Kyle Campbell of Greenhaven Road Capital presented his investment thesis on Hagerty (US: HGTY) at Wide-Moat Investing Summit 2024.

Thesis summary:

Hagerty is the leading specialty insurance provider for classic and collector cars, partnering with nine of the top ten auto insurers in the U.S. While insurance has been the core driver of the business since its inception in 1984, the leadership team is leveraging its current dominant position in a niche industry to build a much larger company that will ultimately control the car enthusiast ecosystem.

Hagerty’s reinsurance business earns 25-35% after-tax returns on incremental invested capital. The company controls its own pricing and has consistently achieved sub-40% loss ratios, compared to an industry average of 68%. After a multi-year investment period in advance of new partnerships and products, Hagerty’s Managing General Agent segment is returning to profitability and should achieve mid-teens margins over the next couple of years.

Hagerty recently launched an online marketplace business for classic/collector cars. With a laser focus on trust and value-added services, this offering is well-positioned for years of rapid, high-margin growth.

An owner-operator with large insider ownership, heavy-weight partners (Markel and State Farm), historical financials that do not reflect underlying business reality, and a stable business with low churn that can grow for decades with no additional capital makes Hagerty an attractive investment opportunity for those willing to do the work.

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About the instructor:

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.

Rodrigo Lopez Buenrostro of KUE Capital presented his investment thesis on Rentokil Initial (UK: RTO) at Wide-Moat Investing Summit 2024.

Thesis summary:

Rentokil solves a human problem that has existed for the past 5,000 years since humans started to live in and around cities. RTO is the largest pest control business in terms of global market share. This is a boring yet extremely profitable business that grows the top line by 5-7% each year and has 30% ROEs on a consistent basis. The business model is recession-resilient, as both residential and commercial clients need to have a reliable pest control company to ensure the safety and cleanliness of where they live and work.

Every big city around the world needs a trustworthy pest control business, especially now with warmer climates, more urbanization, and more pets in houses and commercial areas. In the context of a fragmented industry, RTO has consolidated around 300 small businesses in the past ten years, including the second-largest player in the US, Terminix, which RTO bought in 2022.

The market appears to be impatient with RTO’s integration of Terminix, which has taken longer than expected. Investors apparently do not believe that current management can continue to compound earnings at an attractive level. Herein lies the opportunity to buy a long-term compounder at a wide margin of safety.

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Rodrigo Lopez Buenrostro is a Partner at Kue Capital where he invests to preserve capital over time. He currently leads the asset management division within the firm and divides his time between equity research and manager selection with a global mandate. Previously, Rodrigo worked as a summer equity analyst at SW Investments, a value-focused hedge fund in Chicago. He began his professional career as an Investment Banker at BBVA. Rodrigo is an MBA graduate from Chicago Booth Class of 2015 where he earned a concentration in Analytic Finance and was actively involved in the Investment Management community. He studied Business and Accounting at ITAM for undergraduate where he wrote his graduating thesis on hedge funds and started to invest personally. Rodrigo has always had an interest in finding the real value of assets, reading, and volunteering to teach basic concepts related to 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.

Daniel Prather of Crossroads Capital presented his investment thesis on Melrose Industries (UK: MRO) at Wide-Moat Investing Summit 2024.

Daniel also provided updates on two other undervalued equities listed in the UK — Vistry Group (UK: VTY) and Alphawave Semi (UK: AWE).

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About the instructor:

Daniel Prather is the Director of Research at Crossroads Capital, a research intensive, value-oriented investment fund.

Prior to joining Crossroads, Daniel was a senior analyst at Brasada Capital Management. He was a finalist in the 2021 Sohn Conference’s Idea Contest and has won Value Investors Club idea contest several times.

Previously, Daniel handled deal execution as an associate at an offshore drilling company, conducting over $12 billion in M&A. He was also a research analyst covering the E&P sector at a start-up investment bank. Daniel is a CFA charter holder. He earned a BS in Aerospace Engineering from the University of Kansas, where he won an international award for jet engine design, and an MS in Finance from Washington University in St. Louis.

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 in-depth investment thesis on Topgolf Callaway Brands (US: MODG) at Wide-Moat Investing Summit 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.

Niraj Gupta of GCI Partners presented his investment thesis on Harrow (US: HROW) at Wide-Moat Investing Summit 2024.

