Business Breakdowns

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Padel: Causing a Racket - [Business Breakdowns, EP.127] Sep 06, 2023

Show notes

This is Dom Cooke and today’s breakdown is a little different. Last week we looked at the most popular sport in the world in Football. Today, we break down the business behind a sport in its relative infancy - Padel. This racket sport started in the late 60s in Mexico and became big in many Spanish speaking countries. It then got a significant COVID bump and momentum has remained strong since.

To break down this burgeoning sport, I’m joined by Alan Flatt, CEO and President of EEP Capital. We look at the dynamics of the sport that are making it popular, the investment characteristics of Padel Clubs, and how sustainable its recent growth is. We also cover the differences to a sport that has become big in the US, Pickleball. Please enjoy this business breakdown of Padel.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

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Show Notes

(00:02:41) - (First question) - A background on the sport of Padel

(00:03:38) - The size and scope of Padel today

(00:05:35) - The origins of the sport and its growth around the world up until now

(00:06:31) - Covid and Pickleball’s impact on the growth of Padel over the last 5 years

(00:07:08) - The main differences between Padel and Pickleball

(00:09:12) - Padel’s universal attraction being its ease of entry for beginners

(00:10:41) - Alan’s story of how he became involved with Padel as an investment

(00:12:16) - Investing in Padel clubs and looking at Padel’s previous growth in other territories

(00:15:53) - What makes an attractive location for a Padel club

(00:18:14) - The costs involved with starting a Padel club

(00:21:53) - A look at the Padel Brooklyn location’s business model

(00:25:12) - The margin profile of a Padel club

(00:26:51) - Other sports and businesses with comparative models

(00:28:55) - How the current supply issue can be resolved

(00:33:06) - The current state of the US Pro League and how it might change

(00:37:50) - A breakdown of the teams and schedule of the US Pro League

(00:39:32) - The makeup of a Padel Pro League team

(00:40:49) - The strategic priority list for the Pro League in order to meet its growth goals

(00:44:28) - As a whole, how the sport of Padel can grow and the target markets for adoption

(00:46:07) - How close the sport is to becoming an Olympic sport

(00:48:20) - The risks that Padel faces

(00:51:46) - The lessons Alan has learned and can share with operators and investors

The Business of Football - [Business Breakdowns, EP.126] Aug 30, 2023

Show notes

This is Dom Cooke and today we’re breaking down the business behind the most popular sport in the world, Football or Soccer. It’s a vast market. 3 billion people around the world watch the sport and more than €30 billion euros are spent within the football ecosystem in Europe alone each year. But aside from a huge addressable market and reasonable revenue, is it actually a good business?

Why do investors keep buying Football clubs? Is there any economic rationale behind that? Is there a link between sporting and financial success? Has middle-eastern money distorted the transfer market for good?

These are some of the questions I asked our guest, Dr Rob Wilson, who is a football finance expert and Head of the finance, accounting, and business systems department at Sheffield Hallam University. I hope you enjoy us breakdown the business of football.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:03:16) - (First question) - Defining the European football market

(00:05:12) - How the Premier League defined itself as the world’s best league

(00:08:16) - The delegation of funds based on a team’s final position in the league

(00:11:19) - A brief introduction to the breakaway European Super League

(00:12:53) - The sale of Manchester United and how it affects the scope of the footballing world

(00:18:34) - The role emotion plays when it comes to buying and selling of football clubs

(00:20:47) - The makeup of a well run football club

(00:23:54) - The four-pillar model and exploring new revenue streams in football

(00:25:59) - The utilization of ‘access all areas’ type documentaries as a source of revenue

(00:28:40) - Breaking down the return on investment for football clubs building new stadiums

(00:33:51) - Financial regulations in football and a brief history of UEFA’s Financial Fair Play

(00:40:41) - The correlation between sporting and financial performance

(00:42:23) - The different types of football club ownership profiles

(00:44:51) - Reasons why investors choose to enter the football market

(00:48:12) - Changes to the football landscape since sovereign wealth funds have entered the market

