Yet Another Value Podcast

Andrew Walker
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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. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

  1. 21 HR AGO

    Pershing Square Challenge 2026 runner-ups on Baker Hughes $BKR

    Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn't fully appreciated the company's evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users conference, and a sum-of-the-parts case that leans on growth, not multiple expansion. See the team's full pitch deck here This episode is sponsored by Trata. Check them out at https://www.trata.com Chapters 0:00 Intro and sponsor 2:21 Meet Team Baker Hughes 4:39 Why they backed into Baker Hughes 6:56 Watching the stock run from $45 to $65 mid-pitch 7:21 The differentiated work: 30+ expert calls and the turbine conference 8:27 The two businesses: oil field services vs. industrial energy technology 10:10 What the market is missing on the IET transformation 12:56 Is this just another cycle? The chart hit $65 three times 13:59 Why this gas turbine cycle is structurally different 17:01 AI as a distraction: onshoring and electrification 17:51 The installed base flywheel and recurring service revenue 21:13 The three turbine segments and the supply chain squeeze 23:34 Honoring 70-year customers vs. mercenary pricing 27:44 Valuation: a sum-of-the-parts story, not a multiple story 29:36 The Chart acquisition: can they really double their money? 34:56 The GE merger history and the GE Aero Alliance today 38:27 Management, alignment, and insider ownership 42:41 The C3 AI anecdote and wrap-up Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    46 min

  2. 3 DAYS AGO

    Pershing Square Challenge 2026 winners on DoorDash $DASH

    The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblown. This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dash Team DASH presentation: ZK's LinkedIn Aaron's LinkedIn Elliot's LinkedIn Chapters 00:00 The Pershing Square Challenge and team DoorDash 01:14 Sponsor: Trata 02:50 Meet the team: ZK, Elliot, and Aaron 05:40 Why they picked DoorDash out of the screen 10:10 The bull case in three parts 11:20 US restaurant growth: still the middle innings? 13:20 Demographics as a tailwind 17:50 Order frequency and the China comp 21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $320 25:35 The real downside: competition, Amazon, bundled memberships 29:50 The ~90 primary research calls 33:35 New verticals and the grocery economics 38:10 A DoorDash bet or a Tony Xu bet? 41:40 Management comp and alignment 43:45 International: the Wolt case study and Deliveroo 47:00 The tech-stack reinvestment cycle 51:00 Sylvie makes her podcast debut 51:20 Citrini and the AI-agent threat 56:20 Wrap Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    57 min

  3. 19 MAY

    Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor

    James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why London still doesn't fully credit him, and whether Spark gives Pershing a real path into Universal Music Group. Sponsor: Fiscal.ai. Real-time fundamental data for global equities, plus one of the leading data connectors for Claude and ChatGPT. Get 15% off at fiscal.ai/yav Chapters: 0:00 Intro and the divergent thesis 1:05 Sponsor: Fiscal.ai 2:20 Marlton's lens on closed-end funds and UK trusts 5:00 $PSUS: scale, structure, why it's already the largest US equity CEF 7:30 The case for a premium to NAV instead of a 15 to 20% discount 12:30 $PSUS vs $PSH London: who can own what, and why it matters 15:20 The 40-Act book and Ackman's macro hedging history 17:50 Track record with and without the COVID hedge 22:00 Why London still does not fully credit Bill 23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback 26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS 29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M 36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl 42:30 Preferred performance fees and why the income statement is cleaner 45:30 Alignment: insiders own 85%+ 48:00 Permanent capital vs six-year "permanent" capital at the alts 49:40 50 employees at $PSCM vs 2,200 at Carlyle 52:00 Keyman risk on Bill and Ryan Israel's role 58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle 1:02:00 Wrap Links:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    1hr 5min

  4. 14 MAY

    $DRVN Cruising through the Driven Brands thesis | Kyle Mowery GrizzlyRock Capital

