From Nebius Group To EOS: A Strong Year And What’s Next For Our Family Office

Summary

• Nebius Group remains our core AI play, with strong management and the potential for multi-year value creation.
• Electro Optic Systems is poised for explosive growth, with major contracts expected to drive significant upside in 2025.
• ShaMaran Petroleum offers a catalyst-driven opportunity; pipeline reopening could push the share price higher imminently as negotiations conclude.
• Vicore Pharma is our top idea for 2026, with very material upside potential.

Our family office is experiencing one of its best years. It is mainly thanks to several stocks that I wrote about here on Seeking Alpha.

I would like to provide an update on the ideas I wrote for Seeking Alpha and update my positioning on those.

Nebius Group

Nebius Group N.V. (NASDAQ:NBIS) has been one of my top-performing ideas this year. I was one of the first to write on Seeking Alpha about Nebius in mid-November 2024. Since then, Nebius returned almost 200%.

Nebius (SeekingAlpha.com)

Following my initial article, I wrote four updates on Seeking Alpha on Nebius.

We have not sold any Nebius stock, and it has grown into the largest position in our family office. We bought Nebius at $10 OTC before it was listed. Today's price is $53.

Nebius Investment Case

Nebius remains our core AI play. I believe AI is the biggest Megatrend since the internet and represents the biggest value-creation opportunity of our lifetime.

It is very difficult to guess who the winners of the AI Megatrend will be. In my view, Nebius is one of the contenders.

The management team already built a $30 billion business to abandon it to establish Nebius. The management team has a strong track record of innovating around its core business - in Yandex they built the whole ecosystem around the core search engine business, that dominates the whole Russian-speaking world. They are already doing the same in Nebius. The company is transitioning from an AI data center provider to an AI ecosystem provider. They are at the source of AI developments and are innovating in the new areas that they have an opportunity to sport early. That is why we are staying invested in Nebius.

Back-of-the-envelope peer valuation

Coreweave has a market capitalization of $80 billion, and an enterprise value of $97 billion. Goldman Sachs estimates CoreWeave's 2025 revenues at $5 billion. The above means that CoreWeave's capital is trading at around 20 times its revenue.

Nebius' current enterprise value is about $11 billion (assuming the company spent only $0.5 billion in Q2 and that the proceeds from the $1 billion debt issue remain unspent).

Source: our calculations

We have compiled the above table to indicate Nebius's undervaluation. Please note the result is very indicative, as I deduct the full value of Nebius's subsidiaries to calculate the enterprise value of Nebius's AI Datacenter business. That approach would mean that the market gives Nebius full credit for the valuation of its subsidiaries. I am not sure if this is the case.

I wrote an article comparing Nebius vs CoreWeave. I concluded that Nebius is a much better company than CoreWeave. The table above indicates material upside for Nebius to catch up to CoreWeave multiples.

My base case is for Nebius to double this year with the main thesis being the longer-term value creation. Nebius is one of those companies which you may look at in five or ten years' time and see how many times the company has multiplied your original investment. The same way people are looking at today's internet winners.

The main risks to the thesis are macro turbulence and slow AI innovations by Nebius. Macro disruption would only delay AI by making it more difficult for companies to access capital. I am comfortable with Nebius's ability to innovate due to the strong track record of its management team and Nebius's performance in the last year. The extraordinary value creation management achieved in the last two years - Nebius's Enterprise value of $13 billion is the best proof.

Other Investments and Ideas

Electro Optic Systems

Electro Optic Systems Holdings Limited (OTCMKTS:EOPSF) and (ASX:EOS) is an Australia-based company that is the world leader in shooting down drones by bullet and laser. Their marketing slogan is:

"Nobody kills drones like EOS"

I wrote an article on EOS in mid-March 2025. In three months the idea generated a return of ~120%.

EOS (SeekingAlpha)

I believe we are in the early innings. My price target for the 2025 year-end is A$10, vs. the current share price of A$2.80.

The company has a $1.5 billion backlog of orders in negotiations. Surprisingly, despite the war, armies did not speed up their procurement processes. Despite that, I expect EOS to sign the first-ever contract for laser weapons against drones in the next few months. EOS will be the first company ever to sell such a strong laser weapon. The share price could easily double on the announcement.

There are multiple large contracts in finalisation for this year. I believe 2025 will be a very good year for EOS and its shareholders. And 2026 should be even better. Read the article for details and check their website for their excellent presentation and quarterly webcast.

The future for EOS is laser. They have been developing lasers for 40 years. The company claims it can shoot down a coin from Earth's orbit with a laser. There is a very material value creation opportunity in EOS's laser business.

The main risk is competition. EOS is two years ahead in accuracy of its "bullet" anti-drone devices. The laser advance might be even stronger. The stock is so cheap now because investors are still not fully confident in EOS's ability to turn its technological advantages into contracts. I believe that 2025 will be the turning point for EOS. The share price moves in the last two months indicate that many investors do believe this as well.

