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, 6 tweets, 2 min read
WEN = 1st restaurant franchisor Ive seen say publicly they will roll out dark kitchens on top of their existing footprint (from their investor day)
related WEN slide
Hard to argue delivery & digital ordering are not highly incremental & valuable to WEN
At least inside of WEN, GRUB & UBER Eats are probably about to cannibalize a lot of Doordash's recent volume
Here's Wendy's saying that Google could (has started to?) disintermediate online food ordering just like it has with online travel
Doordash is not profitable on its WEN business, but that will probably not be the case for GRUB & UBER Eats
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Bluegrass Capital
@BluegrassCap
Contactless payments for small ticket, recurring items are the leading edge of future growth for digital payments via @scuttleblurb. The low cost network operator should have even greater advantage in this cohort than existing cohorts.
@scuttleblurb does this sound like a digital wallet for businesses? scuttleblurb.com/vma3/
@scuttleblurb Mastercard is to 1980s Macintosh as Visa is to 1990s Windows
Read 4 tweets
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Bluegrass Capital
@BluegrassCap
For intangible asset driven firms who require little or no capital to grow, what is the best modern equivalent to book value (ie a static financial metric to contrast vs market value)?
we're thinking the ~same things

eg replacement cost = (annual R&D * 5 years) + (annual customer acquisition costs / (1/customer life) )
tangible asset driven co vs intangible asset driven co

depreciated capex vs capitalized R&D = PP&E

Brand value from acquisitions vs capitalized customer acquisition = goodwill

then add NWC
Read 3 tweets
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Bluegrass Capital
@BluegrassCap
Ecolab's virtuous customer cycle (last week's investor day)
ECL announces new customer vertical:

Datacenters use 80x more water than a hospital; water is a recurring & critical cost of doing business. Potentially large & fast growing end market for water efficiency where customers are not price sensitive.
ECL says biggest challenge getting started in datacenters is simply identifying all the ones that have sprung up & making initial contacts
Read 6 tweets

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@JHolmsted
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