Introduction (Start Here)
MRS WhatsApp Group Chat Transcript
Meetup - 2021 April - Overview of MRS Companies (As Of April 2021)
Meetup - 2021 August - Evolution, Prosus & Earnings updates
Meetup (MRS + IF) - 2021 November - JD Logistics, JD Health, earnings updates & portfolio questions
Meetup - 2022 March - JD.com, Valuation methods, Earnings & general updates, Buyback economics
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MRS Meetup - 2022 Mar (155:56)
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Part 1: Introduction & valuation summary (4:49)
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Part 2: JD.com developments (8:24)
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Part 3: Valuing companies with subsidiaries, associates and investments (48:23)
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Part 4: Bank OZK - Earnings & valuation updates & buyback economics (8:58)
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Part 5: Evolution - General, earnings & valuation updates (8:52)
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Part 6: Adyen - Earnings & valuation updates (10:09)
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Part 7: Upwork - Earnings & valuation updates (5:45)
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Part 8: Wix - Earnings updates & valuation comments (16:24)
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Part 9: Other updates - Intuit, Prosus, Pax Global, StoneCo, Meta, etc (16:05)
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Part 10: Q&A & other comments (27:52)
Meetup - 2022 June - Return on capital, Company updates, Ugly Secrets of 'Good Businesses'
Meetup - 2022 September - Capital allocation & Return on capital, Adobe, Alphabet & Earnings updates
Meetup - 2023 February - What Can We Learn From 2022?
Meetup - 2023 August - Portfolio Review, Red Flags & Forensic Analysis
Meetup - 2024 Apr - How To Improve Your Investing Strategy?
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MRS Meetup - 2024 April (Full session) (78:54)
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Part 1 - Intro & How Best To Improve Investing Success (Commission vs Omission Errors) (28:21)
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Part 2 - What's A Good Filter? High Revenue Growth (Tesla), Or High Historical ROCE? (13:46)
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Part 3 - Not Overpaying For Uncertain Future (Zoom) (To Reduce Commission Error) (15:49)
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Part 4 - Be Lazy & Selective (12:29)
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Part 5 - MRS Company Updates (8:15)
Hermes (EPA: RMS)
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Hermes: Part 1: Overview (Full video) (28:13)
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Hermes: Part 1(i): Overview - Introduction (2:35)
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Hermes: Part 1(ii): Overview - History of family management & products (& Birkin bag) (2:23)
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Hermes: Part 1(iii): Overview - Business model (2:25)
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Hermes: Part 1(iv): Overview - Growth strategy & industry tailwind (2:29)
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Hermes: Part 1(v): Overview - Financials (3:03)
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Hermes: Part 1(vi): Overview - Capital allocation & ROCE (3:30)
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Hermes: Part 1(vii): Overview - Moats & family alignment (3:06)
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Hermes: Part 1(viii): Overview - Valuation (OE yield) & insider purchase (4:59)
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Hermes: Part 1(ix): Overview - Competition (1:07)
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Hermes: Part 1(x): Overview - Summary (2:29)
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Hermes: Summary research PDF (Oct 2023)
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Hermes: Full research PDF (Oct 2023)
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Hermès: Earnings update 2023 H2 - Business As Usual - Strong Growth (20% for EBIT) At High ROCE, & Distributing Out More Dividends (Exceptional Dividend)
Amazon (NASDAQ: AMZN)
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Amazon: Part 1: Overview (Full video) (42:39)
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Amazon: Part 1(i): Overview - Introduction (3:01)
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Amazon: Part 1(ii): Overview - Capital allocation & ROC (7:00)
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Amazon: Part 1(iii): Overview - 3 dreamy businesses & runway (11:17)
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Amazon: Part 1(iv): Overview - Moats & long term growth drivers (6:37)
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Amazon: Part 1(v): Overview - Alignment of management & BOD (5:01)
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Amazon: Part 1(vi): Overview - Financials (2:31)
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Amazon: Part 1(vii): Overview - Valuation, longevity & summary (7:10)
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Amazon: Summary research PDF (Apr 2023)
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Amazon: Full research PDF (Apr 2023)
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Amazon: Earnings update 2023 Q2 - Growing Moats/ Advantages For Its 3 Dreamy Businesses, With Recovering Growth & Profitability
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Amazon: Earnings update 2023 Q4 - Recovering Growth, With Continued Reinvestments (At High ROC) & No Capital Return
HDFC Bank (NYSE: HDB; NSE: HDFCBANK)
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HDFC Bank: Part 1: Overview (Full video) (34:39)
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HDFC Bank: Part 1(i): Overview - Introduction & founding (3:43)
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HDFC Bank: Part 1(ii): Overview - India tailwind & market share/ leadership (1:55)
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HDFC Bank: Part 1(iii): Overview - Strong performance as a bank (5:09)
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HDFC Bank: Part 1(iv): Overview - Moats & competitive advantages (5:35)
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HDFC Bank: Part 1(v): Overview - Capital allocation & financials (2:33)
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HDFC Bank: Part 1(vi): Overview - Industry tailwind & runway (1:55)
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HDFC Bank: Part 1(vii): Overview - Valuation, FX risks & investor return (5:05)
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HDFC Bank: Part 1(viii): Overview - Benefits & valuation impact from merger with HDFC Ltd (8:43)
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HDFC Bank: Summary research PDF (Dec 2022)
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HDFC Bank: Full research PDF (Dec 2022)
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HDFC Bank: Earnings update FY2023 (& FY2024 Q1) - Growing Well, Merger With HDFC Ltd Completed, But Increasing Attrition Rate
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HDFC Bank: Earnings update FY2024 Q2 - Executing Well Post-Merger (With HDFC Limited)
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HDFC Bank: Earnings update FY2024 Q3 - Business As Usual (With Slower Deposits Growth)
Apple Inc (NASDAQ: AAPL)
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Apple: Full Research PDF (October 2022)
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Apple: Earnings update FY2023 Q1
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Apple: Earnings update FY2023 Q2 - Revenue Slowdown, But Growing Installed Base (Including In Emerging Markets) & Services Penetration, While Remaining Active In Buybacks
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Apple: Earnings update FY2023 Q3 - Slight Decline In Revenue, But Actually A Stronger Business (With Growing Installed Base/ Ecosystem & Services Revenues)
Alphabet Inc (NASDAQ: GOOGL)
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Alphabet: Full Research PDF (August 2022)
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Alphabet - Owner earnings (OE) yield valuation (February 2023)
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Alphabet: Earnings update 2022 Q4
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Alphabet - Earnings update 2023 Q1 - Slow Advertising Growth, Cloud Turning Profitable, & Innovating On Integrating Large Language Model Into Search
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Alphabet: Earnings update 2023 Q2 - Â Recovering Growth, With Improving Cloud Profitability & Continuing Buybacks At Cheap Prices
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Alphabet: Earnings update 2023 Q3 - Business As Usual
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Alphabet: Earnings update 2023 Q4 - Earnings Disaster?
