Yet Another Value Podcast

• Yet Another Value's special situation: Sage Therapeutics $SAGE

  In today's episode of the Yet Another Value Podcast, Host, Andrew Walker, shares his thesis and presentation on Sage Therapeutics, Inc. (NASDAQ: SAGE), a biopharmaceutical company committed to pioneering solutions to deliver life-changing brain health medicines, so every person can thrive.For more information and to subscribe to the Yet Another Value Substack, please visit: https://www.yetanothervalueblog.com/Disclosure: long SAGEChapters:[0:00] Episode sponsor: Alphasense[3:21] Introduction - passive vs. active investing[7:32] Overview of $SAGE and why its interesting to Andrew: passive owners in the company, shareholder engagement[13:40] Biogen offer (rejected by Sage) - what happened[17:34] Expert call with OBGYN (thank you, Alphasense!)[21:38] Board needs to weigh opportunity cost of cash burn and options[25:49] Shareholder engagement and IRWD cautionary tale / SAGE board and management compensation[30:54] Biogen / Sage merger - why it makes sense and final thoughtsToday's sponsor: AlphasenseIf you’re unfamiliar with AlphaSense, it’s a market intelligence platform with the world’s premier library of proprietary expert insight. For years now, I’ve used Tegus for their expert call transcript library, and with AlphaSense’s acquisition, the depth and breadth of market research content available has expanded significantly.Why I chose AlphaSense? Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies. Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights. Start your free trial now at: https://www.alpha-sense.com/yavp/

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• Redwheel's Shaul Rosten unpacks thesis on French leasing company, Ayvens $AYV.PA

  Shaul Rosten, Equity Analyst, Global Value at Redwheel, joins the podcast to share his thesis on Ayvens ($AYV.PA), a provider of full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals.For more information about Redwheel, please visit: https://www.redwheel.com/uk/en/institutional/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:39] What is Ayvens and why are they so interesting to Shaul[3:04] What is Shaul seeing with Ayvens that the market is missing[5:46] How do they compete against capital Finco's / understanding the business, how they make money[14:58] Red flags: what's going on with the "big merger" they did (LeasePlan)[23:12] Electric vehicles[28:02] Right to grow right now[32:54] SocGen's 52% ownership[38:29] Regulatory risks[42:20] What could go wrong / what could break Ayvens thesis for Shaul[46:14] Final thoughts: revisiting question - what does Shaul think the market is missing here, how'd they do during the GFC[49:19] Financing businessToday's sponsor: DaloopaEarnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.

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  52:32
• Windward's Marc Chalfin and Jay Upadhyay describes the overhaul and new vision at Groupon $GRPN

  Marc Chalfin, CIO, Founder & Portfolio Manager, and Jay Upadhyay, Senior Research Analyst, at Windward Management LP, join the podcast to share their thesis on Groupon (NASDAQ: GRPN).For more information about Windward Management LP, please visit:https://www.windwardmg.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:16] What is Groupon $GRPN and why is it so interesting right now to Marc and Jay[3:24] $GRPN overhaul, why now is interesting and Windward's thesis[11:49] $GRPN set up[18:26] What is Marc and Jay seeing with $GRPN that the market is missing[24:33] Inventory and Technology[31:48] SumUp / BaseRate[37:37] Final thoughts: web traffic, understanding the tailwindsToday's sponsor: DaloopaEarnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.Stop letting manual work slow you down. Set up a free account today by visitingdaloopa.com/YAV and see how Daloopa can transform your workflow.

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  45:32
• SemiAnalysis' Jeremie Eliahou Ontiveros on the supply/demand dynamics of AI and data centers

  Jeremie Eliahou Ontiveros, Technology Analyst at SemiAnalysis, joins the podcast to share his thoughts on the supply/demand dynamics of AI and data centers. For more information about SemiAnalysis, please visit:https://semianalysis.com/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[1:22] Supply and demand dynamics of AI; perspective on data centers[9:03] Thoughts on DeepSeek; Jeremie's worry on the whole AI trade in general; AI training[13:58] Is there a rush to generate more data right now?[17:24] Jeremie's thoughts on NVIDIA[26:32] What breaks the up cycle for AI / is subscription ultimately the way to monetize AI[32:17] Interesting power plays (picks and shovels to support AI); bitcoin miners as potential AI plays[40:58] Bitcoin miner/AI play that Jeremie is interested in; deep dive on AIRian[50:27] Management activities from bitcoin miners; why are some of these companies not seeing the AI opportunity[57:26] Final thoughts on AI, bitcoin mining, power, data centers; why this all domestic activity focusedToday's sponsor: DaloopaEarnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.Stop letting manual work slow you down. Set up a free account today by visitingdaloopa.com/YAV and see how Daloopa can transform your workflow.

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  1:03:13
• Boldstart Ventures' Shomik Ghosh on Kelly Partners' $KPG.AX unique accounting firm roll-up strategy

  Shomik Ghosh, Partner at Boldstart Ventures, joins the podcast for the second time to discuss his thesis on Kelly Partners (ASX: KPG / OTCQX: KPGHF), a specialist chartered accounting network established in 2006 to provide a better service to private clients, private businesses & their owners, and families.For more information about Shomik Ghosh and Boldstart Ventures, please visit:https://boldstart.vc/Chapters:[0:00] Introduction + Episode sponsor: Daloopa[2:20] Who is Kelly Partners and why they are so interesting to Shomik[5:31] What is Shomik seeing that the market is missing with Kelly Partners[9:09] $KPG's secret sauce for rolling up accounting firms / incentive risks / back office secret sauce that $KPG can do that PE firm can't[23:36] International expansion / is there enough growth runway of acquisitions[30:27] Why not relist in US from Australia?[37:10] Expanding into other areas outside accounting / AI tail risk[46:49] Management[52:13] Why are they so focused on McDonald's[55:22] Final thoughts[57:26] What does Shomik think would be the cause for the thesis breaking with Kelly Partners / how does Shomik look at fair value here[1:02:24] Quick thoughts on Match GroupToday's sponsor: DaloopaEarnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.Stop letting manual work slow you down. Set up a free account today by visitingdaloopa.com/YAV and see how Daloopa can transform your workflow.

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