Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.32, read 2026-10-27
Ethical does not pass the values gate
Price2.17 USD
Fair value4.68
Ethical score70.0/100
Our investment reviews on this name
2026-10-11Read Markdown3.62-40.1% to today ✓Accumulation gives way to Markdown after an 11% slide in 9 days
2026-10-02Read Accumulation4.07-46.7% to today Distribution gives way to Accumulation after a 21% rise in 4 weeks
2026-09-03Read Distribution3.36-35.4% to today ✓Markup gives way to Distribution after a 40% slide in 9 weeks
2026-07-02Read Markup5.59-61.2% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Keel Infrastructure Corp. holds its Markdown at $2.17. Elevated stress, defensive posture warranted, held for 26 days.
As held on the ledger · 2026-10-23
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 26 days
Price at the screen
$2.17
Valuation
N/A trailing · -7.55 forward price to earnings
Values screen
FAIL· score 70.0
Beta
4.01
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
52.75%
Below 33%
Interest-bearing debt is 52.7% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.10%
Below 33%
Cash held in interest-bearing accounts and securities is 0.1% of assets, under the one-third limit.
Pass
Receivables
44.66%
Below 49%
Money owed to the company is 44.7% of assets, under the 49% limit.
Pass
Revenue purity
2.74%
Below 5%
Only 2.7% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Keel Infrastructure's business is in a permissible area, but its interest-bearing debt is about 53% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
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Today KEEL does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 100.0% margin of safety to the base estimate.
Third-party analyst targets: 11 covering, consensus Strong Buy. The average target sits +176% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Data centres chasing AI hype but bleeding cash
Picture a builder racing to put up warehouses for the next gold rush, only to watch every new tenant cost more to serve than they pay in rent. Keel Infrastructure runs data centres aimed at high-performance computing and AI loads across North America, yet the figures show revenue shrinking 22 percent and a profit margin of minus 171 percent. With an opportunity rating of none we pass, even though the ethical screen clears and analysts cluster around a six-dollar target.
The forward price-to-earnings ratio sits at minus 60.8 times while return on equity is minus 55 percent. A margin of safety appears on paper between the three-ninety-five share price and a six-dollar fair value, but negative growth and deep losses make that gap look more like a mirage than a bargain.
High fixed costs in power-hungry facilities leave little room for error when contracts fail to cover expenses. Currency swings and execution risk on new sites add further pressure in an industry where only the strongest balance sheets survive. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
KEEL trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Markdown$2.34-18.5%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 18.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 24% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
2026-10-18Markdown$2.87-20.7%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 20.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 99% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
2026-10-11Markdown · changed$3.62-11.1%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 11.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 99% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 21.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 99% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 14.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 99% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
2026-08-03Markup$3.95-29.3%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 29.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 99% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
2026-07-18Markup$5.59+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 99% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 460%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (8 analysts) rates it strong buy, with a mean price target of $6.
2026-07-03Markup$5.59+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$5.59Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.