Conor Maguire, Founder and Editor of the Value Situations Newsletter, joins the podcast for his third appearance to share his thesis on Dowlais Group Plc (DWL), a portfolio of market leading, high-technology engineering businesses that advance the world's transition to sustainable vehicles.

For more information about Conor Maguire and Value Situations Substack: https://valuesits.substack.com/

DWL write up on Value Situations Newsletter: https://valuesits.substack.com/p/dowlais-spinning-wheels

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:15] What is Dowlais Group Plc (DWL) and why are they interesting to Conor

[9:18] What is Conor seeing about Dowlais that the market is missing

[16:42] Dowlais recent history

[21:45] Trends in the auto industry

[27:43] Bidding war time from 2018

[32:29] Margin expansion

[38:03] Management and incentive structure

[49:08] Capital allocation scenarios

[53:25] Who's the buyer of Powdermet

[58:50] Cyclicality of Powdermet business?

[1:02:16] Final thoughts on Dowlais / one more question about goodwill on the balance sheet

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Ross Levin, Director of Research at Arbiter Partners, joins the podcast for the second time to discuss betting on French compounding legend, Vincent Bolloré: Bolloré SE and Compagnie de l'Odet.

For more information about Arbiter Partners, please visit: ⁠https://arbiterpartners.net/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:36] What are Bolloré SE and Compagnie de l'Odet and why are they interesting to Ross

[12:18] Asset value / share count

[16:46] Why (in Ross' opinion) is this an alpha opportunity and why now

[23:03] Betting on compounding legend, Vincent Bolloré

[27:40] Risk of getting "Icahn'd"

[32:20] Share re-purchases / capital allocation

[39:31] French regulatory risk

[41:41] What's the path for l'Odet

[45:42] Vivendi

[50:38] Anything else that investors should be looking out for here? Follow on re: capital allocation scenarios

[54:57] Ross' quick thoughts on CCIs and France overall

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Mario Cibelli, Managing Partner at Marathon Partners Equity Management, LLC, joins the podcast for the fourth time to share his thesis on Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders.

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[1:58] What is Remitly Global $RELY and why are they so interesting to Mario

[3:22] What is Mario seeing in $RELY that the market is missing that makes this an alpha opportunity (in Mario's opinion)

[8:08] $RELY service use case / question of fees to transfer money / bear case / crypto

[17:25] How does their customer base trust them / why is it so complex to do digital disbursement the right way?

[27:32] Digital fraud / business environment

[35:34] Bear case cont'd. / valuation

[44:48] Thoughts on Wise

[51:13] Marketing expenses

[58:56] Valuation cont'd

[1:02:33] What keeps Mario up on at night on $RELY thesis

[1:08:10] Final thoughts / additional key points investors should be aware of about $RELY, i.e., direct connections

[1:16:34] Stable coins/crypto - why not a risk? Why Mario thinks it's an accelerant?

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.