Yet Another Value Podcast – Détails, épisodes et analyse

Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his third appearance to share his thesis on Dowlais Group Plc (DWL), a portfolio of market leading, high-technology engineering businesses that advance the world's transition to sustainable vehicles.

For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/

DWL write up on Value Situations Newsletter: https://valuesits.substack.com/p/dowlais-spinning-wheels

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:15] What is Dowlais Group Plc (DWL) and why are they interesting to Conor

[9:18] What is Conor seeing about Dowlais that the market is missing

[16:42] Dowlais recent history

[21:45] Trends in the auto industry

[27:43] Bidding war time from 2018

[32:29] Margin expansion

[38:03] Management and incentive structure

[49:08] Capital allocation scenarios

[53:25] Who's the buyer of Powdermet

[58:50] Cyclicality of Powdermet business?

[1:02:16] Final thoughts on Dowlais / one more question about goodwill on the balance sheet

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Ross Levin, Director of Research at Arbiter Partners, joins the podcast for the second time to discuss betting on French compounding legend, Vincent Bolloré: Bolloré SE and Compagnie de l'Odet.

For more information about Arbiter Partners, please visit: ⁠https://arbiterpartners.net/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:36] What are Bolloré SE and Compagnie de l'Odet and why are they interesting to Ross

[12:18] Asset value / share count

[16:46] Why (in Ross' opinion) is this an alpha opportunity and why now

[23:03] Betting on compounding legend, Vincent Bolloré

[27:40] Risk of getting "Icahn'd"

[32:20] Share re-purchases / capital allocation

[39:31] French regulatory risk

[41:41] What's the path for l'Odet

[45:42] Vivendi

[50:38] Anything else that investors should be looking out for here? Follow on re: capital allocation scenarios

[54:57] Ross' quick thoughts on CCIs and France overall

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Alex Feng and Jason Quan from Rome Capital Limited join the podcast to discuss their thesis on Samsonite International (1910.HK), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company.

Alex Feng's write-up on Samsonite: https://alexfeng.substack.com/p/samsonite-1910-hk-another-homecoming

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[1:51] Alex Feng, Jason Quan and Rome Capital's backgrounds

[3:15] Overview of Samsonite and why it's interesting to Alex and Jason

[6:00] What is the average market participant missing with Samsonite

[9:25] Why is Samsonite valuation a "cheap" multiple (in Rome Capital's opinion); why Samsonite a "A" business and not a "C" business; pricing power / consumer awareness

[17:02] How important is Samsonite's warranty on their products / supply chain

[21:18] Samsonite's dual listing plan / does Alex and Jason think that simply re-listing to the US can re-rate the shares

[29:00] Instead of dual-listing, why not focus on buybacks

[33:40] What happened to the private equity bid; history with CBC back in 2007

[36:13] Wholesale partners, is that one of their competitive advantages / how much does advertising really drive demand and consumption

[39:47] Barriers to entry - what is the risk here with new luggage brands entering the market

[45:49] Final thoughts on Samsonite

Today's sponsor: Ycharts

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It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2023 edition, Chris shares his thoughts on the government suing to block the Horizon Therapeutics sale to Amgen, government's history of antitrust cases, Amazon / iRobot deal, evaluating judges in antitrust cases, banking sector and more!

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:58] What's on Chris' mind for May 2023 starting with government suing to block the Horizon Therapeutics sale to Amgen and government history of antitrust cases

[9:22] Amazon / iRobot deal

[13:23] What is the government arguing in the Amgen / Horizon case

[16:39] Evaluating antitrust cases, judges in particular + Amgen / Horizon case cont'd

[29:09] Banking sector: update on regional banks and how Chris thinks about the space right now

[39:15] Closing thoughts

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Joining the Yet Another Value Podcast today is the Editor and Co-Founder of The Chancery Daily to have a stirring conversation about the wild $AMC / Apes Case. To say The Chancery Daily has been covering every detail of this case would be an understatement and the following interview will wholly confirm that.

To subscribe and catch up on all aspects of the $AMC / Apes case, as well as to subscribe The Chancery Daily substack, please visit: https://thechancerydaily.substack.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:50] $AMC / Ape Lawsuit overview

[10:02] Conversion of Apes and AMC share into one share class with Ontario Capital and what happened at the shareholder meeting

[18:53] Why are $AMC shareholders suing to block the Ape/$AMC share consolidation

[21:38] Current status on shareholder vote

[26:38] What are the objectors mainly objecting to?

[36:28] Hedge funds - what are they getting wrong about this case?

[38:22] Baseline expectation of the settlement, is it realistic?

[47:30] Delaware legislation impact on the $AMC case

[51:46] Proposals for what objectors want to see from $AMC

[53:39] Is there any liability from $AMC to ape buyers?

[58:32] Appeal rights post-settlement

[1:05:57] Final thoughts on the whole $AMC / Apes case

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

BONUS EPISODE with Jonathan Cukierwar, Principal of the General Partner at Sohra Peak Capital Partners - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2023. Topics covered: investing in global MicroCap stocks, building relationships with management with teams based in another country, Q&A from the audience, plus an overview and Q&A on Duratec $DUR.AX.

