Yet Another Value Podcast

James Elbaor of Marlton makes the case that $PSUS will trade at a premium to NAV instead of the typical closed-end fund discount and that $PS will ultimately trade at a premium multiple to peers like Blackstone, KKR, Apollo and Carlyle given its lean team and advantaged fee structure. We push on every part of that, including whether Ackman's portfolio is just an expensive S&P hug, why London still doesn't fully credit him, and whether Spark gives Pershing a real path into Universal Music Group.
Sponsor: Fiscal.ai. Real-time fundamental data for global equities, plus one of the leading data connectors for Claude and ChatGPT. Get 15% off at fiscal.ai/yav
Chapters:
0:00 Intro and the divergent thesis
1:05 Sponsor: Fiscal.ai
2:20 Marlton's lens on closed-end funds and UK trusts
5:00 $PSUS: scale, structure, why it's already the largest US equity CEF
7:30 The case for a premium to NAV instead of a 15 to 20% discount
12:30 $PSUS vs $PSH London: who can own what, and why it matters
15:20 The 40-Act book and Ackman's macro hedging history
17:50 Track record with and without the COVID hedge
22:00 Why London still does not fully credit Bill
23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback
26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS
29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M
36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl
42:30 Preferred performance fees and why the income statement is cleaner
45:30 Alignment: insiders own 85%+
48:00 Permanent capital vs six-year "permanent" capital at the alts
49:40 50 employees at $PSCM vs 2,200 at Carlyle
52:00 Keyman risk on Bill and Ryan Israel's role
58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle
1:02:00 Wrap
Links:Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Driven Brands ($DRVN) puked on a February accounting restatement. Kyle Mowery (GrizzlyRock Capital) walks through why Take 5 remains a crown jewel and could be worth the entire EV of the company (making the franchise and autoglass businesses a free option). We also dig into how the April and May 8-Ks took the scary left-tail risks off the table, why Roark Capital (65% owner) might run a sale process later this year, and the bear case (corporate cost bloat, weakness in the non-Take-5 brands).
disclaimer: Andrew is long DRVN
Kyle's late 2024 DRVN podcast: https://www.yetanothervalueblog.com/p/grizzlyrock-capitals-kyle-mowery?utm_source=publication-search
[00:00:00] Intro and disclosures
[00:03:23] What is Driven Brands today
[00:05:14] Why the car wash divestiture sold so cheap
[00:09:19] Why Take 5 is the crown jewel
[00:11:15] EV risk and the US ICE car park
[00:13:21] Franchisee demand and unit growth
[00:15:31] Take 5 vs. Valvoline[00:18:13] The addbacks problem
[00:20:57] Inside the accounting restatement
[00:23:22] The cash adjustment
[00:28:50] The ATI revenue recognition issue
[00:30:12] Reading the April and May 8-Ks
[00:32:40] Debating adjusted EBITDA
[00:34:55] Corporate cost bloat
[00:37:54] Is this fraud? No
[00:39:49] Weakness in the non-Take-5 brands
[00:43:45] Sum-of-the-parts: Take 5 covers the debt
[00:46:30] Why public markets misprice the franchise brands
[00:48:04] Durability of franchise cash flows[00:50:14] Timing the resolution
[00:53:26] Roark Capital's strategic options
[00:57:40] Labor Day or Halloween?
[01:00:00] Capital cycle stories Kyle's watching
[01:03:02] Chinese supply pressure on industrials
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up.
Chapters:
00:00 Introduction and Liberty Global thesis
01:44 Sponsor: AlphaSense earnings season
04:49 Rich's bull case for $LBTYK
07:46 Andrew on management credibility
09:05 Why a spin can unlock value
11:57 Buybacks: are they actually working?
15:19 Debt structure and the deleveraging path
17:14 Operational deterioration risk
19:52 Ziggo's subscriber losses
24:09 Malone and Fries: the track record
27:46 The Liberty Global board problem
31:22 The growth investment portfolio
32:59 Why Rich haircuts the portfolio
36:43 Formula E and venture exposure
38:35 The empire-building risk
40:55 Virgin Media O2 restructuring
42:11 Other spin-off setups worth a look
43:40 Ziff Davis sum-of-the-parts
46:52 Andrew on distressed SaaS ideas
48:22 Lionsgate and media consolidation
51:53 Lionsgate as an acquisition target
Links:
Yet Another Value Blog: https://www.yetanothervalueblog.com
Stock Spin-Off Investing (Rich Howe): https://www.stockspinoffinvesting.com
Legal disclaimer: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant: https://thepodcastconsultant.com/

Stevanato (STVN) makes the glass vials and pre-filled syringes that GLP-1 drugs ship in. The stock has sold off on fears that oral GLP-1s replace injectables, but Aurelian Research's Leo Trudel argues that's a misread: biologics demand keeps growing, the mix is shifting toward higher-margin "high-value solutions," and switching costs in regulated drug delivery are real. We dig into the bull case, the oral-vs-injectable debate, capacity and oversupply risk, capital allocation, regulatory lock-in, and what would change Leo's view.
[00:00:00] Podcast intro and guest welcome
[00:03:08] Stevanato's business model: vials, syringes, high-value solutions[
00:03:51] COVID boom and the destocking cycle
[00:06:39] Why the stock sold off and what it implies
[00:07:34] Market expectations vs. reality
[00:11:55] Margin expansion from mix shift
[00:14:40] Oral vs. injectable GLP-1s: the real debate
[00:17:30] Why oral and injectable aren't interchangeable
[00:19:44] Capacity additions and oversupply risk
[00:21:00] Biologics demand beyond GLP-1
[00:23:04] Management trust and capital allocation
[00:26:52] Regulatory lock-in: the real moat
[00:29:42] What could break the bull case
[00:30:53] Future capex and where it goes
[00:32:41] Industry structure and M&A outlook
[00:34:37] AI tools in investment research
[00:38:09] Closing thoughts and Leo's stance
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p...
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Deiya Pernas of Pernas Research about Sprout Social (SPT) and the broader SaaS selloff. They examine the company’s platform, competitive positioning, and whether the market is mispricing its long-term potential. The discussion covers API complexity, integrations, AI risks, and shifting perceptions across SaaS. They also address valuation, stock-based compensation concerns, and possible catalysts including governance changes or acquisition interest. The conversation closes with a wider look at the so-called SaaS apocalypse and where opportunities may exist.
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[00:00:00] Introduction and guest overview
[00:03:59] Sprout Social business model explained
[00:05:38] Market mispricing and SaaS selloff
[00:09:53] Fundamentals versus market perception debate
[00:12:05] SaaS valuation reset discussion
[00:13:45] Platform capabilities and customer usage[00:15:16] API complexity and competitive advantage
[00:18:58] Compliance risks and AI concerns
[00:21:48] Platform competition from social networks
[00:23:50] AI disruption and company adaptation
[00:27:07] Systems of record skepticism discussed
[00:30:00] Integrations and switching costs impact
[00:31:01] Stock-based compensation concerns raised
[00:32:01] Dilution risks and sustainability issues
[00:33:48] Governance changes as potential catalyst
[00:35:49] Management turnover and uncertainty
[00:36:46] Acquisition potential discussed
[00:38:59] Broader SaaS opportunities and risks
[00:42:11] SaaS durability versus AI disruption
[00:45:36] Lack of insider buying observations
[00:46:55] Criticism of board incentives
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/