The Synopsis

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 [email protected] 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 [email protected] 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/

On this episode we talk about a recent memo, What You Don't Know About Sell-side Price Targets

We cover several factors that influence a sell-side analysts' recommendations and explain that price targets don't mean what you think they do.

We hope you enjoy!

For full access to all of our in-depth research reports, become a Speedwell Member here.

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Show Notes

(0:00) Intro

(1:19) Memo Overview

(4:51) What Does the Sell-side Do?

(10:12) Tech Bubble Era Sell-Side Analyst

(15:14) What is a Price Target and Why it Doesn't Make Sense

(20:19) Biggest Unknown Factor that Influences Price Targets

(26:12) Carrer Risk and Other Recommendation Factors

(30:25) Why Sell-side likes to Stay in Consensus

(34:44) What could be different about Sell-side research

(30:09) Closing Thoughts

(40:20) Concluding Comments

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

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] 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. All views expressed on this podcast do not represent the views of the companies podcast contributors may have worked for. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

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 "What You Don't Know About Sell-side analyst Price Targets"

Memo Link: https://www.speedwellmemos.com/p/what-you-dont-know-about-sell-side

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Show Notes

(0:00) – Intro

(1:19) –Memo Reading Starts

(20:38) – 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 [email protected] 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 2Q24 earnings for Floor & Decor ($FND) and Evolution ($EVO). For both companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.

Listen to the Floor & Decor Company Podcast Episode here: Apple, Spotify

Listen to the Evolution Company Podcast Episode here: Apple, Spotify

For full access to all of our in-depth research reports, become a Speedwell Member here. You can also buy indiviudal reports here.

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Show Notes

(0:00) Intro

Evolution Update

(1:09) Evolution Discussion Starts

(5:24) Biggest Payout Ever

(10:16) Capital Allocation, Galaxy Gaming Acquistion

(19:02) Georgia Strike

(24:32) Unregulated Markets and KYC

(27:43) Wrapping Up Evolution Commentary

Floor & Decor Update

(29:52) Floor & Decor Overview

(30:23) LL Flooring Background and Bankruptcy

(33:10) Macro Impacts

(37:14) Inventory Levels, Gross Margins

(40:04) The "Philosophical" Question on Growth and when to Get Concerned

(48:03) Spartan Acquistion and Pro Business

(51:15) Cash Balances, Bad Guidance, Peers Struggling, Closing Comments

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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 [email protected] 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 an excerpt from our extensive research report of Coupang! If you prefer to read instead of listen to the memo, you can find access to the article below.

Memo Link: https://www.speedwellmemos.com/p/coupang-business-history

Become a Speedwell Member or Purchase the Coupang Single Report Here

The Synopsis Coupang Company Podcast Episode: Apple, Spotify

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Show Notes

(0:00) – Intro

(1:05) –Memo Reading Starts

(15:32) – 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 [email protected] 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 Company episode of The Synopsis we cover Porsche AG. Porsche is a brand that has tried to become "luxury at scale" with over 300k units produced annually versus undisputed luxury car brands who produce closer to ~10k. While their strategy might have diluted their brand, they still enjoy superior positioning compared to most premium car manufacturs like BMW and Mercedes-Benz.

Listen to this episiode to learn not just about Porsche's history and business model, but also about the car industry and different car manufacturer's strategies.

Access the Free Portion of our Porsche AG Exploratory Report Here

For full access to all of our in-depth research reports, become a Speedwell Member here.

Memos Referenced in the Episode: Value Capture Index Introduction

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Show Notes

(0:00) Intro

(1:17) Why Research Porsche?

(3:22) Porsche History

(15:14) Crises in Porsche's History

(18:23) Corporate Structure

(24:32) - The Automotive Industry

(29:39) - Industry Production Figures and Company Financial Profiles

(32:21) Value Capture Index and Competitior Business Models

(45:08) ROIC and Earnings Improvements

(51:02) Risks and Closing Comments

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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 [email protected] 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. At the time of recording no contributor had a position in Porsche AG. Furthermore, accounts contributors advise on also did not currently have a position in Porsche AG. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo, What is a Great Business?

Other Memos Mentioned: The Consumer's Hierarchy of Preferences: The Other Side of the Consumer Value Prop

For full access to all of our in-depth research reports, become a Speedwell Member here.

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Show Notes

(0:00) Intro

(1:53) Observing versus Creating a Great business

(6:07) Great Businesses through the lens of The Consumer's Hierarchy of Preferences

(8:27) Pressure Cooker Metaphor

(15:15) Is Reinvestment Runway a Criteria?

(23:03) Moats and Copart

(27:30) CHOP and Disruptions

(30:44) Nintendo

(34:35) Where does the Surplus Lie?

(41:13) Walker & Dunlop

(45:54) 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 [email protected] 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 Constellation Software and RH!

Listen to our full company-specific episodes on Constellation Software and RH in our feed if you haven't already!

*Note* After this recording we switched how we record our podcasts, so you should enjoy better sound quality in the future!

Memo Mentioned: The Investment Matching Principle

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Show Notes

(0:00) Intro

(1:40) Constellation Software Update

(33:09) RH Update

(52:42) 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 [email protected] 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 "What is a Great Business?"

Memo Link: https://www.speedwellmemos.com/p/what-is-a-great-company

Check out Speedwell's Interview with Best Anchor Stocks (Spotify, YouTube)

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Show Notes

(0:00) – Intro

(1:01) –Memo Reading Starts

(18:37) – 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 [email protected] 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/