Is Dycom Stock a Worthy Acquisition in Bornite Capital’s Portfolio?

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On November 7, 2025, the financial world witnessed an event as predictable as a British drizzle: Bornite Capital Management LP, that most discerning of equity funds, acquired $43.76 million worth of Dycom Industries Inc. (DY +1.23%) shares. One might almost suspect the markets were open that day.

The transaction, involving 150,000 shares representing 4.1% of the fund’s U.S. equity assets, places Dycom firmly in the category of “not entirely negligible” within Bornite’s 35-position portfolio. It’s the sort of investment that suggests careful calculation, or perhaps a particularly persuasive pitch over a liquid lunch.

Chronicles of Capital Allocation

Per the SEC filing dated November 7, 2025, this acquisition represents neither reckless speculation nor desperate grasping at straws. Rather, it’s a measured bet on America’s enduring obsession with connectivity, though one wonders whether this reflects optimism about infrastructure or simply the mathematical inevitability of needing to spend $44 million somewhere.

The fund’s top holdings remain a who’s who of industrial aristocracy: ECL, GLW, TLN, PWR, and CRS. These names resonate with the comforting clink of dividend-paying stability, though Dycom’s inclusion suggests even the most stoic portfolios require occasional dashes of ambition.

Corporate Portrait in Monochrome

Metric Value
Revenue (TTM) $4.99 billion
Net income (TTM) $260.99 million
Price (as of market close November 6, 2025) $282.92
One-year price change 57.8%

The Modern Road to Serfdom

Dycom’s business model reads like a Victorian primer on industry: they build things. Not frivolous things, mind you, but the sort of infrastructure that keeps modern civilization teetering on the brink of functionality. Fiber optic cables, utility grids – the sort of work that makes one’s hands dirty in the most metaphorically virtuous way.

Revenue derived from “project-based contracts” with telecommunications titans suggests a business model as cyclical as British weather, though current tailwinds include the $42 billion in federal largesse earmarked for broadband expansion. One imagines congressional staffers drafting such legislation while sipping lattes in cafes that once housed blacksmiths.

Market Musing with a Pinch of Salt

Bornite Capital’s acquisition coincided with Dycom’s 52-week high of $301.88 – a timing so precise it borders on the suspicious. The company’s fiscal second quarter results, featuring 14.5% year-over-year revenue growth and a 42.5% spike in net income, might almost make one believe in miracles, if one weren’t a sophisticated investor.

Guidance for 12.5-15.4% revenue growth in FY2026 sounds promising, though seasoned observers might recall that such projections have a tendency to evaporate like morning dew on a summer’s day. Still, with artificial intelligence demanding ever more robust telecommunications infrastructure, Dycom finds itself positioned rather like a 21st-century East India Company – minus the colonial baggage, one presumes.

Glossary for the Perpetually Perplexed

Stake: Not to be confused with vampire-repelling hardware; in financial circles, it denotes ownership.

Assets under management (AUM): The total value of other people’s money one has persuaded them to relinquish control of.

13F assets: Mandatory disclosures that ensure regulators maintain gainful employment.

Specialty contracting services: A euphemism for “we build things you don’t want to think about until they stop working.”

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2025-11-09 21:04