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Alphabet: Earnings update 2024 Q1 - Business As Usual - Good Growth At High ROCE, & Reinvesting More Heavily On Capex (42% Of OCF)
Adobe Inc (NASDAQ: ADBE)
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Adobe: Full Research PDF (July 2022)
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Adobe: Financials Excel (As of Sep 2023)
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Adobe: Earnings update FY2022 Q3
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Adobe: Earnings update FY2022
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Adobe: Earning update FY2023 Q1 Earnings - Strength From Multi-Solutions Holistic Offerings, With Figma & Generative AI Offering Long Term Growth Opportunities
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Adobe: Earnings update FY2023 Q2 - Generative AI Developments With Good Long Term Prospects
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Adobe: Earnings update FY2023 Q3 - Business As Usual
Shopify Inc (NYSE/ TSX: SHOP)
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Shopify: Part 1: Overview (Full video) (32:34)
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Shopify: Part 1(i): Overview - Introduction & industry tailwind (4:28)
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Shopify: Part 1(ii): Overview - Business offerings & pricing (3:27)
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Shopify: Part 1(iii): Overview - Competitive landscape (1:52)
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Shopify: Part 1(iv): Overview - Moats & pricing power (5:44)
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Shopify: Part 1(v): Overview - Revenue streams & financials (3:26)
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Shopify: Part 1(vi): Overview - Growth drivers & initiatives (1:58)
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Shopify: Part 1(vii): Overview - The not-so-good things (6:32)
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Shopify: Part 1(viii): Overview - Valuation & conclusion (5:03)
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Shopify: Summary research PDF (May 2022)
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Shopify: Full research PDF (May 2022)
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Shopify: Financials Excel (as of May 2022)
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Shopify: Short Term Industry Headwinds Put It Into Losses, With Much Uncertainties For Its Large Investments [2022 Q2]
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Shopify: Earnings update 2022 Q3
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Shopify: Earnings update 2022 Q4
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Shopify: Earnings update 2023 Q1 - Selling Logistics Business (But Competition With Amazon Buy-With-Prime Remains) & Reducing Workforce To Improve Efficiency
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Shopify: Earnings update 2023 Q2 - Improving Growth (But Supported By Price Increase); Continue To Monitor (Including On Deal With Amazon Buy-With-Prime) Amidst Rich Valuation
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Shopify: Earnings update 2023 Q3 - Earlier Major Potential Risk With Amazon’s Buy With Prime Had Subsided; Improving Profitability; But ROCE & Capital Allocation Are Still Uncertain
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Shopify: Earnings update 2023 Q4 - Good Progress Operationally, With Recovering GMV & Revenue Growth, But Profitability, FCF Margin & ROCE Still Low
iFAST Corporation Ltd (SGX: AIY)
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iFAST Research Preview (5:09)
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iFAST: Full Research PDF (April 2022)
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Update on iFAST's Malaysia Digital Bank Licence Application
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Ask-Me-Anything (AMA) Session with iFAST Management (63:52)
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iFAST: Earnings update 2022 Q2
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iFAST: Earnings update 2022 Q3
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iFAST: Earnings update 2022 Q4
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iFAST: Earnings update 2023 Q1 - Core Business Saw Slow But Still Positive Net Inflow, While HK e-Pension & Global Bank Business Going On Track
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iFAST: Earnings update 2023 Q2 - Recovering AUA & Customer Accounts, With Significant Improved Profitability from 2023 H2 Onwards (With HK e-Pension Business Contributing)
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iFAST: Earnings update 2023 Q3 - Core Business Recovering, With Hong Kong ePension Executing Well & UK Bank Showing Encouraging Results
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iFAST: Earnings update 2023 Q4 - Net Profit Jumped 340% In 2023 - Was It Good Results? Or Expected? But Still Low ROC?
