Deep-Dives

• Upslope Capital on Magnum Ice Cream (🇳🇱 Ticker: MICC), the largest ice cream company in the world

• SVN Capital on KKR & Co (🇺🇸 Ticker: KKR), one of the world’s largest alternative asset managers

• Fundsmith on GE Vernova (🇺🇸 Ticker: GEV), a global leader in the electric power industry, with a $163bn order backlog (4x 2025 revenues), and Legrand (🇫🇷 Ticker: LR), French manufacturer of electrical and digital building infrastructure with roughly 20% global market share in wiring devices

Looking for high-quality stock research? Check out RhinoInvestory for 3,000+ in-depth stock analyses, powerful search function (by country, ticker, author), free investing tools, and much more.

If your publication isn’t listed yet, just send me a DM and I’ll look into adding it.

Go to RhinoInvestory

Technology and Investing

• Demo of TradingAgents, a Python framework that simulates an entire WallStreet trading firm using LLM agents

Misc

• The VIX Isn't Worried, But Maybe It Should Be by Man Group

• Buying the AI Infrastructure Dip by Morgan Stanley

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

Deep-Dives

• SaltLight Capital on MercadoLibre (🇦🇷 Ticker: MELI), the Argentinian e-commerce giant

• Silver Beach on Apollo Global Management (🇺🇸 Ticker: APO), an alternative asset manager specializing in private equity, credit, and real asset investment strategies worldwide

• LVS Advisory on Netflix (🇺🇸 Ticker: NFLX), the operator of the world's largest streaming service

Looking for high-quality stock research? Check out RhinoInvestory for 3,000+ in-depth stock analyses, powerful search function (by country, ticker, author), free investing tools, and much more.

If your publication isn’t listed yet, just send me a DM and I’ll look into adding it.

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Technology and Investing

• Global Perspectives: Addressing the most essential questions around AI by Janus Henderson

• (Webinar) AI-Powered Portfolio Insights: Connecting Claude to IBKR

Misc

• Monks’ musings: winning the long race by Baillie Gifford

• Secular Outlook 2026 by Pictet Asset Management

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

Deep-Dives

• Pelican Bay Capital Management on Old Dominion Freight Lines (🇺🇸 Ticker: ODFL), premium US less-than-truckload shipping company, and Elevance Health (🇺🇸 Ticker: ELV), a diversified healthcare insurer

• Quantex on Edenred (🇫🇷Ticker: EDEN), an international payment service provider based in France

• Kerrisdale Capital Management on Telephone and Data Systems (🇺🇸 Ticker: TDS), diversified US telecommunications and wireless services provider

I’ve just rolled out new updates to RhinoInvestory featuring over 3,000 in-depth stock analyses, search function, stock-level stats, and more.

I’m also finalizing some amazing new features. Bookmark this and stay tuned!

Go to RhinoInvestory

Technology and Investing

• AI in Investing by Royce Investment Partners

• The TRADE: A new frontier of automation: Why agentic AI is the financial markets’ next fundamental hurdle

Misc

• The Royce Roundtable: Small-Caps Looking Strong in 2026

• Venezuela: Implications for oil and the energy sector by Janus Henderson

• The Road Ahead: Golden Fears by Man Group

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• 1 Main Capital Partners on Radiant Logistics (🇺🇸 Ticker: RLGT), a third-party logistics (3PL) provider specializing in global transportation, freight forwarding, and supply chain management.

• Hidden Market Gems on Hoshizaki Corporation (🇯🇵 Ticker: 6465), a developer of commercial kitchen equipment products, including ice makers, dishwashers, refrigeration, and food service solutions

• HatedMoats on Novo Nordisk (🇩🇰 Ticker: NVO:NYSE), one of the world’s leading pharmaceutical and biotechnology companies

Want more? Visit RhinoInvestory.com for hundreds of curated investor resources, from stock deep-dives to podcasts, and more.

Go to RhinoInvestory

Technology and Investing

• A Trend Following Deep Dive: AI, Agents and Trend by MAN Group

• How JP Morgan Built An AI Agent for Investment Research with LangGraph by LangChain

Misc

• Baillie Gifford: Where obsession meets opportunity: Japan’s ‘overlooked’ small caps

  • Companies mentioned: Seria Co $2782, LITALICO Inc $7366.T,
    Weathernews $4825, Soracom $147A

• Global Cement Industry by Gabelli Funds

  • Companies mentioned: Amrize $AMRZ, CRH Plc $CRH,
    Eagle Materials $EXP, Heidelberg Materials $HEI, Holcim $HOLN

• Emerging market equities: CapEx, chips, and a charging China by aberdeen investments

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

If you missed my initial post on Teleperformance, I highly recommend checking it out first👇

Teleperformance (🇫🇷 Ticker: TEP) stock just got absolutely crushed last week, falling over 15% after management lowered their 2025 outlook. The stock is now down nearly 80% from its 2022 highs.

