Yet Another Value Podcast

By Andrew WalkerBusiness Investing

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Typical duration
51 min
per episode

Based on Podcast App listening data

Yet Another Value Podcast episodes

December 12, 2022Avi Fisher from Long Cast Advisors on CoreCard $CCRD
Avi Fisher from Long Cast Advisors joins the pod to talk about CoreCard (CCRD). Key topics include the risks and opportunities from their Apple Card / GS relationship and the benefits of the CEO’s measured growth approach.
Chapters:
0:00 Intro

3:30 Avi's framework for evaluating stocks

22:45 How Avi found CCRD

24:35 CCRD's background

32:00 Discussing the GS relationship and concentration

36:50 CCRD's different revenue lines

40:50 Discussing the "Elephant in the room" (BB article on Apple trying to in house)

50:00 Could GS buy CCRD?

52:45 CCRD's valuation

59:00 What makes CCRD's product "premium"?

1:05:00 CCRD's approach to share repurchases

1:06:15 A little more on CCRD's management and history

1:10:30 Avi's closing thoughts
1 hr 14 min
December 08, 2022AJ Secrist from Firstlight Management on Lamb Weston $LW
AJ Secrist from Firstlight Management discussed his thesis for Lamb Weston (LW). LW is a very strong business, and AJ thinks the market is missing just how much margin upside there is as COVID era deals with large customers reprice and the company laps 2021’s disastrous potato crop.
Chapters
0:00 Intro

2:25 LW Overview

9:35 LW Valuation

13:00 Isn't LW fully valued at these prices?

19:25 Discussing the current potato crop

26:55 Global margin upside

28:35 Why is scale an advantage for LW?

31:45 Why will LW's margins accelerate now?

34:30 Industry demand and supply dynamics

37:20 Capital allocation and share buybacks

41:30 Management incentives and share price targets

45:00 Potential private equity or BRK end games

48:10 A little more discussion on LW's potential P/E multiple

51:10 What happens if we have a low carb craze again?
59 min
December 05, 2022Half Moon Capital on Oxford Industries $OXM
The team from Half Moon Capital, Eric DeLamarter and Brandon Carnovale, come on the pod to discuss their thesis on Oxford Industries (OXM). OXM owns the Tommy Bahama and Lily Pulitzer brands, and Half Moon thinks the market is underestimating the strength of those brands for a variety of reasons.
Half Moon's OXM thesis: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:aec0338f-33d0-4e35-b956-ac6aa024167a?viewer%21megaVerb=group-discover
Chapters
0:00 Intro

2:20 OXM overview

5:00 Tommy Bahama brand strength

8:55 Could Tommy Bahama follow the LULU brand path?

16:05 OXM's valuation

22:10 Did Tommy Bahama over-earn during COVID?

28:00 OXM management 36:10 Capital Allocation and OXM's recent Johnny Was acquisition

38:30 CROX HEYDUDE acquisition and learnings for OXM

43:10 A little more on Tommy Bahama and the California branded hotel

47:30 OXM's margins and current competitive environment

53:30 Tommy Bahama's inventory risk
1 hr 7 min
December 01, 2022Chris DeMuth's State of the Markets November 2022
Chris DeMuth joins the podcast to provide his state of the markets for November 2022, including what's happened with TWTR since the deal closed, FTX's implosion, and a quick run down of a few other merger arb situations.
Chapters
0:00 Intro

2:50 What's going on with TWTR since the deal?

13:50 FTX's implosion

35:30 Chris's current thoughts on crypto

41:15 Walking through some merger situations
55 min
November 21, 2022Michael Fritzell from Asian Century Stocks on Casio Computer
Michael Fritzell, founder of Asian Century Stocks, goes through his thesis on Casio Computer. Casio makes the popular G-Shock watches, and Michael thinks their rising popularity and a low valuation make for an interesting set up.
Michael's Casio write up: https://www.asiancenturystocks.com/p/fb1ac5f5-9ce9-4c56-a930-874d1f73f4c8
Chapters
0:00 Intro

3:00 Casio Overview

6:30 Are watches a dying business?

12:55 Is Casio hitting an inflection point?

18:30 Who's buying G-Shock?

20:00 Casio's valuation

25:00 Does Casio have enough upside?

28:30 Is management really willing to drive shareholder value?

31:00 Do watches make for a good D2C business?
36 min
November 16, 2022The Koala ventures through the commodity space and Ivanhoe Electric (IE)
The "Koala", a buyside mining and commodity specialist, comes on to discuss the commodity and mining space in general and Ivanhoe Electric (IE) in particular.
The Koala's twitter account: https://twitter.com/YellowLabLife
Chapters
0:00 Intro

2:55 General mining / commodity sector overview

12:40 The "nothing can get built anymore" moat

18:40 Capital discipline imposed by low multiples

22:00 How Peabody talked their own stock down with growth plans

31:00 What is the market missing on coal?

