HDFC Bank: Mid 2026 Update - Three Years Since The Merger (With HDFC

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Valuation

Pre-Tax Owner Earnings Yield Compared With 10 Year Treasury Yield

MRS WhatsApp Group Chat Transcript

MRS Whatsapp group chat transcript - Oct 2022 to Dec 2023
MRS Whatsapp group chat transcript - Jan 2024 to July 2024
MRS Whatsapp group chat transcript - August 2024 to December 2024
MRS Whatsapp group chat transcript - Apr 2025 to July 2025
MRS Whatsapp group chat transcript - August 2025 to June 2026

Meetup - 2021 April - Overview of MRS Companies (As Of April 2021)

Part 1: Introduction (10:32)
Part 2: The MWS conglomerate (5:16)
Part 3: What do we look out for in companies (& cover) (6:25)
Part 4: Overview of the 10 MRS companies (40:53)
Part 5: Ways to best use the MRS research (15:52)
Part 6: Wix overview & valuation [Coverage of Wix has been discontinued] (32:34)
Part 7: Summary & Q&A (35:43)

Meetup - 2021 August - Evolution, Prosus & Earnings updates

Part 1: Introduction & Evolution (59:33)
Part 2: Prosus (54:56)
Part 3: 2021 Q2 company earnings (13:23)
Part 4: Other comments and Q&A (26:44)

Meetup (MRS + IF) - 2021 November - JD Logistics, JD Health, earnings updates & portfolio questions

Part 1: Introduction & overview of JD.com (11:27)
Part 2: JD Logistics (27:11)
Part 3: JD Health (23:18)
Part 4: Company earnings & updates (37:32)
Part 5: Q&A on MRS companies (32:14)
Part 6: Portfolio & general investing questions (48:17)

Meetup - 2022 March - JD.com, Valuation methods, Earnings & general updates, Buyback economics

MRS Meetup - 2022 Mar (155:56)
Part 1: Introduction & valuation summary (4:49)
Part 2: JD.com developments (8:24)
Part 3: Valuing companies with subsidiaries, associates and investments (48:23)
Part 4: Bank OZK - Earnings & valuation updates & buyback economics (8:58)
Part 5: Evolution - General, earnings & valuation updates (8:52)
Part 6: Adyen - Earnings & valuation updates (10:09)
Part 7: Upwork - Earnings & valuation updates [Coverage of Upwork has been discontinued] (5:45)
Part 8: Wix - Earnings updates & valuation comments [Coverage of Wix has been discontinued] (16:24)
Part 9: Other updates - Intuit, Prosus, Pax Global, StoneCo, Meta, etc [Coverage of Intuit & Pax Global has been discontinued] (16:05)
Part 10: Q&A & other comments (27:52)

Meetup - 2022 June - Return on capital, Company updates, Ugly Secrets of 'Good Businesses'

MRS Meetup - 2022 Jun (Full session) (80:44)
Part 1: Introduction, agenda & importance of return on capital (10:24)
Part 2: Portfolio businesses - What we see in them & business performance updates (31:58)
Part 3: Case studies - Ugly secrets (SEA Ltd & Wix) (38:21)

Meetup - 2022 September - Capital allocation & Return on capital, Adobe, Alphabet & Earnings updates

MRS Meetup - 2022 September (Full session) (99:14)
Part 1: Introduction (2:31)
Part 2: Capital allocation & return on capital (46:17)
Part 3: New companies - Adobe & Alphabet (7:35)
Part 4: Company earnings updates (42:47)

Meetup - 2023 February - What Can We Learn From 2022?

MRS Meetup - 2023 February (Full session) (69:53)
Part 1: Introduction (2:46)
Part 2: What Can We Learn From 2022 (33:32)
Part 3: 5 Important Financial Metrics (14:41)
Part 4 : Calculating The Financial Metrics (8:39)
Part 5: MRS Portfolio Performance (10:14)

Meetup - 2023 August - Portfolio Review, Red Flags & Forensic Analysis

Part 1: Introduction (3:20)
Part 2: Portfolio Review (32:38)
Part 3: Red Flags & Forensic Analysis (55:07)
Part 4: Earnings Update (7:46)

Meetup - 2024 Apr - How To Improve Your Investing Strategy?

MRS Meetup - 2024 April (Full session) (78:54)
Part 1 - Intro & How Best To Improve Investing Success (Commission vs Omission Errors) (28:21)
Part 2 - What's A Good Filter? High Revenue Growth (Tesla), Or High Historical ROCE? (13:46)
Part 3 - Not Overpaying For Uncertain Future (Zoom) (To Reduce Commission Error) (15:49)
Part 4 - Be Lazy & Selective (12:29)
Part 5 - MRS Company Updates (8:15)

Meetup - 2025 Apr - MWS Latest Investment Framework & Company Updates

MRS Meetup - 2025 Apr (Full session) (104:39)
Part 1: MWS Latest Investment Framework (35:28)
Part 2: 6 Different MRS Companies/ Case Studies (35:31)
Part 3: Q&A and discussions (34:30)
[Post-Meetup] Company 2024 Update & Valuation - Alphabet (2:53)
[Post-Meetup] Company 2024 Update & Valuation - Amazon (4:56)
[Post-Meetup] Company 2024 Update & Valuation - Hermes (2:28)
[Post-Meetup] Company 2024 Update & Valuation - Bank OZK (3:11)
[Post-Meetup] Company 2024 Update & Valuation - Adyen (3:18)
[Post-Meetup] Company 2024 Update & Valuation - JD.com (2:51)
[Post-Meetup] Company 2024 Update & Valuation - Apple (2:58)
[Post-Meetup] Company 2024 Update & Valuation - Evolution (3:03)
[Post-Meetup] Company 2024 Update & Valuation - Wise (3:59)

Indian Energy Exchange Ltd (NSE: IEX)

IEX: Thesis - Why We Are Looking At IEX (& Why We Could Be Wrong) (Jun 2026)
IEX: Overview research PDF (Jun 2026)

LVMH Moët Hennessy Louis Vuitton (EPA: MC)

LVMH: Part 1: Overview (Dec 2025) (Full video) (50:00)
LVMH: Part 1(i): Overview - Introduction to LVMH's businesses (5:12)
LVMH: Part 1(ii): Overview - LVMH's key business segment (2:17)
LVMH: Part 1(iii): Overview - Growth strategy (3:33)
LVMH: Part 1(iv): Overview - Financial performances (8:36)
LVMH: Part 1(v): Overview - Capital allocation, strategies & track record (10:30)
LVMH: Part 1(vi): Overview - Return on capital, dividends & compounding record (2:25)
LVMH: Part 1(vii): Overview - Moats (Heritage branding & low cost advantage) (9:08)
LVMH: Part 1(viii): Overview - Risks (1:52)
LVMH: Part 1(ix): Overview - Valuation, margin of safety & dividend yield (6:20)
LVMH: Overview research PDF (Dec 2025)
LVMH - Hidden Value In LVMH’s Real Estate (With Fair Value Exceeding Book Value)
LVMH: Earnings update 2025 - Industry Slowdown Affected Company’s Growth & Profitability (Revenue -5% Y/Y, EBIT -9%), With Company Still Earning Decent ROCE (15%) & Continuing To Reinvest & Distribute Dividends, With CEO Still Optimistic Long Term & Planning To Buy More Shares

UnitedHealth Group (NYSE: UNH)

UNH: Part 1: Overview (Oct 2025) (Full video) (65:52)
UNH: Part 1(i): Overview - Introduction & Purchase By Berkshire (In 2025 Q2) (3:14)
UNH: Part 1(ii): Overview - Overview Of UnitedHealth Group's Business (14:02)
UNH: Part 1(iii): Overview - Moats & Competitive Advantages (15:12)
UNH: Part 1(iv): Overview - Growth & Financials (11:02)
UNH: Part 1(v): Overview - Capital Allocation, Compounding & Growth Drivers (9:02)
UNH: Part 1(vi): Overview - Why UNH's Share Crashed 60% & What Does It Mean (8:41)
UNH: Part 1(vii): Overview - Valuation & Margin Of Safety (4:37)
UNH: Overview research PDF (Oct 2025)
UNH: Earnings update 2025 Q3 - Executing In Line With Previous Expectations In Current Tough Environment (Revenue +12% Y/Y, But EBIT -50% Due To Margin Headwinds), With The Company Repricing & Making Optimisations/ Investments, & Expecting Overall Earnings Growth More From 2027 Onwards
UNH: Earnings update 2025 Q4 - Tough Market Led To Crashing Of Margins & Adjusted EBIT. Management Undertook Disciplined Repricing, Refocus & Restructure Of Some Businesses, Expecting EPS To Grow By ~9% In 2026. Negative News On Medicare Advantage Funding Was Released Thereafter

Central Depository Services (India) Ltd (NSE: CDSL)

CDSL: Part 1: Overview (Jul 2025) (Full video) (30:46)
CDSL: Part 1(i): Overview - Introduction & Why Look At CDSL (Including ROC) (4:33)
CDSL: Part 1(ii): Overview - Revenue Model & Operating Metrics (5:37)
CDSL: Part 1(iii): Overview - Financials (3:06)
CDSL: Part 1(iv): Overview - Moats & Market Share (5:08)
CDSL: Part 1(v): Overview - Runway & Tailwind (1:39)
CDSL: Part 1(vi): Overview - Fragilities (2:13)
CDSL: Part 1(vii): Overview - Capital Allocation, Compounding & Dividend (1:56)
CDSL: Part 1(viii): Overview - Optionalities (Insurance, Commodity, Bullion Exchange, Single Demat, Unlisted Companies) (4:58)
CDSL: Part 1(ix): Overview - Valuation & Investor Ownership (1:22)
CDSL: Overview research PDF (Jul 2025)

Lululemon (NASDAQ: LULU) [Only Preliminary Research]

Lululemon: High-Level Preliminary Research (Apr 2025)

MSCI (Morgan Stanley Capital International) (NYSE: MSCI)

MSCI: Preliminary Research (Sep 2024) (25:55)
MSCI: Part 1: Overview (Feb 2025) (Full video) (44:23)
MSCI: Part 1(i): Overview - Introduction & how MSCI's business has evolved (7:20)
MSCI: Part 1(ii): Overview - Moats & competitive advantages (5:46)
MSCI: Part 1(iii): Overview - Competition & risks (3:37)
MSCI: Part 1(iv): Overview - Pricing model & strong financials (6:24)
MSCI: Part 1(v): Overview - Capital allocation, long term targets/ runway, & management alignment (6:55)
MSCI: Part 1(vi): Overview - Valuation & summary (8:57)
MSCI: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (3:35)
MSCI: Summary research PDF (Feb 2025)
MSCI: Full research PDF (Jan 2025) (With updated valuation section in Feb 2025, for 2024 figures)
MSCI: Earnings update 2025 Q2 - Business As Usual - Strong Resilient Growth (Revenue +9% EBIT +11%, EPS +16%), With High Retention (94%) & Growing ROCE (41%), Allowing It To Return Most OCF (81%), With Recent CEO Purchase (~$543)
MSCI: Earnings update 2025 Q3 - Continued Growing Well (Revenue +10%, EBIT +12%, EPS +19%), With High Retention (95%) & Growing ROCE (42%), While Repurchasing Shares Massively (~2.8% Of Total Shares) In The Quarter, With CEO Saying Company Is Undervalued
MSCI: Earnings update 2025 - Solid Growth (Revenue +10%, EBIT +12%, EPS +16%), With The Company Using AI To Improve Solutions & Efficiency, Supporting High Retention (94%) & Growing ROCE (44%), With Aggressive Share Purchases By The Company (~5.7%) & CEO ($16 Million)
MSCI: Earnings update 2026 Q2 - Continued To Grow Well (Revenue +12% Y/Y, EBIT +15%, EPS +20%) At High ROCE (46%), Leveraging AI & Its Data Capabilities To Improve Efficiency & Launch New Products Fast. CEO & Li Lu Purchased Shares At ~$510-$565 In 2026

IDEXX Laboratories (NASDAQ: IDXX)

IDEXX Laboratories: Preliminary Research (Sep 2024) (21:48)

Ferrari (BIT: RACE)

Ferrari: Preliminary Research (Sep 2024) (26:26)

Narayana Hrudayalaya / Narayana Health (NSE: NH)

Narayana Health: Preliminary Research (Sep 2024) (40:51)
Narayana Health: Earnings update FY2026 - India & Caymans Expanded Into Integrated Healthcare, With Revenue & EBIT Growing By 16% CAGR In Past Two Years. Expanded Into U.K. With Acquisition Of PPGH (GBP 185m), Leading To ROCE Temporarily Dropping To 11%, But ROE Still Good (21%)

Costco (NASDAQ: COST)

Costco: Preliminary Research (Sep 2024) (20:26)

Hermès (EPA: RMS)

Hermes: Part 1: Overview (Full video) (28:13)
Hermes: Part 1(i): Overview - Introduction (2:35)
Hermes: Part 1(ii): Overview - History of family management & products (& Birkin bag) (2:23)
Hermes: Part 1(iii): Overview - Business model (2:25)
Hermes: Part 1(iv): Overview - Growth strategy & industry tailwind (2:29)
Hermes: Part 1(v): Overview - Financials (3:03)
Hermes: Part 1(vi): Overview - Capital allocation & ROCE (3:30)
Hermes: Part 1(vii): Overview - Moats & family alignment (3:06)
Hermes: Part 1(viii): Overview - Valuation (OE yield) & insider purchase (4:59)
Hermes: Part 1(ix): Overview - Competition (1:07)
Hermes: Part 1(x): Overview - Summary (2:29)
Hermes: 2024 Update & Valuation (As Of Late Mar 2025) (2:28)
Hermes: Summary research PDF (Oct 2023)
Hermes: Full research PDF (Oct 2023)
Hermès: Earnings update 2023 H2 - Business As Usual - Strong Growth (20% for EBIT) At High ROCE, & Distributing Out More Dividends (Exceptional Dividend)
Hermès: Earnings update 2024 H1 - Business As Usual - Reinvesting To Grow (7% for EBIT) With Improving ROCE (34%) Due To Return Of Excess Cash
Hermès: Earnings update 2024 - Business As Usual - Grew Well (Revenue +13%, Vs LVMH’s -2%), At High ROCE (~31%), While Returning Some Excess Capital (Via Dividends) & Retaining Some
Hermès: Earnings update 2025 H1 - Slower Growth Amidst Tough Environment (Revenue +7% Y/Y, EBIT +6%), But Better Than Competitors & Still Generating High ROCE (33%)
Hermès: Earnings update 2025 - Resilience Amidst Industry Slowdown, With Revenue Growing 5% (Vs Negative 5% & 13% For LVMH & Kering), While Maintaining Strong Profitability & ROCE (31%) & Increasing Dividends. OE Yield Increased To ~3.0%

Amazon (NASDAQ: AMZN)

Amazon: Part 1: Overview (Full video) (42:39)
Amazon: Part 1(i): Overview - Introduction (3:01)
Amazon: Part 1(ii): Overview - Capital allocation & ROC (7:00)
Amazon: Part 1(iii): Overview - 3 dreamy businesses & runway (11:17)
Amazon: Part 1(iv): Overview - Moats & long term growth drivers (6:37)
Amazon: Part 1(v): Overview - Alignment of management & BOD (5:01)
Amazon: Part 1(vi): Overview - Financials (2:31)
Amazon: Part 1(vii): Overview - Valuation, longevity & summary (7:10)
Amazon: 2024 Update & Valuation (As Of Late Mar 2025) (4:56)
Amazon: Summary research PDF (Apr 2023)
Amazon: Full research PDF (Apr 2023)
Amazon: Earnings update 2023 Q2 - Growing Moats/ Advantages For Its 3 Dreamy Businesses, With Recovering Growth & Profitability
Amazon: Earnings update 2023 Q4 - Recovering Growth, With Continued Reinvestments (At High ROC) & No Capital Return
Amazon: Earnings update 2024 Q1 - Business As Usual - Reinvesting Heavily In View Of Massive Opportunities For AWS (Including From Generative AI)
Amazon: Earnings update 2024 Q2 - Business As Usual - Growth At High ROCE (14%), While Continuing To Reinvest Heavily (69% Of OCF)
Amazon: Earnings update 2024 Q3 - Business As Usual - Growth With Improving ROCE (14%), While Reinvesting More Heavily (~86% Of OCF)
Amazon: Earnings update 2024 Q4 - Growing Well (Revenue +11%) With Improving ROCE (16%), While Reinvesting Heavily (~75% Of OCF) With No Capital Return, With CEO Optimistic Of AWS Business (As Inference Cost Comes Down)
Amazon: Earnings update 2025 Q1 - Business As Usual - Growing Well (Revenue +9%, EBIT +20%) At High ROCE (Stable At 15%), While Reinvesting Heavily In AWS (With Strong Demand For Both Generative AI & Non-Generative AI Offerings)
Amazon: Earnings update 2025 Q2 - Accelerating Growth (Revenue +13%, EBIT +31%) With Stable High ROCE (15%), And All-In Reinvestment (Predominantly AWS AI Opportunity)
Amazon: Earnings update 2025 Q3 - Sustained Strong Growth With Record Profitability (Revenue +13%, EBIT +25%) At High ROCE (15%), With Continued All-In Reinvestment, Mainly In AWS Given The Massive Demand & Opportunity
Amazon: Earnings update 2025 - Company Reinvesting Heavily To Grow Scale & Competitive Advantages For Long Term Market Leadership, Amidst Massive Opportunities For AWS’ Core & AI Services, While Still Growing Well (Revenue +12%, EBIT +26%), At Healthy ROCE (14%)
Amazon: Earnings update 2026 Q1 - All Good

HDFC Bank (NYSE: HDB; NSE: HDFCBANK)

HDFC Bank: Part 1: Overview (Full video) (34:39)
HDFC Bank: Part 1(i): Overview - Introduction & founding (3:43)
HDFC Bank: Part 1(ii): Overview - India tailwind & market share/ leadership (1:55)
HDFC Bank: Part 1(iii): Overview - Strong performance as a bank (5:09)
HDFC Bank: Part 1(iv): Overview - Moats & competitive advantages (5:35)
HDFC Bank: Part 1(v): Overview - Capital allocation & financials (2:33)
HDFC Bank: Part 1(vi): Overview - Industry tailwind & runway (1:55)
HDFC Bank: Part 1(vii): Overview - Valuation, FX risks & investor return (5:05)
HDFC Bank: Part 1(viii): Overview - Benefits & valuation impact from merger with HDFC Ltd (8:43)
HDFC Bank: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (6:11)
HDFC Bank: Summary research PDF (Dec 2022)
HDFC Bank: Full research PDF (Dec 2022)
HDFC Bank: Earnings update FY2023 (& FY2024 Q1) - Growing Well, Merger With HDFC Ltd Completed, But Increasing Attrition Rate
HDFC Bank: Earnings update FY2024 Q2 - Executing Well Post-Merger (With HDFC Limited)
HDFC Bank: Earnings update FY2024 Q3 - Business As Usual (With Slower Deposits Growth)
HDFC Bank: Earnings update FY2025 Q2 - Undergoing Short-Term Transition (& ROC Pressure) Post-Merger To Bring Down C/D Ratio For Long Term Sustainable Growth
HDFC Bank: Earnings update FY2025 Q3 - ROC Continued To Decline (Due To Conscious Slower Growth For Advances Vs Deposits, & Cost Of Funds Not Coming Down Yet), Amidst Transition Measures Post-Merger & Tough Economic Environment
HDFC Bank: Earnings update FY2025 - Conscious Slower Growth Of Advances Relative To Deposits Led to Lower/ Depressed Growth (Net Interest Income +13%, PAT +11%) & ROE (15%), With Loan Growth Expected To Improve in FY2026
HDFC Bank: Earnings update FY2026 - After Progressing On Its Post-Merger Transitional Measures, The Bank Is Now Ready For More Growth Going Forward. In FY2026, Deposits & Advances Grew Y/Y By 13% & 10%, While ROE (14.3%) Remained Lower Than Pre-Merger
HDFC Bank: Mid 2026 Update - Three Years Since The Merger (With HDFC Ltd), Its ROE Continued Declining, To ~14% (From ~17% Pre-Merger). Has It Been Losing Its Branding Or Market Share, Or Has The Underperformance Been Industry Wide?

Apple Inc (NASDAQ: AAPL)

Apple: Full Research PDF (October 2022)
Apple: 2024 Update & Valuation (As Of Late Mar 2025) (2:58)
Apple: Earnings update FY2023 Q1
Apple: Earnings update FY2023 Q2 - Revenue Slowdown, But Growing Installed Base (Including In Emerging Markets) & Services Penetration, While Remaining Active In Buybacks
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)

Alphabet: Full Research PDF (August 2022)
Alphabet: 2024 Update & Valuation (As Of Late Mar 2025) (2:53)
Alphabet - Owner earnings (OE) yield valuation (February 2023)
Alphabet: Earnings update 2022 Q4
Alphabet - Earnings update 2023 Q1 - Slow Advertising Growth, Cloud Turning Profitable, & Innovating On Integrating Large Language Model Into Search
Alphabet: Earnings update 2023 Q2 - Recovering Growth, With Improving Cloud Profitability & Continuing Buybacks At Cheap Prices
Alphabet: Earnings update 2023 Q3 - Business As Usual
Alphabet: Earnings update 2023 Q4 - Earnings Disaster?
Alphabet: Earnings update 2024 Q1 - Business As Usual - Good Growth At High ROCE (~30%), & Reinvesting More Heavily On Capex (42% Of OCF)
Alphabet: Earnings update 2024 Q2 - Business As Usual - Good Growth At High ROCE (~30%) & Reinvesting More Heavily (49% Of OCF), Rather Over-investing Than Under-investing
Alphabet: Earnings update 2024 Q3 - Business As Usual - Good Growth With AI Investments Bearing Fruits, With Improving ROCE (~31%) & Expanding Search Queries & Cloud Business, While New CFO Focuses On Best Use Of Capital
Alphabet: Earnings update 2024 Q4 - Growing Well, With Improving ROCE (>37%) Amidst Continued Heavy Investments In AI & Cloud, While Continuing To Return Excess Capital Via Buybacks (3.0% Of Total Shares)
Alphabet: Earnings update 2025 Q1 - Business As Usual - Growing Well (Revenue +12%), With Further Improvement Of OPM & ROCE (>37%) Amidst Continued Heavy Reinvestments In AI & Cloud, With Continuing Buybacks (0.7% Of Total Shares)
Alphabet: Earnings update 2025 Q2 - Growing Well (Across Most Segments), With High OPM & ROCE (~35%), & Reinvesting Even More In View Of AI & Cloud Demand, While Continuing Buybacks (0.7% Of Total Shares)
Alphabet: Earnings update 2025 Q3 - Strong AI Solutions Adoption Led To Growth Accelerating For All Key Segments (Revenue +16% Y/Y, EBIT +19%) & Explosive 46% Q/Q Jump In Cloud Backlog, With ROCE Remaining High (36%), While It Continued Ramping Up Capex Reinvestments & Slowing Buybacks
Alphabet: Earnings update 2025 - AI Investments Bearing Fruit, With Strong Gemini Adoption, Growth Accelerating (Revenue +15%, EBIT +17%) & Cloud Backlog Exploding (+161% Y/Y, +54% Q/Q), While ROCE (32%) Remained Good Amidst Heavy Reinvestments & Buyback Reduction
Alphabet: Earnings update 2026 Q1 - All Good

Adobe Inc (NASDAQ: ADBE)

Adobe: Full Research PDF (July 2022)
Adobe: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (4:39)
Adobe: Financials Excel (As of Sep 2023)
Adobe: Earnings update FY2022 Q3
Adobe: Earnings update FY2022
Adobe: Earning update FY2023 Q1 Earnings - Strength From Multi-Solutions Holistic Offerings, With Figma & Generative AI Offering Long Term Growth Opportunities
Adobe: Earnings update FY2023 Q2 - Generative AI Developments With Good Long Term Prospects
Adobe: Earnings update FY2023 Q3 - Business As Usual
Adobe: Earnings update FY2024 Q2 - Business As Usual - Good Growth At High ROCE, With Continuing Share Repurchase
Adobe: Earnings update FY2024 Q3 - Business As Usual - Good Growth At High ROCE (35%), With Continuing Share Repurchase (1%)
Adobe: Earnings update FY2024 - Business As Usual - Good Growth (EBIT +16%) At High ROCE (37%), While Improving & Integrating Its AI Solutions Across Segments, With Continuing Share Repurchase (~3.8%)
Adobe: Earnings update FY2025 Q1 - Growing Well (EBIT +13%), With Improving ROCE (39%), While It Increasingly Integrate Its Creative & Marketing Solutions As Its Unique Strength, & Started To Monetise Its Firefly AI Offerings More
Adobe: Earnings update FY2025 Q2 - Growing Well (EBIT +12%), With Improving ROCE (43%), While Continuing To Grow Its AI Offerings
Adobe: Earnings update FY2025 Q3 - Continued To Grow Well (Revenue +11% y/y, EBIT +9%), At High ROCE (43%), With Continuing AI Momentum
Adobe: Earnings update FY2025 - Continued Scaling Its AI Offerings & Growing Well (Revenue +11% Y/Y, EBIT +12%) Despite Other AI Competition, With Growing ROCE (45%), While Returning Massive Capital Back Via Buybacks (6.5% Of Shares)

Shopify Inc (NYSE/ TSX: SHOP)

