Yet Another Value Podcast Andrew Walker

Scott Miller, CIO of Greenhaven Road, joins the podcast to discuss his thesis on PAR Technologies (NYSE: PAR), where more than 70,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, digital ordering, loyalty and back-office software solutions as well as industry-leading hardware and drive-thru offerings (according to the company's website).

Voss Capital write-up: https://vosscapital.substack.com/p/pars-path-to-80-redux

Greenhaven Road Q4 investor letter ($PAR mentioned): https://static1.squarespace.com/static/5498841ce4b0311b8ddc012b/t/65bd570c0ba5792db938f9a6/1706907404785/Greenhaven+Road+-+2023+Q4+FINAL_.pdf

For more information about Greenhaven Road, please visit: https://www.greenhavenroad.com/

Chapters:

[0:00] Introduction + Episode sponsor: YCharts

[1:30] Overview of PAR Technologies $PAR and why Scott is excited about the idea

[4:18] What are the "haters" missing with $PAR

[7:54] Burger King customer win

[9:42] Competitive landscape

[15:20] Why $PAR more than a Point of Sale play; additional verticals

[19:04] How do they win more customers / cloud-based vs. not-cloud based point of sale matter

[25:28] $PAR recent acquisitions, execution risk / convenience stores

[33:55] Growth runway / what keeps Scott up at night about $PAR

[38:24] Lumpiness of customer wins/announcements

[41:30] Final thoughts on $PAR

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Patrick Fleury, CFO of TeraWulf Inc. (NASDAQ: WULF), joins the podcast to discuss everything you need to know about bitcoin mining.

TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States.

For more information and to subscribe to TeraWulf, please visit: https://www.terawulf.com/

Chapters:

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

[1:34] Patrick Fleury's background / difference between oil and gas mining to bitcoin mining at TeraWulf

[6:10] Defining hash rate and hash price

[12:48] Halving

[14:10] ROI for every new bitcoin miner they build

[19:04] Cost of capital / power costs

[24:33] Economies of scale and growth for growth's sake

[28:05] ROI on a 20-year investment in bitcoin miner (when considering halvings happen every 4 years) / cooling / low cost mining strategy

[33:41] What happens if bitcoin price drops (from mining operation perspective)

[38:13] Why issuing shares and directing all cash flows to pay down debt the best use of capital?

[40:15] Valuation and where Patrick thinks bitcoin miners should trade / replacement costs on assets in the ground

[45:38] Mining facilities, power, AI plays, turning over to HFC and AI machines / power capacity, source of power

[54:43] Nautilus facility / bitcoin mining tax / expanding internationally

[100:16] Capital allocation

[1:01:36] M&A / value discrepancies / final thoughts

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/

Devin LaSarre, Founder and Editor of the Invariant Newsletter on Substack, joins the podcast to discuss his write-up and thesis on Haypp Group (HAYPP.ST).

Quick description on Haypp Group (according to their website): The Haypp Group is spearheading the global transformation from smoking to healthier product alternatives. With origins in Scandinavia our extensive experience from pioneering markets in smoke free alternatives, as well as being a leader in the e-commerce sector, we now fully take our vision to a global scale. With eleven e-commerce brands, the Haypp group is present in seven countries where we served more than 950 000 active customers in 2023.

Haypp Group write-up: https://invariant.substack.com/p/haypp-group-nicotine-pouch-trend

For more information and to subscribe to Devin LaSarre's newsletter, Invariant, please visit: https://invariant.substack.com/

You can Follow Devin LaSarre on Twitter/X @DevinLaSarre: https://twitter.com/DevinLaSarre

Chapters:

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

[1:36] What is the Haypp Group and why it's interesting to Devin and overview of the smoking alternatives industry

[6:52] Demand for nicotine and oral products (pouches, snus, dips)

[13:44] Haypp Group - investing thesis, why attractive idea to Devin

[17:44] What is differentiated about Haypp Group; why is this not the most competitive, lowest margin business

[23:21] What's a "Zyn-fluencer" and marketing challenges

[26:24] Customer acquisition costs / focus on SEO

[33:06] Haypp Group's pricing and cost structure

[41:01] Alternative smoking product consumer trends, switching up brands

[48:30] Addressing risk factors / Haypp's moat

[57:07] Insights business

[59:47] Regulation risk with selling alternative smoking products online

[1:07:23] Valuation

[1:12:32] Where alpha potentially comes from since Haypp stock's double in last 6 months

[1:18:06] Low capex

[1:21:30] Switching costs from cigarettes to alternative smoking products

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/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this March 2024 edition, Chris shares his thoughts on meme stocks being back in vogue, $DJT, is speculation back in the market right now, small caps due for some revenge, crypto, bitcoin halving and SBF sentencing.

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

Chapters:

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

[2:14] Chris' high level thoughts as we conclude March 2024

[3:35] Meme stocks back in vogue / $DJT

[7:31] Deeper dive on $DJT / monetizing celebrity

[14:54] Is speculation back?

[18:09] Small caps due for some revenge?

[23:40] Crypto, bitcoin halving, performance since launch of ETFs

[32:06] SBF sentencing

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/

Judd Arnold, Lake Cornelia Research Management @CorneliaLake, joins the podcast to discuss the MiX Telematics $MIXT and Powerfleet $PWFL merger.

$PWFL / $MIXT Memo: https://drive.google.com/file/d/1eONP4_CF6UPAKXYuZiDedUt2jRimujTa/view

For more information for Lake Cornelia Research Management and Judd Arnold, you can can Follow on Twitter/X @CorneliaLake: https://twitter.com/CorneliaLake

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:53] Overview of $MIXT / $PWFL

[10:18] Why $MIXT / $PWFL merger is so interesting to Judd

[21:21] Pushback on the bull case for the merger

[27:56] Switching costs / AI

[34:22] Open vs. closed systems

[37:38] Management and incentives

[48:44] Management's comments and vision post-deal

[53:58] Thoughtful pushback Judd has received on thesis

[59:20] Merger background

[1:07:26] Why Judd publishes these long notes?

Today's episode is sponsored by: Tegus

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Matt Warder, @mfwarder on Twitter/X, joins the podcast to discuss all things Coal, including: high level thoughts on coal, investing narrative from last few years, regulation, "greening" of metallurgical coal, $AMR, $HCC, upcoming election's impact on coal investment case and more!

You can Follow Matt Warder on Twitter/X @mfwarder: https://twitter.com/mfwarder

Range Global Resources Coal ETF: https://rangeetfs.com/coal

Chapters:

[0:00] Introduction

[1:27] High level thoughts on Coal

[6:07] Coal's investment narrative from last few years

[12:50] "Commodities don't die down, they die up" / down cycle in thermal coal

[16:07] Biden admin on coal

[21:38] Metallurgical coal ideas

[26:17] Global cost curve for metallurgical coal "met coal" / are we mining less efficiently?

[35:41] "Greening" of metallurgical coal?

[42:53] Domestic coal plays $AMR

[48:54] $HCC / Blue Creek Mine

[57:17] Does upcoming election matter for the coal investment case

[1:00:28] $HCC $AMR valuations

[1:06:09] Final thoughts on coal