Dan Roller of Maran Capital Management presented his in-depth investment thesis on Turning Point Brands (NYSE: TPB) at Wide-Moat Investing Summit 2018.
Turning Point Brands is an off-the-radar, high-quality, branded consumer goods company with high returns on capital and good organic and M&A growth opportunities.
TPB is a leading player in the “other tobacco products” market (defined as tobacco products other than cigarettes). They market smokeless products (they are the number-two producer of chewing tobacco in the U.S.) and rolling papers (under the Zig Zag brand), and distribute various “NewGen” products such as e-cigarettes, vaporizers, and liquids.
Interests are well-aligned: it is 70%-owned by the controlling shareholder group. Standard Diversified Inc (SDI) is the holding company through which the controlling shareholder group owns TPB stock. SDI trades at a ~25% discount to NAV, and is thus a way to buy TPB at a meaningful discount.
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About the instructor:
Dan Roller is the founder of Maran Capital Management, a boutique investment manager based in Denver, CO. Dan has a firm commitment to disciplined value investing with a focus on inefficient areas of the market. He takes a long-term approach and manages a concentrated portfolio of his best ideas. Dan has been connecting dots and unearthing value for over fifteen years. Prior to forming Maran, he honed his investment philosophy and process for over a decade working in analyst and portfolio manager roles on the buyside in New York. Dan received a BSE in electrical engineering, with a second major in computer science, from Duke University in 2003. In addition to being a passionate value investor, Dan enjoys spending time with his wife and two daughters (after whom Maran is named), reading, and getting outdoors in the Rocky Mountains.