Shopify: Part 1: Overview (Full video) (32:34)
Shopify: Part 1(i): Overview - Introduction & industry tailwind (4:28)
Shopify: Part 1(ii): Overview - Business offerings & pricing (3:27)
Shopify: Part 1(iii): Overview - Competitive landscape (1:52)
Shopify: Part 1(iv): Overview - Moats & pricing power (5:44)
Shopify: Part 1(v): Overview - Revenue streams & financials (3:26)
Shopify: Part 1(vi): Overview - Growth drivers & initiatives (1:58)
Shopify: Part 1(vii): Overview - The not-so-good things (6:32)
Shopify: Part 1(viii): Overview - Valuation & conclusion (5:03)
Shopify: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (3:41)
Shopify: Summary research PDF (May 2022)
Shopify: Full research PDF (May 2022)
Shopify: Financials Excel (as of May 2022)
Shopify: Short Term Industry Headwinds Put It Into Losses, With Much Uncertainties For Its Large Investments [2022 Q2]
Shopify: Earnings update 2022 Q3
Shopify: Earnings update 2022 Q4
Shopify: Earnings update 2023 Q1 - Selling Logistics Business (But Competition With Amazon Buy-With-Prime Remains) & Reducing Workforce To Improve Efficiency
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
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
Shopify: Earnings update 2023 Q4 - Good Progress Operationally, With Recovering GMV & Revenue Growth, But Profitability, FCF Margin & ROCE Still Low
Shopify: Earnings update 2024 Q4 - Growing Well (Revenue +26%), With Profitability & ROCE (14%) Improving To Healthy Levels, But Only A Short One-Year Record So Far, With No Capital Return, & Current Low OE Yield (<1%)

iFAST Corporation Ltd (SGX: AIY)

iFAST Research Preview (5:09)
iFAST: Full Research PDF (April 2022)
Update on iFAST's Malaysia Digital Bank Licence Application
Ask-Me-Anything (AMA) Session with iFAST Management (63:52)
iFAST: Earnings update 2022 Q2
iFAST: Earnings update 2022 Q3
iFAST: Earnings update 2022 Q4
iFAST: Earnings update 2023 Q1 - Core Business Saw Slow But Still Positive Net Inflow, While HK e-Pension & Global Bank Business Going On Track
iFAST: Earnings update 2023 Q2 - Recovering AUA & Customer Accounts, With Significant Improved Profitability from 2023 H2 Onwards (With HK e-Pension Business Contributing)
iFAST: Earnings update 2023 Q3 - Core Business Recovering, With Hong Kong ePension Executing Well & UK Bank Showing Encouraging Results
iFAST: Earnings update 2023 Q4 - Net Profit Jumped 340% In 2023 - Was It Good Results? Or Expected? But Still Low ROC?
iFAST: Earnings update 2024 Q1 - Executing Well On All Businesses (HK E-Pension, Core Platform, & Global Bank), With ROCE Improving To 14% (& ROE To 22%)
iFAST: Earnings update 2024 Q2 - Executing Well On All Businesses (HK E-Pension, Core Platform, & Global Bank With Reduced Losses), With ROCE Improving To 15% (& ROE To 17%)
iFAST: Update On Sakura Research Short Reports (Oct 2024)
iFAST: Earnings update 2024 Q3 - Executing Well On All Businesses (HK E-Pension & Core Platform, With Reduced Losses For Global Bank & China), With ROCE Improving To A Healthy 17%
iFAST: Earnings update 2024 - Progressed Well On All Businesses (HK E-Pension Exceeding PBT Target, Core Platform Ex-HK Revenue +17%, UK Bank Turned Profitable In Q4, & Reduced Losses For China), With ROCE Improving To A Healthy 18%
iFAST: Earnings update 2025 Q1 - Core Platform & Global Bank Growing Well, But HK Profit Declined Due To Higher Cost To Deliver E-Pension Service, With Director & Company Buying Shares Post-Earnings
iFAST: Earnings update 2025 - Grew Well In Line With Plans For All Businesses - Net Revenue +37%, EBIT +44% (With UK Bank Profitable Full Year, & Reduced China Losses). ROCE Improved To 21%. But At Current Price, Dividend Yield (~1.0%) & OE Yield (~2.9%) Were Not High
iFAST: Earnings update 2026 Q1 - Grew Well In 2026 Q1 (Revenue +55%, EBIT +46% Y/Y). For 2030 AUA Target Of SGD 100B (26% CAGR), Management Expecting Fast Growth From Global Bank, Slightly Declining Net Revenue Margin On AUA, & Higher Operating Profitability (From Slowing Headcount & AI Efficiency)

Wise Plc (LON: WISE)

Wise Part 1: Overview (Full video) (21:43)
Wise Part 1(i): Overview - Introduction of business (5:37)
Wise Part 1(ii): Overview - Value propositions, pricing & growth model (2:17)
Wise Part 1(iii): Overview - Scale economics shared & other moats (2:40)
Wise Part 1(iv): Overview - Market size, growth & competition (2:20)
Wise Part 1(v): Overview - Revenue model & financials (3:12)
Wise Part 1(vi): Overview - Valuation & summary (5:35)
Wise: 2024 Update & Valuation (As Of Late Mar 2025) (3:59)
Wise: Full research PDF (March 2022)
Wise: Earnings update FY2022
Wise: Earnings update FY2023 H1
Wise: Trading update FY2023 Q3
Wise: Earnings update FY2023 - Executing Well After 2 Years Of Listing, With Uncertainties On Capital Allocation & CFO Succession
Wise: Earnings update FY2024 H1 - Improving Value Propositions Led To Strong Growth In Customers, Revenues & Profits; But Low Earnings Yield & Still Unclear Capital Allocation
Wise: Earnings update FY2024 - Growing Very Well, With “Underlying” ROCE Improving To 21%, & Lowering Costs To Improve Scaled Economies Shared Moat
Wise: Earnings update FY2025 H1 - Growing Well (+57% Y/Y For Underlying PBT) At High ROCE (~22% Underlying), While Continuing To Lower Fees To Improve Scale Economies Shared Moat, & Growing Its Platform Partners
Wise: Earnings update FY2025 - Good Long Term Prospects, With Improving Low-Cost Advantage & Lower Fees, With Wise Platform Attracting More Major Banks, While Growing Revenue & Profits Well With High ROCE (21%), But Low OE Yield (2.4%)

Meta Platforms Inc (NASDAQ: FB)

Meta: Full Research PDF (March 2022)
Meta: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (4:40)
Meta: Earnings update 2022 Q1
Meta: Earnings update 2022 Q2
Meta: Earnings update 2022 Q3
Meta: Earnings update 2022 Q4
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
Meta: Earnings update 2023 Q2 - How To Evaluate Meta From An Investment Perspective, Despite The Various Business Uncertainties
Meta: Earnings update 2023 Q4 - Is Dividend Good For Shareholders?
Meta: Earnings update 2024 Q1 - Business As Usual - Growing Well, & Reinvesting Heavily While Returning Some Capital
Meta: Earnings update 2024 Q2 - Business As Usual - Growing Well With Improving ROCE (33%), & Reinvesting Heavily While Returning Excess Capital
Meta: Earnings update 2024 Q3 - Business As Usual - Growing Well At High ROCE (~31%) & Continued Reinvesting Heavily (In AI & Reality Labs) (37%+ Of OCF), While Returning Excess Capital (41% Of OCF)
Meta: Earnings update 2024 Q4 - Growing Well At High & Growing ROCE (~31%), While Reinvesting Heavily (In Core Ad Business, AI & Reality Labs) (43% Of OCF), & Returning Excess Capital (39% Of OCF)
Meta: Earnings update 2025 Q1 - Grew Well (Revenue +16%, EBIT +25%), With Slightly Improving ROCE (30%), While Reinvesting Heavily (57% Of OCF) (With Management Expecting Good Overall ROI) & Returning Excess Capital (59% Of OCF)
Meta: Earnings update 2025 Q2 - Accelerating Growth (Revenue +22%, EBIT +37%), With ROCE Improving Slightly (30%), While Investing Heavily To Be Ready For Superintelligence (In Maybe Few Years’ Time), While Still Returning Capital (45% Of OCF)
Meta: Earnings update 2025 Q3 - Core Revenue Growth Accelerated (+26% Y/Y), But Profitability Down With EBIT Growing 18%, While Company Slowed Down Buybacks & Reinvested More In Infrastructure Capex (To Front-Load Capacity For Future Superintelligence Era)
Meta: Earnings update 2025 - Heavy AI Investments Led To Improved User Engagement & Ad Performances, Supporting High Revenue & EBIT Growth (+22%) & Healthy ROCE (26%). Management Halted Share Repurchase (In Q4), & Planned To Increase Capex Significantly (+74%) In 2026, Expecting Margins Compression
Meta: Earnings update 2026 Q1 - Growing Well (Revenue +33%, EBIT +30%), With Improvement Of Ad Business (+19% Impressions, +12% Average Price) & Operating Efficiency From AI Investments Supporting High ROCE (25%) Despite Heavy Capex (~$125B For 2026)

JD.Com Inc (NASDAQ: JD)

