This is a new podcast we're launching which is a more relaxed format discussing what we've learned from our internal primary research over the last week.

M&A and Purchase Price Accounting

Ashtead Investor Day 2024

The Gym Group, Basic Fit & Discount Gyms

AMZN Retail & IP Company Learning Journeys

TransDigm Group Podcast

Spotify Podcast Advertising

Wayfair: CastleGate and Last Mile Delivery

Zara & SHEIN Supply Chain Analysis

Constellation Software: Operating KPIs

HEICO / Wencor

Credit Acceptance

Constellation Software: Altera Acquisition Analysis

Constellation Software & VMS Competition

This is a new podcast we're launching which is a more relaxed format discussing what we've learned from our internal primary research over the last week. Please add our feed to your podcast player to keep up to date with future podcasts.

Burford Capital

Costco UK & Europe Store Opportunity

Ashtead & Equipment Rental

IP Podcast: Diploma PLC

Serial Acquirers

This is a new audio-only analysis series which is a more relaxed format discussing what we've learned from our internal primary research over the last week. Please add our feed to your podcast player to keep up to date with future podcasts.

Bergman & Beving

Amazon.com Structural Advantages vs Traditional Retail

Anonymous

Amazon.com Inc

Google

Microsoft Corporation

Uber Technologies Inc

HEICO Corporation

Spotify Technology S.A.

Naked Wines plc

Constellation Software Inc

TransDigm Group Incorporated

Airbus SE

Wayfair Inc

Tesla Inc

The Boeing Company

Sony Group Corporation

Carvana Co

Burford Capital Limited

Just Eat Takeaway.com N.V.

Omni Bridgeway Limited

LVMH Moët Hennessy - Louis Vuitton, Société Européenne

Danaher Corporation

2 or 3-sided marketplaces or platforms that aim to achieve network effects.

Marketplaces & Platforms

Retailers that own supply, distribution, or delivery assets to provide a differentiated customer experience.

Vertically Integrated Retailer

Physical Infra & Networks

Companies that aim to use regular accretive M&A of typically smaller companies as a cornerstone of strategy.

Serial Acquirer

SaaS and on-premise software with a focus on vertical market offerings.

B2B Software

Companies with trademark, copyright, or patented IP or consumer brands with heritage and pricing power.

Unique IP & Brands

Companies selling mission-critical components or services with low-cost- high-benefit, high switching costs, and embedded in customer workflows.


Mission Critical Products & Services

A company designed to be the lowest cost provider in the market


Low Cost Operators

Insurance, reinsurance, and all categories of specialty finance, asset managers, etc.

Insurers & Financials

Manufacturers with an installed base of product that typically generates consumable, maintenance or other recurring revenue.


OEMs w/ Installed Base

One-stop shops within a fragmented supply and customer base.

B2B Middlemen

B2C and B2B auctions and classifieds platforms.

Auctions & Classifieds

Firms that license trademarks to third-party operators.

Franchisors

Value of the product increases as the user or customer base increases.

Network Effects

High financial cost and time of customers switching to a competitor. Includes productivity loss from downtime, changing routine, and retraining staff.

Switching Costs

Per unit cost declines as units produced increase. Scale economies also include procurement scale and distribution network density.

Scale Economies

Loyalty and trust drives higher pricing power.

Brand Equity

Operational and learning process that drives higher quality products and / or lower prices vs competitors.


Process Power

Entrant has a superior business model (lower costs and / or ability to charge higher prices given the higher product value) that incumbents cannot replicate without significant cannibalisation of existing business.

Counter Positioning

Preferential access to a unique resource that drives value such as management, technology, patents, property, etc.

Explore our Research Analysis

IP Podcasts - audio only analysis going in depth on companies and industries.