ShaMaran Petroleum

ShaMaran Petroleum Corp. (OTCMKTS:SHASF), (CVE:SNM) is an independent oil and gas company that produces from two adjacent blocks in the Kurdistan region of Iraq. ShaMaran belongs to Lunding family holdings.

ShaMaran is a play on the reopening of the Kurdistan-Turkey oil pipeline, which has been closed for the last two years due to local disputes. Now the Trump administration is pushing for the pipeline to reopen which has the potential to double the ShaMaran Petroleum share price.

The negotiations are in the final stages as this article is written.

The meetings between the Iraqi government and the Kurdistan Regional Government (KRG) will conclude today, with draft agreements set to be presented to the Iraqi Council of Ministers on Tuesday, paving the way for the resumption of oil exports and the disbursement of civil servant salaries in the Kurdistan Region, sources familiar with the matter told Zoom News on 6/30/2025

Since I wrote the ShaMaran article at the end of March the stock is up 16%. I believe the catalyst could materialize any day now, which could potentially double the share price.

ShaMaran (SeekingAlpha)

The investment case is based on a political resolution that is outside ShaMaran's control. Further there are many additional risk issues related to the pipeline reopening - namely the payment terms, and repayment of overdue balances (ShaMaran is owed $80 million). An additional risk is a new geopolitical instability in the region.

Buy Vicore, Sell Pliant

I am very bullish on Vicore for 2026.

In the article In Therapeutics I prefer Vicore Pharma over Pliant Therapeutics, I introduced Vicore Pharma (STO:VICO) and compared it to the US listed Pliant Therapeutics, Inc. (NASDAQ: PLRX).

The article's point was that the US-listed Pliant was 12 times more expensive than Sweden-listed Vicore while having materially worse results. The article recommendation was to buy Vicore and short Pliant.

The Pliant short thesis is playing well. The Pliant short generated 96% return.

Long Vicore Pharma (SeekingAlpha)

Vicore might be one of the most promising stocks in our portfolio for 2026.

IPF is not a curable disease at the moment. There were two drugs which sold more than $3.5 billion in 2021. Both drugs have incomparable results in comparison with Vicore. Both only delay the disease by weeks or single months.

Vicore has the best results ever of any company in Idiopathic Pulmonary Fibrosis (IPF). Nobody has ever achieved such results as Pliant showed in the 2b study. The 2a study results indicated that Vicore may make IPF a curable disease.

The $3.5 billion price tag represents a 20x multiple of Vicore's current share price. That is if Vicore's results would only delay the disease by weeks as the others did. If the 2a results were achieved again, Vicore might be able to gain an even higher valuation.

Some top US pharma investors are involved.

Nothing much will happen during 2025 with Vicore as the 2b study results are expected mid next year. All eyes on 2026!

The major risk is that the 2b study results are materially worse than its 2a results. Vicore's advantage is, that the bar is very low. As mentioned above the two drugs that sold for $3.5 billion in 2021 only achieved delay in the disease for weeks. For Vicore, a bad result would be to be on par with these. Not a bad upside.

Golar LNG

Golar LNG Limited (NASDAQ:GLNG) builds, owns, and operates marine infrastructure for the liquefaction and regasification of LNG. It currently owns two out of nine existing FLNG ships in the world, which positions it perfectly for the projected LNG deficit in Europe.

We wrote the article in December 2023. Since then, the idea returned over 100%.

Golar LNG (SeekingAlpha)

We are out of Golar now. I do like the stock. I have traded it several times. Whenever there is a market pullback, we buy Golar and sell it around these levels. Whenever the opportunity arises, we will repeat the trade.

The main risks are accidents, production disruptions, and LNG pricing. A sudden increase in LNG supply would decrease the market component of the payments.

Link Mobility

LINK Mobility Group Holding ASA (OTCMKTS: LMGHF) is Europe's largest company in helping other companies and state institutions communicate with their customers through SMS, WhatsApp, Viber, Instagram, and other messaging platforms. If you fly and get a boarding SMS, it could be from LINK.

It is a solid company growing organically and through acquisitions. We wrote an article in late January 2024 when the share price was around 17 NOK. Today the share price is 28.6 NOK, generating around 60% return. We remain invested as the company keeps delivering.

The risk for Link Mobility is margin pressure and integration risks. The company has successfully integrated over 35 acquisitions. I consider the acquisition risk as low. Most of the profits the company generates are from markets where it has a dominating position. The fact that it is the largest European company gives it a competitive advantage of massive scale vs. its peers.

What is Next

I am now working for a company that has tremendous upside potential. Based in Sweden, annual revenue growth of 400%, no debt, highly profitable, cheap at 5 times EBIT, and almost no research coverage. I visited the company last week. I find it very attractive, and I'm already writing an article. Stay tuned.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

Article by Fit Investment Ideas, originally posted on SeekingAlpha.