Research
Short notes from selected BORA research work. These are not current recommendations.
No assurance any analysis remains current.
01
Research date
July 2025
Alibaba, JD.com, Pinduoduo
A basket bet on dominant Chinese e-commerce platforms trading at low earnings multiples.
The work depends on durability, regulation, and whether low multiples compensate for China-specific risk.
Alibaba
10.8x
JD.com
5x
Pinduoduo
7.2x
02
Research date
July 2025
British American Tobacco
A cash-flow case: a declining but resilient cigarette business funding reduced-risk products.
Tobacco remains exposed to regulation, litigation, taxes, and category decline.
Adjusted P/E
13x
Dividend yield
8%
Cigarettes sold
500B+
03
Research date
August 2025
UnitedHealth, Centene, Molina
A basket of large health insurers where earnings power had to be weighed against policy pressure.
Medical-cost trend, reimbursement changes, and regulation can change the economics quickly.
UnitedHealth
10.8x
Centene
7x
Molina
8.5x
04
Research date
April 2025
Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo
A basket of diversified Japanese trading companies with long operating histories and shareholder payouts.
The question is whether complexity, currency, and commodity exposure are being over-discounted.
Itochu
11-13x
Mitsubishi
9-10x
Sumitomo
8-9x
05
Research date
2025
Valaris, Noble Corp.
A replacement-cost case where market value was compared with the cost to rebuild offshore drilling fleets.
The case depends on supply discipline and contract economics turning asset value into cash flow.
Valaris EV
~$3.4B
Fleet build cost
~$13.4B
New drillship
~$1B
06
Research date
2025
Burford Capital
A legal-finance case where reported earnings can miss asset-by-asset value creation.
Legal timing, appeals, collection risk, and lumpy realizations make the economics hard to screen.
Litigation finance
Largest cited
Management stake
10%
Adjusted P/E
7-8x
Research is for informational purposes only and is not individualized investment advice or a recommendation to buy or sell any security. Examples are general in nature and may not be suitable for any particular person. Investing involves risk, including possible loss of principal.
Full Disclosures