Eric DeLamarter and Brandon Carnovale of Half Moon Capital presented their investment thesis on Lyft (Nasdaq: LYFT) at Wide-Moat Investing Summit 2025.

Thesis summary:

Lyft is gaining market share following the implementation of various initiatives by its newer CEO, David Risher. Over the last year, Lyft has emerged as a price winner with superior ETAs. Risher has led a successful turnaround to stabilize US Mobility and now has the foundation to expand into new services and geographies.

Eric and Brandon expect Lyft will win a Waymo partnership in the nearer term or be acquired by Amazon.

LYFT’s valuation discounts these favorable developments and assumes a significant risk of disintermediation. However, Eric and Brandon see autonomous vehicle companies pursuing a partnership approach, which would be net beneficial to Lyft.

The above events, among other catalysts, should result in upside for the stock.

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About the instructor:

Eric DeLamarter is the PM of New York-based Half Moon Capital–research intensive, fundamental-oriented, long/ short partnership which invests across various sectors and markets with a focus on small-mid cap companies and special situations. Half Moon Capital seeks to differentiate through a deep research process, independence and ability to uncover original investments with a catalyst. Prior to Half Moon Capital, Eric worked in private equity, investment banking and equity research. Eric holds an MBA from Columbia Business School and a BA from the University of Michigan.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Arvind Mallik and Jonathon Fite of KMF Investments presented their thesis on Topgolf Callaway Brands (US: MODG) at Wide-Moat Investing Summit 2025.

Thesis summary:

Topgolf Callaway is a market leader uniquely positioned within the evolving “Modern Golf” ecosystem. Originally founded in 1982, the company today dominates with top-tier brands across golf equipment (Callaway, Odyssey), apparel (TravisMathew, Jack Wolfskin), and experiential venues (Topgolf). Topgolf, which now accounts for 41% of revenue, offers compelling unit economics, delivering 50-60% cash returns and significant venue growth potential, targeting expansion from approximately 100 venues today to over 200 in the future.

Despite impressive underlying economics, MODG shares recently traded at depressed levels around $8 due to a cyclical downturn affecting consumer discretionary spending, especially impacting same-venue sales at Topgolf. Nevertheless, external rankings continue to highlight Topgolf’s strong competitive positioning, notably in categories like fun, atmosphere, and food & beverage, underscoring its sustainable moat. Additionally, Callaway’s golf equipment segment maintains oligopolistic dominance with a market-leading 35% share, benefiting from scale-driven R&D advantages and strong consumer loyalty.

Accounting complexities tied to Topgolf’s REIT financing have obscured MODG’s financials, making the company appear optically more leveraged than reality suggests. Properly adjusting for these nuances, MODG is valued conservatively at approximately $15 per share based on adjusted free cash flow, while a sum-of-the-parts analysis yields a valuation exceeding $23 per share. Catalysts expected to unlock this value include the planned separation of the Topgolf and Callaway segments, an operational rebound at venues, and moderating macroeconomic headwinds. Recent insider buying further supports confidence in the underlying value, suggesting substantial upside potential from current trading levels.

Access Arvind and Jonathon’s original presentation on Topgolf Callaway (2024).

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About the instructors:

Arvind Mallik is a Managing Partner of KMF Investments, a pure Pay-for-Performance Private Investment Partnership based in Denton, Texas. KMF seeks long-term capital appreciation by investing in companies whose intrinsic value is significantly higher than the market price. Since its founding in 2008, KMF has found opportunities in world dominating franchises, hard assets below replacement costs, businesses at large discounts to liquidation value, and firms with beneficial exposure to rising interest rates. Prior to founding KMF Investments, Mr. Mallik was a Senior Manager in the Strategy practice of Accenture. At Accenture, he helped global companies formulate and execute strategies to enter new markets, develop innovative new services and solutions, and reduce their operating costs to improve shareholder returns. Mr. Mallik obtained a BS in Chemical Engineering and BS in Bioengineering from UC Berkeley, and an MS in Chemical Engineering from MIT. He graduated with highest honors from both institutions.