The current share price of EUR 68 doesn’t make sense to me. With an EV/EBITDA of just 4.6x and a P/E ratio of 8.5x, the stock is trading at a deep discount relative to its 10-year historical valuation range.

I think this low multiple would only be justified if investors expected the business and its profitability to collapse, something highly unlikely for a cash-rich company with 21% annual FCF growth over the past five years.

When you compare that cash generation power to the current enterprise value, you're looking at a 16% FCF yield.

That’s not just cheap, it’s crisis level valuation and provides investors with a significant margin of safety. Additionally, investors now can lock in an 6% dividend yield while waiting for shares to close the gap from their current valuation.

But, Teleperformance isn’t just sitting around waiting to be disrupted. The company has moved decisively, acquiring it’s competitor Majorel for EUR 3 billion in 2023 and ZP, a fast-growing leader in language solutions and technology platforms for the deaf and hard-of-hearing in the US, for USD 490 million. Beyond acquisitions, it has launched over 250 internal AI initiatives, partnered with leading AI firms, and rolled out large scale employee upskilling programs to stay ahead of the curve.

From my own experience developing AI applications and working with diverse customers over the past years, I firmly believe the future is a blend of AI and human interaction with human connection remaining essential for sensitive, complex, or emotionally charged customer engagements.

That’s why I believe the future of the BPO industry (and many others) lies not in full automation, but in a hybrid model combining AI’s efficiency with human empathy. This is exactly where Teleperformance seems to be focusing its efforts, also highlighted in a recent interview with Thomas Mackenbrock, Global Deputy CEO.

That said, there’s still real uncertainty around whether these investments will pay off and whether the company can truly evolve into an AI-enabled leader. It’s also worth noting that, despite being a multibillion dollar industry, the BPO market is highly operationally intensive and price competitive, which is reflected in its thin margins.

However, within its peer group, Teleperformance still remains a leader, standing out with stronger cash generation and a significantly more attractive valuation today, especially compared to its US peer Concentrix (Ticker: CNXC).

Interestingly, institutional investors like Tweedy Browne, known as "the oldest value investing firm on Wall Street," have recently increased their stake in Teleperformance.

Conclusion

The company faces real challenges. The risk, like always, is not zero.

But, the key question I ask myself is:

Is the stock down 80% because the business is dying or because investors think it might?

If you're a contrarian investor, this is exactly the kind of setup that can get interesting: a feared sector and hated stock, doomed valuation, strong FCF, and clear signs the company is adapting.

You don’t often get a chance to buy a industry leader at 3x P/FCF and collect a 6% dividend while you wait to see if the story turns.

Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• Pzena Investment Management on Advance Auto Parts (🇺🇸 Ticker: AAP), the third largest auto parts retailer in US

• Sohra Peak Capital Partners on Dadelo S.A (🇵🇱 Ticker: DAD), an omni-channel bicycle retailer in Poland

• Pelican Bay Capital Management on Brown-Forman Company (🇺🇸 Ticker: BF.B), one of the largest wine and spirits producers in the world with over 150 years of history

Technology and Investing

• University of St.Gallen Research: Be careful! Financial advice from AI comes with risks

• How JP Morgan Built An AI Agent for Investment Research with LangGraph by LangChain

• (🎧) The Tech Talks Daily: Inside the AI-Powered Hedge Fund: Man Group’s Data-Driven Future

Misc

• (🎧) AI and I: The $10B Hedge Fund CEO Who’s Betting Big on AI

• The Wisdom of Buying Absurdly Expensive Stocks (Or Not!) by Man Group

• Googling Earnings Quality by Smead Capital

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

What is Perplexity Comet?

Comet is Perplexity’s new AI-powered browser, which uses the Perplexity search engine and comes with a built-in AI assistant. It can do much more than a chatbot, enabling actions across multiple tabs and platforms, and more importantly, all in one place.

Note: It’s currently available to Perplexity Max subscribers and via Invite-only access

Let's look at some real world use cases of how Comet can streamline stock research and analysis.

Managing Stock Watchlist

As I have already shared on X, I asked Comet to go through my watchlist of stocks and list Swiss companies affected by the US's recent 39% tariff drop.

Within few minutes, I got a list of stocks that are affected by the recent US tariffs along with a quick explanation. You can even ask it to highlight certain rows, add additional details, and much more.

Summarizing Content

When it comes to natural resources, Goehring and Rozencwajg’s commentaries and podcast are among my favourites. While reading their latest Q1 2025 market commentary, I asked Comet to summarize, extract key insights and list all commodities and companies mentioned.

Reddit is one of my go-to platforms for deep and no-fluff discussions about stocks. With Comet, I don’t even need to bookmark posts anymore. I just asked it to find the most upvoted Reddit post, open it in a new tab, and summarize it.

