Yet Another Value Podcast

Latest Episodes:

The Koala ventures through the commodity space and Ivanhoe Electric (IE) Nov 16, 2022

Show notes

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

Samir Patel from Askeladden Capital on MIX Telematics $MIXT Nov 14, 2022

Show notes

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

Bill Chen on HHC's value and Ackman's pending tender Nov 07, 2022

Show notes

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

Chris Lee discusses his winning stock pitch on $DLA Nov 04, 2022

Show notes

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

Chris DeMuth's State of the Markets October 2022 (with a large TWTR focus!) Oct 26, 2022

Show notes

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

Luis Sanchez lays out the $IBKR thesis Oct 17, 2022

Show notes

Luis Sanchez, founder of LVS Advisory, disses the bull thesis for IBKR, including why the company is a major beneficiary of interest rates rising and how the company's business to business solution can drive major account growth.
See Luis's IBKR write up here: https://lvsadvisory.com/wp-content/uploads/2022/09/LVS-Advisory-IBKR-Write-Up-September-2022.pdf
Chapters
0:00 Intro
2:45 IBKR overview
6:05 What is Luis seeing in IBKR that the market is missing?
12:30 IBKR's valuation
15:15 Is IBKR more net interest or trading driven?
19:00 IBKR's focus on active traders
23:30 Does IBKR have one product risk from the bigger asset managers?
28:30 Blow up risk
38:00 International account risk and opportunity
42:45 Business to business growth
52:45 Trading account stickiness
53:35 IBKR and crypto
55:55 IBKR's founder and management team
1:00:15 Share buybacks and insider selling

Lionel Hutz explains why Elon will own Twitter $TWTR Oct 14, 2022

Show notes

Lionel Hutz, author of the excellent lionelhutz substack, comes on the podcast to talk about the ongoing drama with Twitter and Elon Musk. In this episode, we exclusively discuss the Twitter case as it stands on October 13th, the odds the deal closes at the end of the month, why it might not, and what happens if it doesn’t. If you’re looking for more background on the deal, please see my podcast from May with Evan Tindell or August with Professor Ann Lipton and Compound248.
Lionel's Twitter: https://twitter.com/LionelHutz_Esq
May pod with Evan: https://twitter.com/AndrewRangeley/status/1529452942931238914?s=20&t=7yi3kr0wvPY0nduenfVdSA
August pod with Ann and Compound: https://twitter.com/AndrewRangeley/status/1556987816894255106?s=20&t=LEFlc2kvhXZ_M59UhEj6NQ
Chapters
0:00 Intro
2:30 Where we are today
6:55 Dismissing CFIUS and Bot Outs
9:20 Financing and Insolvency risks overview
14:10 How could the banks pull out of financing?
21:10 How would Elon's efforts over the next three weeks impact financing outs?
26:45 Are Elon's hands too dirty at this point to use a financing out?
29:10 How would an insolvency out play out?
30:55 Does section 5.9 suggest Elon *must* make Twitter solvent at close?
33:20 Judicial Estoppel / has Elon already repped TWTR is solvent?
39:30 Piercing the veil / getting Elon to pony up all the money
45:10 What does the trial process look like if Elon doesn't close now?
48:45 What arguments and discovery get made at trial if Elon tries a financing out?
52:15 What arguments and discovery get made if Elon tries an insolvency out?
56:40 Closing timeline and the Tesla blackout window theory
58:15 Would Elon's lawyers have supported the motion to stay if they weren't planning on closing?
1:01:50 Why does Elon seem so scared of getting deposed?

Doug from Fabricated Knowledge on $SITM Oct 10, 2022

Show notes

Doug O’Laughlin, founder of fabricated knowledge, returns to the podcast to discuss his thesis on SiTime (SITM).
Doug's SITM write up: https://www.fabricatedknowledge.com/p/its-high-time-to-look-at-sitime
Doug's first pod appearance: https://yetanothervalueblog.substack.com/p/doug-from-fabricated-knowledge-on
Chapters
0:00 Intro
2:45 SITM overview
7:50 What is the market missing at SITM?
12:45 Near term numbers and does management have a handle on the business?
18:05 MEMS versus Quartz market size and growth
24:20 SITM's MEMS market share
27:00 Risk of insourcing MEMS
31:45 How did SITM "win" MEMS?
35:20 Apple and customer concentration
41:00 More on MEMS versus Quartz
43:40 Apple's "all-in" on MEMS
52:45 Why isn't MEMS taking share faster from Quartz?
1:00:30 SITM valuation
1:08:30 Capital allocation and insider buy

Zack Buckley on Xponential Fitness $XPOF Oct 06, 2022

Show notes

Zack Buckley discusses his investment thesis for Xponential Fitness (XPOF), including why he thinks the company is set for continued rapid growth.
Zack's twitter: https://twitter.com/Amarginofsafety
Chapters
0:00 Intro
2:00 Zack's background
5:15 XPOF overview
8:20 Can XPOF buck the history of publicly traded fitness?
12:10 Brand sustainability and the Curves comp
15:15 XPOF's valuation and multiples
17:50 XPOF management history
20:55 How XPOF's partnerships can create value
22:55 Does XPOF have too many brands?
26:00 Can XPass drive customer acquisition?
29:15 What is Zack seeing in XPOF that the market is missing?
31:55 Why XPOF over other publicly traded franchises?
35:00 Is XPOF riding a post-COVID tailwind?
38:30 Franchisee unit economics
41:50 Recession risk
49:00 Has the competitive environment changed since the last recession?
54:45 Insider buying
57:00 Capital allocation and acquisitions going forward

Dave Johnson from Caligan Partners on Evolus (EOLS) (podcast #128) Sep 30, 2022

Show notes

Dave Johnson from Caligan Partners discusses his thesis on Evolus (EOLS). Evolus is a one product company. Their product, Jeuveau, is a Botox competitor exclusively focused on the cosmetics market, and Dave thinks the market is underpricing Jeuveau's strong growth potential.
Caligan's website: https://www.caliganpartners.com/
Chapters
0:00 Intro
2:15 Caligan background
8:15 EOLS Overview
13:00 What does Dave see in EOLS that the market is missing?
19:30 Why can EOLS take share versus Botox
26:00 Why is EOLS focusing only on Cosmetics
29:30 Is M&A in EOLS's future?
33:15 EOLS acquisition targets and funding one
37:30 Getting operating leverage and hitting cash flow breakeven
40:15 What happens if we go into a recession?
43:25 What does pricing look like?
47:45 Does Daxxify's approval impact the market?
52:45 Will new entrants impact pricing for tox?
57:15 Closing thoughts

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected