Title: Friday POW! — Picks of the Week: BOLSY + RYAAY, plus updates (CPNG, J, COPX, SII)
Show: Haymaker — Friday POW! (Picks of the Week — multi-name edition)
Author: David Hay — The Haymaker Team
Date: 2026-05-15
URL: https://haymaker.substack.com/p/friday-pow-5f8
Length: written post (PAID), no timestamps
Note: Full article body, lightly cleaned. The bottom "Buys" and "Trims/Holds/Sells" lists render as images and are not captured.

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"Among all forms of mistake, prophecy is the most gratuitous." — Mary Ann Evans (aka, George Eliot)
"I made my money by selling too soon." — Bernard Baruch

As you will soon read, this edition of our Pick of the Week (POW!) is in a different format. For starters, it is Picks rather than Pick. Also, we're providing some updates on prior highlights, two of which have done very well and two that have been dogs with fleas/mange. Further, because there is a lot to cover, we're keeping our bullish write-ups briefer than usual.

PICK 1 — Brasil Bolsa Balcão (BOLSY)

First on the docket is a stock from one of our favorite markets: Brazil. As many of you know, the Brazilian equity ETF we have endorsed in the past, EWZ, has been a stellar performer. In fact, it is up 38.03% and 47.01%, respectively from our two prior plugs. Today's first Pick is closely aligned with Brazilian stocks; in fact, it owns the main exchange for those shares. It's known as Brasil Bolsa Balcão but we'll just refer to it going forward by its American Depository symbol, BOLSY. (Bolsa means exchange in English, while Balcão indicates over-the-counter listings.)

Credit for this idea once again goes to our great Kiwi mate, Trader Ferg. He wrote a persuasive piece back in February on the allure of global exchange operators. Like us, Ferg has a preference for HALO (Hard Assets/Low Obsolescence) securities. Yet the lush profits these entities generate in pretty much every country they operate has convinced him these belong in his family's portfolio. This includes one he's building for his parents with the primary goal of generating a high cash flow. As you'll soon read, BOLSY definitely qualifies in that regard.

As Ferg wrote in his 2/7/26 note: "Exchange operators sit in the same tier as payment networks and dominant software platforms, characterized by network effects, high switching costs, and structural barriers."

He then quotes the illustrious investment firm, Horizon Kinetics, on this topic. (Sadly, Horizon's founder, the legendary Murray Stahl, died suddenly on April 7th.) "The securities exchange model is so powerful that nearly every exchange with a 20-year public track record has outperformed its respective regional stock index, in most cases by a wide margin. It is a global phenomenon: The U.S., Japan, Hong Kong, the UK, Singapore… Their business model provides global exposure to a wide variety of assets… It allows them to maintain their favorable financial characteristics regardless of where it is implemented or the economic variable of each specific region."

As Ferg points out, the exchanges perform well during periods of low inflation as well as during those times when consumer prices surge. Per Ferg: "Trading volume rises with nominal economic growth in most environments, and has leverage to higher volume during volatility events. This gives exchanges a somewhat anti-fragile model, as in 2008, when trading jumped by 25% while most businesses experienced a 20.7% hit to profits."

He also highlighted that NASDAQ, Inc. (NDAQ), the owner and operator of the NASDAQ exchange, has beaten the NASDAQ 100 since the former's initial listing in July of 2002. (Update: Haymaker research shows the latter presently beating the former, but that could be a matter of timing; thus, we respect and are happy to present Ferg's analysis here.)

Returning to BOLSY specifically, cash on its balance sheet slightly exceeds its debt; ergo, it has zero net debt. Earnings per share (EPS) have risen nicely from $0.75 in 2022 to $0.97 last year (both in U.S. currency). For 2026, the estimate is $1.20. If that is hit, it would represent about a 60% rise in profits, about 10% annually, with nary a down year.

On the income-generating front, BOLSY's anticipated dividend is projected to create a 6% yield. Do realize there is foreign tax withholding; however, you should be able to get a U.S. tax credit for that, assuming you don't hold it in an IRA-type account.

But the real appeal in our view is the capital-appreciation potential. BOLSY is trading at just 14x earnings. While that's not particularly cheap versus its history, it is way below the P/E ratio of nearly all of its international peers, which often are in the 20 to 30 range, or even higher. A target of 18x earnings seems eminently reasonable based on what it has touched over the last five years. Using the $1.20 Bloomberg consensus estimate for 2026, that produces a price target of $21.60. Actually, based on the $1.20 estimate, the current P/E on forward earnings is an exceedingly modest nine (versus the 14 shown above). Even using last year's earnings of $0.97 produces a P/E of roughly 11. Bolstering the case, on May 8th it reported a 33% net-income increase on a 21% jump in revenues.

Regardless of which P/E you use, BOLSY is a very cheap stock. (We'd also note that free cash flow is often much higher than reported earnings.) Additionally, its stock price chart reveals a pattern that Team Haymaker adores: a clear upside range expansion out of a multi-year trading band. Actually, it's had two breakouts over the last six months.

It goes without saying that there are copious risks when investing in Brazil. Just to name a few: a tendency toward left-wing politics, a history of wild currency fluctuations, and a market that has risen considerably in recent months. On the positive side, Brazilian interest rates are beginning to fall from incredibly lofty levels. While we've been correctly bullish on long-term government bonds in reals, the yield on their 10-year maturity remains around 14% — down a bit from 15% when we first highlighted them, but they continue to provide an extraordinary after-inflation return of 9%. We still believe they're heading toward 10%, which should provide a considerable lift to Brazilian equity prices.

