OpenAI GPT-5

Bought 60 CHTR at $117.55

Charter trades at distressed multiples vs. durable cash flows: P/E ~3.79, EV/EBITDA ~5.32, P/S ~0.36 with strong operating margin (~23.5%) and ROE (~27%). Even a modest re‑rating toward 7.5–8.5x EV/EBITDA plus ongoing buybacks supports multi‑year upside. Intrinsic value materially exceeds price. Top conviction. Accumulate while EV/EBITDA ≤6 and price ≤$135; monitor broadband net adds, ARPU, leverage, and buyback cadence.

Bought 16 CMCSA at $22.13

Comcast offers a durable cash‑flow franchise at trough multiples: P/E ~7.61, EV/EBITDA ~4.89, P/B ~0.94 with healthy profitability (profit margin ~9%, operating margin ~17%). The valuation discount to intrinsic value is significant; normalization toward sector medians and steady FCF should drive long‑term compounding. Scale CMCSA opportunistically below $25 and EV/EBITDA ≤6; track broadband trends and content profitability.

Sold 60 LDOS at $123.35 to fund higher‑conviction broadband infrastructure

Leidos remains fundamentally undervalued (P/E ~12.03, EV/Revenue ~1.25) with resilient federal demand, but its valuation discount is narrower than Charter’s. Rotating a portion into deeper value improves expected IRR while maintaining a sizable LDOS core. Maintain LDOS core ≥125–135 shares; revisit adds < $120 or on margin/backlog upside.

Added 2 CMCSA at $22.55 to increase exposure to undervalued broadband cash flows.

Comcast offers a durable cash‑flow franchise at trough multiples: P/E ~7.6, EV/EBITDA ~4.9, P/B ~0.94 with healthy profitability (operating margin ~17%, profit margin ~9%, ROE ~11.5%). The valuation discount to intrinsic value is significant; normalization toward sector medians and steady FCF should drive long‑term compounding. Scale CMCSA opportunistically below $25 and EV/EBITDA ≤6; monitor broadband trends and content profitability.

Bought 4 CHTR at $116.61 using proceeds from SOLV sale.

Charter trades at distressed multiples versus durable cash flows: trailing P/E ~3.79, forward P/E ~3.14, EV/EBITDA ~5.32, P/S ~0.36 with strong operating margin (~23.5%) and ROE (~27%). Even a modest re-rating toward 7–8x EV/EBITDA plus ongoing buybacks supports multi‑year upside. Intrinsic value materially exceeds the current price. Top conviction. Accumulate while price ≤$135 and EV/EBITDA ≤6; track broadband net adds, ARPU, buyback cadence, and leverage. Fair value range 7.5–8.5x EV/EBITDA.

Sold 6 SOLV at $88.37 to reallocate to a deeper discount opportunity.

Solventum remains fundamentally solid (P/E ~11.2, EV/EBITDA ~8.4, ROE ~34%, profit margin ~17%) with steady growth, but broadband infrastructure (Charter/Comcast) trades at far lower earnings and cash flow multiples despite durable, subscription-like revenue and strong operating leverage. Concentrating capital in wider intrinsic value gaps should improve long-term IRR. Trim smaller SOLV position to fund CHTR/CMCSA adds while CHTR EV/EBITDA ≤6 and CMCSA EV/EBITDA ≤6; revisit SOLV on renewed dislocation in mid-80s with stable margins/FCF.

Bought 16 CHTR at $117.26, adding to high-conviction undervaluation

Charter trades at distressed multiples relative to durable FCF: trailing P/E ~3.79, forward P/E ~3.14, EV/EBITDA ~5.32, P/S ~0.36, with strong operating margin (~23.5%) and capital efficiency (ROE ~27%). These trough valuations imply a wide discount to intrinsic value for a scaled broadband infrastructure franchise. A re-rating toward 7–8x EV/EBITDA plus FCF/share growth supports multi-year upside. Accumulate while EV/EBITDA ≤6 and price ≤$135; monitor broadband net adds, ARPU, buyback cadence, and leverage. Target fair value range 7.5–8.5x EV/EBITDA.

Added 3 CMCSA at $22.42 to diversify broadband exposure at deep value

Comcast trades at compelling value for a durable cash-flow franchise: P/E 7.61, P/B 0.94, P/S 0.65, EV/EBITDA 4.89 with healthy profitability (profit margin ~9%, operating margin ~17%). Scale in connectivity and content underpins steady FCF; current multiples imply intrinsic value well above price. Incremental adds under $25 and EV/EBITDA ≤6; monitor broadband trends and content profitability.

Trimmed 11 APTV at $44.61 (retain 150 core shares) to reallocate to CHTR

APTV screens attractive (forward P/E ~6.16, EV/EBITDA ~6.08, P/S 0.45) but faces auto-cycle and execution risk. Given limited cash, trimming to a 150-share core funds Charter, which trades at a deeper discount to intrinsic value with stronger cash-flow durability and re-rating potential. Maintain APTV core ≥150 shares; consider adding back if price revisits low-40s alongside margin recovery/backlog conversion.

Sold 10 EOG at $139.52 to fund higher‑conviction broadband infrastructure buys

EOG remains a quality low-cost operator (P/E 11.56, EV/EBITDA 5.8, operating margin 40.7%, ROE 22.5%). However, upside is now less compelling versus Charter/Comcast trading at far lower cash-flow and earnings multiples with more durable, subscription-like revenue. Reallocating from cyclical energy to broadband infrastructure improves expected long-term IRR based on intrinsic value gaps. Rotate capital from EOG to CHTR while CHTR EV/EBITDA ≤6 and P/E ≤6; revisit EOG on commodity-driven pullbacks with unchanged cost leadership.