IP Fieldwork

We explore how FTAI is approaching CFM56 engine repair relative to competitors, the challenges in fixing core modules, and the potential long-term growth for its module swap program.

This podcast provides insight into our research process behind our recent published work on Danaher's Cytiva bioprocessing business. We explore:

How we approached studying bioprocessing Bioprocessing's moats and customer switching costs Why Cytiva has enjoyed ~80%+ market share for decades Details of hypotheses we built throughout the processHow we sourced executives to interviewHow we structured our written research

This episode focuses on common mistakes investors make when submitting research projects to expert networks. We explore:

How to submit executive call projects to expert networksWhy understanding the org structure of the target company is important How to build relationships with account managers at ENsHow to vet executives

This is the first episode in our "Primary Research Methods" podcast series exploring the art and science of primary research:

The IP primary research philosophy How we structure research projectsHow we approach conducting executive callsBiggest mistakes and risks we face conducting executive calls

This podcast shares context to our recent research on how industrial acquirers like Lifco and Halma are organised to scale. We explore:

How Lifco and Halma are organised differently The role of Sector Teams and Divisional Managers at HalmaHow Divisions and Sector Teams differs from Lifco's Group ManagersCompensation plans for operating company managers at Halma and LifcoPotential organisational limitations to scale for Lifco and Halma

Loar is a ~$5bn listed aerospace supplier of mission critical parts. We explore:

Why there are few TransDigm replicas Loar vs TransDigm proprietary intellectual property TransDigm vs Loar operational excellence How we evaluate the quality of aerospace suppliers

This podcast was recorded in April 2024 and explores the intricacies of purchase price accounting. We explore:

How companies define 'identifiable intangibles' and goodwill Why and how there are different philosophies to PPAImpacts on income statement and balance sheet from PPAMeasuring WACC for acquisitions Potential accounting risks for large and small acquirers

In this episode, we discuss our recent visit to Atlanta for Ashtead's 2024 Capital Markets Day including:

Potential challenges as Ashtead scales to national accounts Why Ashtead may be more resilient than in prior cyclesOther major takeaways from the CMD

In this episode, we explore our recent published research on discount gyms discussing:

The key questions we've been studying around mature gym economicsHow Domino's and its fortressing strategy is an interesting frame of reference for discount gym competitionThe nature of competition in the discount gym businessRisks to GYM and BFIT and how we structure our research around the topic

In this podcast, we explore our new content format "IP Company Learning Journeys" which curates In Practise primary research.

Each journey (accessible here) provides a framework through which to navigate and consume insights from our library on a given company.

This episode focuses on how we curated our work on Amazon's retail business including:

How a unit flows through AMZN’s network from supplier, inbound, through the network to the customer Structural differences in AMZN fulfillment network design vs 3P carriers and how this impacts variable cost per shipment A seller’s perspective of the economics selling via FBA and FBM How to decouple the AMZN Retail P&L from consolidated numbers and estimate underlying retail FCFEndemic and non-endemic advertising across Amazon and the long-run opportunity