To take it further, I could ask Comet to add some of new stock picks to my watchlist in Google Sheets right in my browser. No tab switching, no copy-pasting.

That’s exactly what I tested next to see how Comet can take full control of the browser.

Scheduling Calendar Events

This one really surprised me. I asked Comet to look up upcoming earnings report dates for Palantir, MercadoLibre, and AMD, and to create calendar events for each with a 1-hour reminder before the event.

All three events were added to my calendar without me lifting another finger. (Video shortened for the sake of time)

Analyzing News Sentiment

While researching about Novo Nordisk lately, I asked Comet to check how the stock is being talked about across media and to list me the co-mentions.

It returned sentiment insights and a list of companies mentioned alongside Novo, like Eli Lilly and Hims & Hers.

Conclusion

With Comet, almost anything can be accomplished within a single browser window. While it is far from perfect, like the depth of the results in some cases, its agentic web experience goes beyond simple search by transforming web interaction with task automation and deep research tools.

There’s definitely a lot more to explore, which I’ll cover in the upcoming posts.

Thank you for reading. Hope you have an awesome week!

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

Sibanye-Stillwater (🇿🇦 Ticker: SBSW), a leading international precious metals mining company.

As someone with limited knowledge of the mining business and platinum group metals (PGM), I needed to quickly get up to speed on this complex industry. The challenge? Going through countless research reports, analysis pieces, and interviews from leading financial firms and hedge funds.

Information overload is one of the most common challenges today, with so many sources and tools available.

So, instead of spending hours hunting for quality sources across the web and reading hundreds of pages manually, I decided to combine multiple AI tools to help me get started.

I decided to use a two-stage approach that combines the strengths of both platforms:

• Stage 1 with Perplexity: Real-time source discovery

• Stage 2 with NotebookLM: Deep analysis with consistent knowledge base (and more)

Why both Tools?

While excellent for web searches, Perplexity triggers new searches for each question, using different sources each time, which creates inconsistency in analysis.

Here comes NotebookLM. It provides answers exclusively from your uploaded sources, maintaining consistent reference points throughout your research.

So, let's get started.

Step 1: Quality Source Discovery with Perplexity

I started with this targeted prompt in Perplexity:

Find detailed reports about Platinum market and platinum miners from leading financial service firms like JPMorgan, BlackRock, Fidelity, MorganStanley, Goehring & Rozencwajg Associate, world platinum investment council, published in the last 3 years. Filetype: pdf

Note: The "Filetype: pdf" filter ensures you get comprehensive research reports rather than news snippets.

This query returns a list of sources, including industry analyses, investment bank reports, and other relevant materials such as publications from the World Platinum Investment Council, which I highly to checking out for anyone interested in platinum industry.

Step 2: Deep Analysis with NotebookLM

After copying the source links from Perplexity, I created a new notebook in NotebookLM and imported the most valuable resources.

You can also add other useful materials, like earnings transcripts and financial reports from mining companies, which can help to build a richer and more comprehensive knowledge base.

Note: NotebookLM has a limit of 50 sources and some URLs fail to import due to various reasons.

So, check the links carefully. While this may require additional manual effort, it will ultimately lead to better outputs and more reliable results.

Now with the curated knowledge base, I can start asking questions to gain insights about the platinum industry.

For example:

What major shifts are happening in the platinum market?

Output:

Or, to understand market catalysts, I can ask:

What are the short- and long-term market catalysts?

Output:

To get a list of platinum mining companies mentioned in the research articles, I can simply ask:

List the names and tickers of the platinum mining companies mentioned

Output:

With just a simple prompt, I got a list of key players worth researching, some I hadn’t even heard of before, like Bravo Mining (🇧🇷 Ticker: BRVO), a Canadian-Brazilian mineral exploration company with exposure to PGMs, including platinum.

Bonus: AI-Generated Audio Summary

If you don’t feel like chatting back and forth with the data provided, you can simply create an audio summary using NotebookLM’s “Studio” feature with this simple prompt:

Only cover the sources about the platinum industry and focus on providing insights to new investors who are interested in the platinum industry and platinum mining companies.

A few minutes later, it created a 13-minute podcast-style audio summary 😳

How amazing is that?

I also recently turned all deep-dive reports into podcast episodes via NotebookLM.

If you don’t have time to read them, feel free to listen instead.

Conclusion

By combining latest AI tools, you can quickly process tons of research reports, earnings calls, industry data, and much more.

What used to need expensive analysts and take hours now happens at light speed. You basically build a research team that never stops working, and it costs almost nothing.

So, this approach works for any industry and research task. Try it on tech stocks, crypto, real estate, or whatever interests you.

Thank you for reading. Hope you have an awesome week!