PICK 2 — Ryanair (RYAAY)

Moving on from BOLSY, let's revisit an old name that we'd also like to put on our recommended list, the European cut-rate airline Ryanair (RYAAY).

While we wrote it up favorably in the first half of 2024, it seemed a bit stretched until recently. Due to soaring fuel costs, RYAAY has tumbled from around $73 at the end of last year to $56 today (unfairly, as you'll soon read). That's about where we initially gave it a thumbs-up, though we did suggest further accumulation at an average price around $44 1/2. As of the end of last year, it was a nice winner but, at this point, it's a modest gain for anyone who did average into it on weakness.

This isn't a breakout situation, although it did achieve that distinction in 2023 when it popped into the low $50s. When it comes to valuation, RYAAY trades very inexpensively on both a P/E and Price-to-Sales basis. As we so often convey, we believe cyclical stocks — and airlines are among the most cyclical — are best valued on the latter basis, P/S. On that key basis, RYAAY consistently hits two times sales. If it does again, that indicates a price target of $70. In point of fact, it often hits three times sales.

Operationally, it is the envy of its competitors. RYAAY's net profit margins are around 15% vs 4% for the global airline average. Its CEO, Michael O'Leary, is fanatical about cost containment, unlike so many of his peers. He's a bare-knuckles type of guy, but that toughness has kept him at the helm for 30 years, an extraordinary accomplishment in the airline industry (the ultimate CEO shredder). Lately, he's sparred with Elon Musk and has used that publicity to his company's advantage as he so often does (as with his stunt to charge for the use of in-flight toilets).

Airlines are typically highly leveraged, leaving them exposed to crises, even failures (see Spirit in the U.S.). RYAAY has zero debt net of its ample cash holdings. It has also locked in 70% of its fuel costs through 2027 at $67/barrel, a characteristically far-sighted move on Mr. O'Leary's part. That's why we feel it's been unfairly punished by the oil-price eruption. Moreover, Boeing's increasingly apparent turnaround is good news for his company, which exclusively uses 737s. It will be receiving a massive delivery of 300 brand-spanking-new fuel-efficient 737 MAXs next year. This should further expand its lead over its struggling competitors, several of which have already entered the equivalent of bankruptcy. As far as risks go… hey, it's an airline. Notwithstanding that overarching caveat, we believe this will be a superior money-maker over the next 12-24 months.

UPDATES — Two losers, two winners

As far as our super-short updates on a pair of winners and losers, let's start with the latter. Both have been slammed in recent weeks, even as the market has kept levitating.

Coupang (CPNG): Just last month it looked like it might be breaking out of the downtrend it's been in since last September. Unfortunately, last week it reported results the market didn't like. Sales were up 8%, but cash flow was a big disappointment. We continue to believe CPNG is poised to report strong profits in an upcoming quarter once it quits splurging on some of its growth initiatives. If so, this is likely to lead to a rollicking rally. However, it's now near longer-term support in the 13 1/2 to 14 range; clearly, it would be best to hold that level. We are still fans of its highly efficient, Amazon-like e-commerce capabilities, with a nearly impossible-to-replicate logistical infrastructure that it has built over the years. Additionally, there was a massive insider purchase earlier this year. For now, we're sticking with it but are not advising buying more.

Jacobs Solutions (J): This one continues to be a head-scratcher. Ironically, its increasing exposure to the AI data center build-out is being used as a pretext for stock-price weakness. Some are asserting the expansion is ending while our view is that it is likely to merely downshift to a less hyperkinetic pace. Moreover, there doesn't appear to be any AI premium built into J's current price. It's now trading at just 15x earnings and one times sales. That's not far from where J has bottomed over the last five years. The market also apparently didn't like some of its special charges. Google Gemini had a nice summary: "From an operational standpoint, the business is actually firing on all cylinders. Management raised its full-year 2026 guidance, its AI infrastructure pipeline is up 400% year-over-year, and its data center business grew by 100%. The current weakness appears to be more about financial optics and macro fears than a failure of the business model." Net/net, we'd dollar-cost-average into this name.

Now for the fun stuff:

Global X Copper Miners ETF (COPX): This ETF has now essentially doubled from our initial bullish highlight back on August 25th, 2025. A ~79% return in just nine months more than offsets some of the hits from underachievers (for now) like CPNG and J. Copper itself, which we also liked, has also been on fire. It has broken above $6/pound for the first time ever and we did bring its upside range expansion to your attention last summer as it shattered overhead resistance when it hit $5/lbs. Both COPX and copper strike us as quite extended, though we concede the long-term story remains upbeat. Cashing in some gains on COPX right now seems to us the wise course of action.

Sprott, Inc. (SII): We've previously discussed the monster winner this one has been, but we want to give another hat tip to the venerable Sy Jacobs for coming up with this uber-rewarding idea. We first relayed the glowing story to you in December 2023 when it was trading at $32. To justify the above "monster winner" characterization, it's now at $138. In other words, it's been a four-bagger in less than 2 1/2 years! Unsurprisingly, it's no longer a bargain; in fact, it's actually quite spendy compared to its five-year valuation history. A combination of a 14% price correction and strong earnings has lowered both the P/S and P/E ratios, but 9x and 29x, respectively, indicate a lot of optimism. In August and September of last year, we recommended some trimming as it was going vertical, but we did say to stick with most of the position. At this point, however, Sy himself is worried SII is vulnerable to a further give-back. Rather than hoping for a return to peak valuation, we are making one of our rare suggestions to exit it entirely. However, be aware there could be a hefty tax bill for any of you who bought it as a result of our first tout at the end of 2023 and the second one in early 2024.

The Haymaker Team