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Description
IP Fieldwork is a podcast hosted by In Practise, an investment research platform for fundamental investors. This podcast is focused on the art of primary research. How can investors have better conversations with industry executives to learn more effectively? How can we check our biases? Ultimately, how can we build conviction and disprove our hypotheses through primary research? Disclaimer: This interviews are for informational purposes only and should not be relied upon as a basis for investment decisions.
35 Episodes
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Visit https://inpractise.com/articles/teqnion-scaling-manda-and-improving-subsidiary-operations for full transcripts, business analysis, audio, video and more.
Teqnion: Scaling M&A and Improving Subsidiary Operations
This episode explores our historical work on Perimeter Solutions, a leading US aerial fire retardant company, including the competitive threat, how retardants are approved on the Qualified Supplier List, and the company's potential operational moat.
This episode explores how Constellation Software sources new deals compared to other acquirers such as Vitec Software and Röko, the Swedish industrial acquirer. We discuss how Constellation manages fills and manages its funnel, proprietary vs broker-led sourcing dynamics, and how the sourcing channel may determine long-term competitive advantage.
This podcast explores our learnings of the last five years studying Danaher's Business System through tens of hours of interviews with Former Danaher executives from the DBS office and its subsidiaries.
This interview with Magnus Söderlind, the Current CEO of Bergman & Beving, explores how and when the company deploys additional capital for M&A or capex into one of the group's divisions, challenges aligning incentives throughout the group, and how to scale a serial acquisition model.
This episode explores how we vet the quality and competence of executives before we interview them.
Visit https://inpractise.com/articles/submitting-projects-to-expert-networks for full transcripts, business analysis, audio, video and more.
Primary Research Methods: Submitting Projects to Expert Networks
Visit https://inpractise.com/articles/lifco-vs-halma-manda-team-structure-and-incentives-ipfieldworkpodcast for full transcripts, business analysis, audio, video and more.
IP Fieldwork Podcast: Lifco vs Halma, M&A Team Structure & Incentives
This episode explores the history of our primary research on Fever-Tree, why the stock has struggled for years, and whether the company has a distribution moat or is a commodity.
We explore how FTAI is approaching CFM56 engine repair relative to competitors, the challenges in fixing core modules, and the potential long-term growth for its module swap program.
This podcast provides insight into our research process behind our recent published work on Danaher's Cytiva bioprocessing business. We explore:
How we approached studying bioprocessing
Bioprocessing's moats and customer switching costs
Why Cytiva has enjoyed ~80%+ market share for decades
Details of hypotheses we built throughout the process
How we sourced executives to interview
How we structured our written research
This episode focuses on common mistakes investors make when submitting research projects to expert networks. We explore:
How to submit executive call projects to expert networks
Why understanding the org structure of the target company is important
How to build relationships with account managers at ENs
How to vet executives
This is the first episode in our "Primary Research Methods" podcast series exploring the art and science of primary research:
The IP primary research philosophy
How we structure research projects
How we approach conducting executive calls
Biggest mistakes and risks we face conducting executive calls
This podcast shares context to our recent research on how industrial acquirers like Lifco and Halma are organised to scale. We explore:
How Lifco and Halma are organised differently
The role of Sector Teams and Divisional Managers at Halma
How Divisions and Sector Teams differs from Lifco's Group Managers
Compensation plans for operating company managers at Halma and Lifco
Potential organisational limitations to scale for Lifco and Halma
Loar is a ~$5bn listed aerospace supplier of mission critical parts. We explore:
Why there are few TransDigm replicas
Loar vs TransDigm proprietary intellectual property
TransDigm vs Loar operational excellence
How we evaluate the quality of aerospace suppliers
This podcast was recorded in April 2024 and explores the intricacies of purchase price accounting. We explore:
How companies define 'identifiable intangibles' and goodwill
Why and how there are different philosophies to PPA
Impacts on income statement and balance sheet from PPA
Measuring WACC for acquisitions
Potential accounting risks for large and small acquirers
In this episode, we discuss our recent visit to Atlanta for Ashtead's 2024 Capital Markets Day including:
Potential challenges as Ashtead scales to national accounts
Why Ashtead may be more resilient than in prior cycles
Other major takeaways from the CMD
In this episode, we explore our recent published research on discount gyms discussing:
The key questions we've been studying around mature gym economics
How Domino's and its fortressing strategy is an interesting frame of reference for discount gym competition
The nature of competition in the discount gym business
Risks to GYM and BFIT and how we structure our research around the topic
In this podcast, we explore our new content format "IP Company Learning Journeys" which curates In Practise primary research.
Each journey (accessible here) provides a framework through which to navigate and consume insights from our library on a given company.
This episode focuses on how we curated our work on Amazon's retail business including:
How a unit flows through AMZN’s network from supplier, inbound, through the network to the customer
Structural differences in AMZN fulfillment network design vs 3P carriers and how this impacts variable cost per shipment
A seller’s perspective of the economics selling via FBA and FBM
How to decouple the AMZN Retail P&L from consolidated numbers and estimate underlying retail FCF
Endemic and non-endemic advertising across Amazon and the long-run opportunity
In this episode, we explore our recent research on TransDigm and discuss:
How traditional OEM's approach OE and aftermarket pricing vs TDG
How TDG's aftermarket philosophy is unique
How airframers could combat TDG bargaining power
How we approached our research to understand TDG pricing power
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