(00:51:36) - The importance of the transfer market to football clubs

(00:53:03) - How the fans fit into the sport moving forward

(00:55:52) - Potential opportunities for TV revenue streams by entering new market places

(00:56:55) - The relationship between the clubs and the leagues

(00:58:20) - The lessons learned from researching the football industry

Casey’s General Stores: Fueling Convenience - [Business Breakdowns, EP.125] Aug 23, 2023

Show notes

Today we are going into the land of convenience stores to break down Casey's General Stores. Casey's currently operates in 16 states in the Midwest and Southern US. As of this recording, they have close to a $10 billion market cap and are the number three player in their market.

To break down Casey's, Matt Reustle is joined by Markus Hansen, portfolio manager and senior analyst at Vontobel Asset Management. We cover the industry of convenience stores, including the competition that exists in this market and the unique geographical considerations. We also discuss the financial model, drivers of gasoline performance versus in-store purchases, and margin profiles across the different segments of this business. This is another fascinating story hidden in plain sight. Please enjoy this breakdown of Casey's.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:02:42) - (First question) - The concept of Casey’s General Stores

(00:06:04) - Casey’s competitors and the market share in different regions

(00:10:52) - The main differences between Casey’s and a regular gas station

(00:14:09) - A brief history on Casey’s beginnings and its founder

(00:17:25) - A breakdown of the business’ revenue

(00:19:14) - Casey's growth despite the changing environment standards raising operational costs

(00:23:52) - The business’ margin profile

(00:26:53) - How Casey’s General competes with its peers and fuel pricing

(00:29:33) - The focus for Casey’s with regards to expansion opportunities

(00:33:06) - The hurdles involved with building new gas stations versus acquiring existing stores

(00:35:08) - Casey’s stance on franchising

(00:38:02) - The company’s attractiveness to buyers

(00:40:52) - Casey’s General’s average stock performance

(00:44:26) - Key risks of Casey’s

(00:47:30) - The main lessons learned from Casey’s General Stores

Important Information:

Information provided represents the views of a company of the Vontobel Group (“Vontobel”) and should not be considered investment advice and/or legal, tax, financial or other advice. Further, not a recommendation to purchase, hold or sell any investment and no representation is given that the securities discussed are suitable for any particular investor.

Although Vontobel believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document.

Take-Two Interactive: GTA and NBA 2K - [Business Breakdowns, EP.124] Aug 16, 2023

Show notes

This is Matt Reustle and today we are breaking down Take-Two Interactive Software. If you listened to our Business Breakdown on Electronic Arts, Take Two is another giant in the video game publishing space. They are best known for their Grand Theft Auto and 2K franchise.

To break down Take-Two I'm joined by Eric Kress, principal at Gossamer Consulting Group. Eric spent multiple decades inside the video game market, both as an investor and as an operator, and we tap into his perspective from both sides of the table. We drill into historic IP, the strategy behind new releases and what mobile means for the market, and specifically for Take Two. Please enjoy this breakdown of Take-Two.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:02:35) - (First question) - Brief overview of Take-Two

(00:03:32) - Take-Two's acquisition of Zynga represents a significant push into mobile gaming

(00:05:05) - Mobile gaming faces challenges from Apple's IDFA removal and Google's changes

(00:06:37) - Apple's privacy changes benefit them but hurt mobile publishers

(00:07:50) - How Take-Two evolved from PC and console to mobile

(00:10:48) - Console and PC target AAA games; mobile reaches a broader, less premium market

(00:12:53) - Creating new iconic AAA gaming IP is nearly impossible due to high costs

(00:15:08) - Big IP success in gaming historically depended on retail relationships and distribution

(00:17:39) - Sports games have almost 100% revenue visibility; others like GTA fluctuate

(00:19:31) - GTA's next release is anticipated and guaranteed to sell millions, but post-launch is uncertain

(00:25:24) - Risk of new console alignment affects expectations for next GTA game release

(00:27:57) - Updating titles for different consoles has become less complicated with PC architecture

