The Hermit Podcast

Hosted by Alejandro Yela

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Welcome to the Hermit podcast, a place dedicated to unearthing 10x investing ideas Our podcast is a collection of interviews with the key management of underfollowed publicly listed companies. Our dual goal is to give exposure to the companies and to learn from the extraordinary leaders at the helm of these ventures. hrmt.substack.com

MAY 13

China Insights. Field Research Debrief / 对冲基金经理中国行：为期一月的实地调研深度汇报

As promised, here is the recording of our China trip insights. While financially focused, much of the content explores the cultural and human aspects of both the people and the businesses. This is our lived experience of what feels like a futuristic country paving a well-constructed road into the future. Hope you enjoy! Beyond the recording, here are a few insights on our top three picks of the companies we visited. For all of them, we met with middle and senior management for sit-down meetings and toured their facilities. Their reactions were of pure astonishment; they were surprised by the level of international interest in their business methods. As they were mostly accompanied by interpreters, the language barrier was also part of the experience. Rather than a deep dive, we’ve focused on their business models and the lessons we can extract to make them more applicable and approachable for a Western audience. Read about our top 3 by reading the post on The Hermit Hope you enjoy! - Alejandro Yela — CEO, Hermit Ventures Ltd. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

57 min
APR 22

How to Value a Tech Company: $RDVT Excel Valuation Masterclass

This tutorial provides a practical, step-by-step walkthrough for valuing a listed company, using Red Violet as a live case study. The session focuses more on the methodology of valuation than finding an exact, ‘perfect’ price, though the resulting figures proved remarkably accurate compared to the market. Find the model we used live here: And feel free to check out all of our content by… 1. The Core Valuation Methodology The tutorial utilizes a Discounted Cash Flow (DCF) approach, projecting a company’s performance five years into the future to determine its present value. * Projection Period: The model projects cash flows through 2030. * Historical Context: Data from 2019 to the present is used to understand past trends and “normalize” numbers for future projections. * Terminal Value: This accounts for the company’s value beyond the five-year window, calculated by pushing the final projected cash flow into perpetuity using a growth rate. * Key Inputs: The instructor emphasizes five critical financial metrics that define 90% of the valuation work: Revenue, EBIT, Operating Cash Flow, Working Capital, and Net Debt. 2. Key Assumptions and Adjustments Valuation is heavily dependent on specific assumptions that must be adjusted based on the company’s risk profile and management guidance. * WACC (Weighted Average Cost of Capital): Used as the discount rate for future money. A standard 10% was used for this exercise, though 15% is common for smaller microcaps. * Growth Rate (G): A terminal growth rate of 2% was applied as a standard for perpetual growth. * Dilution: For tech companies like Red Violet, it is vital to account for share dilution from options and warrants. The model used a projected share count (e.g., 16 million) rather than just the current count to remain realistic. * CAPEX vs. Intangibles: Because Red Violet is a tech company with few physical assets, the instructor used “other investing activities” as a proxy for CAPEX to better reflect software development needs. 3. Data Sourcing and “Checking Your Work” The tutorial highlights the importance of data integrity when moving from raw numbers to a model. * Filing Aggregators: Tools like Ticker or Bloomberg are used to quickly pull quarterly data, though the instructor warns against using FactSet. * Manual Verification: Even when using aggregators, one must manually check yearly figures against official company filings to ensure accuracy. * Color Coding: A professional model uses specific colors to maintain clarity: Blue for manual inputs, Black for formulas, and Green for data linked from other tabs. 4. Understanding the Business Landscape Beyond the spreadsheet, a “thorough evaluation” requires understanding why the numbers look the way they do. * Business Model: Red Violet is a cybersecurity and data analytics firm that creates “digital personas” to help lenders assess creditworthiness and criminal risk. * Scalability: Tech valuations often rely on the transition from early-stage unprofitability to high-margin scalability as the company grows. * Competitive Moat: Investors must consider how protected a company is against incumbents, new players, and emerging technologies like AI. Hope you enjoy! - Alejandro Yela — Principal Advisor, Equity Focus FIL and CEO, Hermit Ventures Ltd This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

50 min
JAN 17

Mining Expert Talks Copper, Batteries, Tungsten, and Critical Minerals

We had a very interesting chat with mining expert Adrian Godas. Hope you enjoy! - Alejandro Yela, Principal Advisor, Equity Focus FIL This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

