Chris Crawford of Crawford Fund Management presented his investment thesis on Archaea Energy (US: LFG) at Wide-Moat Investing Summit 2022.
Thesis summary:
Archaea Energy is the leading producer of landfill Renewable Natural Gas (RNG), a high-demand growth industry. The thesis features a rare combination of green attributes and an attractive high-moat business in the making.
The company has secured long-term feedstock that grows rather than depletes, i.e., unlike most energy companies. Archaea also has long-term contracts in place with strong customers, positioning it for long-term cash generation.
The company has a superior, young management team and board with significant skin in the game.
Archaea is an underfollowed company that emerged in obscurity via a SPAC structure when the #1 (Aria) and #4 (Archaea) landfill gas companies merged and went public to become the leading pure-play in the industry.
Chris sees ~70% upside to his $31 per-share value appraisal, with fair value poised to grow over time.
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About the instructor:
Chris Crawford is the Managing Partner and Chief Investment Officer of Crawford Fund Management, LLC, a Boston-based Investment Partnership. The firm manages a long/short fund that invests in equities and options with an emphasis on underfollowed public companies. Prior to co-founding Crawford Fund Management in 2009, Chris was Managing Director, Portfolio Manager and head of the Boston office with Stark Investments, a $10B multi-strategy global hedge fund. At Stark, Chris built the firm’s equity long/short team and managed $1.5B in equity long/short assets as well as a $200M short-biased portfolio. From 2003-2006, Chris was Senior Vice President and Portfolio Manager with Putnam Investments, and co-Portfolio Manager of the $3B Putnam International Capital Opportunities Fund and related client accounts. From 2000 to 2003, Chris was a Partner and Senior Analyst with ABRY Partners on a team managing a $400M TMT-focused hedge fund. From 1996 to 2000, Chris was with Wellington Management Company, where he served as a Global Industry Analyst covering the media industry and as a Portfolio Manager for $600M in client sector-fund and institutional assets. Chris holds an MBA from The Wharton School of Business and graduated magna cum laude from University of Pennsylvania with a BA in Physics, BS in Economics, BAS in Systems Engineering and an MA in International Relations.
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