The Intrinsic Value Podcast - The Investor’s Podcast Network

Daniel Mahncke and Shawn O'Malley take a deep dive into Wix.com — the Israeli website-building platform whose investment case now turns on two of the most debated questions in the stock today: whether the generative-AI wave that lets anyone spin up a site from a text prompt is the end of Wix or whether Wix is too sticky, and whether the Base 44 acquisition — Wix's bet on AI-powered app generation — is the next leg of the story or a distraction from the SMB infrastructure business the company already dominates.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro

(00:00:48) How Wix Was Founded

(00:23:46) Why Clients Keep Using Wix

(00:26:19) How Much of Wix Is Actually Vulnerable to AI

(00:35:32) Why Wix Is More Sticky Than It Seems

(00:37:01) Whether Vibecoding Is Likely to Disrupt Drag-and-Drop Website Building

(00:45:34) Why Base44 Could Change the Entire Investment Case

(01:01:25) How Wix Could Survive and Turn Into a Multibagger

(01:04:29) Valuation Discussion of Wix

(01:09:21) Whether Shawn and Daniel Add Wix to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠.

Portfolio Review ⁠Submit Tool⁠.

Value Investor Club ⁠Article⁠.

Chit Chat Stocks w/ ⁠Manuel Cunha⁠.

Future Investing ⁠Interview w/ Manuel Cunha⁠.

Rene Sellman ⁠Substack Article⁠.

Manuel Cunha ⁠Substack Article⁠.

Previous Intrinsic Value breakdowns: ⁠Figma⁠, ⁠Microsoft⁠, ⁠Salesforce⁠, ⁠Adobe⁠.

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Kyle Grieve and Shawn O’Malley analyze LIFCO, one of the world's leading industrial serial acquirers operating through three distinct divisions spanning dental supplies, demolition equipment, and niche systems solutions across Europe.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:57) The fascinating history of LIFCO
(00:07:13) How Carl Bennett built the DNA that still guides LIFCO's acquisition strategy today
(00:08:54) Fredrik Karlsson's legendary track record and why he bought more stock after being removed
(00:10:49) The three distinct business segments and how they drive growth independently
(00:16:48) LIFCO's rigorous eight-step acquisition process
(00:30:12) How LIFCO uses put/call options to align management incentives
(00:39:07) Why niche industrial markets create natural competitive advantages that larger competitors simply ignore
(00:44:11) The capital efficiency metrics that prove LIFCO's returns are sustainable and real
(01:04:06) What risks could derail the business
(01:09:14) Multiple valuation scenarios showing potential returns under bull, base, and bear cases
(01:11:47) Intrinsic value of Lifco
(01:18:03) Portfolio decision

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Track ⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠.

Read more on Lifco and other serial acquirer outperformers in ⁠The Compounders⁠.

Listen to Kyle's ⁠episode on The Compounders⁠.

Learn more about process power in Kyle's ⁠interview with Hamilton Helmer⁠.

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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today's episode, Kyle Grieve and Shawn O’Malley analyze NVR, Inc., a homebuilder that has achieved incredible returns through disciplined capital allocation and aggressive share buybacks. They’ll explore NVR's differentiated business model, which helps minimize capital intensity and risk, and examine how this strategy has enabled superior returns on capital. They’ll navigate how to think of NVR through cycles and whether it’s a business that is simple to understand.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:30) How NVR became a legendary share cannibal in homebuilding
(00:05:05) The LPA model and how NVR de-risks traditional homebuilding
(00:10:16) Why homebuilders love leverage while NVR maintains a fortress balance sheet
(00:15:34) How the mortgage banking segment generates high margins
(00:21:41) The history of its margin rise and stabilization
(00:27:49) How counter-positioning creates competitive advantages
(00:52:58) How management is aligned through ROIC incentives and deep insider ownership
(01:06:15) About the cyclicality trap, homebuilders must deal with
(01:18:45) The three distinct valuation scenarios and what they reveal
(01:14:06) Intrinsic value of NVR
(01:26:15) Whether Kyle and Shawn will add NVR to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Read Norbert Lou’s initial NVR writeup from 100.

Joel Greenblatt’s NVR case study.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:02:29) How Sea Limited was founded
(00:06:35) Which business units belong to Sea Limited
(00:10:37) How a gaming business is funding Shopee and Monee
(00:16:55) How Monee compared to Mercado Libre’s Mercado Pago
(00:40:22) Why Shopee has become the largest e-commerce company in SEA
(01:13:45) How Sea Limited’s moat looks like
(01:22:47) Why Sea Limited is so strong in Brazil
(01:28:58) Valuation discussion of SE
(01:30:53) Intrinsic value of SE
(01:31:37) Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Track ⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠.

Norges Bank ⁠Interview with SE CEO⁠.

Jimmy’s Journal⁠'s ⁠Article on SEA⁠.

RS Capital ⁠Deep Dive on SEA⁠.

Hayden Capital ⁠Interview with Drew Cohen⁠.

Hayden Capital ⁠Shareholder Letter⁠.

Previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

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Kyle Grieve and Shawn O’Malley analyze Formula One Group, a business that commands nearly a billion global fans, generates billions in revenue from only 24 live events, and boasts free cash flow margins nearly any business would envy. They’ll trace the company’s growth history, untangle its complex capital structure, and assess its current debt situation.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:01:13) How F1 generates billions of dollars from 24 live events
(00:02:39) Why most sports franchises fail to produce cash flow
(00:04:31) How Liberty got away from the tracking stock structure to simplify things
(00:15:33) How the Concorde agreements pose risk
(00:20:31) The debt structure Liberty built to help build sustainable cash flow
(00:34:49) Details of F1 Group’s other surprising racing league
(00:42:22) How Netflix’s streaming coverage of F1 helped grow the sport
(00:54:53) Why the business remains capital light
(01:03:14) Valuation discussion of F1 Group
(01:04:23) How cross-promotions and synergies create exciting new growth levers
(01:09:51) Intrinsic value of F1 Group
(01:11:36) Portfolio decision on F1 Group

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Track ⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠.

Watch the video about the ⁠dealmakers behind F1’s success⁠.

Watch ⁠how F1 impacts local communities⁠ with its events.

Read the ⁠book on Formula One’s history⁠.

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