Wise Plc (LON: WISE)
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Wise Part 1: Overview (Full video) (21:43)
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Wise Part 1(i): Overview - Introduction of business (5:37)
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Wise Part 1(ii): Overview - Value propositions, pricing & growth model (2:17)
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Wise Part 1(iii): Overview - Scale economics shared & other moats (2:40)
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Wise Part 1(iv): Overview - Market size, growth & competition (2:20)
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Wise Part 1(v): Overview - Revenue model & financials (3:12)
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Wise Part 1(vi): Overview - Valuation & summary (5:35)
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Wise: Full research PDF (March 2022)
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Wise: Earnings update FY2022
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Wise: Earnings update FY2023 H1
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Wise: Trading update FY2023 Q3
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Wise: Earnings update FY2023 - Executing Well After 2 Years Of Listing, With Uncertainties On Capital Allocation & CFO Succession
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Wise: Earnings update FY2024 H1 - Improving Value Propositions Led To Strong Growth In Customers, Revenues & Profits; But Low Earnings Yield & Still Unclear Capital Allocation
Meta Platforms Inc (NASDAQ: FB)
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Meta: Full Research PDF (March 2022)
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Meta: Earnings update 2022 Q1
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Meta: Earnings update 2022 Q2
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Meta: Earnings update 2022 Q3
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Meta: Earnings update 2022 Q4
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Meta: Earnings update 2023 Q1 - Efficiency Initiatives Showing Some Results, With Improving Reels Monetisation & Click-To-Message, But ROI On AI & Metaverse Investments Remained Unclear
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Meta: Earnings update 2023 Q2 - How To Evaluate Meta From An Investment Perspective, Despite The Various Business Uncertainties
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Meta: Earnings update 2023 Q4 - Is Dividend Good For Shareholders?
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Meta: Earnings update 2024 Q1 - Business As Usual - Growing Well, & Reinvesting Heavily While Returning Some Capital
JD.Com Inc (NASDAQ: JD)
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JD: Main analysis (Full video) (96:32)
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JD Part 1: Starting remarks (Full video) (0:57)
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JD Part 2: Introduction (Full video) (30:53)
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JD Part 2(i): Introduction - Overview of business (6:27)
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JD Part 2(ii): Introduction - JD Retail (4:28)
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JD Part 2(iii): Introduction - JD Logistics (3:49)
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JD Part 2(iv): Introduction - JD Property (2:37)
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JD Part 2(v): Introduction - JD Worldwide (1:08)
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JD Part 2(vi): Introduction - Jingxi Business & Dada Group (3:00)
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JD Part 2(vii): Introduction - JD Technology, JD MRO, JD Plus & C2M (3:22)
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JD Part 2(viii): Introduction - Business model & user economics (2:36)
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JD Part 2(ix): Introduction - Growth drivers (2:23)
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JD Part 2(x): Introduction - Share ownership & partnerships (0:59)
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JD Part 3: Moats & competitive advantages (Full video) (13:07)
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JD Part 3(i): Moats - Overview & network effect (2:01)
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JD Part 3(ii): Moats - Cost advantage (5:46)
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JD Part 3(iii): Moats - Intangibles (Branding, technology & knowhow) (2:43)
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JD Part 3(iv): Moats - Intangibles (Culture) & switching costs (2:35)
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JD Part 4: Industry & competition (Full video) (6:46)
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JD Part 4(i): Industry - Market size & growth (1:29)
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JD Part 4(ii): Industry - Overall competition (1:49)
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JD Part 4(iii): Industry - Comparison of 3 largest Chinese players (3:26)
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JD Part 5: Risks (Full video) (2:50)
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JD Part 6: Management (Full video) (7:47)
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JD Part 6(i): Management - BOD & management (4:38)
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JD Part 6(ii): Management - Insider ownership, compensation & equity awards (2:13)
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JD Part 6(iii): Management - Capital allocation & balanced management (0:55)
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JD Part 7: Financials (Full video) (20:03)
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JD Part 7(i): Financials - Revenue, GMV & users (2:07)
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JD Part 7(ii): Financials - Revenue breakdown & growth by type and segment (2:31)
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JD Part 7(iii): Financials - Gross & fulfilled gross profit margin (4:12)
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JD Part 7(iv): Financials - Operating profit, expenses & leverage (1:39)
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JD Part 7(v): Financials - Net profit (1:13)
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JD Part 7(vi): Financials - Profitability by segment (1:26)
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JD Part 7(vii): Financials - Balance sheet & net cash (1:03)
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JD Part 7(viii): Financials - Negative net working capital (1:35)
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JD Part 7(ix): Financials - Return on capital (0:57)
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JD Part 7(x): Financials - Operating & free cash flows (1:39)
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JD Part 7(xi): Financials - Use of operating cash flows (1:35)
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JD Part 8: Valuation (Full video) (14:06)
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JD Part 8(i): Valuation - Valuation overview & approach (3:17)
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JD Part 8(ii): Valuation - Value of JD Retail (excluding JD Health) (3:08)
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JD Part 8(iii): Valuation - Value of JD Health to JD (1:20)
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JD Part 8(iv): Valuation - Value of JD Logistics & new businesses to JD (0:48)
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JD Part 8(v): Valuation - Non operating assets (net cash & investments) (1:54)
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JD Part 8(vi): Valuation - Overall value of JD.com & stress test - 20211220 (1:26)
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JD Part 8(vii): Valuation - Summary of positives and negatives of JD.com (2:10)
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JD Part 9: Capital allocation (11:24)
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JD: Full research PDF (December 2021)
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JD: Financials Excel (December 2021)
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JD: Capital allocation PDF (July 2022)
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JD: Hidden value uncovered in JD.com when the stock got crushed (17:27)
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JD Logistics (HKG: 2618) Part 1: Overview (Full video) (35:56)
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JD Logistics Part 1(i): Overview - History, business overview & revenue model (4:34)
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JD Logistics Part 1(ii): Overview - Market size, growth & competition (4:00)
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JD Logistics Part 1(iii): Overview - Revenue & value propositions (3:11)
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JD Logistics Part 1(iv): Overview - Competitive advantages (9:52)
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JD Logistics Part 1(v): Overview - Profitability & FCF conversion (4:33)
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JD Logistics Part 1(vi): Overview - Management (2:49)
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JD Logistics Part 1(vii): Overview - Risks (1:58)
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JD Logistics Part 1: Overview research PDF (August 2021)
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JD Logistics Part 1(viii): Overview - Valuation (4:51)
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JD Health (HKG: 6618) Part 1: Overview (Full video) (46:05)
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JD Health Part 1(i): Overview - Introduction to JD Health & medical care in China (5:09)
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JD Health Part 1(ii): Overview - JD Health's offerings & closed-loop ecosystem (5:43)
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JD Health Part 1(iii): Overview - Market size & growth (2:56)
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JD Health Part 1(iv): Overview - Competitive dynamics (4:32)
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JD Health Part 1(v): Overview - Competitive advantages (3:18)
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JD Health Part 1(vi): Overview - Revenue model (3:08)
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JD Health Part 1(vii): Overview - Financials (6:34)
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JD Health Part 1(viii): Overview - Comparison with competitors (2:13)
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JD Health Part 1(ix): Overview - Valuation (3:14)
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JD Health Part 1(x): Overview - BOD & management (3:54)
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JD Health Part 1(xi): Overview - Risks, regulatory support & concluding remarks (5:20)
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JD Health Part 1: Overview research PDF (September 2021)
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JD: Earnings update 2019
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JD: Earnings update 2020
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JD: Earnings update 2021 Q2
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JD: Earnings update 2021 Q3
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JD.com Share Price Has Crashed 60% - Good Opportunity?
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JD: Earnings update 2022 Q1
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JD - Revenue Slowdown, But Still Faster Than Competitors & Maintaining Profitability [2022 Q2]
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JD: Earnings update 2022 Q3
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JD: Earnings update 2022 Q4
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JD: Earnings update 2023 Q1 - Maintaining Market Share Amidst Market Slowdown, With Improving Profitability, New CEO (Sandy) & Slightly More Buybacks
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JD: Earnings update 2023 Q2 - Recovering Growth & Improved Profitability, But Capital Allocation Remained Not Good
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JD: Earnings update 2023 Q3 - Business as usual; Improving Low-Cost Competitive Advantage With More (/ Lower Threshold) Free Shipping; No Buybacks As Usual
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JD: Earnings update 2023 Q4 - High Cash Amount Making Up 75% Of Market Cap? And Improved Capital Allocation With Increased Dividends & $3B Buyback Program?
Prosus (AMS: PRX) / Naspers / Tencent
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Prosus Part 1: Summary overview (Full video) (67:35)
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Prosus Part 1(i): Summary overview - Introduction of Naspers & Prosus (6:17)
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Prosus Part 1(ii): Summary overview - Naspers-Prosus relationship & NAV (4:36)
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Prosus Part 1(iii): Summary overview - Prosus valuation introduction & Tencent business (4:46)
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Prosus Part 1(iv): Summary overview - Tencent enterprise value (9:28)
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Prosus Part 1(v): Summary overview - Tencent investments values (9:49)
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Prosus Part 1(vi): Summary overview - Tencent equity value (1:59)
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Prosus Part 1(vii): Summary overview - Prosus listed investments & net cash (5:06)
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Prosus Part 1(viii): Summary overview - Prosus equity value (5:35)
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Prosus Part 1(ix): Summary overview - Tencent China risk (2:33)
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Prosus Part 1(x): Summary overview - Capital allocation actions risk & track record (3:49)
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Prosus Part 1(xi): Summary overview - Management incentives & compensations (3:18)
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Prosus Part 1(xii): Summary overview - Prosus portfolio businesses (5:36)
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Prosus Part 1(xiii): Summary overview - Holding discount & public comments on the deal (2:45)
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Prosus Part 1(xiv): Summary overview - Concluding remarks (1:53)
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Prosus Part 1: Summary overview PDF (July 2021)
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Prosus: High level valuation Excel (July 2021)
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Prosus: Earnings update FY2022 H1
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Prosus: Earnings update FY2022
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Prosus: Earnings update FY2023 H1 - Key things to focus on for investors
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Prosus: Earnings update FY2023 - Continuing Buybacks, Removing Cross-Holding Structure, & Improving Profitability Of E-Commerce Subsidiaries
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Prosus: 2023 Sep Update - Update on Prosus’ Removal Of Cross Holding Structure (& Capitalisation Issue)
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Prosus: 2024 Apr Update - Quick Stocktake On Tencent’s Financials (Till 2023)
Evolution Gaming Group AB (STO: EVO)
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Evolution: The story of this company
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Evolution Part 1: Summary overview (18:36)
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Evolution Part 2: Introduction (Full video) (52:01)
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Evolution Part 2(i): Introduction - Business overview (9:18)
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Evolution Part 2(ii): Introduction - Games (10:52)
