Yet Another Value Podcast

Hosted by Andrew Walker

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405

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Jun 2026

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EN-US

About the show

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

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60 recent

June 15, 202653 min

Alex Roepers on two deep-value special situations: $DCH and $NOMD

Alex Roepers of Atlantic Investment Management lays out two deeply cheap special situations: Dauch (DCH) and Nomad Foods (NOMD). In both, management is sending "dark arts" signals (an aggressive CEO payout struck well above the current price, heavy insider buying) that point to an inflection the market hasn't paid for yet. We dig into the $300M merger synergies at Dauch, the auto-cycle and leverage risk, the governance red flags, the private-label threat to Nomad's frozen-food brands, and whether the European discount on both is real or just doldrums.This episode is sponsored by AlphaSense. Join Andrew, Dave Wang of Wall Street Prompts, and Ben Collins of AlphaSense for a webinar breaking down the modern AI stack for investors: where horizontal platforms, agentic workflows, and finance-specific tools each actually fit in a real research process. Recording June 16, live June 25. Register here: https://www.alpha-sense.com/resources/webinars/choosing-your-ai-stack-a-framework-for-institutional-investors/?utm_source=pt_YAVP&utm_medium=sponsored&utm_campaign=SWB_DG_06-25-26_IMP-GENAI_CORPFS_YAVP-AI-SolutionsDisclosure: long DCH and NOMDChapters:0:00 Two cheap special situations and the "dark arts" setup1:10 Sponsor: AlphaSense and the AI-stack-for-investors webinar2:29 Alex Roepers, Atlantic Investment Management3:04 Dauch ($DCH): the GKN, Melrose and Dowlais backstory7:05 Why Atlantic made $DCH a core position at ~$69:03 The governance knock: a company named after a sub-1% CEO13:42 Dark arts: the PSU grant that only pays above $1215:11 Underwriting the $300M merger synergies18:13 Leverage, capital allocation and the path to buybacks24:42 The auto cycle and why 5x free cash flow caps the downside29:12 Nomad Foods ($NOMD): the frozen-food bull case33:14 Nomad by the numbers: 5.5x earnings, 7% yield35:39 The bear case: private label, Aldi and a new CEO39:21 Would Martin Franklin ever sell?41:22 Dividend or buyback at these levels?43:00 Is Franklin distracted by APi Group?45:27 The kitchen-sink reset and a fall investor day47:37 "Addback city": cleaning up the earnings number50:02 The European discount: real or imagined?Links:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

June 10, 20261 hr 13 min

Adam May on $ABVX's blowout data and subsequent stock crash

Abivax posted maybe the best ulcerative colitis data anyone's seen, then crashed 60% on a cancer signal Adam May argues is statistical noise. We dig into whether $ABVX is now a mispriced takeout: the maintenance efficacy that beat Rinvoq, how the scary "seven cancer cases" collapse to two, the blackbox question, the Crohn's skew, and the part two safety data due within weeks. Then a quick look at Nectar (NKTR), its alopecia areata data, and the Eli Lilly lawsuit.This episode is sponsored by AlphaSense, and specifically Andrew's upcoming AI webinar with them: breaking down the modern AI stack for investors with Dave Wang (Wall Street Prompts) and Ben Collins (AlphaSense). Goes live June 25. Register here. Chapters:00:00 Intro and disclosure (long ABVX and NKTR)01:03 Sponsor: AlphaSense AI webinar for investors02:33 The biotech "GOAT" returns03:33 Abivax setup: induction vs maintenance, the stakes06:38 The bar: clinical remission and Rinvoq10:14 Blowout maintenance data, and endoscopic remission that doubles Rinvoq14:23 The data drops, then a 60% crash16:31 The cancer scare, taken apart case by case24:45 Why it's statistical noise: mechanism, clustering, base rates28:50 Adverse-event capture and the phase 2 safety database33:57 Bear case: hasn't the market had time to digest this?38:00 Blackbox or no blackbox, and does it matter at $10040:32 The Crohn's readout and the skew45:36 M&A: timing, the new CCO, what Adam wants them to do47:38 Part two safety data due within weeks54:46 The cash question: secondary vs sale57:49 Nectar: strong data, then an unexplained selloff59:54 The Eli Lilly lawsuit and the jury-trial angle01:03:26 Ox40 read-through and the Q32 Bio overhang01:06:07 Most mispriced pick, targets, and the CEO's Cincor parallel01:12:10 WrapLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/Disclosure: Long ABVX and NKTR

June 4, 202652 min

Pershing Square Challenge 2026 finalists pitch Amadeus $AMS | the toll booth on global travel

