The Latticework Monday Morning Briefing is our weekly “Guide to the Markets” for long term-oriented investors. It is sent on a separate mailing list (complimentary to members). If you do not wish to receive it, opt out here.
Latticework 2026 (November 10-11) is fully booked. I look forward to welcoming a great group in Chicago for fireside chats, panel discussions, idea pitches as well as a reception and dinner.
Highlights of the Latticework Monday Morning Briefing:
Ideas from our member newsletter
We highlight a few stock write-ups from the latest Weekly Inspiration:
Getlink (Paris: GET) holds the Channel Tunnel concession until 2086, turned €1,595m of 2025 revenue into €347m of free cash flow with the investment long sunk, and still runs 450 trains on peak days against capacity of 1,000. LeShuttle carries 35% of truck and 56% of car traffic across the Channel, and Eurostar, which pays Getlink a fee per passenger, holds 77% of London-Paris. Eurotunnel earned 78% of 2025 EBITDA; Eleclink, a high-voltage cable through the tunnel that lets Britain import French nuclear power when gas is dear, grew from nothing to 18%. Stuart Mitchell of S. W. Mitchell Capital, who presented the idea at European Investing Summit 2026 and says his firm waited for the optimal point to get invested, calls it a forgotten investment the sell side barely researches. Freight remains 25% below 2019 levels after Brexit; he expects the Border smart-border system, customs scanners that check rail freight at 20 km/h and the Sanitary and Phytosanitary Agreement to bring it back, while a seafarers’ wage law, emission charges and higher energy costs weaken the ferries. New shuttles running at 160 km/h and new signaling should lift throughput. Passenger rail is the more tangible driver: Eurostar plans 30% more capacity, Virgin Trains and Trenitalia plan to enter in 2029/2030, and a four-to-five-hour London-Frankfurt/Cologne route in the early 2030s opens a market of 3m airline and 1.7m rail passengers. Getlink’s own chart points to 22m passengers by 2035+; he thinks 30m is possible. H1 2026 EBITDA rose 12% to €404m, 2026 guidance was raised to €835m-€870m, and once a capex blip ends in about 18 months the company plans to pay out essentially everything. He sees the 4.5% dividend yield as too high for an asset whose cost of capital should be nearer 6%, implying a doubling; his DCFs point to double to triple the share price, he expects at least ~9% a year, and he anticipates an eventual buyout, perhaps by Eiffage. Risks: COVID-type shocks and the guesswork in modeling new routes.