Yaron Naymark, Founder of 1 Main Capital, is back for the third time on the Yet Another Value Podcast to discuss Limbach Holdings (NASDAQ: LMB), a mechanical systems solution engineering company that focuses on HVAC systems. Yaron talks about the evolution of the company since it went public via SPAC in 2016, transitioning towards the owner direct business and away from the older general contractor business, growth through acquisition strategy, equity raise in 2021 and why he finds $LMB interesting.
For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/
Chapters:
[0:00] Introduction + Episode sponsor: Stream by Alphasense
[1:57] What is Limbach Holdings $LMB and why is it interesting
[10:28] Edge in transitioning towards the owner direct business and away from the older general contractor business
[13:58] Growth through acquisition
[20:38] Maintenance contracts
[23:54] Market share for owners of infrastructure and critical infrastructure markets
[25:49] How does macro recession or commercial real estate recession affect $LMB
[30:24] $LMB's retention of employees post-acquisition
[32:26] $LMB Valuation
[37:32] Can $LMB do accretive M&A?
[41:29] Recent insider purchases
[43:25] Equity raise in 2021 - what happened and why did it receive the response that it did?
[54:24] Final thoughts on $LMB: addition to the Russell 2000 and expiring warrants
[55:37] Incorporating AI into investing and research process?
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