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Niraj Gupta has 30 years of experience analyzing and investing in private and publicly-traded companies with particular expertise in the technology, media and telecommunications (TMT) and healthcare industries. Mr. Gupta is Founder and Managing Member of GCI Partners LLC (GCIP), the Investment Manager of GCI Partners Opportunity Fund, LP. Mr. Gupta managed the Gupta Family Office from 2009 until the launch of GCI Partners Opportunity Fund, LP in 2019 . Prior to forming GCIP, Mr. Gupta was a member of Pequot Capital Management, which he joined for the launch of the firm’s Global TMT fund. Before joining Pequot, Mr. Gupta spent 13 years as a sell-side research analyst, including nine years at Citigroup Smith Barney (and the predecessor firm, Schroders), where he held the title of Managing Director. During his tenure at Smith Barney and Schroders, Mr. Gupta was named to Institutional Investors’ “All-America Research Team” on five separate occasions for his coverage of the Broadcasting, Cable and Satellite industries. Mr. Gupta was also previously recognized by Institutional Investor as the “Best of the Best”. Prior to joining Citigroup/Schroders, Mr. Gupta was a media and communications research analyst at Goldman Sachs and Nomura Securities. Mr. Gupta holds a Bachelor of Business Administration from the University of Michigan’s Ross School of Business and resides in Manhattan with his wife and two children.

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 Paycom Software (US: PAYC) at Wide-Moat Investing Summit 2024.

Thesis summary:

Paycom is a top “human capital management” provider. The company offers cloud-based software as a service, enabling businesses to manage everything from employee applications, resumes, on-boarding, payroll, insurance, savings/retirement, and ultimately helping employees into retirement.

The company is debt-free but suffers from both industry- and company-specific slowdowns. This creates an opportunity to own a high-quality company at an industry and market discount despite above-average growth opportunities.

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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.

Eric DeLamarter of Half Moon Capital presented his investment thesis on Enerpac Tool Group (US: EPAC) at Wide-Moat Investing Summit 2024.

Thesis summary:

Enerpac is a market leader with demonstrated pricing power across its core industrial pumps and lifts products. The company has undergone a series of transformations that have significantly improved the business profile.

In 2021, a new CEO (formerly at JBT, ITW, DHR) took over and initiated a self-help 80/20 plan which has expanded Enerpac’s margins and earnings. Starting later this year, the 80/20 plan will translate to a material uplift in FCF as program implementation costs cycle-off and the related benefits continue to accrue. Investors are not giving EPAC sufficient credit for the margin improvement and/ or not believing it to be sustainable.

Meanwhile, a favorable shift in end-markets has occurred. Enerpac previously had a high level of exposure to downstream E&P (cyclical, shorter-term projects tied to oil prices), but E&P has become a small percentage of the customer base. This is another dynamic that seems to be underappreciated.

EPAC lost all sell-side coverage following the divestiture of a segment, and the equity has fallen off the radar. Enerpac generates attractive ROIC, has an excellent brand reputation, and possesses pricing power.

The stock recently traded at 18x forward EPS vs peers at 24-28x. According to Eric, several catalysts could lead to 30+% upside over the coming quarters.

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Eric DeLamarter is the PM of Half Moon Capital— a research intensive, deep value-oriented, long/ short partnership which invests across various sectors and markets with a focus on small-mid cap companies and special situations. Prior to founding Half Moon, Eric was at Stelliam Investment Management, a value-oriented hedge fund in New York, an associate at Lineage Capital, LLC, a middle-market private equity fund and an investment banking analyst at RBC Capital Markets. Eric holds an MBA from The Heilbrunn Center for Graham & Dodd Investing at Columbia Business School, with a concentration in applied value investing 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.

Jim and Abigail Zimmerman of Lowell Capital Management presented their investment thesis on LSI Industries, Inc. (US: LYTS) at Wide-Moat Investing Summit 2024.

Thesis summary:

LSI Industries produces and sells non-residential lighting and retail display solutions in the United States, Canada, Mexico, and Latin America. It operates through two segments, Lighting and Display Solutions. The Lighting segment manufactures, markets, and sells non-residential outdoor and indoor lighting fixture and control solutions in the commercial and industrial markets. The Display Solutions segment manufactures, sells, and installs exterior and interior visual image and display elements, including printed and structural graphics, digital signage, menu board systems, display fixtures, refrigerated displays, and custom display elements.

LSI has several characteristics Jim and Abby like, including (1) a highly resilient business model with deep customer relationships, (2) a highly cash-generative business with low capital expenditure needs, (3) a strong focus on higher value-added services with longer-term and “stickier” customer relationships, (4) an attractive valuation trading at 8x adjusted EBITDA and a high single-digit free cash flow yield, (5) a focus on end-markets that are sustainably growing over the long term, (6) a record of strong sales growth — both organic and inorganic, over several years, (7) a disciplined management team focused on driving organic growth via new products and solutions that are highly engineered as well as accretive acquisitions, (8) a “Ft. Knox” balance sheet with net debt at under 1x adjusted EBITDA, (9) a long-term strategy to grow sales and EBITDA, and (10) a high-ROIC business model with limited capital requirements.