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Evolution Part 2(iii): Introduction - Customers & technology (4:16)
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Evolution Part 2(iv): Introduction - Developments & studios (5:03)
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Evolution Part 2(v): Introduction - Table economics & pricing (4:09)
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Evolution Part 2(vi): Introduction - Strategy (3:57)
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Evolution Part 2(vii): Introduction - Growth (3:51)
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Evolution Part 2(viii): Introduction - Acquisition of NetEnt (7:01)
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Evolution Part 2(ix): Introduction - Ambitious company & CEOs (1:54)
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Evolution Part 3: Moats - Overview (Full video) (55:52)
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Evolution Part 3(i): Moats - Overview (2:13)
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Evolution Part 3(ii): Moats - Intangibles (Knowhow & games) (7:46)
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Evolution Part 3(iii): Moats - Intangibles (Culture of innovation) (18:59)
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Evolution Part 3(iv): Moats - Intangibles (Branding) (2:55)
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Evolution Part 3(v): Moats - Cost advantage (8:40)
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Evolution Part 3(vi): Moats - Switching costs (2:07)
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Evolution Part 3(vii): Moats - Advantage of selling the shovels (2:17)
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Evolution Part 3(viii): Moats - Pricing power (4:59)
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Evolution Part 3(ix): Moats - Summary (4:37)
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Evolution Part 4: Industry & competition (Full video) (27:27)
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Evolution Part 4(i): Industry & competition - Value chain (5:48)
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Evolution Part 4(ii): Industry & competition - Market size & growth (9:19)
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Evolution Part 4(iii): Industry & competition - Competition (7:57)
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Evolution Part 4(iv): Industry & competition - EVO's views on competition (4:21)
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Evolution Part 5: Risks (Full video) (12:12)
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Evolution Part 5(i): Risks - Introduction & regulatory risks (4:37)
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Evolution Part 5(ii): Risks - Competition (2:32)
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Evolution Part 5(iii): Risks - Other risks (5:02)
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Evolution Part 6: Management (Full video) (31:53)
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Evolution Part 6(i): Management - Founders & CEO (6:18)
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Evolution Part 6(ii): Management - BOD & management (5:32)
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Evolution Part 6(iii): Management - Chief Product Officer Todd (2:43)
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Evolution Part 6(iv): Management - Shareholding (6:52)
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Evolution Part 6(v): Management - Management compensation (3:23)
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Evolution Part 6(vi): Management - Company rating (1:59)
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Evolution Part 6(vii): Management - Capital allocation (5:04)
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Evolution Part 7: Financials (Full video) (46:59)
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Evolution Part 7(i): Financials - Bet spots, revenues & growth (7:36)
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Evolution Part 7(ii): Financials - Profitability & expenses (5:18)
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Evolution Part 7(iii): Financials - Operating leverage & incremental margins (4:57)
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Evolution Part 7(iv): Financials - Tax rate, customer concentration & employees (3:55)
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Evolution Part 7(v): Financials - Balance sheet, 2020 acquisition accounting impact & leverage (4:54)
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Evolution Part 7(vi): Financials - Net working capital & share count (3:03)
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Evolution Part 7(vii): Financials - Return on capital (2:59)
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Evolution Part 7(viii): Financials - Cash flows & capex (7:52)
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Evolution Part 7(ix): Financials - Capital allocation & longer term objectives (2:38)
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Evolution Part 7(x): Financials - Comparison with competitor Playtech (3:42)
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Evolution Part 8: Valuation (Full video) (36:18)
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Evolution Part 8(i): Valuation - Pricing, revenue growth & operating leverage (9:33)
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Evolution Part 8(ii): Valuation - FCF multiple (5:35)
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Evolution Part 8(iii): Valuation - 2020 PAT & Valuation (10:08)
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Evolution Part 8(iv): Valuation - Stress test (2:37)
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Evolution Part 8(v): Valuation - Summary (8:22)
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Evolution Part 9: Capital allocation (6:45)
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Evolution: Full Research PDF (March 2021)
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Evolution: Capital allocation PDF (July 2022)
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Evolution: Earnings update 2021 Q2 (13:56)
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Evolution: Earnings update 2021 Q3
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Evolution: Earnings update 2021 Q4
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Evolution: Earnings update 2022 Q1
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Evolution: Earnings update 2022 Q2
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Evolution: Earnings update 2022 Q3
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Evolution: Earnings update 2022 Q4
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Evolution: Earnings update 2023 Q1 - Continued Growing Well & Profitably, With Competitive Advantages From New Games & Smart Lobby, But No Buybacks
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Evolution: Earnings update 2023 Q2 - Growing Well (Except RNG) & Profitably, With No Excess Cash For Buybacks Now
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Evolution: Earnings update 2023 Q3 - Business As Usual, With Upcoming Higher Tax Rate in 2024
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Evolution: Earnings update 2023 Q4 - Business As Usual (High Growth At High ROCE)
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Evolution: Earnings update 2024 Q1 - Business As Usual (High Growth At High ROCE)
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Evolution: Useful resources
Adyen NV (AMS: ADYEN)
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Adyen Part 1: Summary overview (32:24)
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Adyen Part 2: Introduction (Full video) (64:31)
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Adyen Part 2(i): Introduction - Overview (6:20)
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Adyen Part 2(ii): Introduction - Payments 101 & Adyen's role in the value chain (7:32)
