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Openbook Analytics just put out an article on Volex:

"Openbook's reward model scores VLX at 63 / 100, a moderate reading that masks a stark internal divide. Momentum is maxed out at 100/100, driven by a share price that has outrun the FTSE 100 by 75.7% over the past year. Growth scores a reasonable 55/100 on the back of strong historical revenue expansion and a doubling of data centre revenues in the year to March 2026. But profitability, at 42/100, tells a more sobering story: thin margins, weak cash conversion, and a net margin of just 4.4% that sits well below what you would expect from a business generating this kind of stock-market excitement.

The central analytical question here is straightforward. Has momentum priced in a margin improvement that has not yet fully materialised? And if so, what is the risk if it takes longer to arrive than the market expects?"

Openbook Analytics done a research series on Easyjet, they claim:

Bull Case

Faster capex normalisation. If capex normalises faster than assumed, free cash flow could turn positive earlier than forecast, improving the DCF valuation.

Holidays scaling faster. Continued growth in easyJet holidays could also offset some airline pressure and improve profitability.

Better cost control. Effective fuel hedging and operational efficiency could reduce cost volatility and support margins.

Demand resilience. Stronger-than-expected demand, better pricing and higher ancillary revenue would also support a more constructive view.

However state elevated capex and volatile fuel costs as key risks.

They gave EasyJet a Hold rating.

Interesting Keller made the Openbook Analytics top 20 UK shares, scoring very high on value, maybe it has more room to run?