Stock Spin-off Investing Podcast

18. Kristoffer Lindström of Lind Research on Coffee Stain(COFFEEB)I recently had the opportunity to speak with Kristoffer Lindstrom of Lind Research on Coffee Stain. Kristoffer is an expert in the Nordic Gaming industry (both sell side and industry) and has high conviction in his investment thesis on Coffee Stain.I really enjoyed the conversation and hope you do as well. Here's what we discussed:0:00 Disclaimer1:30 Kristoffer shares his extensive experience in the gaming space (industry and sell side)6:05 Spin-off activity in the gaming space10:05 Overview of Coffee Stain15:05 What long term revenue CAGR does Kristoffer expect for Coffee Stain18:15 When is the last time Coffee Stain launched new IP that generated significant revenue?21:35 How is Coffee Stain valued and where should it trade?24:35: How does Kristoffer value Iron Gate?26:05 Capital allocation: how will Coffee Stain use their cash?28:55 How Kristoffer views the upside to downside ratio at Coffee Stain’s current valuation31:35 Does Coffee Stain have any catalysts?35:40 Nordic gaming companies have fallen out of favor after COVID boom40:45 Other gaming spin-offs that Kristoffer is watching46:55: How to get in touch with Kristoffer: LindResearch.com

I recently had the opportunity to speak with Ron Nussbaum ofMaverick Value about his high conviction investment thesis on Comcast (CMCSA). Comcast just announced it's breaking up and will spin-off NBC Universal within 12 months. Ron believes this spin-off will crystallize value. I really enjoyed the conversation and hope you do as well. Here's what we discussed:0:55 Ron's investment banking background3:35 How Ron manages the Maverick Value portfolio6:45 How Ron's approach has changed over time9:15 Ron discusses his max position size11:15 Ron shares his Comcast investment case14:50 Why did Comcast pursue a spin-off?21:55 What Comcast is worth on a SOTP23:15 Could Comcast RemainCo be a major dividend payer?29:15 Is the Spin-off a GoodCo or BadCo?33:15 How big of a position is Comcast for Maverick Value?33:50 What are the biggest risks to the Comcast investment case?35:15 Any risk the spin-off doesn't take place?37:15 How levered will Comcast RemainCo be?39:45 How to get in touch with Ron ([email protected])and learn more about Maverick Value 

I recently had the opportunity to speak with Andrew Walker of Rangeley Capital and Yet Another Value Blog about his Corporate Dark Arts series and his write-up on Lionsgate Studios (LION).Here’s what we discussed:1:25 Andrew’s background and how he got interested in stocks9:40 Where Andrew sees himself professionally and personally in 10 years12:35 What are Corporate Dark Arts?19:30 Why did LION make it into your Corporate Dark Arts series?24:05 Lionsgate history and why this time might be different.26:45 Why identifying inflection points is so important in Corporate Dark Arts32:05 Is the expiration of the LION poison pill important?32:45  What would LION be worth in an acquisition scenario?40:25 How AI could help or hurt Lionsgate43:35 Why Starz also popped up on the Corporate Dark Arts Series52:15 Corporate Dark Arts Hall of Fame members

I recently had the opportunity to speak with Chris Wallerof Plural Investing and Hidden Gems Investing about two recent spin-offs: GCI Liberty (GLIBK) and SeaportEntertainment (SEG).Both situations feature strong investor alignment withwell-known investors and have recently completed rights offerings (as Joel Greenblatt famously says: buy all spin-off rights offerings!).I really enjoyed the conversation and hope you do as well.Here’s what we discussed:1:50 – Chris shares his background5:10 – How Chris approaches investing in spin-offs8:10 – GCI Liberty investment case overview13:50 – What recent insider purchases by John Malone might signal17:05 – What GCI Liberty could look like in 12–18 months22:22 – How much runway John Malone may have24:40 – Thoughts on constructing a portfolio of investment ideas26:15 – The biggest risk for GCI Liberty28:15 – Overview of Seaport Entertainment34:05 – Will Seaport Entertainment generate profits going forward?35:50 – Does the Las Vegas stadium have meaningful value?39:30 – How important this investment may be for Pershing Square and Bill Ackman45:15 – Why Chris believes Seaport Entertainment could significantly cut costs48:00 – Where to learn more about Chris, Plural Investing, and Hidden Gem Investing

During this episode of SSOI podcast, I spoke with DominickD'Angelo, Head of Research, of O’Keefe Stevens Advisory. Dominick shared his TopGolf Callaway (MODG) investmentcase.Here’s what we discussed:1:55 Dom shares his background4:35 O’Keefe Stevens Advisory’sapproach to managing client assets6:35 How O’Keefe Stevens Advisory constructsclient portfolios8:15 Topgolf Callaway high leveloverview15:30 Why the partial sale ofTopgolf will unlock value20:10 Expected capital returnafter Topgolf sale closes23:25 Overview of CallowayRemainCo26:20 Growing interest in golfshould be a tailwind for Calloway RemainCo30:15 Dom shares his fair valueestimate for Calloway RemainCo36:35 How Dom gets to over $1/shareof earnings for RemainCo in 202740:35 The biggest risks to MODG43:35 Why Dom is comfortable thatmanagement won’t make another bad acquisition46:15 Two potential positive righttail events 48:15 How to get in touch with Domand learn about O’Keefe Stevens AdvisoryDuring this episode of SSOI podcast, I spoke with DominickD'Angelo, Head of Research, of O’KeefeStevens Advisory. Dominick shared his TopGolf Callaway (MODG) investmentcase.