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• Global Alpha Capital on Kotobuki Spirits Co. (🇯🇵 Ticker: 2222), a leader in premium gift sweets in Japan

• Wedgewood Partners on Zoetis (🇺🇸 Ticker: ZTS), the global leader in animal healthcare

• JDP Capital Management on CATL (🇨🇳 Ticker: 300750.SZ), the biggest EV and energy storage battery manufacturer in the world

After a few people reached out, I reactivated RhinoInvestory, a curated directory of hundreds of links to in-depth stock research, fund managers who regularly share insights, rare interviews with legendary investors, podcasts, and more.

Go to RhinoInvestory

Some great new features are on the way, designed to help investors extract even more valuable insights. Stay tuned😉

Technology and Investing

• Why Most Investors Are Leaving AI’s Full Potential on the Table by RhinoInsight

• Everything Is Awesome in Tech Investing! (#Gulp!) by MAN Group

Misc

• China's Evolving Industrial Policy for AI by RAND

• Korea: the new industrial revolutionary? by Platinum Asset Management

• Gold: The Sparkly Asset That Never Fails to Spark Debate by Mawer Investment Management

Chart of the Week

Thank you for reading, and have a fantastic weekend ahead!

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

But, the secret isn't which Large Language Model (LLM) you use, it's how you talk to it.

Why Prompt Structure Actually Matters

Think of it like this: You wouldn't walk up to a Wall Street analyst and just say "tell me about Apple stock," right? You'd give them specific instructions, timeframes, and exactly what kind of analysis you need.

Same principle applies to AI. Structure your prompts properly, by putting examples in <example> tags, instructions in <instruction> tags and so on, it helps the AI understand the role of the various types of information you're giving it.

Ok, let’s run a quick comparison.

Basic Prompt: "Tell me about Apple stock"

Structured Prompt with XML Tags:

<role>Act as a senior equity analyst</role>
<task>Analyze Apple Inc. (AAPL) stock</task>
<format>
- Executive summary (2-3 sentences)
- Key financial metrics
- Competitive position
- Risk factors
- Investment thesis
</format>
<constraints>Focus on Q1 and Q2 2025 data, be objective, highlight both positives and negatives</constraints>

Output:

See the difference? The structured version gives you organized, actionable and predictable outputs instead of generic information dumps.

So, let’s see some real world examples.

Note: I use Claude for all the following examples, but the same structured approach works with ChatGPT, Gemini, or any other LLM.

1. Company Analysis

This prompt breaks down companies like a professional analyst, quickly examining business operations, financial health, valuation, and investment potential.

<role>Senior equity research analyst with 10+ years experience</role>
<company>[COMPANY NAME]</company>
<task>Provide comprehensive investment analysis</task>

<analysis_framework>
**Business Model & Competitive Moat:**
- Revenue streams and sustainability
- Competitive advantages and threats

**Financial Health:**
- Revenue growth trends (3-year)
- Profit margins vs peers
- Debt levels and cash position
- Return on equity trends

**Valuation Assessment:**
- Current P/E vs historical average
- Price-to-sales vs industry

**Risk Assessment:**
- Top 3 business risks
- Regulatory/market headwinds
- Management quality signals

**Investment Thesis:**
- Bull case (3 strongest points)
- Bear case (3 main concerns)
- 12-month price target reasoning
</analysis_framework>

<output_format>Use bullet points, include specific numbers where available, cite recent earnings calls or SEC filings when relevant</output_format>

Output:

2. Sector Rotation

Perfect for spotting which industries to favor when economic conditions shift and where smart money is rotating capital.

<role>Macro strategist specializing in sector analysis</role>
<task>Identify sector rotation opportunities based on current market conditions</task>

<analysis_focus>
**Economic Cycle Analysis:**
- Where are we in the economic cycle?
- Which sectors typically outperform in this phase?

**Current Market Drivers:**
- Fed policy impacts by sector
- Inflation effects on different industries
- Geopolitical factors affecting specific sectors

**Relative Performance:**
- Best/worst performing sectors (YTD)
- Valuation disparities between sectors
- Earnings revision trends by sector

**Actionable Opportunities:**
- 2-3 sectors to overweight
- 2-3 sectors to underweight
- Specific ETFs or stocks to consider
- Timeline for these moves
</analysis_focus>

<constraints>Base recommendations on data from the last 3 months, include both fundamental and technical factors</constraints>

Output:

3. Earnings Anticipation

Deploy this 48 hours before earnings to gauge surprise potential and position accordingly based on historical patterns and current setup.

