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Yet Another Value Podcast

David Capital Partner's Adam Patinkin thesis on asset light house builder, Vistry Group $VTY.L

Jan 7, 2024
Adam Patinkin, Managing Partner at David Capital Partners, LLC, discusses his investment thesis on Vistry Group PLC, UK’s leading provider of affordable mixed tenure homes. Topics include Vistry's partnership business model, competitive moat, future growth prospects, and UK housing cycle.
01:30:28

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Vistri's partnership business follows an asset-light model, focusing on complex regenerations and densification, setting it apart from traditional house builders.
  • Vistri's partnership business has a significant competitive advantage due to its deep expertise, strong track record, and relationships with local authorities, making it difficult for other builders to replicate their success.

Deep dives

The Unique Approach of Vistri's Partnership Business

Vistri's partnership business is distinct from traditional house builders as it follows an asset-light model. While traditional builders focus on land acquisition and the planning permission process, Vistri's partnership business focuses on complex regenerations and densification. They work hand in glove with local authorities and partners to regenerate areas and create affordable housing while maintaining community relations. The partnership business has a strong track record, exceptional returns on capital, and a competitive moat against traditional builders. Vistri's management team, led by CEO Greg Fitzgerald, plays a key role in the success of the partnership business.

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