Yet Another Value Podcast

Francisco Olivera, founder of Arevilo Capital, discusses his newest investment in Roblox (RBLX). He covers his vision for the company, why he thinks it's more of a platform than a single game, and how he thinks the company will evolve over time.Chapters0:00 Intro1:15 Roblox Overview4:25 Comping Roblox to Minecraft and World of Warcraft7:00 Defining the Roblox business model11:35 Roblox valuation versus other game companies18:45 Risk from Roblox's user base26:25 Sustainability of Roblox's user base29:38 Growing Roblox's DAU34:00 Thinking about Roblox's COVID boost37:00 Content moderation risk42:00 Upside from Robux or messaging49:10 Breaking down long term margins52:40 Roblox's management team57:15 Capital allocation going forward59:55 Laying out a reasonable bull case1:05:45 Quick Falcon and Winter Soldier catch up

Eugene Robin and Andrew Leaf from Cove Street discuss their investment in Viemed. Viemed targets organic growth rates over 30%, yet the company only trades for ~15x free cash flow. Andrew and Eugene lay out their case for why the market is wrong on this one, including why VMD's business model is advantaged versus their competitors and why they aren't scare of a Medicare cut in the near to medium term.Cove Street's first podcast appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdU​Chapters0:00​ Intro1:10​ Viemed overview4:30​ Typical use case for VMD's ventilators7:35​ Discussion of COPD market12:35​ How VMD's business model is different than peers24:20​ Why is the market valuing a 30% organic growth business at 15x free cash flow?33:20​ Medicare cut risks and what happened in 201639:10​ VMD's acquisition potential42:00​ VMD's moat with hiring therapists47:00​ Discussing VMD's bad debt expense50:00​ COVID's impact on VMD53:30​ Cove Street's price target59:40​ Parting thoughts

Adam Wilk, founder and portfolio manager at Greystone Capital, discusses his investment thesis in Liberated Syndication (LSYN). Key topics include why the company would make an attractive acquisition target, how Libsyn can grow in a competitive environment, and potential upside from a lawsuit that could cancel ~30% of LSYN's shares overnight.Adam's Twitter account: https://twitter.com/AKWilkAdam's LSYN thesis on seeking alpha: https://seekingalpha.com/article/4416747-liberated-syndication-update-and-favorable-developments Chapters0:00 Intro1:15 Libsyn Overview11:10 Libsyn Valuation12:55 Libsyn vs. Competitors19:35 Is Libsyn losing market share?23:10 Comping Libsyn to Dropbox29:10 The hunt for a new CEO37:30 Could Spotify dominate podcast hosting like YouTube for video?44:35 Upside from Libsyn's lawsuit to cancel shares

Yaron Naymark, founder and Portfolio Manager at 1 Main Capital, discusses his investment in RCI Hospitality (RICK). RICK is a cash flow machine, and Yaron thinks the company is set to compound free cash flow per share at an accelerated rate for years as they continue to roll up the gentlemen's club industry at very low multiples, execute on their Bombshell's growth plans, and repurchase shares when they trade at attractive prices.Yaron's Twitter: https://twitter.com/1MainCapital1maincapital's website: https://www.1maincapital.com/Chapters0:00 Intro1:55 RICK overview10:05 Getting comfortable with the management team18:30 Discussing the roll up opportunity28:15 Valuation arbitrage on acquired clubs32:25 Bombshell's growth prospects38:50 Breaking down the ROIC for new Bombshell's44:15 RICK valuation and SOTP49:25 Does ESG and regulation help or hurt RICK?51:55 Normalized FCF for RICK57:10 Closing thoughts and adjusting for James Harden leaving Houston

Jon Boyar from the Boyar Value Group returns to the podcast to discuss the proposed merger between MSGE and MSGN. To put it bluntly, the deal is a disaster with absolutely no strategic rational, and Jon walks through all of the reasons the deal doesn't make sense.Jon's first podcast appearance: https://youtu.be/J2trsM41DTUBoyar's letter to the MSGN board: https://www.boyarvaluegroup.com/blog/the-boyars-value-groups-letter-to-james-dolan/If you're interested in hearing more about Jon's take on the different pieces of the MSG empire, email finfo@boyarvaluegroup.com and put Dolan in subject line.Chapters0:00 intro1:15 MSGE / MSGN overview and background8:30 Trying to layout the thesis behind the merger11:25 Diving into the sports betting upside15:15 Pushing back further on the deal bear case20:30 Discussing majority of minority provisions23:55 MSGE's Sphere28:35 Dolan's capital allocation track record32:30 Who else might bid for MSGN

Edwin Dorsey from the Bear Cave (https://thebearcave.substack.com/​) returns to discuss a high conviction long idea, Otonomo. Otonomo is a "leading platform and marketplace for vehicle data" and is going public through a SPAC merger with SAII (will trade under ONTO post-deal). Edwin thinks the opportunity for the company is enormous, and if they successfully execute they could be a multi-bagger.Chapters0:00​ Intro4:00​ Otonomo overview6:15​ How can Otonomo make money selling car data?11:30​ How does OEM partnerships work?14:00​ Why will automotive data be a winner take all market?25:25​ How Otonomo could undercut Root and Metromile29:00​ Discussing the Otonomo management team33:50​ The SAII PIPE group: good or bad?35:50​ Edwin's take on the SAII SPAC group38:00​ How big is Otonomo's TAM?40:25​ How the current SPAC market could create opportunity43:00​ Warrants are risky; discussing SAII risk/reward49:30​ What pushback has Edwin gotten on the idea?

Micro-cap investor Jeff Moore (who also writes http://ragnarisapirate.blogspot.com/​) discusses his bull case for Thryv (THRY). Thryv is an interesting company: their core value comes from their legacy Yellow Pages business, and they're using the cash flows and relationships from that melting ice cube to start up a SMB SaaS service. Jeff argues there's huge upside as the company taps their customer base, acquires smaller competitors, and the market starts to recognize the value of their SaaS business.Chapters0:00​ Intro1:20​ Thryv Overview6:15​ Thryv Software discussion12:25​ Why is a SaaS business attached to a Yellow Page company?14:30​ Why is churn so high?20:05​ Who are Thryv's competitors22:00​ Don't all yellow page companies go bankrupt?28:30​ Walking through Thryv's SOTP40:25​ Discussing Thryv's management team45:45​ What to make of the CEO buying stock while largest shareholders sell down?SHOW LESS

Eugene Robin and Ben Claremon from Cove Street Capital discuss the battleground stock Viasat (VSAT). They discuss the biggest misperception among bears, why they think VSAT's government business is a hidden gem, and how the risk from Elon Musk's SpaceX (and other burgeoning competitors) is overblown.Some relevant links:Cove Street's March 2020 Viasat deck: http://covestreetcapital.com/eugene-robin-discusses-viasat-on-the-valuewalk-podcast/Kerrisdale's short report: https://www.kerrisdalecap.com/investments/viasat-inc-vsat/Cove Street's Kerrisdale rebuttal: http://covestreetcapital.com/wp-content/uploads/2017/06/Satellite-Potshots-ViaSat.pdf Chapters0:00 Intro2:50 Viasat overview8:15 Residential Broadband: the biggest VSAT misperception15:45 Is Cove Street too close to VSAT?25:00 Could a big increase in capacity create issues?31:00 VSAT's all-in cost advantage and the SpaceX risk36:45 VSAT's hidden jewel: the Government business43:50 "Stock price bro" and capital allocation bear case52:50 Why GEO can compete with LEO1:06:00 Ben's quick run through of lingering points1:17:00 Quantifying a reasonable bull case

Abdullah Al-Rezwan from Mostly Borrowed Ideas discusses Autodesk's successful transition to a subscription model, the potential of an infrastructure boom, bear points against Autodesk, and the opportunity to convert non-compliant users to paying subscribers.

Will Barnes, co-founder of inpractise.com, discusses the investment case for Naked Wines. The company's been a huge COVID beneficiary, but despite a nice run Will thinks the market is underestimating the long term potential of Naked Wines and how advantaged the business is against the rest of the wine industry.Chapters0:00 Intro7:00 Naked Wines Overview12:25 How Naked Wines Angel model works15:15 Why isn't this Blue Apron 2.0?22:00 Naked's scale and business model gives them a cost advantage28:00 Would winemakers leave as they got bigger?32:30 Can Naked Wines grow beyond the angel wine model?38:45 Naked Wines' data gives them a moat45:35 Naked Wines' Postcard anecdote49:35 Valuation and how sustainable is the COVID boost52:30 Reasonable 2025 bull case57:45 Potential "level up" opportunities