In this episode of Yet Another Value Podcast, host Andrew Walker interviews the first-year Columbia MBA team who unanimously won the 18th Annual Pershing Square Challenge with their investment thesis on Carlisle Companies (CSL). The team—Tuan, Dimitry, and Erik—shares their detailed research into the commercial roofing giant, exploring its competitive moats, sticky customer relationships, management alignment, valuation framework, and opportunities for expansion. They discuss their firsthand trade show research, unique insight into labor dynamics, and responses to key concerns like cyclicality and pricing power. The conversation also covers the company's history, recent transformation, and what could keep an investor up at night.
You can find the team's CSL pitch deck here: https://www.dropbox.com/scl/fi/mn4ib4897o8gfpgdzs03c/CSL-US-Carlisle-Pershing-Square-Challenge-Presentation_YAVB_Abridged.pdf?rlkey=ck47pu6samrrnctwlfyr536hc&e=1&st=nj9zt415&dl=0_
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[00:00:00] Intro to podcast and guests
[00:02:44] Guest introductions and backgrounds
[00:05:35] Overview of Carlisle Companies
[00:08:32] Pitch background and idea process
[00:13:03] Unique research: trade show visits
[00:19:28] Carlisle’s competitive advantages
[00:24:58] Sticky customer and contractor base
[00:30:00] Valuation and IRR framework
[00:35:14] Management's strategy and alignment
[00:42:07] Target 2030 growth breakdown
[00:46:20] QXO, Beacon, and distribution impact
[00:52:22] Risks and margin sustainability
[00:54:28] Potential new entrants: Berkshire risk
[00:56:33] Labor shortages and benefits
[01:00:17] Leverage and capital allocation debate
[01:02:56] Final reflections and thank yous
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