    Driven Brands ($DRVN) puked on a February accounting restatement. Kyle Mowery (GrizzlyRock Capital) walks through why Take 5 remains a crown jewel and could be worth the entire EV of the company (making the franchise and autoglass businesses a free option). We also dig into how the April and May 8-Ks took the scary left-tail risks off the table, why Roark Capital (65% owner) might run a sale process later this year, and the bear case (corporate cost bloat, weakness in the non-Take-5 brands). disclaimer: Andrew is long DRVN Kyle's late 2024 DRVN podcast: https://www.yetanothervalueblog.com/p/grizzlyrock-capitals-kyle-mowery?utm_source=publication-search [00:00:00] Intro and disclosures [00:03:23] What is Driven Brands today [00:05:14] Why the car wash divestiture sold so cheap [00:09:19] Why Take 5 is the crown jewel [00:11:15] EV risk and the US ICE car park [00:13:21] Franchisee demand and unit growth [00:15:31] Take 5 vs. Valvoline[00:18:13] The addbacks problem [00:20:57] Inside the accounting restatement [00:23:22] The cash adjustment [00:28:50] The ATI revenue recognition issue [00:30:12] Reading the April and May 8-Ks [00:32:40] Debating adjusted EBITDA [00:34:55] Corporate cost bloat [00:37:54] Is this fraud? No [00:39:49] Weakness in the non-Take-5 brands [00:43:45] Sum-of-the-parts: Take 5 covers the debt [00:46:30] Why public markets misprice the franchise brands [00:48:04] Durability of franchise cash flows[00:50:14] Timing the resolution [00:53:26] Roark Capital's strategic options [00:57:40] Labor Day or Halloween? [01:00:00] Capital cycle stories Kyle's watching [01:03:02] Chinese supply pressure on industrials Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    1hr 4min

  5. 10 MAY

    $LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe

    Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up. Chapters: 00:00 Introduction and Liberty Global thesis 01:44 Sponsor: AlphaSense earnings season 04:49 Rich's bull case for $LBTYK 07:46 Andrew on management credibility 09:05 Why a spin can unlock value 11:57 Buybacks: are they actually working? 15:19 Debt structure and the deleveraging path 17:14 Operational deterioration risk 19:52 Ziggo's subscriber losses 24:09 Malone and Fries: the track record 27:46 The Liberty Global board problem 31:22 The growth investment portfolio 32:59 Why Rich haircuts the portfolio 36:43 Formula E and venture exposure 38:35 The empire-building risk 40:55 Virgin Media O2 restructuring 42:11 Other spin-off setups worth a look 43:40 Ziff Davis sum-of-the-parts 46:52 Andrew on distressed SaaS ideas 48:22 Lionsgate and media consolidation 51:53 Lionsgate as an acquisition target Links: Yet Another Value Blog: https://www.yetanothervalueblog.com Stock Spin-Off Investing (Rich Howe): https://www.stockspinoffinvesting.com Legal disclaimer: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant: https://thepodcastconsultant.com/

    54 min

  6. 5 MAY

    $STVN: are oral GLP-1s really a death blow? | Aurelian Research's Leo Trudel

    Stevanato (STVN) makes the glass vials and pre-filled syringes that GLP-1 drugs ship in. The stock has sold off on fears that oral GLP-1s replace injectables, but Aurelian Research's Leo Trudel argues that's a misread: biologics demand keeps growing, the mix is shifting toward higher-margin "high-value solutions," and switching costs in regulated drug delivery are real. We dig into the bull case, the oral-vs-injectable debate, capacity and oversupply risk, capital allocation, regulatory lock-in, and what would change Leo's view. [00:00:00] Podcast intro and guest welcome [00:03:08] Stevanato's business model: vials, syringes, high-value solutions[ 00:03:51] COVID boom and the destocking cycle [00:06:39] Why the stock sold off and what it implies [00:07:34] Market expectations vs. reality [00:11:55] Margin expansion from mix shift [00:14:40] Oral vs. injectable GLP-1s: the real debate [00:17:30] Why oral and injectable aren't interchangeable [00:19:44] Capacity additions and oversupply risk [00:21:00] Biologics demand beyond GLP-1 [00:23:04] Management trust and capital allocation [00:26:52] Regulatory lock-in: the real moat [00:29:42] What could break the bull case [00:30:53] Future capex and where it goes [00:32:41] Industry structure and M&A outlook [00:34:37] AI tools in investment research [00:38:09] Closing thoughts and Leo's stance Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p... Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    39 min

