The Synopsis

In this Dialogue episode of The Synopsis, we discuss CoStar, Perimeter Solutions, and Meta's 3Q25 earnings.

Meta 3Q25 Earnings Update

Perimeter Solutions 3Q25 Earnings Update

CoStar Earnings Recap

This update quoted several expert call transcripts from Alpha Sense. You can get a free trial to read them for yourselve through this link.

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Show Notes

(0:00) — Intro (0:55) — CoStar 3Q25 Update (3:30) — CoStar's S&M Spend (10:10) — CoStar Valuation (12:10) — Meta 3Q25 Update (18:30) — Meta Capex Spend (29:05) — Competition For Time Spent (32:36) — Meta Valuation (35:30) — PRM 3Q25 Update (45:35) — PRM Valuation (49:00) — Outro

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CoStar, Meta, and Perimeter Solutions. Furthermore, accounts one or more contributors advise on may also have a position in CoStar, Meta, and Perimeter Solutions. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This is a "briefing" episode where we read our weekly Investor's Briefing newsletter that covers financial news of the week. If you wish to read it, you can find it here.

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

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Show Notes

(0:00) — Updates & Announcements

(1:33) — Financial News

(4:14) — Amazon

(8:19) — Chipotle

(10:28) — Spotlight: Value Capture Index

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This is a "briefing" episode where we read our weekly Investor's Briefing newsletter that covers financial news of the week. If you wish to read it, you can find it here.

Piton Network Dialogue Podcast (Spotify, Apple)

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Show Notes

(0:00) — Intro

(1:09) — Financial news

(2:48) — Netflix

(6:00) — Intel

(8:58 ) — Airbnb

(11:58 — Yelp + Airbnb

(14:00) — Memo of the week

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we discuss Evolution's 3Q25 earnings.

Evolution 3Q25 Business Update

This update quoted several expert call transcripts from Alpha Sense. You can get a free trial to read them for yourselve through this link.

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Show Notes

(0:00) — Evolution Intro

(2:09) — High Level Overview

(4:38) — Asia Developments

(17:45) — Competitve Dynamics, Asia a Zero?

(24:37) — Other Notables

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This is a "briefing" episode where we read our weekly Investor's Briefing newsletter that covers financial news of the week. If you wish to read it, you can find it here.

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

Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — Intro, Casey's

(2:26) — Financial news

(6:23) — TSMC

(10:46) — Prologis

(14:37) — CoStar

(20:18) — LVMH

(21:30) — Spotlight

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Company episode of The Synopsis we talk about APi Global, a high quality B2B service provider that specializes in fire safety and other important business service verticals. The company has been undergoing a transition by eschewing one-off construction projects and moving to more recurring and higher margin service revenue.

In this episode we draw from our 61-page research report on APi Global to cover everything from their involvement with legendary investor Martin Franklin and the business transformation to the many types of services they offer and the large competition set they face. We hope you enjoy!

**Learn more about our 61-page report here**

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

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Show Notes

~Section 1: Business History~

(0:00) — Intro (6:22) — Martin Franklin and The History of APi Group (13:12) — Leading With Inspections (24:16) — Smaller Project Focus and M&A (28:18) — Chubb Acquisition and Improving Service Mix

~Section 2: Business Background~

(34:40) — Revenue Segment Breakdown (42:15) — The Shift to Recurring Revenues (45:50) — Profitability

~Section 3: Industry and Competition~

(48:00) — Industry and T.A.M (50:31) — Competition and Competitive Advantages (1:05:00) — APi Group Model and Industry Dynamics

~Section 4: Capital Allocation, Risk, and Valuation~

(1:26:05) — Capital Allocation, FCF Conversion, and ROIC (1:34:35) — Preferred Shares and Insider Ownership (1:36:06) — Reverse DCF Valuation (1:38:20) — Risks (1:41:50) — Outro

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in APG. Furthermore, accounts contributors advise on also may have a position in APG. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This is a "briefing" episode where we read our weekly Investor's Briefing newsletter that covers financial news of the week. If you wish to read it, you can find it here.

~*~

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

Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — Casey's Research Report

(1:23) — In Financial News

(3:49) — Company News: Axon

(7:21) — Company News: Apple

(11:01) — Company News: Equifax

(13:21) — Spotlight Memo: Reverse DCF

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Threads: @speedwell_research

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we talk about Meta's new Vibes product and read into what OpenAI's introduction of instant checkout can mean for the future of the internet.

*Expert Call Transcripts* If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here.

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Show Notes

(0:00) — Intro

(2:30) — Meta Vibes

(5:30) — Entertainment Minutes and New Consumer Touchpoint:

(17:40) — OpenAI Marketplace

(21:25) — Modularity

(25:35) — OpenAI superapp?

(41:30) — John Malone Analogy

(43:00) — Casey's Release Announcement

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This is a "briefing" episode where we read our weekly Investor's Briefing newsletter that covers financial news of the week. If you wish to read it, you can find it here.

~*~

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

Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — Updates

(1:23) — In Financial News

(3:08) — Company News: OpenAI, Meta, and Coupang

(16:42) — Spotlight: Cost of Equity

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This is a "briefing" episode where we read our weekly Investor's Briefing newsletter that covers financial news of the week. If you wish to read it, you can find it here.

~*~

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

Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — Updates

(0:22) — In Financial News

(4:33) — Company News: Meta, Nvidia, FactSet

(16:59) — Spotlight: Zara and Shein, Fast Fashion

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/