For more information about Jonathan Cukierwar and Sohra Peak Capital Partners, please visit: https://www.sohrapeakcapital.com/

Chapters:

[0:00] Introduction

[1:16] Jonathan Cukierwar's background and launch of Sohra Peak Capital Partners

[2:57] Discovery process when looking at international MicroCap ideas

[6:03] Building relationships with management teams in a different country and traveling to visit the companies

[8:47] Q&A with audience: currency risks, international databases for looking at data on global stocks, regulatory risk and more!

[19:30] Overview and Q&A on Duratec $DUR.AX

BONUS EPISODE with Michael Liu, Analyst at Intelligent Fanatics Capital Management - this interview was recorded live at the Planet MicroCap Showcase: VEGAS 2023. Topics covered: discovery process for MicroCap stocks, building relationships with management, disagreements with management, groupthink, all followed by Q&A from the audience.

For more information about Michael Liu and Intelligent Fanatics Capital Management, please visit: https://if.capital/

You can Follow Michael Liu on Twitter @michael20171 : https://twitter.com/michael2017l

Chapters:

[0:00] Introduction

[1:20] Michael Liu and Intelligent Fanatics Capital Management backgrounds

[2:25] Discovery process for MicroCap stocks

[5:51] Building relationships with management teams

[9:47] How does Michael handle disagreements with management teams

[11:56] Avoiding the MicroCap groupthink echo-chamber (or not, if the collective is right)

[14:29] Herd mentality in MicroCaps and executing on information arbitrage

[19:33] Q&A with audience

Brian Finn, CIO of Findell Capital Management, is back on Yet Another Value Podcast in the quickest turnaround in the show's history, and for good reason. Following earnings calls from $CUTR (idea recently discussed with Vince Martin, link below) and $OPRT (idea discussed on Brian's first appearance, link below), there was a ton information to dissect.

Link to last podcast on $CUTR: https://youtu.be/LVqVzbAohus

Link to last podcast on $OPRT: https://youtu.be/xoxdSl3FwOk

Findell Capital Management Letter to the Oportun (3/29/2023): https://static1.squarespace.com/static/5e17f2a118561f6339437f24/t/64240b4f0cf8705352d472b7/1680083791192/Findell+letter+to+OPRT.pdf

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:38] Update on $CUTR following earnings, new board slate

[9:27] What happened on the $CUTR earnings call, who's on the new board slate and CEO candidates

[15:33] $CUTR cash burn and potential financing needs going forward

[19:30] What happens with the $CUTR former CEO and former Chairman

[23:39] How do you assign a value to $CUTR when looking at the potential upside with AviClear product

[31:22] How $CUTR is dealing with management and board turnover

[36:50] Final thoughts on $CUTR

[39:00] Quick update on $OPRT following earnings call

[43:24] How has regional banking "crisis" affected $OPRT

[47:49] Thoughts on Tidewater earnings

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Doug O'Laughlin, Founder and Editor of the Fabricated Knowledge and Mule's Musings Newsletter, joins the Yet Another Value Podcast for the 3rd time to discuss AppLovin Corporation (NASDAQ: APP). Doug became excited about the idea and wanted to come on to chat about it because a very aggressive PSU that recently happened at AppLovin, and what these management incentives could mean for the business. For more information about Doug O'Laughlin and his newsletters, please visit:

Fabricated Knowledge: https://www.fabricatedknowledge.com/

Mule's Musings: https://mulesmusings.substack.com

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[2:17] Overview of AppLovin $APP

[4:50] What does IDFA means and why this is important when looking at $APP, understanding "Mediation"

[13:19] $APP's business model and their portfolio of hyper-casual games

[20:41] Unity and ironSource deal and how that affected AppLovin $APP

[26:22] $APP valuation

[29:30] What is the market missing about $APP?

[32:52] Share buybacks

[36:36] PSU grants and management incentives

[39:32] What concerns Doug the most about $APP

[40:23] Industry headwinds (ad rates getting crushed throughout 2022)

[42:58] $APP corporate governance, acquisition hit rate, incentives

[52:37] Strategic optionality of selling the games business and AI lever

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this April 2023 edition, Chris shares his thoughts on the Spectrum Brands antitrust lawsuit, thoughts on Activision Microsoft following the CMA unexpectedly ruled against the deal, and the Wells Notice sent to Coinbase.

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:36] What's on Chris' mind for April 2023: AMC, Coinbase, Spectrum Brands, Greyscale Trust

[2:33] Spectrum Brands antitrust lawsuit

[15:36] Understanding the value on Spectrum Brands if they win or lose the case

[23:27] The politics behind the Spectrum Brands case

[28:27] Thoughts on Activision Microsoft following the CMA unexpectedly ruled against the deal

[34:40] Does Activision want extend the walk date?

[37:09] What is a Wells Notice, the Wells Notice sent to Coinbase, their response to the Wells Notice

[42:44] What is the timeline and enforcement process now after sending the Wells Notice to Coinbase

[46:33] Politics on both sides of the Coinbase argument

Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/