JD: Main analysis (Full video) (96:32)
JD Part 1: Starting remarks (Full video) (0:57)
JD Part 2: Introduction (Full video) (30:53)
JD Part 2(i): Introduction - Overview of business (6:27)
JD Part 2(ii): Introduction - JD Retail (4:28)
JD Part 2(iii): Introduction - JD Logistics (3:49)
JD Part 2(iv): Introduction - JD Property (2:37)
JD Part 2(v): Introduction - JD Worldwide (1:08)
JD Part 2(vi): Introduction - Jingxi Business & Dada Group (3:00)
JD Part 2(vii): Introduction - JD Technology, JD MRO, JD Plus & C2M (3:22)
JD Part 2(viii): Introduction - Business model & user economics (2:36)
JD Part 2(ix): Introduction - Growth drivers (2:23)
JD Part 2(x): Introduction - Share ownership & partnerships (0:59)
JD Part 3: Moats & competitive advantages (Full video) (13:07)
JD Part 3(i): Moats - Overview & network effect (2:01)
JD Part 3(ii): Moats - Cost advantage (5:46)
JD Part 3(iii): Moats - Intangibles (Branding, technology & knowhow) (2:43)
JD Part 3(iv): Moats - Intangibles (Culture) & switching costs (2:35)
JD Part 4: Industry & competition (Full video) (6:46)
JD Part 4(i): Industry - Market size & growth (1:29)
JD Part 4(ii): Industry - Overall competition (1:49)
JD Part 4(iii): Industry - Comparison of 3 largest Chinese players (3:26)
JD Part 5: Risks (Full video) (2:50)
JD Part 6: Management (Full video) (7:47)
JD Part 6(i): Management - BOD & management (4:38)
JD Part 6(ii): Management - Insider ownership, compensation & equity awards (2:13)
JD Part 6(iii): Management - Capital allocation & balanced management (0:55)
JD Part 7: Financials (Full video) (20:03)
JD Part 7(i): Financials - Revenue, GMV & users (2:07)
JD Part 7(ii): Financials - Revenue breakdown & growth by type and segment (2:31)
JD Part 7(iii): Financials - Gross & fulfilled gross profit margin (4:12)
JD Part 7(iv): Financials - Operating profit, expenses & leverage (1:39)
JD Part 7(v): Financials - Net profit (1:13)
JD Part 7(vi): Financials - Profitability by segment (1:26)
JD Part 7(vii): Financials - Balance sheet & net cash (1:03)
JD Part 7(viii): Financials - Negative net working capital (1:35)
JD Part 7(ix): Financials - Return on capital (0:57)
JD Part 7(x): Financials - Operating & free cash flows (1:39)
JD Part 7(xi): Financials - Use of operating cash flows (1:35)
JD Part 8: Valuation (Full video) (14:06)
JD Part 8(i): Valuation - Valuation overview & approach (3:17)
JD Part 8(ii): Valuation - Value of JD Retail (excluding JD Health) (3:08)
JD Part 8(iii): Valuation - Value of JD Health to JD (1:20)
JD Part 8(iv): Valuation - Value of JD Logistics & new businesses to JD (0:48)
JD Part 8(v): Valuation - Non operating assets (net cash & investments) (1:54)
JD Part 8(vi): Valuation - Overall value of JD.com & stress test - 20211220 (1:26)
JD Part 8(vii): Valuation - Summary of positives and negatives of JD.com (2:10)
JD Part 9: Capital allocation (11:24)
JD: 2024 Update & Valuation (As Of Late Mar 2025) (2:51)
JD: Full research PDF (December 2021)
JD: Financials Excel (December 2021)
JD: Capital allocation PDF (July 2022)
JD: Hidden value uncovered in JD.com when the stock got crushed (17:27)
JD Logistics (HKG: 2618) Part 1: Overview (Full video) (35:56)
JD Logistics Part 1(i): Overview - History, business overview & revenue model (4:34)
JD Logistics Part 1(ii): Overview - Market size, growth & competition (4:00)
JD Logistics Part 1(iii): Overview - Revenue & value propositions (3:11)
JD Logistics Part 1(iv): Overview - Competitive advantages (9:52)
JD Logistics Part 1(v): Overview - Profitability & FCF conversion (4:33)
JD Logistics Part 1(vi): Overview - Management (2:49)
JD Logistics Part 1(vii): Overview - Risks (1:58)
JD Logistics Part 1: Overview research PDF (August 2021)
JD Logistics Part 1(viii): Overview - Valuation (4:51)
JD Health (HKG: 6618) Part 1: Overview (Full video) (46:05)
JD Health Part 1(i): Overview - Introduction to JD Health & medical care in China (5:09)
JD Health Part 1(ii): Overview - JD Health's offerings & closed-loop ecosystem (5:43)
JD Health Part 1(iii): Overview - Market size & growth (2:56)
JD Health Part 1(iv): Overview - Competitive dynamics (4:32)
JD Health Part 1(v): Overview - Competitive advantages (3:18)
JD Health Part 1(vi): Overview - Revenue model (3:08)
JD Health Part 1(vii): Overview - Financials (6:34)
JD Health Part 1(viii): Overview - Comparison with competitors (2:13)
JD Health Part 1(ix): Overview - Valuation (3:14)
JD Health Part 1(x): Overview - BOD & management (3:54)
JD Health Part 1(xi): Overview - Risks, regulatory support & concluding remarks (5:20)
JD Health Part 1: Overview research PDF (September 2021)
JD: Earnings update 2019
JD: Earnings update 2020
JD: Earnings update 2021 Q2
JD: Earnings update 2021 Q3
JD.com Share Price Has Crashed 60% - Good Opportunity?
JD: Earnings update 2022 Q1
JD - Revenue Slowdown, But Still Faster Than Competitors & Maintaining Profitability [2022 Q2]
JD: Earnings update 2022 Q3
JD: Earnings update 2022 Q4
JD: Earnings update 2023 Q1 - Maintaining Market Share Amidst Market Slowdown, With Improving Profitability, New CEO (Sandy) & Slightly More Buybacks
JD: Earnings update 2023 Q2 - Recovering Growth & Improved Profitability, But Capital Allocation Remained Not Good
JD: Earnings update 2023 Q3 - Business as usual; Improving Low-Cost Competitive Advantage With More (/ Lower Threshold) Free Shipping; No Buybacks As Usual
JD: Earnings update 2023 Q4 - High Cash Amount Making Up 75% Of Market Cap? And Improved Capital Allocation With Increased Dividends & $3B Buyback Program?
JD: Earnings update 2024 Q1 - Business As Usual For Operating Business, But Improving Capital Allocation (Repurchasing 3.1% Of Total Shares YTD)
JD: Earnings update 2024 Q3 - Business As Usual - Decent Growth, With Some Buybacks (~1%), & Taobao/Tmall Merchants Starting To Use JD Logistics As Logistics Provider
JD.com: Earnings update 2024 Q4 - Recovering Growth (Revenue +7%), With Improving Profitability & ROCE (14%), & Finally Doing More Buybacks (8% Of Shares)
JD.com: Earnings update 2025 Q3 - Core JD Retail Business Growing Well With Further Improved Profitability, But All Profits Were Used To Subside New Businesses Losses, To Mainly Scale JD Food Delivery (Since Feb 2025), Leading To No Buybacks in Q3
JD.com: Earnings update 2025 - Core Businesses Grew Well (Revenue +11%, EBIT +19%), But Almost All Profits Were Used To Fund New Businesses (Mainly Food Delivery) With Uncertain Returns. Restarted Buybacks In Q4, Repurchasing ~6.3% Shares In The Whole Year

Prosus (AMS: PRX) / Naspers / Tencent

Prosus Part 1: Summary overview (Full video) (67:35)
Prosus Part 1(i): Summary overview - Introduction of Naspers & Prosus (6:17)
Prosus Part 1(ii): Summary overview - Naspers-Prosus relationship & NAV (4:36)
Prosus Part 1(iii): Summary overview - Prosus valuation introduction & Tencent business (4:46)
Prosus Part 1(iv): Summary overview - Tencent enterprise value (9:28)
Prosus Part 1(v): Summary overview - Tencent investments values (9:49)
Prosus Part 1(vi): Summary overview - Tencent equity value (1:59)
Prosus Part 1(vii): Summary overview - Prosus listed investments & net cash (5:06)
Prosus Part 1(viii): Summary overview - Prosus equity value (5:35)
Prosus Part 1(ix): Summary overview - Tencent China risk (2:33)
Prosus Part 1(x): Summary overview - Capital allocation actions risk & track record (3:49)
Prosus Part 1(xi): Summary overview - Management incentives & compensations (3:18)
Prosus Part 1(xii): Summary overview - Prosus portfolio businesses (5:36)
Prosus Part 1(xiii): Summary overview - Holding discount & public comments on the deal (2:45)
Prosus Part 1(xiv): Summary overview - Concluding remarks (1:53)
Prosus Part 1: Summary overview PDF (July 2021)
Prosus: High level valuation Excel (July 2021)
Prosus: Earnings update FY2022 H1
Prosus: Earnings update FY2022
Prosus: Earnings update FY2023 H1 - Key things to focus on for investors
Prosus: Earnings update FY2023 - Continuing Buybacks, Removing Cross-Holding Structure, & Improving Profitability Of E-Commerce Subsidiaries
Prosus: 2023 Sep Update - Update on Prosus’ Removal Of Cross Holding Structure (& Capitalisation Issue)
Prosus: 2024 Apr Update - Quick Stocktake On Tencent’s Financials (Till 2023)
Prosus: Earnings update FY2024 - Achieved Consolidated E-Commerce Profitability (6 Months Ahead), With Continuing Buybacks, Simplified (Removed Cross-Holding) Structure & New CEO
Prosus: Earnings update FY2025 H1 - Executing E-Commerce Well (High Revenue Growth, Improving Profitability); New CEO More Actively Allocating Capital (Investing/Divesting Selectively For Ecosystem, Realising Value Via IPO), Continuing Buybacks (~10% NAV Accretion)
Prosus: Earnings update FY2026 - Grew Well, For Both Tencent (Rev +14%, EBIT +22%) & Ecosystem (Rev +57%, EBIT Tripling) Amidst Focus To Grow Business Profitably. Latest NAV Per Share EUR 66 (Up ~46% From FY2024) - Most Value & Earnings Still From Tencent (79%), iFood & OLX

