Quality Analysis

Games Workshop: The most profitable hobby in the world

191% ROCE. Zero debt. £617m revenue. And an Amazon Prime series with Henry Cavill in development. Here is the full Games Workshop deep dive.

Apr 2 • Ruben van Putten

Nu Holdings: The Purple Card and the $74 Billion Machine

131M customers. $2.87B net income. 19.9% efficiency ratio. And a US banking licence just approved. Here is the full NuBank deep dive.

Mar 26 • Ruben van Putten

Basic Fit: Europe’s largest gym sells intentions, not workouts

The low-cost fitness giant just turned the corner on free cash flow, acquired Europe’s largest franchise gym network, and is pivoting from aggressive…

Mar 19 • Ruben van Putten

GigaCloud Technology: The cheapest quality business you passed because of its passport

GigaCloud trades at 10x earnings with $417M cash and zero debt. Is the China-founder discount warranted or is this the most mispriced small-cap on the…

Mar 12 • Ruben van Putten

Kelly Partners Group: Good Business, Dangerous Narrative

Ticker: ASX: KPG Current Price: Around AUD $6.00 (as at March 2026) All-Time High: AUD $13.60 (February 2025) Analyst Consensus Target: AUD $4.70-4.90…

Mar 5 • Ruben van Putten

Klarna: The $14 Stock That Can’t Decide If It’s a Bank

Is Klarna a bank, a BNPL lender, or a payments network? The answer determines whether $14 is cheap or fair. We ran the numbers.

Feb 26 • Ruben van Putten

Four quality companies at record-low valuations

The market is handing investors a gift right now.

Feb 17 • Ruben van Putten

The AI quality divide: Why most AI startups will fail the behavioral test

Bessemer's AI report reveals a startling divide: explosive-growth AI startups hit $125M revenue but operate at just 25% margins, while quality-focused…

Feb 10 • Ruben van Putten

5 Quality stocks trading below 15x PE

A market anchored to 30x tech multiples is missing these cash machines.

Feb 3 • Ruben van Putten

5 Quality stocks trading below 15x PE

Five household names generating 25%+ ROE trading at single-digit to mid-teen P/E ratios. This week's quality screen reveals Merck, UPS, Target, Delta…

Oct 15, 2025 • Ruben van Putten

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