(00:29:44) - Pricing at $60-$70; new tech may boost in-game spending

(00:31:30) - GTA's mature nature makes in-game advertising tough

(00:32:59) - NBA license with 2K is a partnership, not exclusive

(00:35:28) - Take-Two lacks profitable titles beyond GTA and 2K

(00:37:57) - EA smartly bought Respawn and built studios; Take-Two lacks similar capability

(00:39:29) - Gaming industry consolidated to fewer franchises; similar to film industry's trend

(00:44:07) - Zynga's acquisition was ill-timed; it's a declining asset with no value

(00:47:32) - Microsoft's deal may lead to Amazon or Comcast buying Take-Two

(00:50:11) - Valuing these businesses often relies on traditional PE methods

(00:52:06) - Key risks for Take-Two are overhyped GTA expectations and service burnout

(00:53:37) - Lessons learned from studying Take-Two

Nubank: David vs Goliaths - [Business Breakdowns, EP.123] Aug 09, 2023

Show notes

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Nubank. The Brazilian-based neobank has gone from nothing to extraordinary scale in a short period of time. 10 years after its founding, the company counts 46% of Brazil’s adult population as customers, is the largest Fintech in Latin America, and has a market capitalization of $37 billion. The fact that it’s achieved this in an environment that heavily favored the large incumbent banks makes its story all the more impressive.

To break down the business, I am joined by Daniel Bakalarz, Managing Partner at Unison Asset Management. Dan has a long history with this business and it shows in our discussion. We discuss the confluence of factors that made this business possible, the economics of a typical Nubank customer, and the competitive dynamics of banking in South America. Please enjoy this business breakdown of Nubank.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:02:44) - (First question) - A background on neobanks and how Nubank is unique

(00:04:17) - The company’s origin story and how it moved up the value chain over time

(00:09:43) - Nubank’s rise to a becoming a market leader in just a decade since its formation in 2013

(00:17:04) - The backdrop in Brazil that led to the opportunity for Nubank to enter the market

(00:23:34) - A breakdown of Nubank’s revenue

(00:29:06) - The makeup of a mature Nubank customer and the company’s average revenue from that customer

(00:33:33) - Reasons for the business pricing its annual percentage rates so aggressively

(00:34:18) - The comparison between the business and traditional bank holding companies in the US and South America

(00:43:40) - Potential opportunities for Nubank in the future

(00:52:12) - The biggest risks to the company moving forward

(00:57:30) - Brazilian regulator's opinion on Nubank’s rise in the market in context of its large established peers

(00:59:54) - Lessons learned from studying the business

(01:05:06) - Dan’s parting wisdom on Nubank and what he wants people to take away from this breakdown

Argenx: Changing Lives with Llamas - [Business Breakdowns, EP.122] Aug 02, 2023

Show notes

This is Zack Fuss, an investor at Irenic Capital. Today, we're breaking down Argenx, an immunology company founded in 2008 by its three founding partners. Today, it's a $30 billion company set to produce over a billion dollars in sales. They're known for their skill in developing antibodies for complex disease targets and owe a large part of their medical breakthroughs to llamas, which have similar antibodies in their immune system to those found in humans.

To break down Argenx, I'm joined by Julia Angeles, an investment manager at Baillie Gifford. Throughout this conversation, we'll discuss how Argenx navigates the complex world of drug development, clinical trials, regulatory approvals, and the ultimate commercialization of autoimmune therapies. We'll also learn more about their transition from a venture capital backed business to its 2017 IPO, and today, a meaningful revenue generating business. We hope you enjoy this business breakdown.

