Company analysis
Miguel Braun's notes on companies in Argentina and around the world.
SpaceX (SPCX): the world's most ambitious company just went public
Went public on Jun 12, 2026 at $135 and already trades ~$213 (+57%), surpassing Microsoft in valuation. Reusable rockets, Starlink, the world's 4th AI hyperscaler, orbital data centers and the $60B Cursor acquisition. A bet on three 21st-century infrastructures.
The Memory Supercycle: the most profitable companies in the world in 2027
Samsung, SK Hynix and Micron projected as #1, #3 and #7 in global earnings 2027 — trading at forward P/E of 5x to 13x. HBM as the AI bottleneck, long-term contracts and the most extreme valuation anomaly in semiconductors in decades.
The complete map of the AI boom and its key players
Semiconductor ecosystem, AI bottlenecks and investment opportunities. ASML, TSMC, NVIDIA, Micron, hyperscalers and insights from Elon Musk and Jensen Huang on growth limits.
YPF: The new Argentine crown jewel
YPF trades at 1x book value with a 28% earnings yield, 36% shale production growth and massive export projects. The most attractive company in Argentina on fundamentals.
Banco Galicia: A big winner in the current environment
Why switch from Stellantis to Banco Galicia: Argentina's largest bank with a 36% ROE, trading at 5x earnings, ahead of the tax amnesty and the end of capital controls.
Banco Macro: very good prospects
Fundamental analysis of BMA: 28% ROE in USD, trading 20% below DCF intrinsic value and with the first liberal-libertarian government in history as a tailwind.
Vista Oil & Gas: Can it keep going up?
Vista gained 160% in 2022, with exports +446% YoY and net income +325% YoY. Valuation analysis and why the company still has upside from Vaca Muerta.
TX (Ternium): Value play — A good opportunity
Ternium trades below the value of its current assets and its book value. 35% earnings yield, 9% annual dividend and 128% DCF upside. A Benjamin Graham net-net.
Petrobras: A very good Oil & Gas opportunity
Petrobras, the Brazilian oil & gas giant with 14–20% annual dividends, trading near book value with excellent returns on capital employed.
STLA (Stellantis): A good investment opportunity
Stellantis trades below its available cash and its book value, with 140–175% DCF upside. The FCA-PSA merger generated €3.2B in synergies in 2021. Strong BUY.
VALE: The goose that lays the golden eggs
VALE, one of the largest mining companies in the world, with an 18% annual dividend, Enterprise Value below the value of its assets and a 10% share buyback program. Mega Strong BUY.
Berkshire Hathaway: A very good investment opportunity
Warren Buffett's conglomerate at 9x earnings vs 26x for the S&P 500, trading below its Enterprise Value and with 60 years of outperformance vs the index. A full analysis of BRK.
Pampa Energía: An extremely interesting investment opportunity
Pampa Energía trades with a $223M margin of safety, 22% annual ROCE in USD and sales growing 58% YoY. Argentina's leading integrated gas and electricity company.
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