TIVP052: Chapters Group: 100-Bagger in the Making? w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Valuation approach and fair value
Daniel applies conservative EBITDA multiples to segments, subtracts net debt, and estimates a €25.60 fair value share price.
Daniel and Shawn take a deep dive into Chapters Group — one of Europe’s most rapidly evolving serial acquirers of mission-critical software and services. They explore where the group’s growth is coming from, how the company allocates capital, and whether Chapters Group’s valuation is justifiable.
IN THIS EPISODE, YOU’LL LEARN: 00:00:00 – Intro 00:06:56 – How Chapters Group was founded 00:09:20 – Why elite investors invest in it 00:14:09 – How their playbook for M&A works 00:20:55 – About the major long-term tailwinds behind their businesses 00:35:28 – How M&A is financed 00:46:14 – Why dilution is justified at this stage 00:50:39 – How the financials look 01:05:26 – Whether Shawn and Daniel add CHG to the portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
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- Joys of Compounding interview with CEO Jan Mohr.
- Chapters Group Half-Year Presentation 2025.
- TIVP Episode on TransDigm.
- Tresor Capital Research Article.
- CEO Mohr presenting at the Redeye Serial Acquirer Conference.
- William Thorndike’s book: The Outsiders.
- Explore our previous Intrinsic Value breakdowns: Transdigm, Salesforce, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet.
- Related books mentioned in the podcast.
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