The parent of the dominant US sports betting platform trades well below its cash flow fair value while US EBITDA turns positive and the NFL season arrives in two months.

Read on before the September catalyst does the work for you.

Materials

Agnico Eagle Mines Limited (NYSE: AEM) trades around $153 after Jefferies upgraded the gold miner to Buy and lifted its target to $200 from $187. The move is not chasing a hot stock. It is a call that the recent pullback has made one of the cleaner gold-mining names buyable again.

The valuation is what keeps this from being only a gold-price story. AEM trades near 11x forward earnings, pays an annual dividend of $1.80, and now sits roughly 23% below the new Jefferies target. That gives the upgrade more weight than a routine price-target tweak.

Gold miners are never comfortable value stories. Costs can rise, bullion can turn, and sentiment can change fast. For you, the question is whether Agnico’s production base, dividend, and lower multiple make the pullback look overdone, while gold risk remains live.

Jefferies Is Buying the Weakness, Not the Momentum

The upgrade matters because it came after share-price pressure, not after a clean breakout. That makes the catalyst more useful for Undervalued Edge, where the better story is often the stock the market just cooled on.

Agnico’s Dividend Adds Discipline to the Pullback Case 

Agnico does not need a wild gold rally to keep the setup interesting. The dividend, production base, and lower forward multiple give the pullback more structure than a simple bet on bullion.

Waste Management

GFL Environmental Inc. (NYSE: GFL) trades around $40 after takeover speculation dragged a beaten-up waste-management name back into the spotlight. The stock jumped on talk that private-equity buyers could be circling, but it is still down from last year as investors question debt levels, fuel costs, recycled-commodity pressures, and the Secure Waste deal.

The valuation math is why the rumor matters. GFL trades at about 11x projected 2027 EBITDA, below the 13x to 14x range often associated with waste peers.. A reported takeout view of at least $63 would put the business closer to 14x EBITDA, including Secure Waste.

You are not buying a confirmed deal here. You are buying the possibility that private capital sees more value in steady waste cash flows than the public market is currently giving GFL.

Takeout Talk Changes the Valuation Debate

GFL’s problem has not been a lack of assets. It has been whether leverage, integration risk, and commodity pressure deserve a lower multiple. Private-equity interest forces the market to put a cleaner number on those cash flows.

Peer Multiples Keep the Buyout Math Alive 

A defensive waste business trading below peer EBITDA multiples gives private buyers something to underwrite. If the rumor fades, GFL still has to prove Secure Waste can add value without becoming another overhang. 

Healthcare

Pharvaris N.V. (NASDAQ: PHVS) trades around $33.39 after the FDA accepted its New Drug Application for deucrictibant immediate-release, an oral treatment for on-demand hereditary angioedema attacks. The decision gives the company a real regulatory clock, with a PDUFA action date set for April 23, 2027.

The FDA news moved the story forward, but the valuation gap has not disappeared. Pharvaris still trades well below the $49.64 consensus target, leaving the stock about 33% under that mark after the acceptance decision. 

This is still a loss-making biotech, so PE does not tell you much. The stronger point is the clinical package behind the filing: the main study goal was met, all 11 secondary goals were met, and the filing includes data from more than 1,300 HAE attacks treated in studies.

FDA Acceptance Turns the Wait Into a Date

Biotech investors hate open-ended uncertainty. Pharvaris now has a defined review path, and the April 2027 decision date gives the market something concrete to price.

Pharvaris Still Has to Earn the 2027 Re-Rating 

PHVS still carries clinical and approval risk, so the next phase is about execution, not excitement. The stock has room to re-rate only if the FDA review stays clean and the April 2027 decision path remains intact.

Alliant Energy (NASDAQ: LNT)

Alliant Energy is a regulated Wisconsin and Iowa utility with contracted data center demand expanding over 60% in Q1 and a new 370 MW Iowa agreement signaling a capital deployment runway management expects to drive compound annual earnings growth above 7% through 2029. The stock trades against an analyst consensus target with a quarterly dividend covered by earnings and 22 consecutive years of dividend growth. 

Q2 earnings arrive July 30 where updated data center capital guidance is the specific number to watch. Rate case decisions in Wisconsin and Iowa are the medium-term regulatory catalysts that determine the ceiling on the growth rate. The risk is that data center agreements slow in pace or regulatory approvals come in below projected returns.

American Homes 4 Rent (NYSE: AMH)

American Homes 4 Rent operates the Sun Belt build-to-rent thesis with a structural cost advantage that buying-focused peers cannot replicate, developing its own homes at a meaningful discount to open market acquisition pricing. The same rate-cut and supply-shortage dynamics supporting INVH apply here, but AMH adds organic development pipeline upside that a purely acquisitive REIT cannot offer. 

The stock trades at a meaningful discount to net asset value with Q2 earnings in early August as the next catalyst on Sun Belt demand commentary. The risk is that a potential institutional homebuying restriction disrupts the external growth pipeline before organic development can fully compensate.

Flutter Entertainment (NYSE: FLUT)

Flutter Entertainment is the parent of FanDuel, the dominant US sports betting platform with roughly 40% of US market share, and trades well below its cash flow fair value in a setup that reflects a market still pricing this like a loss-making story when US EBITDA is turning firmly positive. 

iGaming keeps expanding state by state; Missouri just went live, and Q2 earnings in early August should show the US profitability inflection that the valuation has been waiting on. The NFL season arriving in September is the annual catalyst that drives the highest-revenue period of the year for the US business. The risk is that state-by-state regulatory expansion moves slower than the US profitability timeline requires.

That's our coverage for today; thanks for reading! Reply to this email with feedback or any [blank] stocks you want me to check out.

Best Regards,
—Noah Zelvis
Undervalued Edge