Over the past five years, under CEO Jim Clark, who joined LYTS in November 2018, the Company has shifted its business model away from commodity, “off-the-shelf” products and solutions to higher value-added products and relationships with customers with higher margins and longer contract periods. LYTS has focused on highly engineered and designed solutions to deeply integrate into its customers. LYTS also focused on specific margin verticals and industries with strong long-term growth potential. LYTS eliminated lower-margin work and removed revenue contracts and lower-margin profiles.

Jim and Abby believe LYTS can continue its strong growth trend over the last few years in revenues, adjusted EBITDA, and adjusted EPS. LYTS originally projected to achieve revenues of $500 million and adjusted EBITDA of $50 million by FY25 and achieved these results two years early in FY23. CEO Jim Clark and team quickly produced an updated five-year plan that targets revenues of $800 million and adjusted EBITDA of $100 million, for a 12% EBITDA margin, by FY28. Jim and Abby believe LYTS can achieve the FY28 targets and its highly cash-generative business mode can trade for 10x adjusted EBITDA with zero net debt for a market cap of about $1 billion. Based on 30 million diluted shares outstanding, this would result in a price of about $33 per share versus the recent price of about $15 per share. Further, LYTS’ strategic and diversified manufacturing platform and long-term customer relationships could be attractive to either a strategic or financial purchaser.

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About the instructor:

Jim Zimmerman is founder and portfolio manager of Lowell Capital Value Partners, LP, successor fund to Lowell Capital Fund, L.P. Jim managed Lowell Capital Fund L.P. from 2003 to 2015 employing a proprietary strategy laser-focused on smaller and/or misunderstood companies with large, sustainable free cash flow yields and “Ft. Knox” balance sheets. He generated a compound annual return significantly exceeding the HFRI Equity Hedge Index and the S&P 500 Total Return Index over this period, despite holding a significant net cash position (~30%) for most of this period and Lowell Capital Value Partners has achieved similar results with the same strategy since its founding in 2017. Jim has over 25 years of investment banking and investment management experience in a variety of industries and has been involved with several billion dollars of investments. Jim graduated with a BA with high honors in economics from Princeton University in 1980 and an MBA from Stanford Business School in 1984. He worked at Drexel Burnham Lambert, Inc., 1984 to 1990, serving in the Corporate Finance Department and multiple other investment banks from 1990 to 2003.

Abigail Zimmerman works alongside her father at Lowell Capital. Abigail earned her B.A. in Business Administration at Loyola Marymount University in Los Angeles and has worked with Jim for the last several years. She assists in the generation of new ideas, marketing to current and new investors, research of small and medium cap companies, and detailed due diligence on current and potential investments.

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 Atkore (US: ATKR) at Wide-Moat Investing Summit 2024.

Thesis summary:

Atkore’s portfolio of electrical infrastructure products supports a broad range of construction projects and is well-positioned to benefit from the growth in demand from end-markets including data centers, manufacturing, healthcare, and solar over the next several years.

Atkor has a #1 or #2 position in the US in most of its products, as quality, brand, scale, and national presence provide a competitive advantage.

Aman believes the recent drop in the share price presents an opportunity to own a quality business at a significant discount to intrinsic value.

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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.

Andrew Macken of Montaka Global Investments presented his investment thesis on LVMH Moet Hennessy Louis Vuitton (France: MC) at Wide-Moat Investing Summit 2024.

Thesis summary:

LVMH is a high-probability long-term winner in the high-end luxury space. Many of the group’s 75 brands bring a heritage that spans decades and even centuries. LVMH has deliberately invested to nurture the brands since its inception nearly four decades ago. These are monopoly-like assets with advantageous and sustainable entry barriers.

LVMH is well-positioned to take advantage of long-term structural growth in high-end luxury. The group’s revenue is driven overwhelmingly by high-net-worth customers who are fairly immune to the economic cycle. The long-term growth in wealth of this customer cohort is large and likely underestimated. This represents a large and sustainable growth opportunity for LVMH.

Andrew believes LVMH is significantly undervalued at the recent market quotation. In Andrew’s assessment, Mr. Market is underestimating (and undervaluing) the long-term earning power of LVMH.

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About the instructor:

Andrew Macken is the Co-Founder and CIO of Montaka Global Investments, a global equity manager based in Sydney and New York. Prior to establishing Montaka, Andrew worked as a senior member of Jim Chanos’ research team at Kynikos Associates, a global equity long/short fund based in New York. Andrew holds a Master of Business Administration (Dean’s List) from the Columbia Business School in New York. Andrew also graduated with High Distinction with a Master of Commerce; and First Class Honours with a Bachelor of Engineering from the University of New South Wales in Sydney.

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