1h 3m
12/10/2025

Enghouse ($ENGH) - 10x Revs, Flat 25% Margins, Falling -68% YTD Stock. Live Q&A

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

50 min
10/31/2025

Guest Lecture at IE Tower, Madrid

Welcome back dear fellow 🧙‍♂️ Hermits 👋 We had an absolute blast yesterday giving a lecture that will surely go down in the annals of history… as the day we inspired absolutely no one at IE Tower 😂 Jokes aside, huge thanks to Omar, Zach, and Frederik for organizing… and to everyone who showed up and tagged along 🙌 You guys posed fantastic questions! Hope to see you around, - 🧙‍♂️ The Hermit Team This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

1h 2m
09/27/2025

Portillo's ($PTLO) Live Q&A Session

Welcome back dear fellow 🧙‍♂️ Hermits 👋 We encourage you to check out the full post with our complete thesis… Along with the supplementary material… Thank you to everyone who tuned into my live video! Please ❤️ and comment so that more people can discover and enjoy our Substack 😇 Join us for my next live video in the app. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

27 min
08/06/2025

🧙‍♂️ Cardlytics Earnings 2.0

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

1h 1m
06/23/2025

Valuation Masterclass

Day 4 – Valuation and Unlocking Value Agenda * DCF * Comps and Precedents * Multiples * Application on Microcaps. Being approximately rights vs precisely wrong * Examples: Apple, Google, Calnano, Shelly, BluMetric * Introduction to Activism * Value generation mechanism: tenders, buybacks, spin-offs, governance plays, and aligned incentives (e.g. Constellation Software) * Examples: corruption greenmailing, Ackman Herbalife, etc. Resources Buffet on Reputation Damodaran on Value Enhancements At Home Sosin Activism https://www.businesswire.com/news/home/20210517005277/en/CAS-Investment-Partners-Sends-Letter-to-At-Home-Group%E2%80%99s-Board-of-Directors Icahn Greenmailing https://www.investopedia.com/articles/financial-theory/08/carl-icahn-lift.asp Constellation Execute Pay Scheme https://www.csisoftware.com/docs/default-source/investor-relations/2023-agm/2023---csi-management-information-circular-en.pdf?sfvrsn=42371622_3/%202023---CSI-Management-Information-Circular-EN%20.pdf This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

1h 45m
08/20/2024

Gismondi 1754 - Jewelry Beyond Time: A Fireside Chat w/ Massimo Gismondi

Welcome back to 🧙‍♂️ The Hermit 🧙‍♂️ Check this post and much more @ hrmt.substack.com About GISMONDI $GIS Gismondi 1754 is a historic luxury jewelry brand founded in Genoa, Italy, over 250 years ago. Known for its exceptional craftsmanship and timeless designs, the brand has remained family-owned through seven generations. Each piece is meticulously handcrafted, reflecting the rich tradition of Italian artistry. Under Massimo Gismondi's leadership, the brand has expanded globally, blending modern innovation with its storied heritage. Today, Gismondi 1754 continues to create exquisite jewelry that combines classic elegance with contemporary appeal, cherished by collectors and connoisseurs worldwide. ISIN: IT0005391138 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

1h 46m
07/16/2024

Limes Schloss Clinics $LIK - The Prime Mental Healthcare Provider w/ Dr. Frank

Welcome back to 🧙‍♂️ The Hermit 🧙‍♂️ Check this post and much more @ The Hermit About LIMES $ETR:LIK Limes Schloss Kliniken operates private hospitals for psychiatry, psychotherapy, and psychosomatics services in Germany, Switzerland, and Lichtenstein. It focuses on the treatment of stress-related illnesses and mental and emotional disorders, such as depression, acute burnout, affective disorders, trauma/PTSD, anxiety disorders, attention deficit hyperactivity disorder, psychosis, chronic pain, obsessive-compulsive disorder, sleep disorder, somatoform disorder, and personality disorder. Limes was founded in 2005 and is headquartered in Cologne, Germany. Expect a full investment thesis on the company soon. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hrmt.substack.com/subscribe

32 min

10 Episodes

Welcome to the Hermit podcast, a place dedicated to unearthing 10x investing ideas Our podcast is a collection of interviews with the key management of underfollowed publicly listed companies. Our dual goal is to give exposure to the companies and to learn from the extraordinary leaders at the helm of these ventures. hrmt.substack.com

Creator

Hosted by Alejandro Yela
Years Active

2024 - 2026
Episodes

10
Rating

Explicit
Copyright

© Alejandro Yela
Show Website

The Hermit Podcast