Milano · Long-only · Multi-year

Corso Como Investing

Independent equity research

Independent, long-only equity research, written from Corso Como in Milano. Asymmetric ideas, held with a multi-year horizon, and built on primary, on-the-ground work.

Latest research

  • HIMSHims & Hers HealthResearch note · coming soon
  • GRABGrab HoldingsResearch note · coming soon
  • SESea LimitedResearch note · coming soon
Email us[email protected]

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A Porta Nuova tower and its lit spire against the night sky, Milano
Porta Nuova, Milano

Act I · Custom charts

Built from the filings, quarter by quarter.

Hims & Hers: quarterly revenue and gross marginRevenue in US dollars, millions, with gross margin: Q3'24 $402m, 79%; Q4'24 $481m, 77%; Q1'25 $586m, 73%; Q2'25 $545m, 76%; Q3'25 $599m, 74%; Q4'25 $618m, 72%; Q1'26 $608m, 65%*; Q2'26 $753m, 64%; Q3'26E guidance $880–900m.$250m$500m$750m$1000m50%60%70%80%90%$402mQ3'24$481mQ4'24$586mQ1'25$545mQ2'25$599mQ3'25$618mQ4'25$608mQ1'26$753mQ2'26$880–900mQ3'26Eguide79%77%73%76%74%72%65%*64%Revenue ($m, left)Gross margin (right)

* Q1'26 gross margin includes a $28m one-time restructuring charge; 70% adjusted. Q3'26E is company guidance of $880–900m. Source: company filings.

Example of our chart work, first published on X. Source: company filings. Illustrative only, not investment advice.

A Garmin storefront in Milano, photographed on a store visit

Act II · Hands-on research

We go and look.

  • Store visitsWe walk the stores ourselves: layout, staffing, how the product is shown.
  • Foot trafficWe watch who comes in, at what hours, and how that changes between visits.
  • Product checksWe handle the product, compare ranges and prices on the shelf, and note what changes.
The On store window in Milano, photographed on a store visit
Runners’ shoes and On flags on the pavement outside the On store in Milano

Act III · Research notes

Three companies, studied in depth.

Each note covers the business, its economics, the valuation and the risks. The first three are in progress.

Research note · No. 01

HIMS

Hims & Hers Health

Coming soon

Research note · No. 02

GRAB

Grab Holdings

Coming soon

Research note · No. 03

SE

Sea Limited

Coming soon

Contact

Talk to us.

For research enquiries, or to talk through the work, write directly or arrange a video meeting.

Get in touch[email protected]Follow on X

Prefer to talk? Arrange a video meeting