Evolution Gaming Group AB (STO: EVO)

Evolution: The story of this company
Evolution Part 1: Summary overview (18:36)
Evolution Part 2: Introduction (Full video) (52:01)
Evolution Part 2(i): Introduction - Business overview (9:18)
Evolution Part 2(ii): Introduction - Games (10:52)
Evolution Part 2(iii): Introduction - Customers & technology (4:16)
Evolution Part 2(iv): Introduction - Developments & studios (5:03)
Evolution Part 2(v): Introduction - Table economics & pricing (4:09)
Evolution Part 2(vi): Introduction - Strategy (3:57)
Evolution Part 2(vii): Introduction - Growth (3:51)
Evolution Part 2(viii): Introduction - Acquisition of NetEnt (7:01)
Evolution Part 2(ix): Introduction - Ambitious company & CEOs (1:54)
Evolution Part 3: Moats - Overview (Full video) (55:52)
Evolution Part 3(i): Moats - Overview (2:13)
Evolution Part 3(ii): Moats - Intangibles (Knowhow & games) (7:46)
Evolution Part 3(iii): Moats - Intangibles (Culture of innovation) (18:59)
Evolution Part 3(iv): Moats - Intangibles (Branding) (2:55)
Evolution Part 3(v): Moats - Cost advantage (8:40)
Evolution Part 3(vi): Moats - Switching costs (2:07)
Evolution Part 3(vii): Moats - Advantage of selling the shovels (2:17)
Evolution Part 3(viii): Moats - Pricing power (4:59)
Evolution Part 3(ix): Moats - Summary (4:37)
Evolution Part 4: Industry & competition (Full video) (27:27)
Evolution Part 4(i): Industry & competition - Value chain (5:48)
Evolution Part 4(ii): Industry & competition - Market size & growth (9:19)
Evolution Part 4(iii): Industry & competition - Competition (7:57)
Evolution Part 4(iv): Industry & competition - EVO's views on competition (4:21)
Evolution Part 5: Risks (Full video) (12:12)
Evolution Part 5(i): Risks - Introduction & regulatory risks (4:37)
Evolution Part 5(ii): Risks - Competition (2:32)
Evolution Part 5(iii): Risks - Other risks (5:02)
Evolution Part 6: Management (Full video) (31:53)
Evolution Part 6(i): Management - Founders & CEO (6:18)
Evolution Part 6(ii): Management - BOD & management (5:32)
Evolution Part 6(iii): Management - Chief Product Officer Todd (2:43)
Evolution Part 6(iv): Management - Shareholding (6:52)
Evolution Part 6(v): Management - Management compensation (3:23)
Evolution Part 6(vi): Management - Company rating (1:59)
Evolution Part 6(vii): Management - Capital allocation (5:04)
Evolution Part 7: Financials (Full video) (46:59)
Evolution Part 7(i): Financials - Bet spots, revenues & growth (7:36)
Evolution Part 7(ii): Financials - Profitability & expenses (5:18)
Evolution Part 7(iii): Financials - Operating leverage & incremental margins (4:57)
Evolution Part 7(iv): Financials - Tax rate, customer concentration & employees (3:55)
Evolution Part 7(v): Financials - Balance sheet, 2020 acquisition accounting impact & leverage (4:54)
Evolution Part 7(vi): Financials - Net working capital & share count (3:03)
Evolution Part 7(vii): Financials - Return on capital (2:59)
Evolution Part 7(viii): Financials - Cash flows & capex (7:52)
Evolution Part 7(ix): Financials - Capital allocation & longer term objectives (2:38)
Evolution Part 7(x): Financials - Comparison with competitor Playtech (3:42)
Evolution Part 8: Valuation (Full video) (36:18)
Evolution Part 8(i): Valuation - Pricing, revenue growth & operating leverage (9:33)
Evolution Part 8(ii): Valuation - FCF multiple (5:35)
Evolution Part 8(iii): Valuation - 2020 PAT & Valuation (10:08)
Evolution Part 8(iv): Valuation - Stress test (2:37)
Evolution Part 8(v): Valuation - Summary (8:22)
Evolution Part 9: Capital allocation (6:45)
Evolution: 2024 Update & Valuation (As Of Late Mar 2025) (3:03)
Evolution: Full Research PDF (March 2021)
Evolution: Capital allocation PDF (July 2022)
Evolution: Earnings update 2021 Q2 (13:56)
Evolution: Earnings update 2021 Q3
Evolution: Earnings update 2021 Q4
Evolution: Earnings update 2022 Q1
Evolution: Earnings update 2022 Q2
Evolution: Earnings update 2022 Q3
Evolution: Earnings update 2022 Q4
Evolution: Earnings update 2023 Q1 - Continued Growing Well & Profitably, With Competitive Advantages From New Games & Smart Lobby, But No Buybacks
Evolution: Earnings update 2023 Q2 - Growing Well (Except RNG) & Profitably, With No Excess Cash For Buybacks Now
Evolution: Earnings update 2023 Q3 - Business As Usual, With Upcoming Higher Tax Rate in 2024
Evolution: Earnings update 2023 Q4 - Business As Usual (High Growth At High ROCE)
Evolution: Earnings update 2024 Q1 - Business As Usual (High Growth At High ROCE)
Evolution: Earnings update 2024 Q2 - Business As Usual, With Clearer Capital Allocation Policies
Evolution: Earnings update 2024 Q3 - Business As Usual - Growing Well, With Recovering Margins & Some Buybacks (>1.3%)
Evolution: Earnings update 2024 Q4 - Growing Revenue Well (+15%), With Lower Profitability But Higher ROCE (30%), While Increasing Buybacks (~3% Of Shares) To Return Almost All OCF
Evolution: Earnings update 2025 Q1 - Operational & Regulatory Issues Led To Slowing Revenue Growth (+4% y/y, or -2% q/q) & Lower Profitability, Although Management Kept Full Year Margin Target & Optimistic About Future, With Ongoing Share Repurchase
Evolution: Earnings update 2025 Q2 - Still Navigating Existing Operational Challenges, With Revenue Growing 3% y/y & Management Keeping Full Year EBITDA Margin Target, With Ongoing Share Repurchase
Evolution: Earnings update 2025 Q3 - Revenue Dropped (-2% Y/Y/ -3% Q/Q) Due To Ongoing Asia Challenges (Cyberattack & Regulations), But Cost Control Improved Margins Q/Q, With Company Continuing Buybacks (1.2% Of Shares)
Evolution: Useful resources

Adyen NV (AMS: ADYEN)