<role>Earnings analyst with access to comprehensive financial data</role>
<company>[COMPANY TICKER]</company>
<upcoming_earnings>[EARNINGS DATE]</upcoming_earnings>

<prediction_framework>
**Historical Pattern Analysis:**
- Last 8 quarters: beat/miss pattern
- Average surprise percentage
- Stock reaction to beats vs misses

**Current Quarter Setup:**
- Consensus estimates vs whisper numbers
- Management guidance vs street expectations
- Key metrics to watch (company-specific)

**External Factors:**
- Industry trends affecting this quarter
- Macro headwinds/tailwinds
- Supply chain or regulatory impacts

**Options Market Intelligence:**
- Implied volatility vs historical moves
- Unusual options activity
- Smart money positioning

**My Prediction:**
- Will they beat/meet/miss?
- Confidence level (1-10)
- Expected stock reaction (+/- %)
- Key soundbites to listen for on the call
</prediction_framework>

Output:

4. Risk Management Check

Objective position evaluation and behavioral bias elimination for existing holdings.

<role>Risk management specialist and behavioral finance expert</role>
<portfolio_context>Current position: [STOCK/AMOUNT], Portfolio weight: [X%]</portfolio_context>

<risk_assessment>
**Position Sizing Analysis:**
- Is this position size appropriate for my risk tolerance?
- What's my maximum acceptable loss on this position?
- How does this correlate with my other holdings?

**Behavioral Bias Check:**
- Am I suffering from confirmation bias?
- Is this a FOMO trade or logical decision?
- What would I tell a friend in this situation?

**Scenario Planning:**
- Best case scenario (probability and return)
- Base case scenario (probability and return) 
- Worst case scenario (probability and loss)

**Exit Strategy Framework:**
- Clear profit-taking levels
- Stop-loss levels (technical and fundamental)
- Time-based exit criteria
- What news would make me sell immediately?

**Action Items:**
- Should I add to, hold, or reduce this position?
- What's my next portfolio move?
</risk_assessment>

<output_format>Be brutally honest, challenge my assumptions, focus on what could go wrong</output_format>

Output:

5. Market Sentiment Analysis

Most valuable during market extremes when emotions create the best risk-adjusted opportunities through crowd psychology mispricings.

<role>Market psychology expert and sentiment analyst</role>
<timeframe>Current market conditions as of [TODAY'S DATE]</timeframe>

<sentiment_analysis>
**Fear & Greed Indicators:**
- VIX levels and trend
- Put/call ratios
- Margin debt levels
- Insider buying/selling activity

**Retail vs Institutional Behavior:**
- Retail sentiment signals (social media, app usage)
- Smart money moves (13F filings, unusual options)
- Divergences between retail and institutional positioning

**Contrarian Opportunities:**
- What is everyone talking about? (potential fade)
- What is everyone ignoring? (potential opportunity)
- Extreme positioning to exploit

**Market Timing Insights:**
- Are we in a fear or greed extreme?
- Historical precedents for current sentiment levels
- Probable market direction over next 2-4 weeks

**Trading Strategy:**
- Should I be buying dips or selling rallies?
- Specific contrarian plays to consider
- Risk management for current environment
</sentiment_analysis>

<perspective>Focus on actionable insights, not just description. What should I DO based on this sentiment?</perspective>

Output:

Conclusion

AI won't replace your entire stock research process (at least not now), but it'll make your research faster and more systematic.

Start Simple, and pick one prompt and test it with a stock you know well. See how the analysis compares to your own research.

And, please don’t forget to verify EVERYTHING. AI is brilliant for structure and ideas, but always fact-check the numbers and claims against official sources.

What’s next?

In the next issue, I’ll show you how to combine Perplexity with Google’s NotebookLM for deeper, more reliable investment insights.

Subscribe now

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

But what if you could do similar research in less time and for less money? With new AI tools, you can. Sometimes you can even do better research than the pros.

PerplexityAI is a real-time AI search engine (and much more). It combines web search with AI chat. This tool has been getting a lot of attention lately. I want to show you some special features you can use for stock research and investment analysis.

1. Perplexity Finance

The easiest way to start is using PerplexityAI's search function. It gives you instant access to the latest financial information about any stock. Unlike Google or other search engines, Perplexity combines real-time web search with AI analysis. This gives you complete answers.

PerplexityAI is great at delivering financial information quickly:

• Real-time stock prices and recent news

• Latest financial data, including key stats, income statements, balance sheets, cash flow statements, and historical price data

• Earnings analysis and latest earnings call transcripts

• Research reports from Morningstar

Since Perplexity gives you access to earnings call transcripts of most US listed companies, you can copy and paste the text to use with other tools like ChatGPT or Gemini for deeper analysis.

This alone saves you from expensive transcript services that charge you to get the raw text data.

2. Perplexity Spaces

Spaces is a powerful feature that lets you create specialized environments (Spaces) within the Perplexity AI platform. You can upload documents, add links, and write custom instructions to guide the AI's behavior within a space.

Pre-Built Templates

If you're not comfortable with prompting or just want to get started quickly, Perplexity offers specialized templates. These are pre-built prompt recipes for common workflows.

You can choose one of the pre-built templates to start exploring topics, like S&P 500 Transcript and Stock Screener. You don't need to create complex prompt instructions.

