Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his third appearance to share his thesis on Dowlais Group Plc (DWL), a portfolio of market leading, high-technology engineering businesses that advance the world's transition to sustainable vehicles.
For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/
DWL write up on Value Situations Newsletter: https://valuesits.substack.com/p/dowlais-spinning-wheels
Chapters:
[0:00] Introduction + Episode sponsor: Tegus
[2:15] What is Dowlais Group Plc (DWL) and why are they interesting to Conor
[9:18] What is Conor seeing about Dowlais that the market is missing
[16:42] Dowlais recent history
[21:45] Trends in the auto industry
[27:43] Bidding war time from 2018
[32:29] Margin expansion
[38:03] Management and incentive structure
[49:08] Capital allocation scenarios
[53:25] Who's the buyer of Powdermet
[58:50] Cyclicality of Powdermet business?
[1:02:16] Final thoughts on Dowlais / one more question about goodwill on the balance sheet
Episode sponsor: Tegus
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