This is Dom Cooke and today we’re breaking down an Irish business that has become the global leader in insulation products for buildings. Founded in 1965, the business is called Kingspan and today it has a market cap of nearly 13 billion euros. The bulk of their business comes from insulating big, commercial new builds – Tesla Factories, Apple’s Headquarters, the Emirates Stadium in London – all places where you’ll find Kingspan’s products. To break down this business, I’m joined by Nick Griffin, the Founding Partner and CIO of Munro Partners. We talk about the ESG tailwinds behind this business, how they’ve grown through acquisitions, and their interesting go-to-market motion. Please enjoy this Business Breakdown of Kingspan. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:02:35) - (First question) - He gives us a detailed description of Kingspan (00:03:28) - Investing in a company based on the other side of the world (00:05:14) - Whether Kingspan is more commercial or residential driven  (00:05:55) - Kingspan’s origins (00:08:35) - Description of an insulated panel and how it is used (00:12:38) - What makes their panels the best in the world (00:15:25) - The benefits of doing both commercial and residential panels (00:16:08) - Industry characteristics and its overall market share (00:17:54) - The pricing mechanism and pricing power behind the product (00:21:26) - Kingspan’s expansion into the world market  (00:22:53) - The secret sauce behind the success of Kingspan  (00:25:01) - Kingspan’s economy to scale (00:27:42) - What he finds interesting about Kingspan’s financial profile  (00:29:15) - Splitting revenue growth between organic and inorganic growth (00:32:35) - The visibility of Kingspan’s products and their measurable efficiency       (00:34:50) - His expectations for Kingspan’s growth over the next 10 to 15 years (00:34:05) - The margin structure of the acquired businesses (00:37:12) - The life expectancy of the insulation product (00:38:35) - Risks behind insulated panels and the industry (00:42:22) - His evaluation of business modeling for acquisitions  (00:43:23) - Which competitors does he watch most closely    (00:44:49) - The lessons learned from studying Kingspan for 10 years  Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Dom Cooke and today’s breakdown is a little different. Last week we looked at the most popular sport in the world in Football. Today, we break down the business behind a sport in its relative infancy - Padel. This racket sport started in the late 60s in Mexico and became big in many Spanish speaking countries. It then got a significant COVID bump and momentum has remained strong since. To break down this burgeoning sport, I’m joined by Alan Flatt, CEO and President of EEP Capital. We look at the dynamics of the sport that are making it popular, the investment characteristics of Padel Clubs, and how sustainable its recent growth is. We also cover the differences to a sport that has become big in the US, Pickleball. Please enjoy this business breakdown of Padel. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:02:41) - (First question) - A background on the sport of Padel (00:03:38) - The size and scope of Padel today (00:05:35) - The origins of the sport and its growth around the world up until now (00:06:31) - Covid and Pickleball’s impact on the growth of Padel over the last 5 years (00:07:08) - The main differences between Padel and Pickleball (00:09:12) - Padel’s universal attraction being its ease of entry for beginners (00:10:41) - Alan’s story of how he became involved with Padel as an investment (00:12:16) - Investing in Padel clubs and looking at Padel’s previous growth in other territories  (00:15:53) - What makes an attractive location for a Padel club (00:18:14) - The costs involved with starting a Padel club (00:21:53) - A look at the Padel Brooklyn location’s business model (00:25:12) - The margin profile of a Padel club (00:26:51) - Other sports and businesses with comparative models (00:28:55) - How the current supply issue can be resolved (00:33:06) - The current state of the US Pro League and how it might change (00:37:50) - A breakdown of the teams and schedule of the US Pro League (00:39:32) - The makeup of a Padel Pro League team (00:40:49) - The strategic priority list for the Pro League in order to meet its growth goals (00:44:28) - As a whole, how the sport of Padel can grow and the target markets for adoption (00:46:07) - How close the sport is to becoming an Olympic sport (00:48:20) - The risks that Padel faces (00:51:46) - The lessons Alan has learned and can share with operators and investors Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Dom Cooke and today we’re breaking down the business behind the most popular sport in the world, Football or Soccer. It’s a vast market. 3 billion people around the world watch the sport and more than €30 billion euros are spent within the football ecosystem in Europe alone each year. But aside from a huge addressable market and reasonable revenue, is it actually a good business? Why do investors keep buying Football clubs? Is there any economic rationale behind that? Is there a link between sporting and financial success? Has middle-eastern money distorted the transfer market for good? These are some of the questions I asked our guest, Dr Rob Wilson, who is a football finance expert and Head of the finance, accounting, and business systems department at Sheffield Hallam University. I hope you enjoy us breakdown the business of football. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This episode is brought to you by Tegus. Tegus is the modern research platform for leading investors, and provider of Canalyst. Tired of calculating fully-diluted shares outstanding? Access every publicly-reported datapoint and industry-specific KPI through their database of over 4,000 drivable global models hand-built by a team of sector-focused analysts, 35+ industry comp sheets, and Excel add-ins that let you use their industry-leading data in your own spreadsheets. Tegus’ models automatically update each quarter, including hard to calculate KPIs like stock-based compensation and organic growth rates, empowering investors to bypass the friction of sourcing, building and updating models. Make efficiency your competitive advantage and take back your time today. As a listener, you can trial Canalyst by Tegus for free by visiting tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:03:16) - (First question) - Defining the