Note: This conversation was recorded on 19 July 2023.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Shownotes

(00:03:49) - (First question) - Ways the immune system protects us and fails us

(00:06:00) - Current patient treatments and evolving solutions to existing problems

(00:07:52) - The key difference between how the biotech community is addressing big diseases versus autoimmune disorders

(00:09:55) - What sparked Julia’s interest in Argenx

(00:14:01) - Explanation how we use animal antibodies to help research progression

(00:15:25) - The foundations of the business

(00:17:57) - The evolution of the business and its commercial success thus far

(00:20:22) - Transitioning from lab antibodies to a commercial product ready for consumers

(00:23:42) - The infrastructure needed to maintain and grow Argenx

(00:26:43) - Indicators of commercial success

(00:29:27) - The basic revenue model for this business type

(00:30:49) - Go to market strategies for developed drugs

(00:34:39) - Pricing and patient protection of these newly developed drugs

(00:37:46) - Cures versus creating treatments with recurring revenue streams

(00:39:38) - The importance of the current team composition

(00:41:44) - Julia’s perspective on what they are willing to invest to grow the company

(00:43:49) - Normalized profitability for biotech companies such as this

(00:45:59) - Potential risks to the current business model

(00:49:22) - Lessons learned from studying Argenx

Copart: The Car Undertaker - [Business Breakdowns, EP.121] Jul 26, 2023

Show notes

This is Matt Reustle and today we are breaking down the vehicle auction giant, Copart. You may be unfamiliar with Copart but, at the time of this recording, the company has a $40 billion market cap. They operate in over 200 locations across the globe and they sell north of 3 million cars per year on behalf of their unique customer base.

Copart is a unique story in a very concentrated industry where they likely have 50% market share. It's a story defined by evolution. Its founder, Willis Johnson, didn't merely adopt a junkyard mentality. He was born into it, molded by it. To break down Copart, I'm joined by Adam Mead, CEO and Chief Investment Officer of Mead Capital Management. We cover all the angles of this unique industry giant. Please enjoy this breakdown of Copart.

Access Adam's Copart writeup for free here. Choose the October 2022 Copart issue and use the code "Breakdowns" for 100% off.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:02:32) - (First question) - An overview of Copart

(00:04:16) - The size and scope of the market

(00:04:52) - The process of a vehicle entering into Copart’s system

(00:06:36) - The other side of the marketplace, who buys from Copart

(00:08:16) - Selling cars whole or dismantling and how this has changed from the early days of the business

(00:09:55) - An overview of Willis Johnson’s career, forming Copart and his involvement today

(00:13:26) - The financial structure of the business in the early days

(00:14:59) - Copart’s differences from the competition

(00:18:42) - Biggest drivers of supply. Accidents, natural disasters, wear and tear

(00:22:12) - Cashflow flow through, the economics for Copart

(00:24:08) - Associated costs with regards to the sale and movement of vehicles

(00:26:12) - Average inventory numbers throughout the year

(00:27:32) - The margin profile of the business on a normalized basis

(00:29:29) - A breakdown of the CapEx budget on a yearly basis

(00:33:42) - The major drivers of growth for Copart

(00:37:16) - The buyback history, stated goal and philosophy on dividends

(00:38:38) - Historical and potential future risks to the business

(00:42:00) - The insurance companies’ opinion of the business, net positive or net negative

(00:43:37) - The framework investors use when valuing this business

(00:47:17) - Lessons learned from the research and analysis of Copart

Lululemon Athletica: The Athleisure Leader - [Business Breakdowns, EP.120] Jul 19, 2023

Show notes

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Lululemon Athletica. The Canadian company, founded by Chip Wilson in 1998, has grown from a pop-up store in a yoga class to a $45 billion apparel business. Along the way, it pioneered the trend of athleisure and forever changed what women and men wear to work out in.

To break down the business, I am joined by John Zolidis, president and founder of Quo Vadis Capital. We explore the origins of Lululemon’s direct to consumer growth strategy, how it has remained relevant in an industry known for fleeting success, and how its business model compares to apparel giants like Nike. Please enjoy this business breakdown of Lululemon.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 driveable global models handbuilt by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick.

