Yet Another Value Podcast

Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his third appearance to share his thesis on Dowlais Group Plc (DWL), a portfolio of market leading, high-technology engineering businesses that advance the world's transition to sustainable vehicles.

For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/

DWL write up on Value Situations Newsletter: https://valuesits.substack.com/p/dowlais-spinning-wheels

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:15] What is Dowlais Group Plc (DWL) and why are they interesting to Conor

[9:18] What is Conor seeing about Dowlais that the market is missing

[16:42] Dowlais recent history

[21:45] Trends in the auto industry

[27:43] Bidding war time from 2018

[32:29] Margin expansion

[38:03] Management and incentive structure

[49:08] Capital allocation scenarios

[53:25] Who's the buyer of Powdermet

[58:50] Cyclicality of Powdermet business?

[1:02:16] Final thoughts on Dowlais / one more question about goodwill on the balance sheet

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Ross Levin, Director of Research at Arbiter Partners, joins the podcast for the second time to discuss betting on French compounding legend, Vincent Bolloré: Bolloré SE and Compagnie de l'Odet.

For more information about Arbiter Partners, please visit: ⁠https://arbiterpartners.net/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:36] What are Bolloré SE and Compagnie de l'Odet and why are they interesting to Ross

[12:18] Asset value / share count

[16:46] Why (in Ross' opinion) is this an alpha opportunity and why now

[23:03] Betting on compounding legend, Vincent Bolloré

[27:40] Risk of getting "Icahn'd"

[32:20] Share re-purchases / capital allocation

[39:31] French regulatory risk

[41:41] What's the path for l'Odet

[45:42] Vivendi

[50:38] Anything else that investors should be looking out for here? Follow on re: capital allocation scenarios

[54:57] Ross' quick thoughts on CCIs and France overall

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the fourth time to share his thesis on Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders.

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[1:58] What is Remitly Global $RELY and why are they so interesting to Mario

[3:22] What is Mario seeing in $RELY that the market is missing that makes this an alpha opportunity (in Mario's opinion)

[8:08] $RELY service use case / question of fees to transfer money / bear case / crypto

[17:25] How does their customer base trust them / why is it so complex to do digital disbursement the right way?

[27:32] Digital fraud / business environment

[35:34] Bear case cont'd. / valuation

[44:48] Thoughts on Wise

[51:13] Marketing expenses

[58:56] Valuation cont'd

[1:02:33] What keeps Mario up on at night on $RELY thesis

[1:08:10] Final thoughts / additional key points investors should be aware of about $RELY, i.e., direct connections

[1:16:34] Stable coins/crypto - why not a risk? Why Mario thinks it's an accelerant?

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Michael D. Cohen, CEO & Director of Research at MDC Financial Research, LLC, joins the podcast to provide his halftime report on the Albertson's / Kroger's merger case.

For more information about MDC Financial Research, please visit: https://mdcfinancial.com/

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[2:02] Overview of the $ACI / $KR case thus far (high level halftime report)

[5:35] Anything Michael seeing in the courtroom that you wouldn't be able to pick up unless you're there

[9:00] Market definition

[12:58] Pricing argument

[23:34] Divestiture

[32:00] Eric Winn's testimony

[36:57] C&S lack of data scientists, what does this mean

[42:04] How does the fear this will be "Haggen 2.0" frame this discussion

[45:58] Labor argument

[50:10] Politics entering the case?

[51:50] How this merger not going through could be bad for consumers

[55:15] Final thoughts or anything missed from the trial thus far

[57:36] Odds right now for the merger approved / dismissed

Today's sponsor: Ycharts

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It's time to welcome back Chris DeMuth for his monthly state of the markets. For this August 2024 edition, Chris shares his thoughts on: election implications, anti-trust cases, Albertsons / Kroger's case, Robinhood credit card, and high-end credit cards launching travel lounges.

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:26] Chris' thoughts on markets overall for August 2024: small cap value outperformance, election risk

[3:40] Market start pricing in Trump victory, before Biden dropped out / election risk, implications

[9:51] Overview on Anti-trust cases: Albertsons / Kroger's and Capri / Tapestry

[17:45] Albertsons / Kroger's cont'd

[27:58] Costco

[32:55] Robinhood credit card

[44:06] High-end credit cards launching travel lounges

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Paul Cerro, CIO of Cedar Grove Capital Management, joins the podcast to discuss his thesis on Red Cat Holdings (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations.

