brokers link to trade international and OTC stocks (if you can’t trade them in your current brokerage)

Panthera Resources PLC (PAT.L), a £20M market cap junior miner, is pursuing a $1B+ international arbitration claim against India for expropriation of the Bhukia gold project, which contains 7M+ ounces of gold worth over $20 billion. India's auction of Bhukia grants them a 65% royalty, valued at $13B+ over the project's lifetime. The claim is backed by the 1999 Australia-India Bilateral Investment Treaty, allowing seizure of Indian state assets globally. Precedent cases include Indiana Resources ($109M award), Montero Mining ($27M settlement), and Cairn Energy ($1.06B settlement). LCM Funding covers $13.6M in legal costs for a share of the potential award. India's vast international asset base makes enforcement more feasible compared to similar cases against Tanzania. Panthera's claim includes $30M+ in sunk costs and over $1B in lost royalties. With a potential 10-30x upside and 2025 catalysts, Panthera offers asymmetric upside potential in a legally enforceable claim against a sovereign state.

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