Adyen Part 1: Summary overview (32:24)
Adyen Part 2: Introduction (Full video) (64:31)
Adyen Part 2(i): Introduction - Overview (6:20)
Adyen Part 2(ii): Introduction - Payments 101 & Adyen's role in the value chain (7:32)
Adyen Part 2(iii): Introduction - Why merchants go with Adyen (6:21)
Adyen Part 2(iv): Introduction - Adyen's products (5:59)
Adyen Part 2(v): Introduction - Adyen's global scale, payment methods (3:14)
Adyen Part 2(vi): Introduction - Customers (5:48)
Adyen Part 2(vii): Introduction - Target market & verticals (4:57)
Adyen Part 2(viii): Introduction - Value to enterprise retail customers (4:00)
Adyen Part 2(ix): Introduction - Value to enterprise platform & marketplace customers (3:56)
Adyen Part 2(x): Introduction - Value to mid-market customers (1:08)
Adyen Part 2(xi): Introduction - History & licenses (4:38)
Adyen Part 2(xii): Introduction - Revenue & pricing models (5:25)
Adyen Part 2(xiii): Introduction - Growth drivers (3:27)
Adyen Part 2(xiv): Introduction - Fundraising prior to IPO (1:40)
Adyen Part 3: Moats & competitive advantages (Full video) (57:25)
Adyen Part 3(i): Moats - Overview (7:59)
Adyen Part 3(ii): Moats - Intangibles (Technology - Part 1) (8:41)
Adyen Part 3(iii): Moats - Intangibles (Technology - Part 2) (8:16)
Adyen Part 3(iv): Moats - Intangibles (Culture/ System) (6:49)
Adyen Part 3(v): Moats - Intangibles (System) (3:22)
Adyen Part 3(vi): Moats - Intangibles (Management) (3:08)
Adyen Part 3(vii): Moats - Network effect (4:59)
Adyen Part 3(viii): Moats - Cost leadership (2:28)
Adyen Part 3(ix): Moats - Difficulty in replicating Adyen (4:34)
Adyen Part 3(x): Moats - Summary (5:40)
Adyen Part 3(xi): Moats - Competitive disadvantage (1:23)
Adyen Part 4: Industry & competition (Full video) (33:00)
Adyen Part 4(i): Industry & competition - Crash course into the payments industry history (6:01)
Adyen Part 4(ii): Industry & competition - Market size & growth (3:19)
Adyen Part 4(iii): Industry & competition - Competitive landscape & industry consolidation (2:46)
Adyen Part 4(iv): Industry & competition - Different players in the broad payments landscape (4:47)
Adyen Part 4(v): Industry & competition - Payment methods & gateways (2:14)
Adyen Part 4(vi): Industry & competition - Acquirers & others (Part 1) (5:48)
Adyen Part 4(vii): Industry & competition - PPRO (A direct modern competitor) (2:55)
Adyen Part 4(viii): Industry & competition - Acquirers & others (Part 2) (5:05)
Adyen Part 5: Risks (Full video) (13:03)
Adyen Part 5(i): Risks - Standard technology company risks (4:29)
Adyen Part 5(ii): Risks - Other risks (Part 1) (5:09)
Adyen Part 5(iii): Risks - Other risks (Part 2) (3:23)
Adyen Part 6: Management (Full video) (20:49)
Adyen Part 6(i): Management - Overview of management (2:53)
Adyen Part 6(ii): Management - Story of founding (2:23)
Adyen Part 6(iii): Management - Management details (3:18)
Adyen Part 6(iv): Management - Compensation & share ownership (5:18)
Adyen Part 6(v): Management - Glassdoor ratings (1:02)
Adyen Part 6(vi): Management - Management attitude & capital allocation (5:51)
Adyen Part 7: Financials (Full video) (25:21)
Adyen Part 7(i): Financials - Overview, transaction volumes & take rate (3:10)
Adyen Part 7(ii): Financials - Gross & net revenues & their breakdown (2:41)
Adyen Part 7(iii): Financials - Profitability & growth in revenues & costs (2:36)
Adyen Part 7(iv): Financials - Operating costs & tax rate (2:31)
Adyen Part 7(v): Financials - Return on capital (4:46)
Adyen Part 7(vi): Financials - Operating leverage (1:40)
Adyen Part 7(vii): Financials - Balance sheet, working capital & share count (2:08)
Adyen Part 7(viii): Financials - Operating & free cash flows (3:37)
Adyen Part 7(ix): Financials - Mid to long term guidance (2:07)
Adyen Part 8: Valuation (Full video) (27:14)
Adyen Part 8(i): Valuation - Overview & pricing (3:23)
Adyen Part 8(ii): Valuation - Estimating the multiple to pay based on certain projections (10:07)
Adyen Part 8(iii): Valuation - Estimating the range of enterprise values (4:58)
Adyen Part 8(iv): Valuation - Stress test (2:54)
Adyen Part 8(v): Valuation - Summary (5:51)
Adyen Part 9: Capital allocation (5:58)
Adyen: 2024 Update & Valuation (As Of Late Mar 2025) (3:18)
Adyen: Full Research PDF (Oct 2020)
Adyen: Capital Allocation PDF (Jun 2022)
Adyen: The Truly Global Payments Company - Thesis (Feb 2021)
Adyen: Earnings update 2020 H2 (23:28)
Adyen: Earnings update 2021 H1
Adyen: Earnings update 2021 H2
Adyen: Earnings update 2022 H1 – Strong Resilient Growth With Accelerated Hiring In Tough Times When Others Were Cutting Down Expenses
Adyen: Earnings update 2022 H2
Adyen: Earnings update 2023 H1 - Revenue Slowdown & Profitability Decline Due To Accelerated Hiring; Is Adyen Undervalued After A 40% Price Crash?
Adyen: Earnings update 2023 H2 - Profitability Started Recovering After 2-Year Accelerated Investment Period; But Valuation Still Rich
Adyen: Earnings update 2024 H1 - Business As Usual - High Growth (With Recovering Profitability After Previous Accelerated Hirings) At High ROCE (20%), Although Not Returning Any Capital
Adyen: Earnings update 2024 H2 - Grew Well (Revenue +23%) At High ROCE (~20%), With Recovering Profitability After Previous Accelerated Hirings, While Using AI To Improve Solutions & Retaining Excess Capital (~88% Of OCF) After Capex To Maintain Strong Balance Sheet
Adyen: Earnings update 2025 - Grew Well With Recovering Profitability (Revenue +18%, EBIT +25%) At High ROCE (25%). Invested In New Foundational Layer To Leverage On AI & Prepare For Agentic Commerce. Stock Crashed >20% After A Reduced 2026 Revenue & EBITDA Guidance, With OE Yield At ~4.5%

StoneCo Ltd (NASDAQ: STNE)