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Adyen Part 2(iii): Introduction - Why merchants go with Adyen (6:21)
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Adyen Part 2(iv): Introduction - Adyen's products (5:59)
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Adyen Part 2(v): Introduction - Adyen's global scale, payment methods (3:14)
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Adyen Part 2(vi): Introduction - Customers (5:48)
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Adyen Part 2(vii): Introduction - Target market & verticals (4:57)
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Adyen Part 2(viii): Introduction - Value to enterprise retail customers (4:00)
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Adyen Part 2(ix): Introduction - Value to enterprise platform & marketplace customers (3:56)
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Adyen Part 2(x): Introduction - Value to mid-market customers (1:08)
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Adyen Part 2(xi): Introduction - History & licenses (4:38)
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Adyen Part 2(xii): Introduction - Revenue & pricing models (5:25)
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Adyen Part 2(xiii): Introduction - Growth drivers (3:27)
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Adyen Part 2(xiv): Introduction - Fundraising prior to IPO (1:40)
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Adyen Part 3: Moats & competitive advantages (Full video) (57:25)
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Adyen Part 3(i): Moats - Overview (7:59)
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Adyen Part 3(ii): Moats - Intangibles (Technology - Part 1) (8:41)
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Adyen Part 3(iii): Moats - Intangibles (Technology - Part 2) (8:16)
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Adyen Part 3(iv): Moats - Intangibles (Culture/ System) (6:49)
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Adyen Part 3(v): Moats - Intangibles (System) (3:22)
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Adyen Part 3(vi): Moats - Intangibles (Management) (3:08)
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Adyen Part 3(vii): Moats - Network effect (4:59)
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Adyen Part 3(viii): Moats - Cost leadership (2:28)
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Adyen Part 3(ix): Moats - Difficulty in replicating Adyen (4:34)
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Adyen Part 3(x): Moats - Summary (5:40)
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Adyen Part 3(xi): Moats - Competitive disadvantage (1:23)
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Adyen Part 4: Industry & competition (Full video) (33:00)
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Adyen Part 4(i): Industry & competition - Crash course into the payments industry history (6:01)
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Adyen Part 4(ii): Industry & competition - Market size & growth (3:19)
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Adyen Part 4(iii): Industry & competition - Competitive landscape & industry consolidation (2:46)
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Adyen Part 4(iv): Industry & competition - Different players in the broad payments landscape (4:47)
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Adyen Part 4(v): Industry & competition - Payment methods & gateways (2:14)
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Adyen Part 4(vi): Industry & competition - Acquirers & others (Part 1) (5:48)
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Adyen Part 4(vii): Industry & competition - PPRO (A direct modern competitor) (2:55)
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Adyen Part 4(viii): Industry & competition - Acquirers & others (Part 2) (5:05)
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Adyen Part 5: Risks (Full video) (13:03)
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Adyen Part 5(i): Risks - Standard technology company risks (4:29)
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Adyen Part 5(ii): Risks - Other risks (Part 1) (5:09)
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Adyen Part 5(iii): Risks - Other risks (Part 2) (3:23)
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Adyen Part 6: Management (Full video) (20:49)
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Adyen Part 6(i): Management - Overview of management (2:53)
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Adyen Part 6(ii): Management - Story of founding (2:23)
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Adyen Part 6(iii): Management - Management details (3:18)
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Adyen Part 6(iv): Management - Compensation & share ownership (5:18)
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Adyen Part 6(v): Management - Glassdoor ratings (1:02)
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Adyen Part 6(vi): Management - Management attitude & capital allocation (5:51)
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Adyen Part 7: Financials (Full video) (25:21)
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Adyen Part 7(i): Financials - Overview, transaction volumes & take rate (3:10)
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Adyen Part 7(ii): Financials - Gross & net revenues & their breakdown (2:41)
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Adyen Part 7(iii): Financials - Profitability & growth in revenues & costs (2:36)
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Adyen Part 7(iv): Financials - Operating costs & tax rate (2:31)
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Adyen Part 7(v): Financials - Return on capital (4:46)
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Adyen Part 7(vi): Financials - Operating leverage (1:40)
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Adyen Part 7(vii): Financials - Balance sheet, working capital & share count (2:08)
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Adyen Part 7(viii): Financials - Operating & free cash flows (3:37)
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Adyen Part 7(ix): Financials - Mid to long term guidance (2:07)
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Adyen Part 8: Valuation (Full video) (27:14)
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Adyen Part 8(i): Valuation - Overview & pricing (3:23)
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Adyen Part 8(ii): Valuation - Estimating the multiple to pay based on certain projections (10:07)
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Adyen Part 8(iii): Valuation - Estimating the range of enterprise values (4:58)
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Adyen Part 8(iv): Valuation - Stress test (2:54)
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Adyen Part 8(v): Valuation - Summary (5:51)
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Adyen Part 9: Capital allocation (5:58)
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Adyen: Full Research PDF (Oct 2020)
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Adyen: Capital Allocation PDF (Jun 2022)
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Adyen: The Truly Global Payments Company - Thesis (Feb 2021)
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Adyen: Earnings update 2020 H2 (23:28)
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Adyen: Earnings update 2021 H1
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Adyen: Earnings update 2021 H2
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Adyen: Earnings update 2022 H1 – Strong Resilient Growth With Accelerated Hiring In Tough Times When Others Were Cutting Down Expenses
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Adyen: Earnings update 2022 H2
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Adyen: Earnings update 2023 H1 - Revenue Slowdown & Profitability Decline Due To Accelerated Hiring; Is Adyen Undervalued After A 40% Price Crash?
