What Changed This Update 21 Sep → 2 Oct 2026 · 4 refreshes, 2 signal downgrades

This block had gone stale across four published reports — it still described the 21 September WCP.TO re-read while the rows below carried CCI.CN, WPM.TO, DLO and now SOFI. That is a propagation failure in the summary a reader sees first, and it is recorded here rather than quietly overwritten. All four are covered below, newest first.

Refreshed

• SOFI · Short SELL, Medium SELL, Long SELL — unchanged from 12 September, but two bands and a hard gate moved underneath them. Timing 47 → 34 crosses Neutral into Weak, and Gate 1 (financial distress) moves CLEAR → TRIGGERED, taking the triggered-gate count from one to two. Gate 1 fires on a free-cash-flow arm that is met by every growing deposit-funded lender, so the card explains why the measure is the wrong instrument here and the carve-out is filed as framework debt rather than granted in the report. Quality 64 → 57 and Valuation 37 → 36, both because mandated lenses that were missing are now measured rather than because any judgement was revised: an industry-benchmark scorecard against the FDIC’s own Consumer Lenders group, a measured peer median, an own-history decile and a PEG. The anchor moved on a framework correction — the risk add-on was 1.0pp where a beta of 2.208 mandates 2.0pp — taking the warranted multiple 1.3425× → 1.1367×, the ratio to 1.83× and fair value to US$8.61. Donatien Pick stays Stopped: no BUY on any horizon.
• DLO · HOLD / HOLD / HOLD, down from HOLD / BUY / BUY — both BUYs withdrawn. Cheap on the numbers and corroborated by nothing else: 12.59× forward against a warranted 18.80×, but the company’s own adjusted free cash flow is half the screened figure and fell while payment volume rose 83%. The chart broke down rather than based. Donatien Pick auto-Stopped.
• WPM.TO · HOLD / HOLD / HOLD, down from BUY / BUY / STRONG BUY — all three horizons withdrawn and the STRONG BUY barred outright.
• CCI.CN · short HOLD on the technical-confirmation cap, medium and long holding at BUY, so the Donatien Pick is retained.

Portfolio Watchlist

• No grid change. SOFI is a SELL on every horizon, so it takes no tile; the CCI.CN Materials · CA tile earned on 11 September is in place.

Coverage

• 61 of the 65 names in this run remain overdue, and next-update dates are deliberately left in the past and flagged orange. Nothing has been re-dated to look current, and a name is never re-dated without being re-read.