Amadeus $AMS is down roughly 25% because the market lumped it in with the SaaS names AI is supposed to gut. Team Amadeus, Pershing Square Challenge finalists, argue it's the opposite: a deterministic, mission-critical monopoly that AI makes more valuable, not less. We dig into the 50-year-old systems that planes literally can't take off without, why the GDS is the wrong job for an LLM, the Sabre and Constellation Software angle, and what the stock is actually worth.Full pitch deck (~75 pages): https://www.dropbox.com/scl/fi/5bwef8mz2kplx2sub598w/PSC_AMS_LONG_vSent.pdf?rlkey=x5g0v7t1qk8hpg00ewix95hn3&st=rq9nzl4h&dl=0This episode is brought to you by Trata. Trata is two investors who get on an anonymized call and talk through the real issues in a stock, bull-to-bull, bear-to-bear, or just getting up to speed. If you like this podcast, you'll like Trata. Check it out at trata.comChapters:00:00 Why Amadeus landed on my radar01:00 Sponsor: Trata02:39 Meet Team Amadeus (Pershing Square Challenge finalists)05:20 What Amadeus actually does: the toll booth on global travel09:07 The AI fear that broke the stock11:13 Is it actually cheap? Valuation and stock comp15:26 Why Amadeus tops the AI-risk matrix16:32 Air IT Solutions: the SAP of airlines22:59 The Microsoft AI director who bet against AI eating this24:15 Tech-debt pushback and the JFK field trip29:09 Sabre, Constellation Software, and the monopoly complaint33:16 How Amadeus won share during COVID34:21 The air-distribution network effect35:22 Why LLMs are the wrong tool for the GDS39:50 The $1B biometrics acquisition43:03 Google, Gemini, and the uptime math45:47 Fair value and the bull case nobody's pricing49:01 Amadeus as an AI beneficiary51:02 Closing thoughtsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 31, 202627 min

May 2026 Random Ramblings

A market that refuses to go down, AI coming for the investor's job, and MicroStrategy quietly becoming the entire preferred-equity market. Andrew's monthly ramble across five things he can't stop thinking about: stretched memory valuations, a hyper-concentrated tape, mental flexibility, and the cycle nobody believes can break.This episode is sponsored by Fiscal.ai. Modern financial data for global equities, with a self-serve API that plugs fundamentals and prices straight into your LLM and updates within minutes of earnings, not days. Get 15% off at https://fiscal.ai/yavChapters:00:00 Five things I'm rambling on this month01:58 Sponsor: Fiscal.ai03:16 "We'll never have problems again": a market that won't quit04:56 Energy and oil: the worries the market keeps shrugging off06:00 AI, space plays, and stretched memory valuations09:54 Five stocks, half the S&P's gains10:51 Is AI coming for the investor's job?13:08 The counterpoint: 200-IQ machines and more fragile markets16:10 Mental flexibility: why your old letters predicted your AI take20:04 Why "the cycle is dead" always worries me21:42 MicroStrategy is the preferred-equity market now24:45 The CFO signal: leaving a big company for a small oneLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 28, 202644 min

Pershing Square Challenge 2026 third place: Celsius $CELH

Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for $CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat, the heavy reliance on Pepsi distribution, and whether energy drinks are just the next "protein" fad waiting to be disrupted.CELH pitch deck: https://www.dropbox.com/scl/fo/rsyotzf7g2efkj9rfmg23/AHHk4_h_6CU12R-dTrAOtH4?rlkey=664lkpggv77rwkzh3rh78826q&e=2&st=0s4tiwjy&dl=0This episode is sponsored by Trata. Trata is buy-siders interviewing each other; it is the fastest way I know to ramp up on a name. See a sample here: https://www.trata.com/celhChapters:0:00 Why energy drinks (and Celsius) are a passion1:13 Sponsor: Trata2:46 Meet team Celsius, third place at the Pershing Square Challenge4:23 Why they picked Celsius for the pitch7:19 The setup: ~20x earnings, ~18% growth, an underpriced Alani8:47 Why the market is discounting Celsius10:09 The Costco/Kirkland private-label crash, and the rebuttal12:26 Andrew's pushback: don't loyal buyers just order in bulk?16:14 The proprietary 500-person survey18:48 Distribution vs. brand: is the survey actually a bear case?22:31 The Pepsi relationship: Rockstar, the 11% stake, and the risk26:08 The Alani acquisition: sugar high or smart capital allocation?31:24 Are energy drinks the next protein? The fad debate38:40 Valuation: the Coke and Monster arbitrage43:38 Wrap-upLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 25, 202646 min

