Yet Another Value Podcast

The team from Half Moon Capital, Eric DeLamarter and Brandon Carnovale, come back on the pod to discuss their thesis on Keurig Dr Pepper Inc. (NASDAQ: KDP). For more on the KDP thesis, see: Half Moon Capital KDP Q2’23 Investment Thesis Update_8.1.23 Half Moon Capital KDP Investment Thesis_July 2023 For more information about Half Moon Capital, please visit: https://halfmooncapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:25] Half Moon Capital's Keurig Dr Pepper Inc. $KDP thesis [5:09] Fundamental growth drivers; what market is missing on the coffee side of the business [10:01] $KDP U.S. beverage business, brands, trends [17:08] $KDP valuation [24:27] Recent insider activity [27:43] International business [31:54] Bottling aspect of the $KDP thesis [36:38] Bud Light PR [38:37] $KDP inflection point; sale-leasebacks [42:08] $KDP earnings, expectations for the year [45:12] Update on Oxford thesis $OXM 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/

Zack Buckley, Managing Partner at Buckley Capital Partners, joins Yet Another Value Podcast for the second time to provide an update on his Xponential Fitness, Inc. (NYSE: XPOF) thesis since he was last on the podcast and following the Fuzzy Panda short report on the company. For more information about Buckley Capital Partners, please visit: https://buckleycapitalpartners.com/ Zack's first appearance on YAVP discussing $XPOF: https://youtu.be/listaT3Bx6Q Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:35] What happened to $XPOF following the short report is released [3:57] $XPOF short report details - first allegation; Tony's first venture, Interactive Solutions [10:20] $XPOF short report details - second allegation; LA Boxing venture [12:16] $XPOF short report details - third allegation; 2015 incident [14:33] CEO is a loose cannon or are these just one-offs? [15:33] $XPOF short report details - addressing culture of sexual harassment [19:02] $XPOF short report details - economics of the business and franchisees [23:47] $XPOF franchisee transfer rates / understanding franchise network industry norms [29:34] $XPOF billing practices and BBB complaints [33:28] $XPOF financial covenants [34:30] $XPOF fair valuation [37:33] $XPOF capital allocation [42:52] Upcoming $XPOF catalysts [47:08] What Zack hopes to see at the $XPOF investor day [48:25] Zack's $XPOF differential insights gained from talking with franchisees [53:14] $XPOF final thoughts 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/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this July 2023 edition, Chris provides the latest takes on the Activision / Microsoft deal following the judge's ruling, Silicon Motion $SIMO / MaxLinear $MXL deal, Liquidia $LQDA and Burford $BUR. For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:42] Updated take on Activision / Microsoft deal following the judge's ruling [16:18] Silicon Motion $SIMO / MaxLinear $MXL Deal [28:19] Liquidia $LQDA [33:11] Burford $BUR 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/

Our podcast sponsor, Stream by Alphasense, connected us with Daniel Payne, Senior Fellow at the International Congress of Blockchain Legal Advisors, to discuss the stakes at play in the SEC vs. Coinbase $COIN case. International Congress of Blockchain Legal Advisors Website: https://icbla.legal/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:08] Daniel Payne quick background [4:23] SEC vs. Coinbase $COIN - high level overview of the case [8:45] What are the stakes the SEC is playing for here? [11:11] $COIN response to the SEC [18:09] $COIN on the regulatory uncertainty [22:57] Ripple decision and how this impacts the $COIN case [29:51] Congress working towards legislation of crypto and how that affects $COIN case [32:57] $COIN's S-1 Defense [36:43] Two allegations the SEC is leveling against $COIN [39:55] Staking program and what the SEC is alleging about this program [47:15] Likelihood of certain tokens becoming securities [49:08] $COIN lingering liabilities from operating a commodities exchange without proper regulation? [50:44] SEC argument on $COIN's internal Howey Test for allowing various tokens to trade on their platform [53:04] SEC vs. $COIN case timing and final thoughts 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/

Evan Tindell, CIO of Bireme Capital, joins Yet Another Value Podcast today to share his thesis on Airtel Africa Plc (LSE: AAF), a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa. For more information about Bireme Capital, please visit: https://www.biremecapital.com/ Evan's Tweet thread on Airtel Africa: https://twitter.com/evantindell/status/1666503901229580291 Evan's blog post on his Airtel Africa thesis: https://www.biremecapital.com/cio-corner/airtel-africa Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:57] What is Airtel Africa $AAF.L and why is it interesting? [5:55] $AAF.L mobile money business [11:17] Spin-off IPO of mobile money business [12:47] $AAF.L risks [15:53] $AAF.L current valuation[20:15] Currency risk [24:04] $AAF.L Political risk / history of nationalization / tax on mobile payments [34:20] $AAF.L business model risk (being the T-Mobile in their markets [37:37] Airtel Africa vs. MTN Group [40:23] $AAF.L controlling shareholder - Bharti Airtel [45:47] Understanding emerging market economies and price sensitivity amongst consumers [48:56] $AAF.L product diversification risk [55:33] $AAF.L "no one cares" valuation risk 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/

