Yet Another Value Podcast Andrew Walker

Welcome to the June 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: investing into franchisees, blaming IR for stock price, competitors, interest in a stock and thesis drift.

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

Chapters:

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

[1:33] Investing into franchisees

[10:43] Blaming IR for stock price

[13:37] Killing competitors

[16:25] Interest in a stock

[18:12] Thesis drift

This episode is sponsored by our friends at Daloopa

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Steven Gorelik, Lead Portfolio Manager at Firebird U.S. Value Fund, joins the podcast to share his thesis on Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online.

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:54] Overview of Akamai Technologies and why its so interesting to Steven

[13:09] $AKAM valuation

[15:39] Cloud computing and delivery segments

[29:10] Why $AKAM now and is $AKAM being run for stockholders or being run for the employees?

[34:12] CEO insider transactions

[36:44] As a generalist investor, who isn't solely focused on cloud/security companies, why isn't $AKAM just some growthy business competing with major players? What does Steven know that specialists aren't seeing with $AKAM

[44:52] Ways $AKAM could benefit from AI, or as an AI play

[51:32] Does cloud computing, delivery and security businesses belong together?

Today's sponsor: YCharts

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Yaron Naymark, Founder of 1 Main Capital, is back for the fourth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG).

For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/

Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:47] Quick $IWG.L pitch[6:45] CEO recently sells block of shares, putting into perspective CEO's ownership

[11:43] $IWG.L inflection - ramping of management franchise

[18:11] December 2023 investor day

[21:00] $IWG.L bear case

[28:45] Franchise revenue margins / understanding IWG market

[33:11] Discrepancy between informed IWG analysts vs. speaking with building owners / impact from WeWork

[38:23] Competitive environment (post-WeWork emerging from bankruptcy)

[42:56] Why didn't IWG take out WeWork and why IWG should own WeWork

[52:10] What worries Yaron about IWG thesis (if management franchise business hits a wall)

[56:36] Enterprise and final thoughts / US Listing / Buybacks and Dividend / Catalysts for 2024-25

Today's sponsor: Fundamental Edge

You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not.

The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint.

But what is the Academy NOT?

It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process.

It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM.

It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst.

To learn more and access a 10% discount code, go to fundamentedge.com/YAVP

Jacob Rubin, Portfolio Manager at Philosophy Capital, joins the podcast for the third time to share two theses: the first - Caesars Entertainment (NASDAQ: CZR), the second - Gannett Co., Inc. (NYSE: GCI).

For more information about Philosophy Capital, please visit: https://www.philosophycap.com/

Chapters:

[0:00] Introduction + Episode sponsor: Santangel's Review

[4:20] Overview of Caesars and why its so interesting to Jacob + why focus on $CZR and not all the other gaming-type companies

[12:28] In gaming, how much does scale matter

[16:26] Fear of the consumer vs. results of the cashflow

[23:06] $CZR what happened in Q1 2024 / catalysts on the upside / capital allocation

[34:30] Digital (online gaming) ramp

[39:20] Sum of the parts / $CZR valuation

[45:07] Carl Icahn investment in $CZR

[49:01] Overview of Gannett $GCI and why it's so interesting to Jacob

[54:44] Two legs to the thesis: AI and lawsuit against Google / undervalued - what's more of the play for Jacob with $GCI?

[1:02:05] $GCI valuation / Apollo involvement

Today's episode is sponsored by: Santangel's Review

Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators.

Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide.

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It's time to welcome back Chris DeMuth for his monthly state of the markets. For this May 2024 edition, Chris shares his thoughts on: Tapestry / Capri merger, Enhabit $EHAB, ECIP banks, $INBX deal.

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

Chapters:

[0:00] Introduction + Episode sponsor: Santangel's Review

[2:05] What's on Chris' mind as we head into the summer: M&A, Capri / Tapestry merger

[14:33] Enhabit $EHAB

[24:29] ECIP Banks

[35:44] $INBX deal

Today's episode is sponsored by: Santangel's Review

Finding the right hedge fund cap intro event isn't just about the size; it’s about the value it brings to your time. This month's sponsor, Santangel's Review, offers something unique for fund managers and allocators.

Founded in 2010, Santangel’s hosts three Cap Intro Roundtables each year - two in New York City and one at Fenway Park in Boston. These events stand out for their focus on quality over quantity, attracting some of the most prestigious endowments, foundations, and family offices worldwide.

The secret sauce: Santangel’s spotlights undiscovered talent. Managers you don't necessarily see at other industry conferences.

Attendees take part in eight one-on-one meetings, intermixed with ample networking opportunities. In an industry built on relationships, Santangel's fosters some of the most valuable connections.

Just go to Santangels.com— S-A-N-T-A-N-G-E-L-S dot com to learn more and request an invitation.

If you’re a manager or allocator who is serious about maximizing your time, you'll want to be a part of the Santangel's Roundtable. Click here: https://santangelsreview.com/

Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the third time to share his thesis on Xometry, Inc. (NASDAQ: XMTR), the global AI-powered marketplace that connects buyers with suppliers of custom manufacturing services.

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[2:23] What is Xometry and why is it so interesting to Mario Cibelli

[5:42] $XMTR creating marketplace for industrial manufacturing / problem the company is solving

[19:48] Value proposition of the $XMTR network/marketplace

[24:20] Mechanics of the marketplace, customer experience, how it works

[26:26] Cutting out the middleman ($XMTR in this case) risk / are they more like Uber or Angie's List?

[35:05] "Instant Quote" / what can $XMTR evolve into

[41:15] Cyclicality

[46:47] Valuation / headwinds (and addressing them)

[58:01] Short interest and what keeps Mario up at night about $XMTR

[1:08:54] Execution risk

Today's sponsor: Fundamental Edge

You’ve probably heard about the Analyst Academy from Fundamental Edge by now. So instead of repeating the basics, let’s talk a minute about what the Academy is and is not.

The Analyst Academy is a practical course on the tools and skillsets required to succeed in the buy-side analyst seat. The instructors have experience from firms such as Maverick Capital, DE Shaw, Citadel, Balyasny and ExodusPoint.

But what is the Academy NOT?

It’s NOT a course on stock-picking. It IS a rigorous guide to learning a process.

It’s NOT a guide to pod shop investing. The Academy attracts a wide range of equity investors, from multi-managers to long only to family offices. Rather than teaching a particular style, Fundamental Edge equips learners with the essential skills required to hit the ground running and support their PM.

It’s NOT a financial modeling course. Modeling is, of course, part of the curriculum and plays a central role. But the Academy is more than that. It teaches idea generation, thesis communication and how to add value as an analyst.

To learn more and access a 10% discount code, go to fundamentedge.com/YAVP