Yet Another Value Podcast Andrew Walker

Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, returns to the podcast (for the fourth time) to discuss Burford winning the YPF case and the fundamental thesis post-trial.

For more information about Caro-Kann Capital, please visit: http://caro-kann-capital.com/

Artem's first appearance on BUR: https://youtu.be/qBuH8pyc8Y0

Artem's second appearance on BUR: https://youtu.be/OIFGrfx1O88

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:41] Burford won the case - quick overview of the case and how we arrived at this final judgement

[15:15] Enforcement and collection

[28:55] Examples of collection efforts

[33:14] Timing of enforcement and potential settlement payouts

[44:02] Tax implications

[54:22] Why hasn't $BUR management answered the question about whether any of the funds they manage bought YPF?

[1:03:35] $BUR core business

[1:14:04] $BUR asset management business model / recent results / management and employee incentives

[1:28:26] $BUR valuation without YPF included

[1:39:38] ROE on the core business on a per share basis and final thoughts

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his second appearance to share his thesis on Marlowe plc (LSE: MRL), provider of a broad range of compliance software and services in areas which pose a high risk for businesses.

For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:41] Overview and investing thesis on Marlowe plc (LSE: MRL

[13:49] $MRL's TIC segment - what is the catalyst here

[18:11] Potential bidders for TIC segment

[25:12] Management incentives

[30:58] Marlowe $MRL.L bear case

[40:58] FCF and $MRL.L moving forward

[47:24] Risk factors / what worries Conor about $MRL.L

[53:09] How does $MRL.L thesis fit Conor's overall investing framework?



Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his second appearance to share his thesis on eDreams ODIEGO (MSE - Madrid Stock Exchange: EDR), travel subscription platform and one of the largest e-commerce businesses in Europe.

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:43] Overview of eDreams ODIGEO $EDR.MC

[9:27] eDreams' overall vision and current valuation

[13:34] Prime model and its potential growth in European markets

[17:30] How eDreams is different from TripAdvisor / why eDreams the one to crack the membership model

[23:13] Costco comparison

[25:24] Churn rate / U.S. investor perspective on eDreams / changing disclosures

[34:07] Competitive landscape, in particular, response from Booking as eDreams grows

[38:45] Hotels initiative / breaking into the U.S. market

[43:13] Capital allocation strategy

[47:20] Final thoughts on eDreams: risks to consider / headwinds / Chadd's personal experience using eDreams platform



Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this August 2023 edition, Chris provides his take on the FTC in general, Horizon/Amgen case, deep dive into CVRs and, of course, the Microsoft / Activision deal.

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

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:43] What's been going on - August 2023; starting with FTC in general

[7:12] State of the FTC, Anti-trust

[11:16] Horizon/Amgen case

[17:30] Deep dive into CVRs

[29:42] Can CVRs present a little risk adjusted alpha?

[35:29] Microsoft / Activision deal

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: dday@brileyfin.com

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it interesting to Dan

[8:57] Take rate on SSP's (effectively the bear case on SSPs)

[14:53] Adtech trends since early 2021

[19:11] Brand integrity - how much is that important amongst SSPs

[20:25] $MGNI valuation upside

[23:55] Programmatic recession vs. the stocks were overvalued in 2021

[25:48] CTV - what it means and how it works; why its important to $MGNI

[29:24] Who is $MGNI working with on CTV / competitive landscape

[32:55] $MGNI bear case on programmatic advertising - why don't publishers build out SSPs themselves? How are publishers thinking about building vs. buying SSPs?

[44:25] Anything missed on the Bull or Bear case for $MGNI / stock compensation

[50:07] Google antitrust case - what is the bull case for $MGNI

[59:24] Odds that Google loses this trial and/or splits out SSP

[1:03:58] One thing that market generalists miss regarding $MGNI

[1:08:26] Channel checks on media industry

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

AJ Secrist from Firstlight Management is back on the podcast today to provide an update on Lamb Weston Holdings Inc. (NYSE: LW), a key supplier of french fries to fast-food chains, following their recent quarterly update and in advance of their investor day.

Check out his first appearance on YAVP laying out his $LW thesis (December 2022): https://youtu.be/lNY8sQVttks

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:24] Update on Lamb Weston Holdings $LW since AJ's last appearance on YAVP in December 2022; how the stock has performed / fundamental issues

[5:44] $LW recent conference call: French fry attachment rate and why it matters / inventory destocking

[13:07] Current valuation for $LW and justifying AJ's $7 EPS thesis / key drivers of value

[20:30] Gross margins and SG&A expenses

[23:45] Expectations from the $LW investor day / should they be doing an investor day?

[31:43] Buybacks

[34:18] $LW final thoughts / bear case?

Today's episode is sponsored by: Stream by Alphasense

Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you.

But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/