Cove Street Capital's Jeffrey Bronchick, Principal and Portfolio Manager, and Andrew Leaf, Principal, Research Analyst, discuss their thesis on Ecovyst Inc. (NASDAQ: ECVT), a leading integrated and innovative global provider of specialty catalysts and services. Also, be sure to stick around for the last ten minutes as well to hear Jeff and Andrew's update on Viasat $VSAT. For more information about Cove Street Capital, please visit: https://covestreetcapital.com/ Quick blurb on $VSAT: https://covestreetcapital.com/well-that-wasnt-fun/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:57] What is Ecovyst and why is $ECVT interesting? [9:16] $ECVT core business [16:36] Understanding the $ECVT risks [26:51] $ECVT valuation [34:29] CCMP and INEOS [38:01] $ECVT Capital allocation strategy - M&A [44:31] $ECVT customer contracts - pricing power on renew? [47:09] Final thoughts on $ECVT - catalyst technologies section [49:49] Recent news on ViaSat $VSAT 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/

Hawkins Entrekin, Founder and Managing Principal of Warden Capital, joins Yet Another Value Podcast today to discuss his thesis on Vornado Realty Trust (NYSE: VNO), a fully-integrated equity real estate investment trust. The conversation begins with an overview on the New York City real estate market in general and transitions to better understand, why, for Hawkins, he picked $VNO over other New York office-focused REITs. For more information about Warden Capital, please visit: https://www.wardencapital.com/ You can Follow Hawkins Entrekin on Twitter @,HawkinsEntrekin here: https://twitter.com/HawkinsEntrekin $VNO on Hawkins' substack: https://warcap.substack.com/p/on-vornado-nyc-office-market-part Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:31] What is Vornado $VNO and why are they interesting [2:32] Are the Commercial Real Estate headlines are wrong? [8:25] Oversupply of office buildings in New York City [19:18] New York City real estate "doom loop" [25:09] Why $VNO over other New York office-focused REITs [29:02] $VNO management team - thoughts on Steve Roth [33:01] $VNO real estate portfolio [41:02] Penn Station area[43:17] $VNO cap rates [48:17] Cap rates on Farley and Penn Station after amenities added [52:03] Citadel 350 Park deal [54:39] $VNO valuation [1:01:55] Sell-side coverage [1:06:09] $VNO final thoughts 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/

Sam Haskell, CIO of Colarion Partners and Editor of the 5 Points newsletter on Substack, is today's guest on the Yet Another Value Podcast. In the last few months, we've been covering all aspects of the financial sector, banks in particular, so we had Sam on today to get his thoughts on wide array of topics in this space, and what he's focused on in these current market conditions. For more information about Colarion Partners, please visit: https://colarionpartners.com/ You can subscribe to Sam Haskell's Substack "5 Points", here: https://fivepoint.substack.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:45] Sam Haskell's thoughts on the financial space, in general [4:20] Generic banks - what Sam is focusing on these days in the current environment [6:52] Hawaiian banks $BOH [11:08] Puerto Rican banks [14:46] Risk of banks that have a lot of held-to-maturity loans [18:03] Customers Bank $CUBI [19:35] Commercial real estate [29:04] What would Sam like to see banks do with their excess capital [34:01] Capital One $COF [36:40] US Commercial REITs [39:35] Future banking vs Private credit lending [43:35] Conversions [48:30] Community banks and M&A [50:10] ECIP banks [53:21] $PCB [57:12] SBA Lending 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/

Jeremy Raper, Founder of Raper Capital, is back on Yet Another Value Podcast to share his latest idea: Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients. On June 29, 2023, Jeremy published "An Open Letter to the Board of Alto Ingredients, Inc." on his website (link below), where he outlines strategic alternatives for the company. For more information about Jeremy Raper and Raper Capital, please visit: https://rapercapital.com/ Jeremy's Letter to $ALTO management: https://rapercapital.com/2023/06/29/an-open-letter-to-the-board-of-alto-ingredients-inc/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:59] Alto Ingredients $ALTO background, overview and why Jeremy is interested [14:34] Carbon capture and sequestration [18:41] What Jeremy wants the company to do - outlines strategic alternatives [24:53] Valuation and why $ALTO should be an acquisition target [28:51] $ALTO political risk on subsidies [35:00] $ALTO management risk and alignment [42:41] Final thoughts on $ALTO [44:52] Update on $FAR.AX [49:07] The struggle investing in commodity-focused businesses: looking at coal and oil & gas sectors 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/

It's time to welcome back Chris DeMuth for his monthly state of the markets. For this June 2023 edition, Chris provides the latest news on the Activision / Microsoft antitrust case + his thoughts on the case. For more information about Rangeley Capital, please visit: http://www.rangeleycapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:36] Update on Activision / Microsoft deal and antitrust case [14:00] When is it time for the FTC need to engage in damage control? [21:42] Activision / Microsoft trial and the speed of its conclusion and ruling [26:05] Gaming potential outcomes if Activision / Microsoft deal hits walk date [32:55] The odds are that the judge rules in Microsoft's favor here? [41:15] One sentence on Uranium 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/