Welcome to another edition of the Capital Employed Newsletter.
To enjoy all the content we publish in full consider becoming a paid subscriber.
Exclusive stock pitches by fund managers →
#144 - Jack Pailing (Colebrooke Partners) 📗
#143 - Orlando Muyshondt (Elena Partners) 📗
#142 - Christian Putz (ARR Investment Partners) 📗
#141 - Dylan Marrello (Marrello Capital) 📗
#140 - Dean and Deiya (Pernas Capital) 📗
#139 - Sébastien Lagarde (Alphajet Europe Microcap Fund) 📗
BEST IDEA AWARD FOR THIS ISSUE 🏆
Calvin Blissett on Blue Dolphin Energy 🇺🇸
A tiny Texas refinery printing money in a diesel shortage.
The bull case in one paragraph. At $8.40, Blue Dolphin trades at roughly 1.3x earnings if today’s diesel market merely holds. The math is short.
The company earned $2.18 a share in the first half of 2026. On my numbers it earns about $1.75 in Q3 and $1.55 in Q4. That’s a run-rate of about $6.60 a share a year against an $8.40 stock. Even on the full year I get about $5.50 a share, or 1.5x.
By December the company should be sitting on roughly $2.50 a share of net cash. Take that out and you’re paying about $5.90 for $6.60 of annual earning power.
That’s under 1x. The whole company is worth about $125 million, and I think it does about $111 million of EBITDA this year.A round-up of the best ‘fresh-off-the-press’ stock pitches…