Premium The Dutch Investors

Shift4 is one of the fastest-growing payment companies in the world, processing >$150 billion dollars in transactions for restaurants, hotels, stadiums, and retailers. Through a combination of organic growth and acquisitions, the company has rapidly expanded its footprint, but questions remain about its aggressive strategy, leverage, and capital allocation decisions...

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

 Last month, I visited Disneyland Paris together with my girlfriend. Going to Disneyland isn’t a monthly or yearly trip for most of us. Therefore, I thought it would be a perfect opportunity to analyze The Walt Disney Company this month. This was a great idea because I mentioned I experienced the 'Disney Magic' not only as a visitor of the parks but was also able to look at it from an investor's point of view.

 Speaking of perspective, we have to clarify the Disney Parks aren’t the most important segment for Disney in terms of revenue. In fiscal year 2025, around 38% of Disney's revenue was thanks to its 'Experiences' segment. If we look at operating income, Disney's magical parks become more important with 57% of the group's operating income. That's why it was meaningful to visit the park as an adult and see why people visit Disneyland. 

The other 43% is largely thanks to its ‘Entertainment’ division, where Disney hosts its non-sports-focused global film and ‘episodic’ content production. Think of services like Disney+ and Hulu, but also linear networks such as ABC Network, Disney, and National Geographic. The remaining turnover comes from Disney’s ESPN brand, where they have various sports programming rights. Think of the NFL, NBA, Wimbledon, and, most critical to me, the Dutch Eredivisie. Yes, I have a subscription at ESPN to watch matches of my favorite football club, Ajax. 

Disney is an absolute beast in storytelling and building fascinating characters and brands. However, their stock performance has been a disaster lately. Since the 27th of January 2015, the stock has been down 1%. Ouch. What’s left is a dividend payout of around 1% yearly. You could have earned more return on your savings account. Clearly, there is a lot to discuss about this magical company. As Winnie the Pooh would say, “Let’s go on an adventure.”

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

Shelly Group is a Bulgarian technology company that specializes in offering smart home solutions. So , it competes with the likes of Google, Amazon, and Samsung in this market. Tough competition, right? 

So, why would I analyze Shelly Group, then? I actually found the company by running a stock screener with criteria on gross profit margins, insider ownership, net margins, and ROIC. The numbers speak for themselves. I thought to myself, with these numbers, there must be something special about this company. That’s exactly what I’m going to find out during this analysis. 

The 2025 numbers are as follows:
Gross Profit Margin: 57.7%
Net Profit Margin: 17%
ROIC 5-year average: 39.8%
Revenue Growth 5 yr: 44.6%
Insiders own half of the company

To be honest, I’m pretty enthusiastic about the extent to which Shelly’s customers can automate their homes. For example, via Shelly’s premium app, users can easily automate lighting or locking features. For example, when the toilet door gets opened, the light must turn on. The application can detect devices that are on if you left the house, such as the oven or the television. You can speak to its AI assistant in any language, something even Amazon is not offering yet. 

Shelly operates both via installers, for example, for new construction projects, as well as direct-to-consumer. To be honest, you must be a bit of a geek to install Shelly’s products, such as relays and switches, yourself. But yes, how cool to fully automate your home. 

While I’m writing this introduction, I’m listening to Shelly’s FY 2025 investor call. They talk a lot about how to fend off competition like Amazon. So, you will definitely see a competitor analysis here. Let’s explore this interesting and little-known company!

Enjoy the episode! 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

There is a small city in the Netherlands, called Deventer. It is a medieval city known for its printing history and its gingerbread. What many people don’t know is that it’s home to one of Europe’s most interesting VMS serial acquirer compounding machines: Topicus.com.

As we know, vertical market software businesses have been subject to huge market pressure lately. The question is whether the worries of investors are grounded or not. Topicus isn’t just any VMS company; it has a well-known brother that delivered investors a 13,700% return since 2006: Constellation Software. 

In the acquisition announcement in 2020, Mark Leonard understated the rare organic success of Topicus: "I cannot think of another vertical market software company that has achieved Topicus' size without using outside shareholder funding."

Since its listing in 2021, Topicus has grown revenues from roughly €600 million to €1.5 billion in 2025, with a significant acceleration in 2025 driven by both organic growth and the acquisition of Cipal Schaubroeck, a Belgian local government software provider. More recently, the company made an even bolder move: taking a 24.8% stake in Asseco Poland, an fascinating serial acquirer based in Poland.

