Stock Spin-off Investing Podcast

18. Kristoffer Lindström of Lind Research on Coffee Stain(COFFEEB)

I recently had the opportunity to speak with Kristoffer Lindstrom of Lind Research on Coffee Stain. Kristoffer is an expert in the Nordic Gaming industry (both sell side and industry) and has high conviction in his investment thesis on Coffee Stain.

I really enjoyed the conversation and hope you do as well. Here's what we discussed:
0:00 Disclaimer

1:30 Kristoffer shares his extensive experience in the gaming space (industry and sell side)

6:05 Spin-off activity in the gaming space

10:05 Overview of Coffee Stain

15:05 What long term revenue CAGR does Kristoffer expect for Coffee Stain

18:15 When is the last time Coffee Stain launched new IP that generated significant revenue?

21:35 How is Coffee Stain valued and where should it trade?

24:35: How does Kristoffer value Iron Gate?

26:05 Capital allocation: how will Coffee Stain use their cash?

28:55 How Kristoffer views the upside to downside ratio at Coffee Stain’s current valuation

31:35 Does Coffee Stain have any catalysts?

35:40 Nordic gaming companies have fallen out of favor after COVID boom

40:45 Other gaming spin-offs that Kristoffer is watching

46:55: How to get in touch with Kristoffer: LindResearch.com

I recently had the opportunity to speak with Ron Nussbaum ofMaverick Value about his high conviction investment thesis on Comcast (CMCSA). Comcast just announced it's breaking up and will spin-off NBC Universal within 12 months. Ron believes this spin-off will crystallize value. I really enjoyed the conversation and hope you do as well. Here's what we discussed:

0:55 Ron's investment banking background
3:35 How Ron manages the Maverick Value portfolio
6:45 How Ron's approach has changed over time
9:15 Ron discusses his max position size
11:15 Ron shares his Comcast investment case
14:50 Why did Comcast pursue a spin-off?
21:55 What Comcast is worth on a SOTP
23:15 Could Comcast RemainCo be a major dividend payer?
29:15 Is the Spin-off a GoodCo or BadCo?
33:15 How big of a position is Comcast for Maverick Value?
33:50 What are the biggest risks to the Comcast investment case?
35:15 Any risk the spin-off doesn't take place?
37:15 How levered will Comcast RemainCo be?
39:45 How to get in touch with Ron ([email protected])and learn more about Maverick Value

I recently had the opportunity to speak with Andrew Walker of Rangeley Capital and Yet Another Value Blog about his Corporate Dark Arts series and his write-up on Lionsgate Studios (LION).

Here’s what we discussed:

1:25 Andrew’s background and how he got interested in stocks

9:40 Where Andrew sees himself professionally and personally in 10 years

12:35 What are Corporate Dark Arts?

19:30 Why did LION make it into your Corporate Dark Arts series?

24:05 Lionsgate history and why this time might be different.

26:45 Why identifying inflection points is so important in Corporate Dark Arts

32:05 Is the expiration of the LION poison pill important?

32:45  What would LION be worth in an acquisition scenario?

40:25 How AI could help or hurt Lionsgate

43:35 Why Starz also popped up on the Corporate Dark Arts Series

52:15 Corporate Dark Arts Hall of Fame members

I recently had the opportunity to speak with Chris Wallerof Plural Investing and Hidden Gems Investing about two recent spin-offs: GCI Liberty (GLIBK) and SeaportEntertainment (SEG).

Both situations feature strong investor alignment withwell-known investors and have recently completed rights offerings (as Joel Greenblatt famously says: buy all spin-off rights offerings!).

I really enjoyed the conversation and hope you do as well.Here’s what we discussed:

1:50 – Chris shares his background
5:10 – How Chris approaches investing in spin-offs
8:10 – GCI Liberty investment case overview
13:50 – What recent insider purchases by John Malone might signal
17:05 – What GCI Liberty could look like in 12–18 months
22:22 – How much runway John Malone may have
24:40 – Thoughts on constructing a portfolio of investment ideas
26:15 – The biggest risk for GCI Liberty
28:15 – Overview of Seaport Entertainment
34:05 – Will Seaport Entertainment generate profits going forward?
35:50 – Does the Las Vegas stadium have meaningful value?
39:30 – How important this investment may be for Pershing Square and Bill Ackman
45:15 – Why Chris believes Seaport Entertainment could significantly cut costs
48:00 – Where to learn more about Chris, Plural Investing, and Hidden Gem Investing

During this episode of SSOI podcast, I spoke with DominickD'Angelo, Head of Research, of O’Keefe Stevens Advisory. Dominick shared his TopGolf Callaway (MODG) investmentcase.

Here’s what we discussed:

1:55 Dom shares his background

4:35 O’Keefe Stevens Advisory’sapproach to managing client assets

6:35 How O’Keefe Stevens Advisory constructsclient portfolios

8:15 Topgolf Callaway high leveloverview

15:30 Why the partial sale ofTopgolf will unlock value

20:10 Expected capital returnafter Topgolf sale closes

23:25 Overview of CallowayRemainCo

26:20 Growing interest in golfshould be a tailwind for Calloway RemainCo

30:15 Dom shares his fair valueestimate for Calloway RemainCo

36:35 How Dom gets to over $1/shareof earnings for RemainCo in 2027

40:35 The biggest risks to MODG

43:35 Why Dom is comfortable thatmanagement won’t make another bad acquisition

46:15 Two potential positive righttail events

48:15 How to get in touch with Domand learn about O’Keefe Stevens Advisory

During this episode of SSOI podcast, I spoke with DominickD'Angelo, Head of Research, of O’KeefeStevens Advisory. Dominick shared his TopGolf Callaway (MODG) investmentcase.

