Josh

@moveorperish Spine

Your Spine. The real indicator of how old you are. You will age faster and ungraceful, if you do not take control over it. The Neck Spine alone can be moved in a million ways. Chest & Lower Back also. Would you like to learn how to mobilize your complete spine like this? Reply with "Spine" and I send you the Link for my Spinal Mobility Course. Move your Spine or Die - Jakob

@SwaneyGroupCap Thanks!

Ultimate Market and Commercial Diligence Template How the big shop's frame an asset and vet the CEO’s plan Quote post, follow (so we can auto DM), like and comment to get a copy DMing first will break the automation

@evfcfaddict @Scylla61725729 Have you heard/seen any info that suggests trouble with the integration other than what was in the last Q?

@Scylla61725729 Thx! The sector seems to be more cyclical than I initially thought and it seems they got problems with the integration of the honeywell division plus I Tool the opportunity to get a little of the huge tax load back.

30/4/24 ytd 8,2% (5,2% after tax) $DR.TO Med.Facilities $DUR.AX Duratec $ALWEC.PA WeConnect $SDI.L SDI Group $GM.MI Gentili Mosconi $BBW.SI Azeus Systems $AOJ A&O Johansen $SUP.L Supreme $RPRX Royalty Pharma $ODET.PA $ERIC $FTLF $PLX.PA $AGFB.BR $IVFH $BHU.SI $CEV.HM 26% Cash

@10footinvestor What is your role out of interest?

Almost always there is a playbook or guidelines to run with. Rare to have a completely blank slate I am curious to look back in 12-18mths and see the learnings

I have been doing more "business development" in last 3-4mths than I ever have before. It has been beneficial, I think. The world looks different through this lens. You really don't get any of that experience in a conventional role

@LukeWolgram retired ~25% of MC in last 4yrs while also paying divs, ~13x P/E, large recurring rev base (75%), 55%+ EBITDA margins, strong cash conversion, industry tailwinds (IoT, AR/VR etc.)

@LukeWolgram $IDCC

What are some early candidates for being potential share cannibals? $ORLY $AZO $MUSA Ideally have a long runway still. Must have: P/E under 20. Started buybacks but only last few yrs. Still growing operating earnings on an absolute basis. Consistent margins and stable business.

@JonCukierwar @evfcfaddict @lurker8679 Thanks Jon! 🙏 helpful context

@returnsoncap @evfcfaddict @lurker8679 Going forward defense GM of 11% we saw in 1H24 should be low-end of the spectrum and share of high-margin MSA revenue is growing with mining and energy (Wilson's)

Added to $DUR.AX - seems like someone wants out quickly, happy to take some shares of this high ROIC compounder with a long runway at sub 7x ev/ebit - do your own work though, I could be totally wrong of course!

@evfcfaddict @lurker8679 Annecdotally I've heard construction sub-contractor market has tightened in parts of Aus, so maybe also a factor impacting GM%. @JonCukierwar appreciate any further thoughts/insights

@evfcfaddict @lurker8679 Appreciate the response. Also saw Jon's take. My concern is GM% in 3 main segments cosistently trending down - suggests they are pricing more aggressively to win jobs / more reliant on sub-contractors as they scale. Guidance looks optimistic if this continues into 2H24.

@ComebackCap @equitybaron @evfcfaddict Might be worth a look at $PBP.AX if you're into pharma packaging. Australian contract manufacturer of OTC pharma products. Some mid-term tailwinds, capacity expansion & potential consolidation play. Apparently PE kicking the tyres on it afr.com/street-talk/ph…

@equitybaron @evfcfaddict Who are the top pure plays in packaging?

Ilpra Spa $ILP hitting an all time high. Still looks cheap for it's growth rate and quality. Pharmaceutical packaging market alone estimated to be worth $229.9 billion by 2027, at a CAGR of 14.9%. ILP can ride this trend.

@bizalmanac Loved this episode - she has some super interesting holdings. $ZWS and $FNKO stick out to me. Going to have a deeper look.

Angela Aldrich / Bayberry Capital Partners; really impressive Tiger Grand-cub with a useful 13F I'll revisit - Long term holding periods - Fundamental theses - Focusing on midcaps open.spotify.com/episode/28oYyz…

VIWL is back! Beyond what could have been a boring LO value discussion, Lyrical: - unsatisfied with existing benchmarks, created their own passive value index and offers it as an ETF - Launched an ESG fund from a subset of their existing portfolios open.spotify.com/episode/4Bu8EI…

@Dfabian21 @Grunix1 @TomSmith839 Agree. Hoping GS on pause and the potential large customer going silent isn’t foreshadowing a broader slowdown in new card programs / shift in competitive environment

@returnsoncap @Grunix1 @TomSmith839 Curious to see what margin & fcf #’s will look like after stating they’re at scale for the time being. Leland has previously stated they have a pipeline of big customers & if that’s changed I wish he would share the change in environment. Otherwise, time for mgmt. to deliver.

$CCRD

@Grunix1 @Dfabian21 @TomSmith839 Sounds like they expect non-GS service revenues to grow around 20%, total service revenues by 10%. License revenue will be about $5m down from $16m last year as expected. The bottom line will take a big hit this year due to the $11m delta in license revenue which is pure profit.

@Dfabian21 @TomSmith839 As far as I understood him (the southern accent is not easy to process as a non native speaker) he refered to the usual 25-30% cagr with 2023 def being more of a consolidation year.

@FocusedCompound @readwise save thread

So, for most companies, under 15 times earnings is the green zone for buybacks - 15 to 25 times earnings is the yellow zone, and over 25 times earnings is the red zone. $GEOFF

My approach to buybacks is pretty simple. One, I prefer them. Two, I look at the share count history over the last 10 to 20 years as my guide to what the company might do in the future – I want a pattern of predictable behavior.

@LogicalThesis Cost base carrying increased investment in R&D and headcount in preparation for ramping 2 - 4 large customers over next 2-3 years which may drive another step change in revenue (see 2018/19) in which case op. margins could get back to 30%+

@LogicalThesis Looking at '23 estimates for total revenue obscures strong growth in SaaS revenues due to record license fee revenue recognised in Q1'22 that is unlikely to repeat in '23 (but still could depending on whether new customers decide to license or outsource to CCRD)

What's your favorite micro or nano cap that you own today?

@FundamentEdge @readwise save thread

faster aggregate comp profile, and bit the P/E up to new heights. So if a medtech investor, layer in bolt-on's carefully to investigate where M&A programs may lead to faster aggregate organic growth. THAT'S ALL FOR NOW. HOPE THAT IS HELPFUL

IDEA GENERATION: IDEA BUCKETS Continuing on the theme of idea generation, I have found that it is helpful to bucket idea types. Being very clear about the underlying characteristics of a compelling idea can aid greatly in identifying new ideas. I'll give you an example. I once