[0:00] Introduction + Episode sponsor: Ycharts

[2:28] What is Red Cat $RCAT and why are they so interesting to Paul

[6:26] Why is $RCAT relevant in the drone market? What is unique about $RCAT drones?

[13:29] Capabilities of $RCAT drones and how much they are selling them for (to the military) / what specifically going on with $RCAT drone that US Government is using them vs. going with commercial drone

[21:21] What is the SRR Contract and why is this a big deal

[25:40] Odds that $RCAT wins this SRR contract

[30:00] Economics if $RCAT wins the contract / what margins would look like

[33:12] Valuation: market already baking in best-case scenario in terms of them winning?

[36:17] What does the company look like if they don't win the contract / how much is Paul's bet on $RCAT winning the SRR contract vs. betting on Red Cat in particular

[40:05] Are the odds in the stock price right now that they win this contract vs. what Paul thinks the odds are that they win this contract / in Paul's opinion, what he thinks the market is missing

[45:22] Is there correlation between the NATO contract and SRR contract?

[50:39] Final thoughts

Today's sponsor: Ycharts

This episode is sponsored by our friends at YCharts. A typical day in the life of a financial advisor calls for back-to-back client meetings, juggling portfolio management, and the consistent desire to improve client relationships. YCharts’ report and proposal tools could be the missing piece to help you effectively handle these time-consuming tasks.

Now more than ever, clients want to hear from their advisors. And with user-friendly templates at your disposal, generating impactful client reports can be easily integrated into your everyday routine, helping you free up time and focus on what matters most: enhancing client interactions and growing AUM.

Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value

Jason Stankowski (Partner and Co-Portfolio Manager) and Brian Lancaster (Partner and Co-Portfolio Manager) from Clayton Partners join the podcast to discuss their thesis on Mattr Corp. (TSX: MATR), a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification.

For more information about Clayton Partners, please visit: https://www.claytonpartners.com/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:10] What is Mattr Corp. and why are they so interesting to Brian and Jason

[5:23] When Jason and Brian look at Mattr Corp, what they think they're seeing that the market is missing that's going to lead to alpha generation here?

[10:57] Switching to US listing and what Jason likes about IFRS better than GAAP

[15:07] $MATR.TO comparison to TerraVest

[19:34] What's the secret sauce that doesn't make $MATR.TO just another commodity business

[26:45] Auto manufacturer vertical

[29:56] Growth runway

[34:05] How much is Mattr a bet on the business vs. management team for Clayton Partners / stealth AI potential here

[43:13] Q2 Earnings and conference call

[51:30] $MATR.TO final thoughts and capital allocation strategy

Today's sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Bill Chen, a real estate investor and Managing Director at Rhizome Partners, returns to the podcast to discuss the performance of publicly-traded real estate market and why it's done so well since his last podcast appearance in October 2023 + pitch on Apartment Investment & Management Co. "AIMCO" (NYSE: AIV).

For more information about Rhizome Partners, please visit: http://rhizomepartners.com/

AIV pitch deck: https://docsend.com/view/4n5xq5mc58xwhx64

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[2:18] Capital cycle for publicly traded real estate vs. privately traded

[8:53] Five cap rate: how does it interplay with the Treasury rate?

[13:02] Publicly traded real estate company performance: have these REITs done well because of management or in spite of management

[20:11] Due diligence trips for REITs

[30:06] AIMCO $AIV - what is it and why so interesting to Bill

[36:26] What is Bill seeing that the market is missing the generates alpha in $AIV

[39:38] $AIV report card / management team

[48:02] Capital allocation / corporate governance

[53:08] Valuation

[57:31] Additional $AIV assets (besides Miami assets

[1:04:15] $AIV final thoughts

Today's sponsor: Ycharts

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Welcome to the August 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: crazy start to August in the stock market, due diligence trips, and forming relationships with management teams

Chapters:

[0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus

[3:04] Topics: crazy start to August in the stock market, due diligence trips, forming relationships with management teams

[3:51] Crazy start to August in the stock market

[10:11] Due diligence trips

[17:30] Due diligence-ing people, seeing management teams

Today's sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this July 2024 edition, Chris shares his thoughts on: a few special situations (RCM, WOW, etc..) and banks.

For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:17] What's on Chris' mind as we head into August

[4:27] RCM special situation

[15:45] WOW special situation

[28:26] Banks + final thoughts

Disclosure: long RCM and WOW

Today's sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.