Published Work

Research across the capital structure.

Two credit pitches and two equity initiations — each built around one number the market was implying and the primary data that disputed it.

Browse Coverage Credit Equity

Coverage

Reports & Pitches

Credit · AI Infrastructure Buy Competition

CRWV

CoreWeave $5.6B First-Lien Delayed-Draw Term Loan · SOFR + 600 · Feb 2026

Recommended a buy on the term loan for the Oaktree Case Competition. Projected leverage and free cash flow through 2030 against a ~$60B debt-funded buildout, and benchmarked the loan against Oracle, Iridium and Viasat loans and the leveraged loan index. Structural protections — take-or-pay contracts, tiered LTV advance rates (90% IG / 60% non-IG counterparties) and an SPV cash trap — carry the downside case. An expert call with Wolfe Research on GPU useful life underpins 40–60% recovery on the collateral. Debriefed with Oaktree's Global Opportunities team.

10 pages · Oaktree Case Competition · Team Badger (3) · Primary research: expert call, Wolfe Research View Deck

10.3%

5Y Base Return

7.3%

5Y Bear Return

40–60%

Est. Recovery

1L Secured

Seniority

Credit · Technology Hardware Buy

HPQ

HP Inc. 4.20% Sr. Unsec. 2032 · Baa2/BBB/BBB+ · Oct 2025

Defensive carry in BBB tech hardware. At a 77bps OAS the notes are fair to slightly tight versus the BBB Technology BVAL curve, yet trade ~20bps wide to Dell despite lower leverage and stronger liquidity. Net leverage falling from 1.46× to 0.99× by FY27E creates upgrade optionality. Bloomberg horizon analysis shows a 4.4–5.4% total return across tightening, unchanged and widening spread scenarios.

16 pages · Finance 640: Credit Trading

4.4–5.4%

Total Return (all cases)

77bps

OAS

1.46× → 0.99×

Net Leverage FY25–27E

~20bps

Wide to Dell

Equity · Advanced Nuclear Energy Buy

SMR

NuScale Power Corporation · NYSE · Initiated Mar 2026

Market assigns ~45% conversion probability to the 72-module TVA/ENTRA1 pipeline. A stage-gate probability framework derives 65% — $2.48/sh of value the market is not pricing. Two additional service streams (ENTRA1 COLA/FEED and hyperscaler licensing) drive FY26E revenue +10.5% and FY28E +16.5% above consensus, with zero module revenue assumed. SOTP yields a $5.53/sh high-certainty floor and 2:1 risk/reward.

13 pages · Applied Security Analysis Program · Primary research: expert interview, UW–Madison Nuclear Engineering PhD

Equity · Specialty Retail Buy

ULTA

Ulta Beauty, Inc. · NASDAQ · Initiated Nov 2025

Placer.ai traffic data shows ULTA gaining share (+3.8% YoY) while specialty retail declined 2.1% — a leading indicator months ahead of same-store sales. Margin recovery is underpriced by +140bps vs. Street EBIT, and Gen Alpha's entry into beauty expands the TAM beyond the Street's 4.0% category CAGR. Together these drive FY26E EPS of $30.8 vs. $27.1 consensus.

33 pages · Applied Security Analysis Program · Primary research: store visits ×2, consumer interviews

EBIT Margin vs. Cons.

Equity · Advanced Nuclear Energy Long Competition

SMR

NuScale Power · Interactive thesis · Apr 2026

Solo long thesis for Perplexity's national student stock pitch competition, built with Perplexity Computer. The 82% selloff from $57 reflects counterparty risk (ENTRA1), not technology risk — a distinction the market treats as synonymous. A four-layer revenue model and stage-gate analysis underpin the $14.19 target, published as an interactive web thesis with live charts and an SOTP waterfall.

Perplexity Computer Stock Pitch Competition · Solo View Interactive Thesis

+38%

Upside to PT (Apr 2026)

$14.19

Price Target

2:1

Risk / Reward

Equity · Infrastructure Services In progress

STRL

Sterling Infrastructure, Inc. · NASDAQ

Initiation in progress. Full report, rating and price target to follow.

Other Research

Honors Thesis · Econometrics

Applied Econometrics · R ECON 580 Honors · Spring 2025

The Impact of Socioeconomic Status on Maternal Healthcare Utilization in Nepal

Survey-weighted logit and OLS models on the 2016 Nepal Demographic and Health Survey (~5,060 mothers), with PSU-clustered standard errors, province fixed effects and wealth × education interactions. Women in the richest quintile have 5–6× the odds of a facility birth versus the poorest, and wealth and education compound rather than add. Postnatal care shows almost no socioeconomic gradient at all.

25-page paper · 17-slide presentation Read Paper Slides

5–6×

Odds of facility birth, richest vs. poorest

+2.66

ANC visits, richest × higher-educated

~57%

Postnatal care coverage, flat across SES

Methodology Note

All research was produced at UW–Madison — through the Applied Security Analysis Program, coursework, or the competitions noted. Reports reflect views at the time of publication and are not investment advice. Figures are sourced from company filings, Bloomberg, FactSet and Placer.ai.