Jonathon Fite is a Managing Partner of KMF Investments, a pure Pay-for-Performance Private Investment Partnership based in Denton, Texas.KMF seeks long-term capital appreciation by investing in companies whose intrinsic value is significantly higher than the market price. Since its founding in 2008, KMF has found opportunities in world dominating franchises, hard assets below replacement costs, businesses at large discounts to liquidation value, and firms with beneficial exposure to rising interest rates.Prior to founding KMF Investments, Mr. Fite was a Senior Manager in the Strategy practice of Accenture, where he helped companies improve shareholders returns. He is also a Lecturer for the College of Business at the University of North Texas. Mr. Fite graduated with honors from the University of Arkansas with a BS and MS in Industrial Engineering.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Boeing (NYSE: BA) at Wide-Moat Investing Summit 2025.

Thesis summary:

Boeing presents a classic turnaround opportunity, driven by recent managerial and strategic changes aimed at addressing significant cultural and operational issues stemming from previous leadership. Since 2018, Boeing faced considerable setbacks due to poor decision-making, excessive financial focus, and deteriorating machinist relations, culminating in major losses and substantial cash burn. Notably, Boeing delivered an average of only 370 aircraft annually post-2018, sharply below its peak of 806 deliveries in 2018. This turbulence, combined with struggles in its defense business, led Boeing to accumulate approximately $36 billion in negative free cash flow over the period.

However, Boeing’s core competitive advantages remain robust, reinforced by its entrenched duopoly position with Airbus in commercial aviation. The significant backlog of over 6,000 aircraft, strong switching costs for airlines, regulatory barriers, and massive scale needed for R\&D and manufacturing underscore Boeing’s intact moat. New CEO Kelly Ortberg, appointed in August 2024 with an engineering rather than financial background, marks a deliberate shift towards quality and operational excellence. Boeing is also set to enhance control over its supply chain with the planned acquisition of Spirit AeroSystems in mid-2025.

The path to recovery hinges on Boeing’s ability to incrementally ramp up production—particularly the critical 737 MAX—and stabilize its defense segment by renegotiating challenging contracts and improving execution. Boeing recently traded at approximately $165 per share, reflecting cautious market sentiment given its recent history. Yet, a successful turnaround could lead to a substantial valuation rerating, with potential intrinsic values ranging between $250 (base scenario) and $300 (bull scenario) per share by the early 2030s, supported by normalized free cash flow and profitability metrics.

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About the instructor:

Dave Sather is a CFP and the CEO of Sather Financial Group, a $1.8 billion firm managing individual accounts headquartered in Texas. Dave has degrees in business from Texas Lutheran University and Texas A&M University. Dave serves on the Board of Regents at Texas Lutheran University, chairing the Investment Committee. He developed and teaches the Bulldog Investment Company internship at Texas Lutheran University (www.BulldogInvestmentCo.com). This student managed investment fund has compounded at 15.4% per year over the last 15 years outperforming the S&P 500 by 264 percentage points. Recently, the program was recognized as the top student led business program by the Accreditation Council for Business Schools and Programs, which oversees more than 1,200 programs internationally. Dave also created and runs the Big Dog Endowment program (www.BigDogEndowment.com) , also at TLU, which teaches analytical and business skills for non-profit and philanthropic endeavors.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Aman Budhwar of PenderFund Capital Management presented his investment thesis on Addus HomeCare (Nasdaq: ADUS) at Wide-Moat Investing Summit 2025.

Thesis summary:

Addus HomeCare is a well-positioned provider of home-based care services, serving approximately 45,600 patients across 23 U.S. states. Founded in 1979 and managed by the current team since 2016, Addus specializes in personal care, hospice, and home health segments. The company benefits from favorable long-term trends, including an aging U.S. population, increasing preference for cost-effective home-based care solutions, and a healthcare landscape shifting towards managed care, which favors larger, experienced providers. With 84% of its revenues from government programs, Addus enjoys a non-discretionary, stable demand profile.