European football market (00:05:12) - How the Premier League defined itself as the world’s best league (00:08:16) - The delegation of funds based on a team’s final position in the league (00:11:19) - A brief introduction to the breakaway European Super League (00:12:53) - The sale of Manchester United and how it affects the scope of the footballing world (00:18:34) - The role emotion plays when it comes to buying and selling of football clubs (00:20:47) - The makeup of a well run football club (00:23:54) - The four-pillar model and exploring new revenue streams in football (00:25:59) - The utilization of ‘access all areas’ type documentaries as a source of revenue (00:28:40) - Breaking down the return on investment for football clubs building new stadiums  (00:33:51) - Financial regulations in football and a brief history of UEFA’s Financial Fair Play (00:40:41) - The correlation between sporting and financial performance (00:42:23) - The different types of football club ownership profiles    (00:44:51) - Reasons why investors choose to enter the football market (00:48:12) - Changes to the football landscape since sovereign wealth funds have entered the market (00:51:36) - The importance of the transfer market to football clubs (00:53:03) - How the fans fit into the sport moving forward (00:55:52) - Potential opportunities for TV revenue streams by entering new market places  (00:56:55) - The relationship between the clubs and the leagues (00:58:20) - The lessons learned from researching the football industry Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we are going into the land of convenience stores to break down Casey's General Stores. Casey's currently operates in 16 states in the Midwest and Southern US. As of this recording, they have close to a $10 billion market cap and are the number three player in their market. To break down Casey's, Matt Reustle is joined by Markus Hansen, portfolio manager and senior analyst at Vontobel Asset Management. We cover the industry of convenience stores, including the competition that exists in this market and the unique geographical considerations. We also discuss the financial model, drivers of gasoline performance versus in-store purchases, and margin profiles across the different segments of this business. This is another fascinating story hidden in plain sight. Please enjoy this breakdown of Casey's. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:02:42) - (First question) - The concept of Casey’s General Stores  (00:06:04) - Casey’s competitors and the market share in different regions (00:10:52) - The main differences between Casey’s and a regular gas station   (00:14:09) - A brief history on Casey’s beginnings and its founder (00:17:25) - A breakdown of the business’ revenue (00:19:14) - Casey's growth despite the changing environment standards raising operational costs (00:23:52) - The business’ margin profile (00:26:53) - How Casey’s General competes with its peers and fuel pricing (00:29:33) - The focus for Casey’s with regards to expansion opportunities  (00:33:06) - The hurdles involved with building new gas stations versus acquiring existing stores (00:35:08) - Casey’s stance on franchising (00:38:02) - The company’s attractiveness to buyers (00:40:52) - Casey’s General’s average stock performance (00:44:26) - Key risks of Casey’s (00:47:30) - The main lessons learned from Casey’s General Stores Important Information: Information provided represents the views of a company of the Vontobel Group (“Vontobel”) and should not be considered investment advice and/or legal, tax, financial or other advice. Further, not a recommendation to purchase, hold or sell any investment and no representation is given that the securities discussed are suitable for any particular investor. Although Vontobel believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Matt Reustle and today we are breaking down Take-Two Interactive Software. If you listened to our Business Breakdown on Electronic Arts, Take Two is another giant in the video game publishing space. They are best known for their Grand Theft Auto and 2K franchise. To break down Take-Two I'm joined by Eric Kress, principal at Gossamer Consulting Group. Eric spent multiple decades inside the video game market, both as an investor and as an operator, and we tap into his perspective from both sides of the table. We drill into historic IP, the strategy behind new releases and what mobile means for the market, and specifically for Take Two. Please enjoy this breakdown of Take-Two. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:02:35) - (First question) - Brief overview of Take-Two (00:03:32) - Take-Two's acquisition of Zynga represents a significant push into mobile gaming (00:05:05) - Mobile gaming faces challenges from Apple's IDFA removal and Google's changes (00:06:37) - Apple's privacy changes benefit them but hurt mobile publishers (00:07:50) - How Take-Two evolved from PC and console to mobile (00:10:48) - Console and PC target AAA games; mobile reaches a broader, less premium market (00:12:53) - Creating new iconic AAA gaming IP is nearly impossible due to high costs (00:15:08) - Big IP success in gaming historically depended on retail relationships and distribution (00:17:39) - Sports games have almost 100% revenue visibility; others like GTA fluctuate (00:19:31) - GTA's next release is anticipated and guaranteed to sell millions, but post-launch is uncertain (00:25:24) - Risk of new console alignment affects expectations for next GTA game release (00:27:57) - Updating titles for different consoles has become less complicated with PC architecture (00:29:44) - Pricing at $60-$70; new tech may boost in-game spending (00:31:30) - GTA's mature nature makes in-game advertising tough (00:32:59) - NBA license with 2K is a partnership, not exclusive (00:35:28) - Take-Two lacks profitable titles beyond GTA and 2K (00:37:57) - EA smartly bought Respawn and built studios; Take-Two lacks similar capability (00:39:29) - Gaming industry consolidated to fewer franchises; similar to film industry's trend (00:44:07) - Zynga's acquisition was ill-timed; it's a declining asset with no value (00:47:32) - Microsoft's deal may lead to Amazon or Comcast buying Take-Two (00:50:11) - Valuing these businesses often relies on traditional PE methods (00:52:06) - Key risks for Take-Two are overhyped GTA expectations and service burnout (00:53:37) - Lessons learned from studying Take-Two Learn more about your ad choices. Visit megaphone.fm/adchoices