This is Zack Fuss. Today we are breaking down the largest privately-owned software business in Europe, Visma. Visma is a software company with over 15,000 employees offering accounting, payroll, and HR software products for customers across the Nordic, Benelux, and Baltic regions. Founded in Oslo in 1996, Visma grew organically and via acquisition of 178 companies.We're joined by Nic Humphries, the Senior Partner and Executive Chairman of Hg Capital, which is one of the leading software investors in Europe. Nic is intimately familiar with Visma, given Hg owns over 50% of the business and has been invested for over 17 years. Hg initially invested as part of a take-private transaction in 2006 at just a $450 million valuation and based upon the latest recap completed in December, today, the business is valued at over $21 billion.As part of this conversation, we discussed the business history, growth, and recent leadership transition. Please enjoy this breakdown of Visma.For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.-----This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.-----Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcookeEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Business Breakdowns(00:02:44) First question - Introducing Visma and its operations(00:10:51) Identifying Visma's unique attributes in the payroll sector(00:13:32) Assessing Visma's current scale and potential for growth(00:17:45) Considering the shift to a cloud-native approach(00:20:49) Reflecting on key lessons from past errors(00:23:19) Strategies for scaling the business effectively(00:28:15) Weighing cash reinvestment against shareholder distributions(00:31:39) Øystein Moan's influence within the company(00:33:06) Deciding the right time for an IPO(00:39:23) Analyzing the risks facing Visma(00:41:22) Exploring Visma's competitive advantages

Guest Brett Larson, investor at NZS Capital, breaks down Trane Technologies, discussing its long corporate history, dynamics of residential and commercial HVAC, the unique consolidated industry, and Trane's success and dominance. Topics include cost breakdown and value-based pricing, revenue potential and growth drivers in HVAC, analysis of business system and operations, and the impact of mergers and acquisitions in the industry.

Stephen Vafier, Founder of Storri Labs Capital Partners, discusses Live Oak Bank's unique approach to entering the banking industry. Topics include their three-pillar business plan, gain on sale in small business banking, success factors, customer funds and capital, influencer marketing, succession planning, and breaking into a large industry with a niche business.

Explore the founding and history of Moody's Corporation, its dominance in the credit ratings market, and the impact of the financial crisis. Analyze Moody's profitability and financial metrics. Compare Moody's to S&P Global and discuss potential disruptions in the industry. Learn about undervalued businesses and the power of network effects.

Swetha, an expert in the liquor industry, joins to break down Pernod Ricard, the second-largest global producer of wine and spirits. They discuss luxury goods and spirits, post-COVID normalization, consumption trends, Pernod Ricard's rise in the spirits industry, family influence, strategic acquisitions, the impact of the US three-tier system, factors that make the business exceptional, and lessons from Pernod Ricard's business model.

Brian Lum, Investment Manager at Baillie Gifford, joins to break down the success and uniqueness of Ferrari. They discuss Ferrari's transformation from a racing team to a $70 billion business, its resemblance to a luxury goods company, and the manufacturing process in Maranello. They also explore the implications of electrification, the management team, and the exceptional qualities that make Ferrari special.

Tony Coniaris and John Sitarz from Harris Associates join the hosts to break down Charter Communications. They discuss the history of cable, cord cutting's impact on the business, case studies, and Charter's business model. The podcast also explores cable's advantages, internet-only subscriptions, network upgrades, and the future of cable companies. Key lessons include understanding a company's profitability and Charter's success as a broadband infrastructure company.

John DeGulis, Partner at [unknown], joins the podcast to break down Vistra Corp, an integrated retail electricity and power generation company. They discuss the dramatic evolution of the industry, Vistra's acquisition track record, and the broader electricity production & distribution business in the US. They also explore the importance of management and strong balance sheets in the energy sector, as well as the expanding opportunities in the energy transition.

This is Matt Reustle. Today we are breaking down Entegris, a supplier of advanced materials and process solutions for semiconductors. Small interferences with the different materials that exist within the semiconductor will slow it down and make it inoperable, and that's where Entegris comes into play. We get into that discussion with our guest, Daniel Pilling from Sands Capital. He joins us to talk through the history of semiconductors in his own terms, what makes it such a fascinating industry to cover, and what makes Entegris unique operating as a small player in an overall huge universe, dominated by major players. Please enjoy this breakdown of Entegris.Interested in hiring from the Colossus Community? Click here.For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 driveable global models handbuilt by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick.-----Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcookeShow Notes(00:03:00) - (First question) - Why semiconductors is an interesting industry for Daniel(00:05:45) - An introduction to Entegris and its business(00:07:19) - A look at the chemicals produced for computer chip manufacturing(00:09:39) - A historical look at the importance of chemicals in chipmaking(00:11:45) - The cost of chemicals within a chip(00:13:55) - The backstory as to how Entegris started operating and their competitors (00:17:03) - How the business has been able to remain so independent(00:21:57) - The stickiness of the business and how they aim to be the partner of choice(00:23:22) - A look at previous execution and any issues that have occurred in the past(00:23:56) - The cyclicality of the semiconductor industry historically(00:25:45) - An overview Entegris’ pricing power and maintaining margin profile(00:28:32) - Operating leverage within the business and how the margin profiles differ between the different segments(00:30:03) - A look at the business’ research and development spend(00:32:01) - How the business has approached mergers and acquisitions over the years(00:34:04) - Whether the business has ever been a target acquisition for a larger player (00:34:48) - The outlook for Entegris’ revenue growth, expected margin expansion due to operating leverage(00:37:05) - Possible threats to the business from new technology(00:39:04) - A look at other potential risks to Entegris(00:41:18) - Should the industry’s growth slow or even decline how it could affect Entegris (00:42:46) - How Daniel values the business comparing it to its peer group(00:45:04) - Other risks to the business not mentioned(00:46:00) - The lessons learned from Entegris

This is Zack Fuss. Today we are breaking down The Coca-Cola Company. On May 8th, 1886, Dr. John Pemberton brought this perfected syrup to Jacobs Pharmacy in downtown Atlanta, where the first glass of Coca-Cola was poured for five cents a glass. Today, more than 1. 9 billion servings per day of Coke are served worldwide. To break down Coca-Cola, I'm joined by Freddie Lait, Founder and Managing Partner at Latitude Investment Management. We cover the business of Coca-Cola and how its bottling network is imperative to its capital light business model. We discuss recent acquisitions like Costa Coffee & Body Armor and the Coca-Cola Company's expansion beyond its flagship brands and products with legacy Coke representing just 50% of their offering. Please enjoy this breakdown of the Coca-Cola Company. Interested in hiring from the Colossus Community? Click here.For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.-----Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcookeShow Notes(00:03:33) - (First question) - Exploring Coca-Cola's unique business model(00:05:57) - Comparing Coca-Cola's size to its competitors(00:07:30) - Delving into the history of the company(00:12:28) - Contrasting a bottling business with brand building and distribution(00:18:53) - Examining how Coca-Cola has maintained consistent growth and driven revenue(00:23:49) - Discussing Coca-Cola's 20% ownership of Monster Energy (00:27:11) - Assessing Coca-Cola's approach to capital allocation for value creation(00:30:33) - Highlighting the most dynamic growth segment in Coca-Cola's portfolio(00:33:43) - Breaking down Coca-Cola's business by region(00:37:39) - Adjusting to emerging risks in the marketplace(00:41:11) - Lessons learned from studying Coca Cola