Pershing Square Challenge 2026 runner-ups on Baker Hughes $BKR

Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn't fully appreciated the company's evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users conference, and a sum-of-the-parts case that leans on growth, not multiple expansion.See the team's full pitch deck hereThis episode is sponsored by Trata. Check them out at https://www.trata.comChapters0:00 Intro and sponsor2:21 Meet Team Baker Hughes4:39 Why they backed into Baker Hughes6:56 Watching the stock run from $45 to $65 mid-pitch7:21 The differentiated work: 30+ expert calls and the turbine conference8:27 The two businesses: oil field services vs. industrial energy technology10:10 What the market is missing on the IET transformation12:56 Is this just another cycle? The chart hit $65 three times13:59 Why this gas turbine cycle is structurally different17:01 AI as a distraction: onshoring and electrification17:51 The installed base flywheel and recurring service revenue21:13 The three turbine segments and the supply chain squeeze23:34 Honoring 70-year customers vs. mercenary pricing27:44 Valuation: a sum-of-the-parts story, not a multiple story29:36 The Chart acquisition: can they really double their money?34:56 The GE merger history and the GE Aero Alliance today38:27 Management, alignment, and insider ownership42:41 The C3 AI anecdote and wrap-upLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 22, 202657 min

Pershing Square Challenge 2026 winners on DoorDash $DASH

The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblown.This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dashTeam DASH presentation: ZK's LinkedInAaron's LinkedInElliot's LinkedInChapters00:00 The Pershing Square Challenge and team DoorDash01:14 Sponsor: Trata02:50 Meet the team: ZK, Elliot, and Aaron05:40 Why they picked DoorDash out of the screen10:10 The bull case in three parts11:20 US restaurant growth: still the middle innings?13:20 Demographics as a tailwind17:50 Order frequency and the China comp21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $32025:35 The real downside: competition, Amazon, bundled memberships29:50 The ~90 primary research calls33:35 New verticals and the grocery economics38:10 A DoorDash bet or a Tony Xu bet?41:40 Management comp and alignment43:45 International: the Wolt case study and Deliveroo47:00 The tech-stack reinvestment cycle51:00 Sylvie makes her podcast debut51:20 Citrini and the AI-agent threat56:20 WrapLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 19, 20261 hr 5 min

Why $PSUS deserves a premium to NAV and $PS deserves a premium multiple | Marlton's James Elbaor

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/yavChapters:0:00 Intro and the divergent thesis1:05 Sponsor: Fiscal.ai2:20 Marlton's lens on closed-end funds and UK trusts5:00 $PSUS: scale, structure, why it's already the largest US equity CEF7:30 The case for a premium to NAV instead of a 15 to 20% discount12:30 $PSUS vs $PSH London: who can own what, and why it matters15:20 The 40-Act book and Ackman's macro hedging history17:50 Track record with and without the COVID hedge22:00 Why London still does not fully credit Bill23:50 "But isn't it just Google, Amazon, Meta?" — the index-hug pushback26:00 Can Pershing get private assets (Spark, HHH-style deals) into $PSUS29:00 $PSCM valuation: 30x FRE and the bridge from $300M to $550 to $590M36:00 Why $PSCM should deserve a premium multiple to KKR, Apollo, Carlyle, Blue Owl42:30 Preferred performance fees and why the income statement is cleaner45:30 Alignment: insiders own 85%+48:00 Permanent capital vs six-year "permanent" capital at the alts49:40 50 employees at $PSCM vs 2,200 at Carlyle52:00 Keyman risk on Bill and Ryan Israel's role58:30 What's next: $UMG, Vincent Bolloré, and Spark as the vehicle1:02:00 WrapLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 14, 20261 hr 4 min

$DRVN Cruising through the Driven Brands thesis | Kyle Mowery GrizzlyRock Capital

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 DRVNKyle'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 industrialsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/

May 10, 202653 min

$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe

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 thesis01:44 Sponsor: AlphaSense earnings season04:49 Rich's bull case for $LBTYK07:46 Andrew on management credibility09:05 Why a spin can unlock value11:57 Buybacks: are they actually working?15:19 Debt structure and the deleveraging path17:14 Operational deterioration risk19:52 Ziggo's subscriber losses24:09 Malone and Fries: the track record27:46 The Liberty Global board problem31:22 The growth investment portfolio32:59 Why Rich haircuts the portfolio36:43 Formula E and venture exposure38:35 The empire-building risk40:55 Virgin Media O2 restructuring42:11 Other spin-off setups worth a look43:40 Ziff Davis sum-of-the-parts46:52 Andrew on distressed SaaS ideas48:22 Lionsgate and media consolidation51:53 Lionsgate as an acquisition targetLinks:Yet Another Value Blog: https://www.yetanothervalueblog.comStock Spin-Off Investing (Rich Howe): https://www.stockspinoffinvesting.comLegal disclaimer: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com/