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Adyen: Earnings update 2023 H2 - Profitability Started Recovering After 2-Year Accelerated Investment Period; But Valuation Still Rich
StoneCo Ltd (NASDAQ: STNE)
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StoneCo Part 1: Summary overview (27:24)
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StoneCo Part 2: Introduction (Full video) (93:14)
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StoneCo Part 2(i): Introduction - Overview (9:01)
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StoneCo Part 2(ii): Introduction - Problems faced by merchants (5:57)
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StoneCo Part 2(iii): Introduction - Solutions offered by StoneCo (5:52)
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StoneCo Part 2(iv): Introduction - The Stone Business Model (Overview) (2:16)
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StoneCo Part 2(v): Introduction - The Stone Business Model (Technology platform) (10:06)
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StoneCo Part 2(vi): Introduction - The Stone Business Model (Hyperlocal distribution) (2:59)
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StoneCo Part 2(vii): Introduction - The Stone Business Model (On-demand service) (3:47)
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StoneCo Part 2(viii): Introduction - Ecosystem & target market (3:56)
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StoneCo Part 2(ix): Introduction - Targeting micro-merchants with Grupo Globo (4:05)
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StoneCo Part 2(x): Introduction - Multi-product strategy (1:11)
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StoneCo Part 2(xi): Introduction - Software solutions & strategy (10:06)
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StoneCo Part 2(xii): Introduction - ABC platform + software strategy (3:16)
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StoneCo Part 2(xiii): Introduction - Prepayment solutions (5:17)
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StoneCo Part 2(xiv): Introduction - Banking solutions & strategy (7:22)
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StoneCo Part 2(xv): Introduction - Credit solutions & strategy (5:14)
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StoneCo Part 2(xvi): Introduction - Revenue model & pricing strategy (4:50)
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StoneCo Part 2(xvii): Introduction - Foundation for flywheel & growth drivers (7:50)
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StoneCo Part 3: Moats & competitive advantages (Full video) (75:48)
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StoneCo Part 3(i): Moats - Overview (5:17)
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StoneCo Part 3(ii): Moats - Intangibles (Management - Overview) (7:59)
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StoneCo Part 3(iii): Moats - Intangibles (Management - Capital allocation) (24:58)
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StoneCo Part 3(iv): Moats - Intangibles (Distribution moat) (8:45)
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StoneCo Part 3(v): Moats - Intangibles (Branding) (2:29)
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StoneCo Part 3(vi): Moats - Intangibles (System - Stone Business Model) (3:37)
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StoneCo Part 3(vii): Moats - Intangibles (Technology) (2:11)
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StoneCo Part 3(viii): Moats - Cost advantage (2:55)
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StoneCo Part 3(ix): Moats - Switching costs (2:50)
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StoneCo Part 3(x): Moats - Network effect (3:11)
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StoneCo Part 3(xi): Moats - Intangibles (Culture) (6:47)
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StoneCo Part 3(xii): Moats - Summary & replicating StoneCo (4:45)
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StoneCo Part 4: Industry & competition (Full video) (23:33)
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StoneCo Part 4(i): Industry & competition - Market overview & runway (4:18)
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StoneCo Part 4(ii): Industry & competition - Market size & market share (2:34)
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StoneCo Part 4(iii): Industry & competition - Market structure & dynamics (1:53)
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StoneCo Part 4(iv): Industry & competition - Competitive landscape (3:02)
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StoneCo Part 4(v): Industry & competition - Modern competitors (5:42)
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StoneCo Part 4(vi): Industry & competition - Traditional competitors (2:52)
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StoneCo Part 4(vii): Industry & competition - Management's views on competition (3:08)
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StoneCo Part 5: Risks (Full video) (15:46)
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StoneCo Part 5(i): Risks - Summary (5:42)
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StoneCo Part 5(ii): Risks - Foreign exchange risks (2:59)
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StoneCo Part 5(iii): Risks - Execution risks (1:37)
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StoneCo Part 5(iv): Risks - Regulatory risks (1:48)
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StoneCo Part 5(v): Risks - Macroeconomic risks (3:38)
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StoneCo Part 6: Management (Full video) (20:22)
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StoneCo Part 6(i): Management - Overview of BOD & management (3:33)
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StoneCo Part 6(ii): Management - Board of directors (3:05)
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StoneCo Part 6(iii): Management - Management (3:14)
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StoneCo Part 6(iv): Management - Glassdoor ratings (0:33)
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StoneCo Part 6(v): Management - Share ownership (1:55)
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StoneCo Part 6(vi): Management - Compensation (1:56)
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StoneCo Part 6(vii): Management - Capital allocation & management attitude (6:02)
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StoneCo Part 7: Financials (Full video) (34:06)
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StoneCo Part 7(i): Financials - Total payment volume (TPV), take rate & growth (3:32)
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StoneCo Part 7(ii): Financials - Revenue breakdown & profit margins (1:53)
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StoneCo Part 7(iii): Financials - Number of users & employees (2:13)
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StoneCo Part 7(iv): Financials - Costs & operating leverage (4:49)
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StoneCo Part 7(v): Financials - Funding costs of lending business & tax rate (2:46)
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StoneCo Part 7(vi): Financials - Return on capital (2:24)
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StoneCo Part 7(vii): Financials - Assets & liability (1:56)
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StoneCo Part 7(viii): Financials - Debt & net cash (3:06)
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StoneCo Part 7(ix): Financials - Operating & free cash flows (7:30)
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StoneCo Part 7(x): Financials - Free cash flows conversion (3:51)
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StoneCo Part 8: Valuation (Full video) (29:47)
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StoneCo Part 8(i): Valuation - Overview & pricing (2:38)
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StoneCo Part 8(ii): Valuation - Growth in profits & equity value to hit a certain IRR (5:47)
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StoneCo Part 8(iii): Valuation - Assumptions required to hit target 2025 profit (6:31)
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StoneCo Part 8(iv): Valuation - Reasonableness of assumptions (4:13)
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StoneCo Part 8(v): Valuation - Investor return if projections are lower (1:40)
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StoneCo Part 8(vi): Valuation - Stress test (4:21)
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StoneCo Part 8(vii): Valuation - Summary (4:33)
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StoneCo: Full Research PDF (October 2020)
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StoneCo: Financials Excel (November 2021)
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StoneCo: Earnings update 2020 Q4 (22:21)
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StoneCo: Earnings update 2021 Q1
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StoneCo: Earnings update 2021 Q2
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StoneCo: Earnings update 2021 Q3 (14:14)
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StoneCo: Earnings update 2021 Q4 - Why Had Its Share Price Crashed >90% & What’s Next?