44:00 Why is Whitehaven still the Koala's coal horse?

49:30 Discussing Ivanhoe Mines history

56:55 Ivanhoe Electrics background

1:00:45 Ivanhoe's Typhoon Technology

1:04:30 Discussing Ivanhoe's mines

1:12:00 How did Ivanhoe find these great mines in the U.S.?

1:15:00 Ivanhoe's cash runway
1 hr 24 min
November 14, 2022Samir Patel from Askeladden Capital on MIX Telematics $MIXT
Samir Patel, Portfolio Manager at Askeladden Capital, joins the podcast to discuss Mix Telematics (MIXT) and why he sent a letter to the company pushing for change.
Askeladden's letter to MIXT: https://www.accesswire.com/723191/Askeladden-Capital-Announces-Activist-Position-in-MiX-Telematics-NYSEMIXT
Chapters
0:00 Intro

2:50 MIXT Overview

5:45 MIXT's hardware to subscription switch

9:30 The economics of a MIXT subscription

12:30 What's the moat that prevents competitors entering the market?

18:30 MIXT retention and churn

21:00 MIXT high level valuation

24:20 Precedent comps for MIXT

27:30 Why did Askeladden send a letter to MIXT?

35:45 Digging into MIXT's lack of growth and margin expansion

39:15 MIXT's history of missing long term targets

43:45 Would a PE takeout make sense for MIXT?

46:00 MIXT's sales force

48:30 Tracking MIXT's progress in the near term

56:45 MIXT's recent chairman resignation and insider sales
1 hr 3 min
November 07, 2022Bill Chen on HHC's value and Ackman's pending tender
Bill Chen, a real estate investor, returns to the podcast to discuss HHC's value and why Bill Ackman's current tender for the company might undervalue HHC.
HHC model: https://t.co/q6lQ69TeXZ
Chapters
0:00 Intro

2:50 HHC overview

7:15 How HHC can create value over time

9:15 Valuing HHC's operating assets

11:35 Opportunity cost versus other publicly traded real estate

17:35 Valuing HHC's unstabilized assets

19:30 Valuing HHC's Hawaiian assets (Ward Village)

29:55 Valuing HHC's "other" assets

31:40 Valuing HHC's MPC

45:20 Valuing HHC's Seaport asset

50:55 Why is HHC always trading under NAV?

54:00 Will non-Ackman shareholders ever realize value from HHC?

56:25 HHC's OXY deal

1:05:35 HHC's most recent MPC deal versus share buybacks

1:13:00 Ackman's long term HHC plan
1 hr 21 min
November 04, 2022Chris Lee discusses his winning stock pitch on $DLA
Chris Lee, a MBA student who won the Dorsey Stock Pitch Competition, comes on the podcast to discuss his winning pitch for Delta Apparel (DLA).
Chris's winning pitch: https://dorseystockpitchcompetition.substack.com/p/long-delta-apparel-dla?utm_source=substack&utm_campaign=post_embed&utm_medium=web
Chapters
0:00 Intro

2:30 Chris's background

4:45 DLA overview

10:20 DLA's valuation

13:40 Returns on capital and competition

17:35 DLA's Fanatics partnership

23:10 The Salt Life Brand

27:30 Is this the right management team for Salt Life?

32:30 End game for Salt Life

34:50 Lack of disclosure worries

41:20 Why is this company public?

43:40 Closing thoughts
50 min
October 26, 2022 Chris DeMuth's State of the Markets October 2022 (with a large TWTR focus!)
Chris DeMuth joins the podcast to discuss the state of the markets in October 2022 and what’s catching his eye in event driven land, with a large focus on TWTR.

My prior podcast on SPB: https://twitter.com/AndrewRangeley/status/1549013912133111808?s=20&t=6iWCDZC_8sPzlIuELTNwdQ

Chapters
0:00 Intro
2:30 What's on Chris's mind this month (TWTR)
4:50 Twitter's security review (or lack thereof)
7:30 Jurisdiction for a potential TWTR security review
13:30 What would a security review look like?
21:40 The politics behind a TWTR security review
29:25 Potential repercussions from a TWTR security block
35:55 Last chance for financing and insolvency outs!
41:45 How big will the cost cuts at TWTR be?
45:50 Discussing Spectrum Brands
55 min

About Yet Another Value Podcast

From the publisher's feed

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas.