Weekly #11: Most Interesting D-Sheets from the Past Week (Jun 23 – June 28, 2026)
Week of Jun 23 – June 28, 2026 | $DAKT, $MEI, $MDP.TO
Here are the InfoArb Tear Sheets we think you should pay the most attention to, where the differences between press releases and earnings calls are dramatic because they outline new catalysts, trends, and clarify misconceptions from just reading the press release.
These summaries are created to help you speed up your research on interesting companies. They are not buy/sell recommendations.
💡 These are tear sheet summaries; click any title to read the full tear sheet.
DAKT — Daktronics, Inc. 🟢 Strong Signal
Description: World’s largest supplier of large-format LED video displays, scoreboards, and control systems, sold as projects into live events, schools, transportation, and commercial markets. ~$970.4M cap, $208.6M Q4 FY2026 revenue.
Set-up: FY2026 operating margin nearly doubled to 7.3% from 4.4%, and GAAP EPS swung to $0.17 from $(0.19) on record orders of $860.8M, yet the market still prices DAKT as a lumpy project shop. Management said ~52% of the $356.2M year-end backlog converts to Q1 revenue and reaffirmed FY2028 targets of 10-12% operating margin and 17-20% ROIC.
Information arbitrage:
Margin quality is operational, not warranty noise: Q4 gross margin was 28.0% but still 27.4% excluding the warranty recapture, above the prior four-quarter average of 26.4%, reframing the lift as structural rather than one-time.
Transportation domestic-content edge: BABA U.S. production-content rules could exclude assemble-only competitors, turning trade policy into a share-gain lever in a segment that just booked record orders of $89M (+24%).
Recurring-revenue optionality in Camino 8: The software platform debuted at Angel Stadium with an initial recurring component, a hardware-to-software shift the market hasn’t yet valued in the multiple.
Risks: Daktronics stays project-driven, so award and billing timing swing quarters — Q4 operating cash flow fell to $49.2M from $97.7M and Commercial orders were flat — and the Mexico ramp adds startup cost before any margin benefit, with the FY2028 target still a real step-up from 7.3%.
MEI — Methode Electronics, Inc. 🟢 Strong Signal
Description: Global engineered-components supplier — busbars, sensors, lighting, and interface systems — for automotive, data-center, commercial-vehicle, and industrial markets. ~$475.3M cap, $298.1M Q4 FY2026 revenue.
Set-up: FY2026 revenue fell 2.8%, and the FY2027 EBITDA guide ($72-82M vs $68.2M) looks pedestrian, but management’s adjusted bridge implies ~82% underlying EBITDA growth once FY2026 customer recoveries and portfolio exits are stripped out. Free cash flow swung to +$15.6M from -$15.2M, net debt fell 13% to $185M, and the SEC investigation closed with no enforcement.
Information arbitrage:
Data center step-up on existing programs: Sales are guided from ~$80M to ~$130M in FY2027 on 52-week EDI visibility and vendor-managed inventory, so the ~60% growth rests on booked demand, not a backlog guess.
800V rack architecture sits outside the guide: Next-gen DC rack power is explicitly excluded from FY2027 numbers, leaving unpriced optionality on top of the existing busbar ramp.
Mexico flips from drag to leverage: The under-absorbed footprint is being repurposed for data-center and commercial-vehicle localization, converting a fixed-cost headwind into a USMCA-aligned margin lever.
Risks: Q4 was materially flattered by ~$22M of customer recoveries (~$19M to earnings) that are largely complete and shouldn’t be annualized, automotive is still 46% of revenue and pressured by EV delays, FY2027 is back-half weighted, and a $24-26M tax expense will hold GAAP EPS below the EBITDA improvement.
MDP — Medexus Pharmaceuticals Inc. 🟢 Strong Signal
Description: North American rare-disease pharma repositioning around GRAFAPEX, a U.S. stem-cell-transplant conditioning drug, with a stabilizing legacy specialty portfolio (TSX: MDP / OTC: MEDXF). ~$94.6M cap, $24.7M Q4 FY2026 revenue.
Set-up: The FY2026 headline is ugly — revenue down 8.3% to $99.3M, adjusted EBITDA down to $16.5M, a GAAP net loss — as Gleolan was returned to its licensor and Rupall hit generics, but the mix is inflecting underneath: Q4 adjusted EBITDA rose 87%, gross margin expanded to 53.8% from 50.2%, and GRAFAPEX turned accretive to operating cash flow as Medexus narrows into a focused allo-HSCT platform.
Information arbitrage:
GRAFAPEX guided to ~2.7x: FY2027 product revenue is guided to $30-32M from $11.6M, running on two levers — deeper ordering at existing centers plus new onboarding — not a single adoption assumption.
Reorders signal stickiness: 54 of the 74 ordering transplant centers have reordered, and with 200M+ covered lives and no commercial-access issues, the usual launch reimbursement discount looks overstated.
Buying back stock through the transition: Net debt/adjusted EBITDA sits at 0.95x, and Medexus repurchased 1.2M+ shares under its NCIB — capital-return confidence while still funding the GRAFAPEX ramp.
Risks: Cash fell to $6.5M from $24M after a $15M milestone payment, and GAAP losses persist, while rising FY2027 R&D and SG&A may absorb much of the revenue gain, and transplant seasonality plus wholesaler inventory timing make quarters lumpy.