Keith Smith: Mining Services 101

Oct 13, 2023

Investment professional Keith Smith from Bonhoeffer Capital discusses mining services companies like FerreyCorp and Wajax. They dive into valuation analysis, industry dynamics, and strategic investment approaches. The conversation covers total shareholder return, labor shortages' impact on the mining industry, and the historical significance of free enterprise and human rights in the market.

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Intro

00:00 • 3min

Evolution of Investment Approach and Focus on Mining Services Businesses

03:22 • 17min

Focus on Long-term Growth: A Strategic Investment Philosophy

20:50 • 5min

Strategic Diversification in North American Construction

26:20 • 22min

Analyzing North American's Undervaluation

47:53 • 6min

Analyzing Total Shareholder Return Equation and Growth Projections

54:09 • 4min

Supply-Demand Imbalance in Labor: Impact on Mining Industry

58:07 • 12min

Exploring Mining Services, Free Enterprise, and Human Rights Impact

01:09:37 • 5min

I'm excited to have Keith Smith of Bonhoeffer Capital on the podcast this week.

Keith previously joined The Hive almost four years ago. During our first conversation, Keith dove deep on his investment process, valuation analysis, and how he sources new ideas.

This week, we dove deep on mining and metals services companies, including:

FerreyCorp
Wajax
North American Construction (disclosure: I own some and this is NOT investment advice)
Mader Group

And more!

If you enjoyed this podcast and want to learn more, check out Keith on Twitter @Bonhoeffer_KDS

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠emergingmanagers.org⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

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TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠TIKR.com/hive⁠.

Marhelm

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