The company’s personal care segment, constituting roughly three-quarters of total revenue and profit, has consistently delivered high-single-digit organic growth, supported by favorable pricing dynamics and margin improvements. Recent acquisitions, including the notable $350 million purchase of Gentiva’s personal care business at 6.5x EV/EBITDA multiple, have further solidified Addus’s market-leading position. While hospice operations experienced temporary disruptions during the COVID-19 pandemic, a recovery is underway, supported by leadership enhancements and increasing integration with the home health segment.

Despite regulatory concerns around Medicaid reimbursements and healthcare policy, Addus faces limited exposure to major risks, as management expects regulatory changes to be either neutral or beneficial. Its geographically diversified footprint further mitigates potential state-level funding risks. Operational efficiency, disciplined capital allocation, and accretive acquisitions underpin its sustainable growth strategy.

From a valuation perspective, Addus recently traded at approximately $115 per share, implying substantial upside to an estimated intrinsic value of $147 per share, based on a discounted cash flow analysis incorporating conservative mid-single-digit growth assumptions and margin expansion driven by operating leverage. With additional potential from prudent acquisitions and its strong defensive earnings profile, Addus represents an appealing investment opportunity with a clear growth runway and manageable risk profile.

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About the instructor:

Aman Budhwar is a Portfolio Manager at PenderFund Capital Management, a firm he joined in February 2022. Aman is passionate about capital markets and has over 25 years of experience in the field of global and emerging market equity research, analysis and stock-picking. Prior to joining Pender, Aman held Senior Equity Analyst positions at leading Canadian fund and asset management firms. Prior to that, he began his career as an Investment Correspondent for India’s leading business daily, where he wrote full-page cover pieces that helped establish a loyal readership. He also worked with a domestic stockbroker in Mumbai before immigrating to Canada in 2001. Throughout his career, Aman has pursued investment opportunities with a long term, differentiated view. He takes a methodical approach to investing and likes to assess both the potential bull and bear cases as well as the probability of each before committing capital to an investment. Over the years, he has developed a process to help identify long term compounders by focusing on key attributes such as a sustainable competitive advantage, high returns on capital, and an attractive free cash flow yield. Aman holds a Bachelor of Commerce from Garhwal University in India and an MBA from the Institute of Management Technology in India. He earned his Chartered Financial Analyst (CFA) designation in 2004. In his free time, he enjoys an active lifestyle, traveling and spending time with his family.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Julio Utrera of Southeastern Asset Management presented his investment thesis on Allfunds (Netherlands: ALLFG) at Wide-Moat Investing Summit 2025.

Thesis summary:

Allfunds is a competitively advantaged, founder-operated leader in the global fund distribution market, presenting a compelling value proposition through its asset-light, high cash flow-generating business model. With approximately €1.5 trillion in assets under administration (AUA), Allfunds commands a leading global position, benefitting significantly from strong network effects, high client stickiness, and substantial brand equity. The company boasts virtually 100% renewal rates from both distributors and fund providers, underscoring the reliability and essential nature of its offering.

Despite its robust fundamentals, Allfunds recently traded at a meaningful discount, primarily due to a shareholder overhang stemming from private equity interests seeking exit opportunities. This has created a temporary mispricing, offering investors an attractive entry point. A clear valuation floor was established by a hostile takeover attempt at €8.75 per share in early 2023, significantly above the current trading levels of around €6 per share.

Financially, Allfunds is projected to generate €647 million in revenue and €420 million EBITDA in 2025, reflecting an EV/EBITDA multiple of 8.8x and a free cash flow yield of approximately 8.1%. Management is highly aligned with minority shareholders, evidenced by consecutive share buybacks initiated since 2023. Given its sustained double-digit value growth and strategic positioning as a misunderstood infrastructure play rather than an asset manager, the stock offers upside potential exceeding 50% from recent trading levels.