  7. 30 APR

    Can Sprout Social Survive the SaaSpocalypse with Pernas Research's Deiya Pernas $SPT

    In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Deiya Pernas of Pernas Research about Sprout Social (SPT) and the broader SaaS selloff. They examine the company’s platform, competitive positioning, and whether the market is mispricing its long-term potential. The discussion covers API complexity, integrations, AI risks, and shifting perceptions across SaaS. They also address valuation, stock-based compensation concerns, and possible catalysts including governance changes or acquisition interest. The conversation closes with a wider look at the so-called SaaS apocalypse and where opportunities may exist. ____________________________________________________________ [00:00:00] Introduction and guest overview [00:03:59] Sprout Social business model explained [00:05:38] Market mispricing and SaaS selloff [00:09:53] Fundamentals versus market perception debate [00:12:05] SaaS valuation reset discussion [00:13:45] Platform capabilities and customer usage[00:15:16] API complexity and competitive advantage [00:18:58] Compliance risks and AI concerns [00:21:48] Platform competition from social networks [00:23:50] AI disruption and company adaptation [00:27:07] Systems of record skepticism discussed [00:30:00] Integrations and switching costs impact [00:31:01] Stock-based compensation concerns raised [00:32:01] Dilution risks and sustainability issues [00:33:48] Governance changes as potential catalyst [00:35:49] Management turnover and uncertainty [00:36:46] Acquisition potential discussed [00:38:59] Broader SaaS opportunities and risks [00:42:11] SaaS durability versus AI disruption [00:45:36] Lack of insider buying observations [00:46:55] Criticism of board incentives Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    50 min

  8. 26 APR

    Chadd Garcia drills into LandBridge's value

    In this episode of Yet Another Value Podcast, host Andrew Walker is joined by returning guest Chad Garcia to discuss LandBridge and the broader Permian Basin ecosystem. Chad outlines how land-based royalty models differ from traditional energy investments, highlighting surface rights, produced water, and infrastructure as key drivers. The conversation covers LandBridge’s growth through pore space expansion, strategic land acquisitions, and its relationship with WaterBridge. They also examine valuation differences versus peers like TPL, the role of data centers in West Texas, and why the market may be underestimating future cash flow. The episode concludes with an update on Secure Energy’s acquisition and its implications for the waste infrastructure thesis. ____________________________________________________________ [00:00:00] Introduction and Chad Garcia returns [00:04:07] LandBridge overview and investment thesis [00:05:26] History of land royalty businesses [00:08:57] TPL business model breakdown [00:13:21] LandBridge business and revenue streams [00:16:11] Valuation comparison versus TPL [00:17:21] Market skepticism and short thesis [00:20:59] Incremental pore space growth potential [00:24:27] Sponsor ownership and insider alignment [00:26:50] Structure and related party concerns [00:29:12] Acquisition strategy and value creation [00:31:30] Strategic land positioning explained [00:36:01] Competitive advantages in pore space [00:39:37] Data center opportunity in Permian [00:43:38] Challenges to data center deployment [00:46:42] Valuation framework and growth outlook [00:48:36] LandBridge versus WaterBridge comparison [00:49:31] Secure Energy acquisition overview [00:51:06] Waste thesis validation discussion [00:55:35] Reaction to acquisition valuation [00:58:16] Market education still ongoing [01:01:12] Closing thoughts and disclaimer Links: Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

    1hr 2min
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About

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. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Information

  • Creator
    Andrew Walker
  • Years Active
    2020 - 2026
  • Episodes
    400
  • Rating
    Clean
  • Copyright
    © Andrew Walker
  • Show Website
    Yet Another Value Podcast

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