During this episode of SSOI podcast, I spoke with Colin Kingof Circle City Capital. Colin runs Value Don’t Lie where heshares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS),

Here’s what we discussed:

3:00 Why Colin thinks NATL isinteresting.

6:30 Why Colin loves charts thatshow growing earnings but a flat stock chart.

6:50 What the next big catalyst isfor NATL.

8:00 Brief description of EuronetWorldwide (EEFT) and why it also looks interesting.

9:00 Discussion of NATL’s leverageprofile.

11:00 How big could ATMaaS get?

12:30 Is revenue and earnings growthsustainable?

14:45 NATL’ s buyback plan.

15:50 NATL’s 2026 free cash flowpotential.

17:15 Why does Colin think Aumoviois interesting?

18:30 Aumovio’s balance sheet is adifferentiator.

20:40 Discussion of Aumovio’spension liabilities.

22:50 Margin growth potential forAumovio.

24:30 The upside to Aumovio’smoney losing segments.

26:30 What is interesting aboutHoneywell’s upcoming spin-off, Solstice (SOLS)

29:00 The capital intensity ofSolstice’s business.

32:00 Why I think Solstice’sEBITDA guidance might be conservative.

37:50 What Colin and I thinkSolstice is worth.

41:00 Does Honeywell (HON) RemainColook attractive?

44:30 Where you can find moreabout Colin.

On this episode of the Stock Spin-off Investing Podcast, Iinterview Dom St. George of Cayucos Capital. Dom has 15 years of experience investing in emerging markets. Today he shares his investment case on recent spin-off, Valterra Platinum.

You can follow Dom on X here and subscribe to his substack here.

Here's what we covered:

1:05 – Dom’s Background

2:05 – How Dom decided on the name Cayucos Capital

3:05 – How Dom finds his investment ideas

7:00 – How Dom approaches investing in spin-offs

9:30 – The opportunity in emerging market stocks vs.developed markets

11:59 – Why is Valterra Platinum an interesting opportunity

14:55 – Why do mining companies have a poor track record oftiming their own cycles?

16:05 – Why have platinum prices been strong recently?

20:15 – What is the main use for platinum?

21:20 – Why Dom is confident in the long-term outlook for platinumdespite the rise of EVs

25:45 – The use of catalytic converters in hybrids

27:15 – The competitive landscape for platinum group metals

30:45 – Why has Valterra’s stock price lagged its public competitorsin the last 6 months

33:05 – Timing of when Anglo America could sell its remaining19.9% stake in Valterra

33:20 – How Dom thinks about Valterra’s valuation

36:00 – Capital allocation for Valterra

38:45 – Valterra’s hedging policy

40:10 – How to get in touch with Dom

During this episode of SSOI podcast, I spoke with SimeonMcMillan of Accrued Interest. Simeon is a Columbia Value Investing program trained special sits investor with a background in media operations. In other words, he is theperfect person to talk to about media spin-offs!

Here’s what we discussed:

2:00 – Simeon’s background and whyhe started Accrued Interest

4:35 – Simeon’s experience in ColumbiaValue Investing Program

5:15 – Joel Greenblatt’s course atColumbia

8:15 – Why Simeon Started AccruedInterest

12:15 – Overview of Starz

22:25 – Will new shows and seasonlaunches be positive catalysts for Starz?

29:40 – Is bundling a viable wayto grow the Starz subscriber base?

35:45 – What is a fair valuationfor Starz?

45:25 – How Simeon is thinkingabout WBD’s recent spin-off announcement.

58:40 – How valuable is the WBDstudio business?

60:04 - Where to follow Simeon

In the episode, I cover my "Dividend as a Catalyst" playbook. I review two case studies and then discuss two live ideas.

Here's what I cover:

1:15 - What is the "Dividend as a Catalyst" Playbook

2:30 - Case Study #1 : Kontoor Brands (KTB)

6:20 - Case Study #2: Jackson Financial (JXN)

9:45 - Current Example #1: Sunrise Communications (SNRE)

13:36 - Current Example #2: Havas N.V. (HAVAS)

During the episode, we welcome back Colin King of CircleCity Capital. Instead of just diving deep into one spin-off situation, Colin and I share which ideas look particularly interesting today.

1:20 – Rich explains why IAC Inc (IAC) is particularlyinteresting today.

3:35 – IAC’s imminent spin-off of ANGI

6:10 – Colin shares his perspective on IAC and ANGI

9:25 – IAC is finally buying back stock

11:15 – Does IAC actually generate free cash flow?

15:45 – Current IAC SOTP valuation

17:15 – Colin shares his thoughts on the right multiple for DotdashMeredith

20:00 – Colin shares how he thinks about IAC’s valuation

21:55 – Rich explains why Sunrise Communication (SNRE/SUNN)is interesting today

22:45 – “Dividend as a Catalyst” playbook

26:30 – Colin discusses Sunrise’s balance sheet

30:15 – Colin shares why he thinks NCR Voyix (VYX) isinteresting.

31:45 – Discussion of NCR Voyix’s (VYX) valuation

32:35 – Why Colin thinks step change leverage reductions canbe profitable investment opportunities’

36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive

38:50 – Havas’ dividend policy

39:45 – Havas expects to grow consistently over the next coupleof years.

40:15 – Colin discusses the Havas competitive landscape

42:00 – Quick discussion of Canal+ (CAN)

43:55 – Quick discussion of Resolute Holdings (RHLD)