On 18 March, I published an article titled “Profitable, Overlooked, and Mispriced: Where Opportunity Lives,” where I highlighted a couple of companies that, in my view, were trading at compellingly low valuations relative to their underlying fundamentals.

The core idea was simple: the market was overlooking businesses that were not only profitable, but also positioned to deliver meaningful upside as sentiment caught up with reality.

Since then, both companies have appreciated by more than 60%, a move that, while significant, I believe reflects only a tiny re-rating rather than a full recognition of their intrinsic value.

I remember speaking with investors back in 2020 about uranium and outlining the potential I saw across a handful of names in the space. At the time, the reaction was often dismissive, as many felt the opportunity had already passed, pointing out that several of these stocks had already doubled and were therefore “fully valued.”

What followed told a very different story. As the fundamentals of the uranium market tightened and sentiment began to shift, some of those same companies went on to deliver returns of more than 10x. The initial move, which many viewed as the end of the opportunity, turned out to be just the beginning of a much larger re-rating.