Speedwell Research
Independent equity researcher posting concise European earnings recaps and valuation takes on Euronext‑listed names.
Coupang: Amazon’s Top Imitator with 7‑Hour Delivery
Founder of Coupang, Bom Kim, modeled their business after Amazon. They are by far Amazon's best imitator with millions of items delivered in under 7 hours. $CPNG
Constellation Software Embraces Large Partial Equity Investments
Constellation Software on taking partial equity stakes instead of outright acquistions: "So I think if we had the opportunity to invest a large amount of capital in a great business, over the long term, we are absolutely willing to do...
Ferrari's 2-Year Waitlist Boosts Brand Desirability
Ferrari manages desirability by capping availability with a waitlist of about 20-24 months. Ferrari believes that this is the sweet spot between it being too long that clients move on and long enough that they keep desirability high by making...
CSU’s Acquisition Strategy Shields It From AI Disruption
Former head of M&A at $CSU on why $CSU is less exposed to the AI threat compared to $ADBE, $CRM, $INTU "We will acquire the best one, the second best one, and so on until we have a significant chunk of...
Single Value Focus Locks In Hard‑to‑Change Decisions
When a company embarks on a particular value prop, they will then optimize their entire business around serving that value prop. This allows them to fully optimize for those sets of preferences, but it also means that addressing other preferences...
Meta Shares Tumble 9% Amid 33% Revenue Surge
$META stock is down -9% despite growing revenues +33% y/y in the quarter We break down the quarter as well as Meta's big personalized AI bet in our new business update below 👇
Inspections to Drive 60% Revenue, Boost Margins
$APG CFO on how leading with inspections will impact margins: "We believe that for every dollar of inspection revenue that deficiency report is going to generate $3 to $4 of follow-on service work during the course of the year. We're going to...
Acquisitions with Double‑Digit Attrition Need Extra Approval
Former head of M&A at $CSU on attrition "On average, for Constellation's wider portfolio, I would say that gross attrition lies under 10%. If you're looking at an acquisition and that acquisition has attrition of low double digit percentages, there's a...
Expanding 2P Boosts Selection, Wallet Share, Competitiveness
Former Senior Director at $CPNG on how Coupang can grow their 2P business, which allows them to offer a wider selection, which in turn increases wallet share of both the consumer and the seller "You're gaining greater share of wallet at...
LV CEO Calls Repair Shops Loyalty Investment, Not Profit
Louis Vuitton CEO on investing in repair shops to build consumer surplus "This is a significant investment, by the way. This is not a profit center. This is something we invest to develop customer loyalty. So well, most of the repairs...
Unique Model, No Direct Competition Fuels 500-
Former manager at $FND on their 500-store count goal: "Fundamentally, it should work. It's unique because there's no pure play competitor."
Uninsured Drivers Now the New Baseline, Says IAA Veteran
Former Board Member at IAA believes the high rate of uninsured drivers is the new base unless there is more regulatory change $CPRT
Churn Remains Steady; Technical Accounts Stick Longer
Former VP at $FOUR on churn "I feel like their churn has stayed about the same. I don't think they're above or below average. When you factor in all of their accounts from SMB to enterprise, the more technical you get, the harder...
Shift4 Wins on Price, Not Product Quality
It is clear that Shift4 can win on price and subsidies. This former VP at Shift4 readily capitulates that Toast is a better product than Shift4, but notes their ability to pay off merchants and give away hardware often convinces...
Shift4 Lures Merchants with Free Hardware, Paid Termination Fees
Former VP at $FOUR notes that Shift4 can be very aggressive with signing up merchants by not only offering free hardware, but also paying their termination fees.