Now, let’s learn more about Topicus, its business model, capital allocation strategy, and the involvement of Constellation Software. Let’s answer the most important question: is the share price drop justified? 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

One of the first things I do when analyzing a company is go through the latest annual report. What immediately stood out to me were the covers in which Brown & Brown presented their annual reports (see picture down below).

Almost every cover consists of a cheetah, sometimes with its prey. The cheetah is a symbol of Brown & Brown’s culture: “Constantly doing what’s best for our customer, requires constant persistence and vision. The cheetah, which represents vision, swiftness, strength, and agility, embodies our company culture and has served as a symbol for Brown & Brown since the 1980s.”

Besides making use of this animal in a smart way, Brown & Brown supports cheetah conservation and the work of ‘The Cheetah Conservation Fund’.

This cheetah approach has repaid the company well. Brown & Brown’s stock price has risen from $0.30 in 1986 to around $80 at the moment of writing this report. That translates to an increase of over 26,000%, or a 260-bagger.

Now, what kind of company is Brown & Brown actually? Brown & Brown is an American-based insurance company active in retail, programs, and wholesale brokerage. It doesn’t solely operate in the United States but has evolved to become a global insurance company with operations in Hong Kong, France, Italy, Malaysia, and Germany, among others. Because the company has lost 1/3rd of its market cap lately, it seems like a perfect moment to analyze the business. 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

This week, it's time for part two of the ASML analysis! You already learned what is needed to produce the most complex machine on earth. Mathijs and Bouke guided you through the entire value chain, covering concepts like High EUV, DUV, wafers, and lithography.

In part two, you’ll learn about:

• The exceptional management team
• The risks and opportunities
• The valuation of ASML

Enjoy part two of one of our most insightful analyses! 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

ASML is a key player in the value chain needed to produce the best chips on earth that make AI possible. And to be honest, as Dutchmen, we're proud of this Dutch gem. Bouke and Mathijs broke this complex company down for you.

In part one of the analysis you'll discover: 

• What is needed to produce the most complex machine on earth
• How the value chain within the chip industry looks like
• How the culture of ASML created this monopoly

Enjoy the in-depth analysis of one of the most interesting stocks in the world. 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

Couche-Tard (CT), a global leader in convenience stores and fuel sales, operates over 16.500 locations worldwide! With a dual revenue model—fuel driving foot traffic to its convenience stores—the company has thrived in a fragmented U.S. market while consolidating its dominance in Europe and Canada. Its bold acquisition-driven strategy, like the recent $38 billion offer for Seven & i Holdings, signals its ambition to become the world’s top convenience store operator.

But Couche-Tard faces a pivotal moment: as the world shifts to electric vehicles, will its fuel sales collapse? Can the company successfully transition to EV charging stations, or will it face unexpected competition? With its future hanging on how well it adapts, the big question remains: can CT retain its market dominance in a rapidly changing energy landscape? 

This analysis dives deep into these uncertainties and what the future might hold for the company. You can find our Couche-Tard fundamental analysis below. 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

Since its creation in 2004, Celsius has positioned itself as a fitness-oriented energy drink, appealing to a younger generation seeking a healthy lifestyle. With claims of “negative calories” and no artificial preservatives, the brand has achieved remarkable growth, boasting a 100% compound annual growth rate (CAGR) over the past five years. Backed by a significant partnership with PepsiCo, Celsius has made its way onto the shelves of every major U.S. retailer and captured around 9-11% of the U.S. energy drink market.

However, despite these achievements, Celsius' stock has declined by 65%, raising the question for investors: Is Celsius just experiencing a bump in the road, or are there underlying risks to consider? 

This analysis delves into Celsius' business model, its competitive moat, and the opportunities and risks that could shape its future trajectory. Curious? 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠

 Since its founding in 2010, Coupang has transformed South Korea's e-commerce market with its ultra-fast deliveries and expansive ecosystem. Often compared to Amazon, Coupang dominates the landscape with a 25% market share in one of the most digitally connected economies globally.

For investors, this raises an important question: Is Coupang an undervalued Korean gem poised for a rebound, or is the market signaling underlying risks? We will break down Coupang's business model, explore its competitive moats, and examine both the opportunities and risks investors need to consider. 

Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

You can also find us on:

• X ⁠@DutchInvestors⁠
• Substack ⁠@The Dutch Investors⁠
• Instagram ⁠@The Dutch Investors⁠