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StoneCo: Earnings update 2022 Q1 - Strong Growing Core Business With Recovering Profitability, But Uncertainties With Execution & Capital Allocation
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StoneCo: Earnings update 2022 Q2 - Strong Revenue Growth, With Ongoing Repricing Initiatives & Improving Profitability, But CFO Departure
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StoneCo: Earnings update 2022 Q3 - Strong Revenue Growth, Improving Profitability (From Repricing & Soon Operating Leverage), Opportunities From Banking & Credit, With Management Change
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StoneCo: Earnings update 2022 Q4 - Growing Fast, With Improving Profitability & Bright Long Term Prospects
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StoneCo: Earnings update 2023 Q1 - Growing Well (>2x Industry Growth), Improved Profitability, On Track For Credit Business In 2024, & New CEO (Pedro) Focusing On Long Term (2030)
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StoneCo: Earnings update 2023 Q2 - Growing Well (3.7x Industry Growth), Continuing Improved Profitability, With Various Non-Payment Businesses Looking Promising As Long Term Drivers & New Management Focusing On Long Term (2030)
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StoneCo: Earnings update 2023 Q3 - Continued Strong Growth & Improving Profitability; Started Allocating Some Capital To Buybacks Amidst Strong Cash Flows
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StoneCo: Update - 2023 Nov Investor Day (With 2027 Targets)
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StoneCo: Update - Berkshire Hathaway Exited Full Position In StoneCo In Late 2023
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StoneCo: Earnings update 2023 Q4 - Robust Growth (With Improving Focus & Profitability), Ramping Up Credit Business Cautiously, With Minor Repurchase & BOD Changes
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StoneCo Q&A - Net cash, unit economics, acquisitions & revenue from transactions [Max, Nov 2021]
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StoneCo Q&A - Risks & economics of PIX payment method [Thuvarakan & Derek, Nov 2021]
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StoneCo - Response From Management (26 Nov 2022): Banking revenue
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StoneCo: Useful resources
Bank OZK (NASDAQ: OZK)
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Bank OZK Part 1: Overview (22:27)
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Bank OZK: Full Research PDF
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Bank OZK: Financials Excel (Nov 2021)
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Bank OZK: Stress test (Mar 2020)
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Bank OZK: Update June 2020 (18:02)
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Bank OZK: Earnings update 2020 Q1
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Bank OZK: Earnings update 2020 Q2 (16:35)
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Bank OZK: Earnings update 2020 Q3 (13:05)
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Bank OZK: Earnings update 2020 Q4 (14:23)
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Bank OZK: Earnings update 2021 Q1 (19:50)
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Bank OZK: Earnings update 2021 Q2
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Bank OZK: Earnings update 2021 Q3
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Bank OZK: Earnings update 2021 Q4
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Bank OZK: Earnings update 2022 Q1
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Bank OZK - What Long Term Returns Could You Expect From Investing In Bank OZK? [2022 Q2]
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Bank OZK: Earnings update 2022 Q3
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Bank OZK: Earnings update 2022 Q4
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Bank OZK - Earnings update 2023 Q1 - Strong Growth, With Strong Capital Position (Amidst Banking Turmoil) & Active Share Repurchase
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Bank OZK: Earnings update 2023 Q2 - Grew Very Well As Competitors Shrank (Showing Its True Quality), With ~1.7% Buyback
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Bank OZK: Earnings update 2023 Q3 - Business as usual
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Bank OZK: Earnings update 2023 Q4 - Business As Usual - High Growth In 2023, With Expected Slowdown in 2024
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Bank OZK: Earnings update 2024 Q1 - Business As Usual
The Not So Sexy Secrets of Investing Webinar (21 Oct 2021)
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1. Introduction, undervalued StoneCo & reverse valuation (34:25)
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2. "Not So Sexy" Secrets of Investing - Insurance, options & our investment results (52:17)
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3. "Not So Sexy" Secrets of Investing - Tax & Leakage (22:44)
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4. Our investing framework and educational programs (25:48)
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5. Q&A session & investment returns of MRS companies (39:54)