While sensitivity to market movements presents some risk, Allfunds continues to diversify its revenue streams, notably through growth in subscription-based and alternative product offerings. Regulatory risks and client concentration concerns are mitigated through proactive contractual strategies, further reinforcing the attractiveness of the investment thesis.

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Julio Utrera, CFA serves as Senior Analyst at Southeastern Asset Management. He joined Southeastern’s London Office as an Analyst in 2021. He previously held public and private equity investment research roles in T. Rowe Price International Equities and AnaCap Financial Partners. Prior to that, he was an M&A Analyst at J.P. Morgan’s Investment Banking division in London. Mr. Utrera received his bachelor’s degree in Business Administration and Finance from C.U.N.E.F University and a master’s degree in Value Investing from OMMA Business School, as well as holding the CFA Certificate in ESG Investing.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Stefan Ćulibrk of Highway One Asset Management presented his investment thesis on Ryanair (Ireland: RYA, US: RYAAY) at Wide-Moat Investing Summit 2025.

Thesis summary:

Ryanair stands out as a best-in-class, low-cost airline that has managed exceptional growth and capital efficiency in an industry known for intense capital expenditures and high leverage. Unlike its peers — such as IAG, Lufthansa, and Air France-KLM, which have significantly increased share counts and accumulated substantial debt to finance fleet expansions — Ryanair has uniquely reduced its share count and maintained a net cash position, recently boasting a negative net debt/EBITDA ratio of -0.4x, indicative of its robust balance sheet strength.

Ryanair’s disciplined, low-cost model benefits from a combination of factors, including complete aircraft ownership, efficient operational management, and a relentless focus on cost control driven by its fanatically committed owner-operator culture. This operational model has enabled Ryanair to achieve consistently superior ROCE, outperforming competitors. Furthermore, Ryanair’s ability to sustainably charge higher average fares while maintaining low costs positions the company advantageously amid rising European emissions trading scheme (ETS) costs, which disproportionately affect rivals.

The competitive landscape further amplifies Ryanair’s strategic advantage. With Boeing and Airbus fully booked for the next decade, competitors are constrained from swiftly expanding their fleets. At the same time, competitors like Wizz Air are incrementally shifting away from Europe, reducing direct competitive pressures within Ryanair’s core market. Ryanair is expected to capitalize on this environment, significantly increasing net profit per passenger beyond previous peaks, supported by stable and growing market share in the European airline market.

Despite industry nuisances and macroeconomic risks — including oil price volatility, economic cycles, and environmental regulations — Ryanair’s resilient operating model, strong financial position, and pricing power make it an attractive investment, particularly in a sector otherwise characterized by significant capital intensity and cyclical challenges.

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Stefan Ćulibrk invests on behalf of Highway One Fund in a select group of publicly-listed businesses that either are or have the potential to become world-class. Before starting Highway One, Stefan managed his family’s investments and worked at Bank of America Merrill Lynch’s London office.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Todd Wenning of KNA Capital Management presented his investment thesis on Howden Joinery (UK: HWDN) at Wide-Moat Investing Summit 2025.

Thesis summary:

Howden Joinery is an idiosyncratic, best-in-class UK-based supplier of kitchens and joinery with a powerful and defensible economic moat built on a unique, trade-only business model. The company operates in the GBP 11 billion UK kitchen market, focusing exclusively on supporting small, independent builders and installers (“tradespeople”). The core of the investment thesis is that the market underappreciates the strength and resilience of Howdens’ interconnected competitive advantages, which have allowed it to consistently gain market share and generate attractive returns in a cyclical industry. The company’s culture, growth avenues, and shareholder-friendly management team are not fully reflected in its current valuation.

The company’s moat is multi-faceted, stemming from a business model designed to make its trade customers more successful. The cornerstone is a decentralized network of over 870 depots, which are run as independent businesses by empowered local managers. These managers are highly incentivized, earning a share of their depot’s profits, which fosters an entrepreneurial culture and results in extremely low manager turnover. This dense depot network creates powerful network effects and logistical advantages, ensuring product is always in stock and close to job sites. This reliability, combined with services like free kitchen design and short-term credit, creates high switching costs for tradespeople, whose livelihoods depend on the speed and efficiency Howdens provides. These advantages are reinforced by low-cost production, achieved through scale and vertical integration.