-----

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:02:30) - (First question) - An overview of Lululemon

(00:03:27) - Lululemon's success lies in branding, innovation, and community involvement

(00:05:53) - Evaluating their growth story and investment potential

(00:09:57) - Chip Wilson’s history and influence

(00:16:53) - Management transitions, operational issues, and turnaround under new leadership

(00:20:01) - Lululemon's success lies in its functional product and strong brand message

(00:23:13) - Fending off competition through unique branding and customer engagement

(00:26:31) - Lulu aims to grow men's business to complement women's dominance and reach

(00:28:46) - China offers significant growth potential for Lululemon

(00:32:35) - Focusing on vertical integration and limited wholesale channels

(00:34:21) - Lulu's higher gross margins stem from product mix and DTC focus

(00:37:08) - Increased capital expenditure is primarily allocated to store openings

(00:40:18) - Mirror acquisition didn't meet expectations, unlikely to repeat such deals

(00:42:30) - Significant risks for Lululemon's future

(00:44:48) - Lessons learned from studying Lululemon

Toast: The Restaurant Operating System - [Business Breakdowns, EP.119] Jul 12, 2023

Show notes

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down the vertical market software business, Toast. Toast is a software platform built specifically for restaurants. Their operating system gives restauranteurs all the tools they need to serve customers, from taking orders to allocating shifts. It was founded in 2011 and went public a decade later. Today, it’s used by nearly 80,000 restaurants across the US.

To breakdown Toast, I’m joined by Will Schreiber, the co-founder and CEO of Bottle – an ecommerce platform built for subscription businesses. We cover the different ways that Toast minimises the complexities of operating a restaurant, how their deep vertical focus has helped them outcompete Square, and how much room there is for potential growth. Please enjoy this breakdown of Toast.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:01:42) - (First question) - An overview of Toast

(00:04:16) - Toast's origins and pivot to Point-of-Sale (POS) solutions

(00:07:35) - Convincing restaurants to switch from antiquated systems to modern POS solutions

(00:09:48) - The complexity of restaurant operations requires efficient POS systems

(00:13:04) - An overview of the POS revenue model

(00:17:16) - Addressable market and limiting it intentionally with pricing

(00:20:04) - How their tech expertise enabled them to build a hardware and software ecosystem

(00:23:23) - The Toast network effect and their potential margin profile at full scale

(00:26:19) - Their revenue mix impacts its margin profile, with transaction revenue dominating

(00:27:37) - How they aim to dominate the restaurant industry with comprehensive services

(00:29:59) - APIs enable integration, yet in-house features may risk partner relationships

(00:33:45) - The key risks for Toast moving forward

(00:38:40) - Why expanding beyond restaurants could challenge Toast

(00:41:02) - Third-party integrations may erode Toast's point-of-sale dominance

(00:44:36) - Lessons learned from studying Toast

Applied Materials: Sanding Atoms - [Business Breakdowns, EP.118] Jul 05, 2023

Show notes

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down the biggest manufacturer of chip making equipment in the world, Applied Materials. Last week, we looked at the other leading equipment maker in the semi-industry, ASML, and while that business currently has a higher market cap, Applied Materials generated more revenue and profit last year.

It earned $26 billion, spent $3 billion on R&D and currently has 17,300 patents. To explore the business behind those numbers, I’m joined by Dylan Patel, Chief Analyst at SemiAnalysis. Dylan takes us through the industry’s evolution, how Applied’s business differs to ASML, and how geopolitics is a double-edged sword. Please enjoy this breakdown of Applied Materials.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Show Notes

(00:02:33) - (First question) - An overview of the vital and diverse semiconductor industry

(00:05:11) - The shift to specialization in semiconductors

(00:09:04) - Geopolitical factors that impact the sector

(00:12:16) - The dynamic evolution of Applied Materials

(00:15:22) - What differentiates Applied Materials from their competitors

(00:18:52) - Strong margins, growth, and efficient capital allocation drive their financials

(00:22:00) - The cyclical nature of the semiconductor industry

(00:24:36) - Optimizing equipment for next-gen chips through collaboration with manufacturers

(00:29:09) - How Applied Materials' specialization limits equipment changes for manufacturers

(00:32:54) - Contributing factors to Applied Materials' continued growth

(00:36:05) - Market share varies by equipment and processes

(00:39:13) - Biggest risks for Applied

(00:41:23) - AI's growing demand for semiconductors

(00:43:20) - Lessons learned from studying Applied Materials

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