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$965bn, $1.5tn or $2tn: What Would Anthropic Need to Deliver?
Anthropic’s S-1 is public. What do $965bn, $1.5tn or $2tn ask of the business behind it? The sector right now Frontier AI is now priced like the largest listed companies on earth. Anthropic is the first of the US leaders to open its books as a standalone company. • OpenAI raised $122bn in March at an $852bn post-money valuation. Bloomberg reports it is in early talks to raise again at about $1.4tn. Its chief executive has ruled out a listing this year. • xAI took a

Adil Aboobakar, CFA
Oct 266 min read


Mauritius Hotels: Earnings Multiples and Tourism Sector Review
During September, Mauritius' three listed hotel groups published their audited annual results for the year ending 30 June 2026:
Sun Ltd (SUN)
New Mauritius Hotels (NMH)
Lux Island Resorts (LUX)
We look at them for benchmarking hotel valuation multiples and also to capture an overview of the tourism sector.

Adil Aboobakar, CFA
Sep 297 min read


Emtel Limited: Undervalued at Rs. 22.70
Emtel reports half-year results ending June 2026, showing profit rose 34% as CAPEX fell 47% . Our DCF puts the shares at Rs 31.02 against a Rs 22.70 close.

Adil Aboobakar, CFA
Aug 104 min read


Complicity in Weapons Didn't Even Pay You
A Mauritian foreign equity fund holds exposure to weapons manufacturers. Screening out the top funds' exposure indicates that, over the past five years, the return would have been more.

Adil Aboobakar, CFA
Jul 214 min read


The judgment gap: why a beautiful AI-generated deck doesn't get you funded
When anyone can produce a slick-looking deck for next to nothing, a slick-looking deck stops meaning anything. What separates a company that gets funded from one that gets passed over is the judgment underneath it. That's the one thing AI can't give you.

Adil Aboobakar, CFA
Jul 12 min read
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