StoneCo Part 1: Summary overview (27:24)
StoneCo Part 2: Introduction (Full video) (93:14)
StoneCo Part 2(i): Introduction - Overview (9:01)
StoneCo Part 2(ii): Introduction - Problems faced by merchants (5:57)
StoneCo Part 2(iii): Introduction - Solutions offered by StoneCo (5:52)
StoneCo Part 2(iv): Introduction - The Stone Business Model (Overview) (2:16)
StoneCo Part 2(v): Introduction - The Stone Business Model (Technology platform) (10:06)
StoneCo Part 2(vi): Introduction - The Stone Business Model (Hyperlocal distribution) (2:59)
StoneCo Part 2(vii): Introduction - The Stone Business Model (On-demand service) (3:47)
StoneCo Part 2(viii): Introduction - Ecosystem & target market (3:56)
StoneCo Part 2(ix): Introduction - Targeting micro-merchants with Grupo Globo (4:05)
StoneCo Part 2(x): Introduction - Multi-product strategy (1:11)
StoneCo Part 2(xi): Introduction - Software solutions & strategy (10:06)
StoneCo Part 2(xii): Introduction - ABC platform + software strategy (3:16)
StoneCo Part 2(xiii): Introduction - Prepayment solutions (5:17)
StoneCo Part 2(xiv): Introduction - Banking solutions & strategy (7:22)
StoneCo Part 2(xv): Introduction - Credit solutions & strategy (5:14)
StoneCo Part 2(xvi): Introduction - Revenue model & pricing strategy (4:50)
StoneCo Part 2(xvii): Introduction - Foundation for flywheel & growth drivers (7:50)
StoneCo Part 3: Moats & competitive advantages (Full video) (75:48)
StoneCo Part 3(i): Moats - Overview (5:17)
StoneCo Part 3(ii): Moats - Intangibles (Management - Overview) (7:59)
StoneCo Part 3(iii): Moats - Intangibles (Management - Capital allocation) (24:58)
StoneCo Part 3(iv): Moats - Intangibles (Distribution moat) (8:45)
StoneCo Part 3(v): Moats - Intangibles (Branding) (2:29)
StoneCo Part 3(vi): Moats - Intangibles (System - Stone Business Model) (3:37)
StoneCo Part 3(vii): Moats - Intangibles (Technology) (2:11)
StoneCo Part 3(viii): Moats - Cost advantage (2:55)
StoneCo Part 3(ix): Moats - Switching costs (2:50)
StoneCo Part 3(x): Moats - Network effect (3:11)
StoneCo Part 3(xi): Moats - Intangibles (Culture) (6:47)
StoneCo Part 3(xii): Moats - Summary & replicating StoneCo (4:45)
StoneCo Part 4: Industry & competition (Full video) (23:33)
StoneCo Part 4(i): Industry & competition - Market overview & runway (4:18)
StoneCo Part 4(ii): Industry & competition - Market size & market share (2:34)
StoneCo Part 4(iii): Industry & competition - Market structure & dynamics (1:53)
StoneCo Part 4(iv): Industry & competition - Competitive landscape (3:02)
StoneCo Part 4(v): Industry & competition - Modern competitors (5:42)
StoneCo Part 4(vi): Industry & competition - Traditional competitors (2:52)
StoneCo Part 4(vii): Industry & competition - Management's views on competition (3:08)
StoneCo Part 5: Risks (Full video) (15:46)
StoneCo Part 5(i): Risks - Summary (5:42)
StoneCo Part 5(ii): Risks - Foreign exchange risks (2:59)
StoneCo Part 5(iii): Risks - Execution risks (1:37)
StoneCo Part 5(iv): Risks - Regulatory risks (1:48)
StoneCo Part 5(v): Risks - Macroeconomic risks (3:38)
StoneCo Part 6: Management (Full video) (20:22)
StoneCo Part 6(i): Management - Overview of BOD & management (3:33)
StoneCo Part 6(ii): Management - Board of directors (3:05)
StoneCo Part 6(iii): Management - Management (3:14)
StoneCo Part 6(iv): Management - Glassdoor ratings (0:33)
StoneCo Part 6(v): Management - Share ownership (1:55)
StoneCo Part 6(vi): Management - Compensation (1:56)
StoneCo Part 6(vii): Management - Capital allocation & management attitude (6:02)
StoneCo Part 7: Financials (Full video) (34:06)
StoneCo Part 7(i): Financials - Total payment volume (TPV), take rate & growth (3:32)
StoneCo Part 7(ii): Financials - Revenue breakdown & profit margins (1:53)
StoneCo Part 7(iii): Financials - Number of users & employees (2:13)
StoneCo Part 7(iv): Financials - Costs & operating leverage (4:49)
StoneCo Part 7(v): Financials - Funding costs of lending business & tax rate (2:46)
StoneCo Part 7(vi): Financials - Return on capital (2:24)
StoneCo Part 7(vii): Financials - Assets & liability (1:56)
StoneCo Part 7(viii): Financials - Debt & net cash (3:06)
StoneCo Part 7(ix): Financials - Operating & free cash flows (7:30)
StoneCo Part 7(x): Financials - Free cash flows conversion (3:51)
StoneCo Part 8: Valuation (Full video) (29:47)
StoneCo Part 8(i): Valuation - Overview & pricing (2:38)
StoneCo Part 8(ii): Valuation - Growth in profits & equity value to hit a certain IRR (5:47)
StoneCo Part 8(iii): Valuation - Assumptions required to hit target 2025 profit (6:31)
StoneCo Part 8(iv): Valuation - Reasonableness of assumptions (4:13)
StoneCo Part 8(v): Valuation - Investor return if projections are lower (1:40)
StoneCo Part 8(vi): Valuation - Stress test (4:21)
StoneCo Part 8(vii): Valuation - Summary (4:33)
StoneCo: 2024 Update & Valuation (As Discussed In MRS Meetup 2025 Apr) (7:02)
StoneCo: Full Research PDF (October 2020)
StoneCo: Financials Excel (November 2021)
StoneCo: Earnings update 2020 Q4 (22:21)
StoneCo: Earnings update 2021 Q1
StoneCo: Earnings update 2021 Q2
StoneCo: Earnings update 2021 Q3 (14:14)
StoneCo: Earnings update 2021 Q4 - Why Had Its Share Price Crashed >90% & What’s Next?
StoneCo: Earnings update 2022 Q1 - Strong Growing Core Business With Recovering Profitability, But Uncertainties With Execution & Capital Allocation
StoneCo: Earnings update 2022 Q2 - Strong Revenue Growth, With Ongoing Repricing Initiatives & Improving Profitability, But CFO Departure
StoneCo: Earnings update 2022 Q3 - Strong Revenue Growth, Improving Profitability (From Repricing & Soon Operating Leverage), Opportunities From Banking & Credit, With Management Change
StoneCo: Earnings update 2022 Q4 - Growing Fast, With Improving Profitability & Bright Long Term Prospects
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)
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)
StoneCo: Earnings update 2023 Q3 - Continued Strong Growth & Improving Profitability; Started Allocating Some Capital To Buybacks Amidst Strong Cash Flows
StoneCo: Update - 2023 Nov Investor Day (With 2027 Targets)
StoneCo: Update - Berkshire Hathaway Exited Full Position In StoneCo In Late 2023
StoneCo: Earnings update 2023 Q4 - Robust Growth (With Improving Focus & Profitability), Ramping Up Credit Business Cautiously, With Minor Repurchase & BOD Changes
StoneCo: Earnings update 2024 Q1 - Business As Usual - Growing Well With Improving ROCE
StoneCo: Earnings update 2024 Q2 - Business As Usual - Growing Well With Improving ROE (15.6%); Restarted Some Buybacks (4% Of Shares)
StoneCo: Earnings update 2024 Q3 - Continued Growing, With Improving ROE (16.6%), While Deploying Capital To Credit Business & Buybacks (3% Of Shares) & Evaluating Potential Sale Of Software Business
StoneCo: Earnings update 2024 Q4 - Growing Well (Clients +19%, TPV +18%, Gross Profit +22%) With Growing Market Share & ROE, & Updating Strategy To Focus More On Financial Services (& Not Software), With Refined Capital Allocation Including More Buybacks (8%+ Of Shares)
StoneCo: Earnings update 2025 Q1 - Grew Well (MSMB Clients & TPV +17%, Gross Profit +19%, PBT +22%), With Improving ROE (23.5% Pre-Tax), While Repurchasing 5% Of Shares (& Potentially Much More If It Sells Linx)
StoneCo: Earnings update 2025 Q2 - Divested Software to Focus on Core Financial Business (With A Growing 30% ROE) & Unlock Value, Grew Profit Well Amidst Brazil Economy Softness (Adj. PBT +13%), While Continuing To Return Excess Capital (2% Of Shares)
StoneCo: Earnings update 2025 Q3 - Slower But Resilient Growth (Gross Profit +12% Y/Y, PBT +9%) Amidst Market Slowdown, Coupled With Capital Optimisation (Including Buyback Of 2% Of Shares) Further Expanded Overall ROE (To 24%) & Financial ROE (To 33%)
StoneCo: Earnings update 2025 - Holding Up Amidst Tough Macro & Competition, With Gross Profit +14% Y/Y, PBT +12%, EPS +32%, With High ROE (26%). Linx Sale Completed, With Company Planning To Return A Massive BRL 5B Of Excess Capital In 2026 (~25% Of Market Cap), After Buying Back 14% Share In 2025
StoneCo Q&A - Net cash, unit economics, acquisitions & revenue from transactions [Max, Nov 2021]
StoneCo Q&A - Risks & economics of PIX payment method [Thuvarakan & Derek, Nov 2021]
StoneCo - Response From Management (26 Nov 2022): Banking revenue
StoneCo: Useful resources

Bank OZK (NASDAQ: OZK)

Bank OZK Part 1: Overview (22:27)
Bank OZK: 2024 Update & Valuation (As Of Late Mar 2025) (3:11)
Bank OZK: Full Research PDF
Bank OZK: Financials Excel (Nov 2021)
Bank OZK: Stress test (Mar 2020)
Bank OZK: Update June 2020 (18:02)
Bank OZK: Earnings update 2020 Q1
Bank OZK: Earnings update 2020 Q2 (16:35)
Bank OZK: Earnings update 2020 Q3 (13:05)
Bank OZK: Earnings update 2020 Q4 (14:23)
Bank OZK: Earnings update 2021 Q1 (19:50)
Bank OZK: Earnings update 2021 Q2
Bank OZK: Earnings update 2021 Q3
Bank OZK: Earnings update 2021 Q4
Bank OZK: Earnings update 2022 Q1
Bank OZK - What Long Term Returns Could You Expect From Investing In Bank OZK? [2022 Q2]
Bank OZK: Earnings update 2022 Q3
Bank OZK: Earnings update 2022 Q4
Bank OZK - Earnings update 2023 Q1 - Strong Growth, With Strong Capital Position (Amidst Banking Turmoil) & Active Share Repurchase
Bank OZK: Earnings update 2023 Q2 - Grew Very Well As Competitors Shrank (Showing Its True Quality), With ~1.7% Buyback
Bank OZK: Earnings update 2023 Q3 - Business as usual
Bank OZK: Earnings update 2023 Q4 - Business As Usual - High Growth In 2023, With Expected Slowdown in 2024
Bank OZK: Earnings update 2024 Q1 - Business As Usual
Bank OZK: Earnings update 2024 Q2 - Business As Usual
Bank OZK: Earnings update 2024 Q3 - Business As Usual
Bank OZK: Earnings update 2024 Q4 - Business As Usual - Grew PPNR by 4%, With High ROTE Of 16%, While Returning Some Capital Via Dividends
Bank OZK: Earnings update 2025 Q1 - Net Interest Income & Profit Dropped, Amidst Declining NIM, With ROTE Dropping To 14%, While Company Repurchased 0.8% Of Shares (After The Quarter)
Bank OZK: Earnings update 2025 - Continued Tough Environment In 2025 Expected To Continue In 2026, With Growth From 2027 Onwards, While The Company Continued To Earn Decent ROTE (14%), & Return Capital (3% Buybacks, & Increased Dividends), With Latest TBV At $46.5

The Not So Sexy Secrets of Investing Webinar (21 Oct 2021)

1. Introduction, undervalued StoneCo & reverse valuation (34:25)
2. "Not So Sexy" Secrets of Investing - Insurance, options & our investment results (52:17)
3. "Not So Sexy" Secrets of Investing - Tax & Leakage (22:44)
4. Our investing framework and educational programs (25:48)
5. Q&A session & investment returns of MRS companies (39:54)

Teach online with

HDFC Bank: Mid 2026 Update - Three Years Since The Merger (With HDFC Ltd), Its ROE Continued Declining, To ~14% (From ~17% Pre-Merger). Has It Been Losing Its Branding Or Market Share, Or Has The Underperformance Been Industry Wide?

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