Create and customize your own spaces

If you want to create your own custom space, you can do that as well with a personalized knowledge hub. For example, I created a space called 123Fahrschule Investment Research and uploaded all publicly available financial data, some industry reports, and my original deep-dive analysis on 123fahrschule (🇩🇪Ticker: 123F) from 2022.

Since I hadn't looked at the company or industry for a while, I was able to quickly compare my initial research with the latest market developments. I could see how my 2022 analysis held up against current industry reports and updated company financials.

This feature is particularly helpful for companies like 123Fahrschule, where Perplexity Finance doesn't provide much information since it's a non-US company and a German microcap stock. By uploading files manually, I can a comprehensive database for further analysis.

3. Perplexity Labs (only available for Pro users)

Perplexity is mostly known for real-time research and answering questions. But the Labs feature takes it to a whole new level. It's basically the deep research feature on steroids.

Launched in May this year, Perplexity Labs is an AI-powered workspace for building complex projects, like reports, spreadsheets, dashboards, or even web apps without needing any outside tools. It brings together deep research, code execution, and data visualization to turn ideas into working prototypes in minutes.

I just ran a quick experiment using Perplexity Labs to build a simple interactive dashboard focused on the (Robotic Assisted Surgery) RAS industry, while researching and writing about Surgical Science (🇸🇪 Ticker: $SUS), a leading niche player in RAS software. The goal of the dashboard was to track investor-relevant KPIs such as:

• Installed base

• Placements

• Procedures

It struggled to consistently pull data for other companies like Stryker or J&J, so the dashboard isn't complete yet. But it's easy to see the potential. With explicitly provided transcripts and links to more source materials, the dashboard could be expanded and updated with up-to-date data.

4. Perplexity Tasks (only available for Pro users)

Perplexity Tasks lets you automate recurring research workflows by scheduling specific prompts to run at set times. Think of it like a personal research assistant that shows up on time.

For example, I created a task that runs every morning at 8:30 and summarizes the latest financial news from EQS News (formerly DGAP). In the video below, I show the results of a quick test run.

The results lands straight in my inbox. One click takes me to the full Perplexity output, where I can explore summaries, source documents, and dig deeper into any company or headline. It’s like having a personalized news briefing—fully automated, always on time.

You can apply this to almost any kind of task, whether you’re tracking specific stocks, monitoring earnings reports or scanning for regulatory filings. And the best part? Once it’s set, it just runs quietly in the background.

Conclusion

AI tools represent a fundamental shift in how regular investors can approach stock research. By using these tools effectively, you can level the playing field with professional investors and make more informed decisions.

While I just scratched the surface, I personally believe the key is to view AI as a powerful research assistant rather than a replacement for human judgment. Combine the speed and analytical power of AI with your own critical thinking, risk assessment, and investment philosophy to create a robust decision-making process.

Remember that successful investing requires patience, discipline, and continuous learning. AI tools can help you process information more efficiently, but they can't eliminate the inherent risks of investing or guarantee profitable outcomes.

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• Montanaro Asset Management on Bureau Veritas (🇫🇷 Ticker: BVI), a global leader in testing, inspection and certification (TIC) services

• East 72 Dynasty on CK Hutchison (🇭🇰 Ticker: 0001.HK), a multinational conglomerate corporation, operating across various sectors including ports, retail, infrastructure, energy, and telecommunications

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Technology and Investing

• Perplexity in Practice - Financial research and analysis

• The future of generative AI in financial services by 11:FS

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• Planet MicroCap Review Winter 2024/2025 Review

• The Road Ahead - Gold!! by Man Group

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

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Deep-Dives

• Pelican Bay Capital Management on Royalty Pharma (🇺🇸 Ticker: RPRX), a biopharma company with a portfolio of commercial and pre-commercial drug royalties

• Fairlight Asset Management on Auto Trader (🇬🇧 Ticker: AUTO), a digital automotive marketplace based in the UK to buy and sell new and used cars

• Hayden Capital on Sea Ltd (🇸🇬 Ticker: SE), a Singapore-based global digital company operating in e-commerce (Shopee), digital entertainment (Garena), and digital financial services (SeaMoney)

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Technology and Investing

• Mining Financial Data from SEC Filings with LlamaExtract

• AI Street on how to automate market analysis with ChatGPT's task scheduling

• Use ChatGPT tasks to automate stock market insights and alerts by DeepCharts

Misc

• Finding Compelling Japanese Small-Caps by Hennessy Funds

• Uncovering Quality and Value in a Japanese Small-Cap Holding by Royce Investment Partners

• Finding Technology Leaders by Gabelli Japan Research

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• Atai Capital Management on Haivision Systems (🇨🇦 Ticker: HAI), a leading provider of real-time video streaming and networking solutions

