New Research on Evolution Gaming's Asia and Crypto Risk $EVO

We’ve followed EVO closely since 2019, including throughout 2021. This work doesn't rehash old risks.

We believe we've uncovered various potential significant risks to its unregulated Asia business: Firstly, our research suggests crypto provides the critical infrastructure to ~50% of EVO’s EBITDA

~30% of unregulated GGR is driven by crypto gambling but the significant majority of GGR touches crypto to facilitate deposits, transfer payments, and hide gambling

crypto isn't discussed once in EVO filings

A Portfolio Head of M&A at Constellation Software on deployment runway: Still enough targets in US…

The history of AWS' Elastic Kubernetes Service is an example of the power of AWS as a platform

Containers were popularised by Docker by making it easier to scale and deploy applications...

$AMZN But containers created complexity.

Developers can now deploy thousands of container instances. This is a nightmare to manage.

Enter ECS: Amazon Elastic Container Service.

NEW ANALYSIS: Naked Wines: FY22 Results and Reflections

We've reflected on $WINE FY22 results and the 50% price decline last month

H2 22 saw the worst ever sales retention and Y1 payback... Repeat contribution margin also declined 260bps due to raw material inflation and higher fulfillment costs

WEEKLY ANALYSIS: $CVNA Finance GPU

Read @_inpractise for FREE

Here is our shot at a balanced view of the advantages of $CVNA finance model and the challenges the company faces going fwd

Firstly, $cvna is a loan originator that sells cars. Comparing $kmx and $cvna finance gpu isn't apples to apples because $KMX doesn't originate tier 2 and 3 loans

A few reflections on the Berkshire Annual Meeting..

1) The two words Buffett mentioned the most were 'partners' and 'owners'

$BRK 2) This comment was also interesting

“If I were to do this all again, I’d do exactly the same thing: I’d go to individuals and earn their trust"

NEW WEEKLY ANALYSIS: Constellation Software, Allscripts, & CSU 2.0

FREE TO READ

We explore $CSU Allscripts acquisition and why this could mark the beginning of 'Constellation Software 2.0'

A few observations... $CSU is buying Allscripts at 11.7x FCF or 7.5x EBITDA after expensing 100% of R&D to align with $CSU accounting

NEW WEEKLY ANALYSIS: The Trade Desk & CTV Value Chain Power Dynamics

This quote by $TTD CEO highlights why the DSP is in an advantaged position in the adtech value chain

Full write up is available for free @_inpractise We are in the midst of a structural shift of linear TV to connected-TV spend

We recorded our 5th In Practise Investor Dialogue today, on $W

Past dialogues you can find at inpractise.com:

$BUR.L
$FEVR.L
$RBL.AX
$EVO.ST

Upcoming Dialogues:

$WINE.L
$CVNA 
$FAST
$HFG.DE 
$PAR 
$CDLX
$ASC.L
$CPRT
$OCDO Get in touch if you have deep experience with these names and would like to join the conversation.

IP Dialogues are a new format where we bring together 3-6 experienced investors to engage in dialogue around the key value drivers of a business.

NEW INTERVIEW: The CTV Advertising Value Chain

"I think you'll probably see a return back to SSPs and DSPs together. "

$TTD $MGNI $PUBM $TRMR

inpractise.com/articles/the-c… CTV Measurement is a big challenge moving linear TV $$ over

How can we as investors always be thinking about the future but "live in the present"?

Dr. Ellen Langer shares some views in this great short article:

theatlantic.com/podcasts/archi… Be goal guided, not goal governed.

"Recognize that outcomes are in our heads"

NEW INTERVIEW: William Buck, Kelly Partners Group, & Australian Accounting Roll-Ups

We explore how the higher end of the SME market works and why a firm like William Buck avoids the lower end where $KPG.AU operates

inpractise.com/articles/willi… $kpg does more compliance based work vs advisory and higher end specialised services mid market firms provide

Can $KPG offer the same level of service as they serve larger customers?

$BUR CIO effectively explained how Burford is trading at a run-off liquidation value

https://twitter.com/_inpractise/status/1455558378995036160

Molot estimates $BUR will receive $3.4bn in cash proceeds from the balance sheet capital provision assets only excluding YPF

NEW WEEKLY ANALYSIS: Couche-Tard, C-stores, & The Impact of Electric Vehicles

We walk through how EV penetration could impact $ATD gross profit in 2030

inpractise.com/articles/couch… If EV's are 100% of US car sales by 2030, the total EV penetration of the US car parc is only 15% in 2030

NEW CONTENT TYPE:

IN PRACTISE INVESTOR DISCUSSIONS

We will be hosting regular recorded discussions with 4-5 investors on a specific company

The first is on Redbubble $RBL.AU

inpractise.com/articles/inves… The format is simple:

We invite 4-5 institutional investors from our subscriber base to participate in a discussion on the company

Each participant will be anonymised and will get to read the transcript 10 days it's published

It's pretty incredible that Wingstop closed less than 1% of stores in the 5 years to 2019

$wing anyone know the rates $wing is paying $dash?

NEW INTERVIEW: Selling Microsoft Office 365 Commercial

We interviewed an exec with over 15 yrs experience at $MSFT selling the enterprise prod suite

So many gems in here: "Satya was almost like a spiritual Gandhi for the business"

inpractise.com/articles/selli… Incumbency is a real advantage

WEEKLY ANALYSIS: GLG & The Future of Expert Networks

@MarcRuby and @ByrneHobart have great write ups so we thought we'd share additional views on $GLG , the industry, and our mission... Over the last decade, PE AuM growth has fuelled expert network market growth

The way EN's are used in the private market is something like:

NEW INTERVIEW: MaxCyte: Selling ExPERT Cell Engineering Platforms

$MXCT is one of the most interesting companies we've explored this year The cuvettes are unique and drive transfection quality

NEW WEEKLY ANALYSIS:

Fastenal's Industrial Vending Competitive Advantage

The founding idea for $FAST in 1967 was to franchise vending machines to retail and manufacturing facilities.. The vending technology wasn't ready so Kierlin pivoted to a branch-based network.

This network of over 2,000 branches and a last-mile dist network forms the heart of the machine behind the machine today that makes the vending offering so powerful

$FAST has ~100k vending machines installed

Management think they can deploy over 1.7m in long run... 1.7m installation seems crazy but when you look at the way customers are using the machines...