TIVP052: Chapters Group: 100-Bagger in the Making? w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Principal risks and the sidecar thesis
Daniel and Shawn list execution and growth risks and discuss sidecar investing alongside top allocators like Rales and Thorndike.
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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