• InvestingWithWes on FRP Advisory Group (🇬🇧 Ticker: FRP), a UK-based national specialist business advisory company, offering a range of advisory services to companies, lenders, investors and other stakeholders, as well as individuals

• Trident Opportunities on Intelligent Monitoring Group Limited (🇦🇺 Ticker: IMG), an Australian listed company that provides monitored security and IoT solutions

Explore more insights at RhinoInvestory.com, a one-stop resource for investment newsletters, tools, books, podcasts, and interviews 👇

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Technology and Investing

• Generative AI: Inference, Agents, and Return on AI by Pernas Research

• AI-powered assistants for investment research with multi-modal data: An application of Amazon Bedrock Agents

Miscellaneous

• 30th Annual Aerospace & Defense Conference by Gabelli Funds

• The Trump effect on small cap stocks by Montgomery Investment Management

• The age wave: investing in the needs of an ageing society by Baillie Gifford

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• Fairlight Asset Management on Equifax (🇺🇸 Ticker: EFX), global data analytics and technology company

• Pernas Research on Burberry (🇬🇧 Ticker: BRBY), a British luxury fashion house with a rich history

• Enterprising Investor on Dollar General (🇺🇸 Ticker: DG), the largest discount retailer in the United States by the number of stores

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• How AI Analyzes Executive Tone for Investment Insights by AI Street

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• The Road Ahead: Against Apathy by Man Group

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

• Platinum Asset Management on DSV A/S (🇩🇰 Ticker: DSV), a global freight forwarder, offering road, rail, air and sea transport and logistics solutions

• Montanaro Asset Management on Amundi (🇫🇷 Ticker: AMUN), the leading European asset manager

• Secret Sauce Investing on Fever-Tree (🇬🇧 Ticker: FEVR), supplier of premium carbonated mixers for alcoholic spirits

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• Beyond the Hype: Understanding the Realities of Artificial Intelligence by S.W. Mitchell Capital

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Following a rebranding, Celsius now primarily targets health-conscious consumers, fitness enthusiasts, and those looking for a healthier alternative to traditional energy drinks. The brand's unique selling proposition (USP) lies in its functional benefits, promoting its ability to boost metabolism, support fat burning when combined with exercise, and provide varying levels of vitamins, minerals, and high amounts of caffeine.

But, does Celsius still offer a good investment opportunity?

Celsius focus on development and marketing, outsourcing manufacturing, and leveraging multichannel sales with partners like Amazon and PepsiCo has driven remarkable growth. Over the past five years, the company has achieved an impressive annual growth rate of over 100%.

Given that the global energy drinks market was estimated at around USD 92 billion in 2022 and is anticipated to expand at a CAGR of 8.3%, potentially hitting USD 178 billion by 2030, Celsius, with a LTM revenue of USD 1,489 million, is only scratching the surface of this considerable market opportunity.

It's worth noting here that in 2022, the company closed an 8.5% stake deal with PepsiCo, which included distribution support and served as one of the primary revenue drivers for 2022/23. However, during an investor conference in September 4, Celsius’s CEO announced a significant inventory reduction by PepsiCo due to overestimated demand for Celsius. So, it’s fair to conclude, that the revenue increase in 2022/23 was not really driven by exceptional consumer demand but rather by a miscalculation from PepsiCo, raising concerns among investors.

In terms of profitability, in 2Q24, Celsius reported improved operating margins of about 23%, while Monster Beverage maintains margins between 28-33%. In comparison, Monster is 5x the size of Celsius in both revenue and market cap.

So, for Celsius to follow in Monster Beverage's footsteps, it has a long way to grow, with following key catalysts to watch

• New Products: As CEO Jon Fieldly has noted, Celsius could explore new market segments like protein supplements and water, both of which are also multi-billion dollar markets

• Expand Market Share: Continue to disrupt the energy drink industry and increasing its 11.5% market share by capturing shares from the duopoly of Red Bull and Monster Beverage, further positioning itself as a “healthy” and lifestyle-focused brand

• Enter New Markets: Celsius currently generates approximately 95% of its sales from North America (compared to 65% for Monster Beverage) highlighting significant growth potential in untapped non-US markets, which is supported by its partnership with Suntory, a Japanese beverage giant with global operations, targeting markets such as the UK, France, and Australia.

All of these strategies will require increased investment in marketing and R&D, not just to grow market share but also to uphold and enhance the brand image, which may compress margins in the short to mid-term.

Additionally, despite offering sugar-free products backed by clinical studies, Celsius may be affected by potential tax increases stemming from regulatory changes in the energy drinks industry, which could ultimately lower overall profits.

Valuation

I believe the historical valuation, particularly from 2020 to 2022, is self-explanatory and stands as another prime example of Dream Investing. So, no further comments!

Interestingly, although the stock price has dropped over 60% from its peak in early 2024, it still delivered monster returns for early investors like CleverLongboat from MicroCapClub, with gains of over +3,000%.

