The Synopsis – Details, episodes & analysis

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.

This weeks memo is "Investing is Just Answering a Series of Questions: Explaining the Reverse DCF"

Memo Link:  https://www.speedwellmemos.com/p/investing-is-just-answering-a-series

Recomended Article Podcast on Hurdle Rates: (Spotify, Apple) 

Or read it here: How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity

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Show Notes

(0:00) – Intro and Updates

(1:27) –Memo Reading Starts

(19:19) – Check out this Memo on Hurdle Rates and the "Right" Discount Rate

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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more. 

Speedwell Research's main website can be found here. 

Find Speedwell's free newsletter here.

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company episode on CoStar Group, Speedwell Research draws on their extensive research report to cover everything from Founder Andy Florance's entrance into the real estate data space from his Princeton dorm room to becoming the dominant real estate data and analytics provider. Florance not only beat out competition in the commerical data space, but succesfully entered several new markets including taking a fledging apartments listing platform and driving it to the #1 spot. Today CoStar is looking to do it again with Homes.com, while still aggresviely expanding their growing array of internet real estate businesses. Learn the inner workings of the real estate data and markeplace business, as well as how a company succesfully expanded far beyond their original core product and continues to find new markets to fight after. We hope you enjoy!   

Company Description: Real estate data & analytics provider and operator of real estate marketplace.

Purchase the full CoStar Group Report here. 

More details on our CoStar Group Report  here. 

Purchase a Speedwell Membership to gain access to all of our Reports here.  

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Show Notes

Section 1: History and Background

(0:00) — Intro

(2:45) — High Level CoStar Overview

(6:15) — Founding History Starts

(16:52) — IPOing 

(26:54) —  2008 Financial Crisis 

(35:40) — Lawsuits and LoopNet 

(49:44) — Apartments.com acquisition

(59:46) — Xcelligent Lawsuit and the Last of the Direct Competitors

(1:04:56) — Closing Out History and S&P 500 Addition

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Section 2: The Business 

(1:07:35) — Business Section Overview 

(1:21:30) — Multifamily and Apartments.com Business

(1:29:00) — Residential Overview

(1:30:43) — Loopnet Overview

(1:34:07) — Other Businesses/ Wrapping Up Business Section

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Section 3: TAM and Industry

(1:43:13) — TAM Overview

(1:50:29) —  How the Residential Industry Works

(2:01:15) — Multifamily Industry

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Section 4: Competition

(2:08:53) — CoStar Competitors

(2:15:35) — Why Does CoStar Win

(2:23:48) — Why LoopNet Wins

(2:25:30) — Zillow and Apartments.com Competition

(2:34:03) — Homes.com vs Zillow

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Section 5: Growth Opportunites, Capital Allocation, and Valuation

(2:40:45) — International

(2:46:38) — ROIC, Free Cash Flow, 

(2:54:06) — Dilution and Capital Allocation

(3:00:33) — Valuation

(3:05:45) — Risks

(3:10:50) — Bull / Bear Summary

(3:15:50) — Conclusion

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Purchase the full CoStar Group Report here. 

More details on our CoStar Group Report  here. 

Purchase a Speedwell Membership to gain access to all Reports here.  

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Twitter: @Speedwell_LLC 

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Costar Group. Furthermore, accounts one or more contributors advise on may also have a position in CoStar Group. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

In this wide spanning interview episode we talk with Best Anchor Stocks' Leandro on investment philosophy, quality businesses, Nintendo, Deere, Copart, Hermes, and much more! 

Find out more about Best Anchor Stocks here, follow Leandro on Twitter @Invesquotes  and Best Anchor Stocks Podcast can be found here.

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Show Notes

(0:00) Intro

(1:16) What Characterizes a Good Business? 

(6:15) Multiples, Implied Valuation, Reverse DCF 

(26:00) Great Companies and Valuation, Copart, Constellation Software 

(35:32) Nintendo and Deere, Transitioning Business Models 

(49:01) Hermes, Durability, Ferrari, Rolex, and Luxury  

(1:15:12) A Good Business versus a Good Investment 

(1:18:05) Book Recommendations 

(1:22:58) Conculsion

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk Floor & Decor, Copart, and their 1Q24 results. 

Check out our full company episodes on Floor & Decor and Copart below if you haven't already! 

Floor & Decor Company Episode:  Apple  Spotify

Copart Company Episode:  Apple  Spotify

(Note Copart's latest quarter is fiscal 2Q, but ends Feb. 27)

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Show Notes

(0:00) Intro

(0:47) Floor & Decor Update 

(17:58) Copart Update 

(39:06) Conclusion

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about Grab, WeChat, Meituan, X, and all things about SuperApps. Our conversation builds off of a recent memo on SuperApps, which you can read here: WeChat, Meituan, and Grab: What is a SuperApp and Why You Will Fail Building One

**Please note we had issues with the orginal sound recording and had to use AI tools to adjust the sound volume, however it adversely impacted the sound quality. We apologize for this and will try to avoid this happening in the future.** 

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Show Notes

(0:00) Intro

(0:51) SuperApps Intro, Cross Selling, Sea Limited's Free Fire 

(8:54) What a SuperApp Aims to Do 

(13:59) WeChat History and What Was Different About It 

(20:41) Why no Mini-programs or SuperApps in the U.S.?

(23:28) Meituan's and Grab's SuperApp; Twitter/X's Ambitions

(41:03) The Physical World's "SuperApps", Sears, E-Commerce Grocery

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about Meta, Evolution, and their 1Q24 results. Check out our full company episodes on Meta and Evolution below if you haven't already! 

Meta Company Episode: Apple, Spotify

Evolution Company Episode: Apple, Spotify

A written update on Meta's 1Q24 results can be found here. 

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Show Notes

(0:00) Intro

(1:06) Evolution Business Update

(16:06) Meta Business Update 

(48:37) Conclusion  

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.

This weeks memo is a business update on Meta. 

Memo Link:  https://www.speedwellmemos.com/p/meta-1q24-business-update

Purchase our Meta Research Report here.

Become a full Speedwell Member and gain access to the updated reverse DCF and Meta Report here. 

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Show Notes

(0:00) – Intro

(1:04) –Memo Reading Starts

(17:17) – Closing Comments

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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more. 

Speedwell Research's main website can be found here. 

Find Speedwell's free newsletter here.

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about RH and provide an update with their business. Check out our full company episode on RH if you haven't already! (Links below)

RH Company Episode: Apple, Spotify

A Written Update on RH from 1H23 can be found here. 

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Show Notes

(0:00) Intro

(1:01) Announcement

(2:05) RH Business Update 

(30:44) Conclusion  

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.

This weeks memo is "The Investment Matching Principle: How the Risk/ Return Profile Connects to Diversification" 

Memo Link:  https://www.speedwellmemos.com/p/wechat-meituan-and-grab-superapp 

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Show Notes

(0:00) – Intro

(1:07) –Memo Reading Starts

(14:43) – Closing Comments

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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more. 

Speedwell Research's main website can be found here. 

Find Speedwell's free newsletter here.

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about two Speedwell Memos. The first memo is titled "Priced to Outperform Perfection: The Home Depot Circa 1999" and covers how to think about valuation and what is priced into a stock. 

The second memo is If the Model Doesn't Work, Don't Fix It: A Look at Traditional Apparel Retailers, Zara, and Shein and covers the business operations of three different retail models. 

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Show Notes

(0:00) Intro

(0:45) First Memo on What was Priced into Home Depot's Valuation circa 1999

(22:07) Second Memo on Traditional Retailers, Zara, and Shein

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/