Beyond its entrenched UK position, Howdens has multiple levers for long-term growth. The company sees a clear path to expanding its UK depot footprint to approximately 1,000 locations while also updating its existing estate to improve efficiency and customer experience. Growth will also be driven by moving upmarket into higher-priced kitchen ranges and expanding into adjacent product categories, such as the recently launched fitted bedroom line, which leverages the company’s core competency in cabinetry and its existing distribution network. While the international expansion into France has been challenging, it is being reset with a more focused strategy, and the success in Ireland demonstrates the model’s portability. Further European expansion represents a significant long-term optionality that appears to be undervalued by the market.

Led by a thoughtful management team that perpetuates a “founder’s pedigree” and a stakeholder-focused culture, Howdens has demonstrated a commitment to being “worthwhile for all concerned.” This approach supports the anti-fragility of the business. At a recent price of GBP 8.74, the market appears to be overly focused on near-term cyclical headwinds in the UK housing market and the mixed results in France. The valuation fails to fully credit the quality of the core business, its flywheel-like characteristics, and the multiple paths to future value creation. The base case suggests a value of GBP 12 per share, indicating that significant upside exists as the market recognizes the durability and growth potential of this unique enterprise.

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Todd Wenning is the President and CIO of KNA Capital Management, based in Cincinnati, Ohio. Before founding KNA Capital, Todd spent eight years on the buyside with Ensemble Capital and Johnson Investment Counsel. Prior to that, Todd was a sell-side analyst with Morningstar where he served as the head of the equity stewardship methodology. Earlier in his career, Todd worked for The Motley Fool, SunTrust Asset Management, and Vanguard. Todd is the author of the Flyover Stocks newsletter and is a lecturer at The University of Dayton. He holds a BA in History from Saint Joseph’s University in Philadelphia and the Chartered Financial Analyst designation.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Kyle Campbell of Greenhaven Road Capital presented his investment thesis on Louisiana-Pacific (US: NPX) at Wide-Moat Investing Summit 2025.

Thesis summary:

Louisiana-Pacific presents a compelling investment opportunity as it transitions from a commodity-driven manufacturer to a high-margin, value-added building materials leader and is uniquely positioned to capitalize on secular housing tailwinds and operational transformation. The company’s strategic shift — converting commodity OSB mills to premium siding production and expanding its portfolio of value-added OSB products — has already driven value-add OSB from 32% to 52% of total volume over the past decade, with further growth expected.

LPX’s siding segment, anchored by the LP SmartSide and ExpertFinish brands, is a margin expansion story and is set to play out after recent capacity expansions, with research indicating segment EBITDA margins should reach or exceed 35%. The OSB business, historically cyclical, is becoming more resilient and profitable as value-added products take share, reducing exposure to commodity price swings.

LPX’s disciplined capital allocation — prioritizing high-ROI organic investments, aggressive share repurchases, and dividend growth — demonstrates strong shareholder alignment. With robust competitive moats in supply chain exclusivity, product installation efficiency, and technical sales expertise, LPX is well-insulated from new entrants. The macro backdrop of persistent U.S. housing underbuilding acts as a powerful demand catalyst, likely to overpower short-term interest rate concerns.

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Kyle Campbell is a Senior Analyst at Greenhaven Road Capital with a strong background in finance, accounting, and data analysis. Prior to joining Greenhaven Road in 2021, he was the CFO of a single-family office, where he led a comprehensive overhaul of financial reporting systems and made capital allocation decisions across both public and private investments. Before entering the finance world, Kyle spent 14 years in the US Air Force, serving in various intelligence roles that supported special operations around the globe. He holds an MBA from Columbia Business School and is a graduate of their prestigious Value Investing Program.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.