Yet Another Value Podcast

Dan Day, CFA, Equity Research Analyst at B. Riley Securities, joins the podcast today to discuss the digital advertising business, SSPs and his thesis on Magnite, Inc. (NASDAQ: MGNI), the world’s largest independent sell-side advertising company (according the company's website). To get in touch with Dan Day, you can reach him via email here: dday@brileyfin.com Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:35] What is Magnite, Inc. (NASDAQ: MGNI) and why is it interesting to Dan [8:57] Take rate on SSP's (effectively the bear case on SSPs) [14:53] Adtech trends since early 2021 [19:11] Brand integrity - how much is that important amongst SSPs [20:25] $MGNI valuation upside [23:55] Programmatic recession vs. the stocks were overvalued in 2021 [25:48] CTV - what it means and how it works; why its important to $MGNI [29:24] Who is $MGNI working with on CTV / competitive landscape [32:55] $MGNI bear case on programmatic advertising - why don't publishers build out SSPs themselves? How are publishers thinking about building vs. buying SSPs? [44:25] Anything missed on the Bull or Bear case for $MGNI / stock compensation [50:07] Google antitrust case - what is the bull case for $MGNI [59:24] Odds that Google loses this trial and/or splits out SSP [1:03:58] One thing that market generalists miss regarding $MGNI [1:08:26] Channel checks on media industry Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Artem Fokin, Portfolio Manager at Caro-Kann Capital LLC, discusses Burford winning the YPF case and the fundamental thesis post-trial. Topics include enforcement and collection efforts, timing of enforcement and potential settlement payouts, tax implications, $BUR core business, $BUR asset management business model, $BUR valuation without YPF included, and ROE on the core business on a per share basis.

Conor Maguire, founder and editor of the Value Situations Newsletter, shares his thesis on Marlowe plc, discussing the TIC segment catalyst, potential bidders, management incentives, bear case, FCF, risk factors, and how it fits his overall investing framework.

Chadd Garcia, Portfolio Manager and Senior Research Analyst at Schwartz Investment Counsel Inc. - Ave Maria Focused Fund, joins the podcast for his second appearance to share his thesis on eDreams ODIEGO (MSE - Madrid Stock Exchange: EDR), travel subscription platform and one of the largest e-commerce businesses in Europe. Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:43] Overview of eDreams ODIGEO $EDR.MC [9:27] eDreams' overall vision and current valuation [13:34] Prime model and its potential growth in European markets [17:30] How eDreams is different from TripAdvisor / why eDreams the one to crack the membership model [23:13] Costco comparison [25:24] Churn rate / U.S. investor perspective on eDreams / changing disclosures [34:07] Competitive landscape, in particular, response from Booking as eDreams grows [38:45] Hotels initiative / breaking into the U.S. market [43:13] Capital allocation strategy [47:20] Final thoughts on eDreams: risks to consider / headwinds / Chadd's personal experience using eDreams platform Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

In this podcast, Chris DeMuth discusses the FTC, the Horizon/Amgen case, deep dives into CVRs, and the Microsoft/Activision deal.

AJ Secrist from Firstlight Management is back on the podcast today to provide an update on Lamb Weston Holdings Inc. (NYSE: LW), a key supplier of french fries to fast-food chains, following their recent quarterly update and in advance of their investor day. Check out his first appearance on YAVP laying out his $LW thesis (December 2022): https://youtu.be/lNY8sQVttks Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:24] Update on Lamb Weston Holdings $LW since AJ's last appearance on YAVP in December 2022; how the stock has performed / fundamental issues [5:44] $LW recent conference call: French fry attachment rate and why it matters / inventory destocking [13:07] Current valuation for $LW and justifying AJ's $7 EPS thesis / key drivers of value [20:30] Gross margins and SG&A expenses [23:45] Expectations from the $LW investor day / should they be doing an investor day? [31:43] Buybacks [34:18] $LW final thoughts / bear case? Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Mitchell Scott, founder and portfolio manager at Choice Equities Capital Management, joins the podcast to make the case that Crocs is not a fad. They discuss the growth story of Crocs, its valuation, and the patent protection on the product. They also delve into the core customer base, the acquisition of HEYDUDE, and the future of Crocs' apparel line. The episode explores the challenges of knock-offs, the impact of COVID-19, and the marketing potential of the brand.

Daniel Biolsi, Head of Consumer Staples sector at Hedgeye, shares thoughts on the sector in 2023. Topics covered include $COST and BJ's thesis, long Albertson's $ACI, $KVUE Kenvue thesis, Hershey $HSY international expansion, and negative sentiment around International Flavors & Fragrances $IFF.

Mordechai Yavneh, Founder and Portfolio Manager at Focus Capital, returns to the podcast to discuss how the Silicon Motion Technology Corporation (NASDAQ: SIMO) / MaxLinear (NASDAQ: MXL) deal fell apart. Focus Capital's research site (with SIMO deck): https://focuscapitaladvisers.com/research Mordechai's December 2022 $SIMO pitch on YAVP: https://youtu.be/f--RrIG1fAQ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:46] Update since Mordechai's $SIMO pitch with Andrew in December 2022; how $SIMO / $MXL fell apart [6:49] The four reasons $MXL said they were able to back out of the deal [13:53] Why $MXL does not really have the right to terminate the deal [22:37] Back and forth on the necessity for $MXL having to close the deal; how the $MXL / $SIMO situation compares to Twitter case [31:14] Likely outcome for $SIMO if they pursue arbitration; potential outcomes for $MXL [35:33] Understanding the difference between "Specific Performance" vs "Expectation Damages" and does breaking these deals set certain precedents? [40:03] What is the material adverse event $MXL is referring that $SIMO experienced [45:55] $SIMO fundamentals [53:04] What $SIMO is seeing in the 2nd half and how their business may perform going forward; Mordechai's 3 year outlook [1:00:23] What Mordechai thinks earnings for $SIMO looks like in a mid-cycle, normalized environment [1:07:42] Is $SIMO a seller again or $MXL offer such a big premium, that $SIMO has to take it? Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/

Ross Levin, Director of Research at Arbiter Partners, discusses his thesis on Credit Agricole S.A. CCIs (Cooperative Investment Certificates). Topics include dividend yield, value catalyst- eureka transaction, CCI buybacks, risks/bear case, French regional bank risk, and resources to research CCIs.