The Synopsis

In this company episode on Coupang, Speedwell Research draws on their extensive research report to cover everything from Founder Bom Kim's early foray into commerce with a Groupon-like business to an epic restructuring of the company just weeks away from IPOing that left them on the path to become the leading South Korean ecommerce business. Learn about how the South Korean competitve enviroment developed differently, as well as how Coupang managed to dominant after a capital-intensive pivot. We hope you enjoy!

Company Description: Dominant South Korean ecommerce provider with fully integrated logistics operation.

Purchase the full Coupang Report here.

More details on our Coupang Report here.

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

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Show Notes

Section 1: History and Background

(0:00) Intro

(1:55) Coupang Business Overview

(2:56) Start History

(6:13) Groupon Business Model, Differing Value Props

(17:10) Pulling the IPO and Pivoting

(30:32) - Second Attempt at an IPO

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Section 2: TAM and Competition

(31:44) TAM and Korean Retail Market Overview

(39:13) Market Share and GMV Estimates

(42:52) Competition, Consumer Preferences Served

(47:47) Flywheel

(56:37) Coupang Fresh Grocery

(59:30) Spend per Buyer

(1:01:18) Competitive Enviroment, Naver

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Section 3: International and Other Bets

(1:27:17) Other Bets

(1:28:31) Coupang Play

(1:31:56) Coupang Eats

(1:39:10) Coupang Pay

(1:42:25) International, Japan, Taiwan

(1:48:42) Farfetch

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Section 4: Financials, Valuation, Risks

(1:53:04) Financial Metrics

(2:00:00) Coupang Steady State Margins

(2:04:03) Reverse DCF

(2:06:20) Bear Case, Bull Case, Risks

(2:13:58) Conclusion

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Purchase the full Coupang Report here.

More details on our Coupang Report here.

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

Articles Mentioned

Speedwell's Memo: Metaphor Malware: The Clumsy Thinking That Is Crippling Your Business Understanding

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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 Coupang. Furthermore, accounts one or more contributors advise on may also have a position in Coupang. This may change without notice. 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 "Balancing Risk and Return: The Simple Statistics of Investing"

Memo Link: https://www.speedwellmemos.com/p/balancing-risk-and-return-the-simple

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Show Notes

(0:00) – Intro

(1:33) –Memo Reading Starts

(9:23) – 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/

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 "Metaphor Malware: The Clumsy Thinking that is Crippling your Business Understanding"

Memo Link: https://www.speedwellmemos.com/p/metaphor-malware-the-clumsy-thinking

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Show Notes

(0:00) – Intro

(1:05) –Memo Reading Starts

(10:00) – 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 a memo of ours on what the cost of equity is, and how investors can practicially contextualize the question. The memo we draw on in this episode is called "How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity" and can be found here.

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Show Notes

(0:00) Intro

(0:45) How Much Money Should I Make for Risking my Capital?

(1:32) The Munchausen Trilemma

(3:48) Relative vs Absolute Investors

(11:38) How "Absolute Investor" is a Misnomer

(15:25) The Punch Card Idea and How it Relates to the Cost of Equity

(26:24) 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.

-*-*-*-*-*-*-*-*-*-*-

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 "If the Model Doesn't Work, Don't Fix It: A Look at Traditonal Apparel Retailers, Zara, and Shein"

Memo Link: https://www.speedwellmemos.com/p/if-the-model-doesnt-work-dont-fix

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Show Notes

(0:00) – Intro

(1:05) –Memo Reading Starts

(12:43) – 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 [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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

Article Link: Speedwell Memos - Constellation Software Business History

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Show Notes

(0:00) – Intro

(1:13) – Article Reading Starts

(9:25) – Closing Comments

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Purchase Constellation Research Report

Purchase a Speedwell Membership to gain access to all of Speedwell's Research Reports, Models, Company Updates, and more.

Speedwell Research's main website can be found here.

Speedwell's free newsletter can be found 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 Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice.Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital allocation discipline. We hope you enjoy!

Company Description: A decentralized and acquisitive conglomerate of Vertical Market Software Companies based out of Canada.

Purchase the full Constellation Software Report here.

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

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Show Notes

Section 1: History and Background

(0:00) Intro

(0:58) Constellation Software High-Level Business Description

(5:01) Mark Leonard History and Constellation Software Background

(10:31) Constellation Software IPO

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Section 2: Vertical Market Software

(13:25) What is VMS and Competitive Advantages

(20:37) Financial Model Benefits

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Section 3: Corporate Structure and Revenue Segments

(23:32) Six Groups

(33:54) Revenue Segments and Context

(38:41) How SaaS Changes Things

(44:29) Constellation Software Competitive Advantages

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Section 4: Topicus and Lumine

(52:05) Topicus

(1:06:46) Lumine

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Section 5: Capital Allocation, Valuation & Risks.

(1:08:37) Capital Deployment and Hurdle Rates

(1:17:29) ROIC

(1:20:00) Risks

(1:23:06) Bull/ Bear Case

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Purchase the full Constellation Software Report here.

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

Articles Mentioned

Speedwell's Memo: From Private to Public Markets: The Detrimental Impact of Investors' Expectations

*~*

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback

-*-*-*-*-*-*-*-*-*-*-

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 Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice. 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 article is If You Don't Know What Game You're Playing, You Already Lost

Article Link: https://www.speedwellmemos.com/p/if-you-dont-know-what-game-youre

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Show Notes

(0:00) – Intro

(1:17) –Memo Reading Starts

(13:14) – 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.

-*-*-*-*-*-*-*-*-*-*-

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback

-*-*-*-*-*-*-*-*-*-*-

Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo on how investors can influence businesses and what is difference between being a public versus private company. The memo we draw on is called "From Private to Public Markets: The Detrimental Impact of Investors' Expectations" and can be found here.

We recently found out we have a *duplicate Spotify feed* and will be *removing* it this week. Please follow this correct Spotify feed just called "The Synopsis" to keep getting our content!

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Show Notes

(0:00) Intro

(1:21) Two Extremes of Investing

(6:49) Reflexivity, Difference Between Analyst and Operator

(19:36) Risk Embedded in Assumptions were Too High, Illustration

(23:57) The Role of Narrative

(28:24) 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

*-*-*-

Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback.

-*-*-*-*-*-*-*-*-*-*-

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/

*Important* If you listen on Spotify, make sure you follow us on this Spotify feed. We just became aware there was a duplicate feed, which we are disconnecting next week.

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 article is From Public to Private Markets: The Detrimental Impact of Investors' Expectations

Article Link: https://www.speedwellmemos.com/p/from-private-to-public-markets-the

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Show Notes

(0:00) – Intro

(1:20) –Memo Reading Starts

(20:52) – 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.

-*-*-*-*-*-*-*-*-*-*-

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback

-*-*-*-*-*-*-*-*-*-*-

Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/