Reverse DCF Analysis

A simple reverse DCF valuation shows that, to justify the current price of around USD 34 per share, and meet the target return of 10% per year, Celsius needs to grow its FCF by 14% annually for the next decade and then at 1% per year thereafter.

Just in comparison, Monster Beverage has a FCF-CAGR (5y) of 11% and an average FCF-Margin of 20% over the past decade.

If the FCF-growth follows the Monster Beverage’s average rate of 11% over the next ten years and one seek a 10% annual return, then the stock could be considered as overvalued by around 20% at its current price.

An additional security layer is offered by Celsius’s strong balance sheet, which features a net cash position of about USD 900 million (or USD 3.90 per share).

Conclusion

Although the overall market is expanding and Celsius has shown strong past performance, it may not be a Monster Beverage 2.0.

However, if the stock were to decline further, potentially due to an economic downturn affecting consumer spending, it could become a more attractive option with a larger margin of safety. Additionally, it's important to consider that PepsiCo's nearly 10% ownership raises the possibility of a future acquisition, though Pepsi is not known for overpaying in such transactions.

Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.

Reference

• Company Website - Investor Relations

Further Readings

• How Celsius Became the King of Energy Drinks

• How Celsius rebranded itself to be a premium wellness energy drink

• How the CEO of Celsius Turned a Failing Brand into a Legitimate Red Bull Competitor

• Trevor Scott (Tidefall Capital) on Pinduoduo (🇨🇳 Ticker: PDD), one of the largest e-commerce player in China

• The Finance Corner on Starbucks (🇺🇸 Ticker: SBUX), the world's leading coffeehouse chain

• Invariant on Karelia Tobacco Company (🇬🇷 Ticker: KARE), Greece's largest cigarette manufacturer and exporter

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Technology and Investing

• Dr. Josep Gisbert: Is AI the Cornerstone for Financial Inclusion?

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• 🎧 Infrastructure, AI, and Other Long-Term Small-Cap Opportunities by Royce Investment Partners

• Neuberger Berman: What Is the Opposite of Confirmation Bias?

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Founded in 1992, PT Cisarua Mountain Dairy Tbk, also known as Cimory, has become one of the Indonesia’s leading producer of premium dairy products, mainly active in Java, Bali, and other densely populated areas. Its product portfolio is grouped into two segments, Premium Dairy, including fresh and UHT milk, and various yogurt products.

The second category, Premium Consumer Foods, consists of a range of protein based ready-to-cook (RTC) and ready-to-eat (RTE) products, such as sausages and chicken nuggets, which are sold under the Kanzler brand.

In a pre-IPO interview, Founder Bambang Sutantio emphasized the critical importance of distribution networks in Indonesia due to the country's weak infrastructure. Cimory has capitalized on this by building a distribution network that leverages multiple channels, such as modern trade (supermarkets and hypermarkets) and rapidly growing general trade (wholesalers and small privately owned stores) with over 120,000 outlets across the country.

The company also runs an exclusive direct-to-consumer channel, Miss Cimory (MCM), featuring over 5,000 agents who deliver products weekly to more than 500,000 households across Java and other areas to gather and analyze customer data directly, offering deep insights into preferences and behaviours.

Fast growing local Dairy Market aligned with economic developments of Indonesia

With a strong focus on premium products, Cimory operates in Indonesia's rapidly growing dairy market, experiencing robust growth with projections indicating a CAGR of 5.4% from 2022 to 2027, potentially reaching USD 12.7 billion by 2027.

Despite its growth, the dairy market in Indonesia is still in its early stages, presenting significant opportunities. With a population of around 270 million, an average age of 30, and a rising middle class of 115 million as of 2022, demand for dairy products is increasing. Still, with a milk consumption at 16 kg per capita annually, Indonesia falls well below the Food and Agriculture Organization’s (FAO) low limit of 30 kg and lags behind Southeast Asian countries like Vietnam (28 kg) and Thailand (44 kg).

As incomes rise and purchasing power increases, Indonesians are likely to adopt Western dietary habits, creating significant growth potential in the local dairy market. In 2022, domestic production met only 20% of the 4.4 million-ton demand, leaving the market heavily reliant on imports, especially milk powder. If consumption reaches the lower end of FAO's milk consumption range of 30 kg per capita annually, demand could exceed 8 million tons, further exposing the domestic dairy market to global price fluctuations.

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• AI/Technology Wave – Early Implications for Financial Services by Gabelli Funds

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Disclaimer: This publication and its authors are not licensed investment professionals. The information provided in this publication is for educational purposes only and should not be construed as investment advice. We do not make any recommendations regarding the suitability of particular investments. Before making any investment decision, it is important to do your own research. RhinoInsight assume no liability for any investment decisions made based on the information provided in this newsletter.