Speedwell Research
Independent equity researcher posting concise European earnings recaps and valuation takes on Euronext‑listed names.
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 the same time you're creating additional competitiveness on the platform, and in some cases, greater selection and the ability to move faster." AlphaSenseInc
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.
Ferrari's Low Volume Yields 3‑plus× Higher Per‑car Revenue
Ferrari produces ~13k vehicles annually whereas Porsche produces nearly 50k 911 models (their iconic sports car) and another 20k 718s (their lower end sports car). Porsche also produces a lot of SUVs and Sedans, bringing their total annual volume around...
Ferrari’s 20‑Month Waitlist Keeps Desire High
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...
Industry Insiders Prefer Toast Over SkyTab Despite Higher Cost
Former VP at $FOUR notes that a majority of industry insiders would say that Toast is better than SkyTab for restaurants. He talks about how Toast has older software in a good way, as it means all of the kinks...
Earnings Reflect LVMH’s Focus on Quality Products
Bernard Arnault on how earnings are a consequence of building great products "The figures themselves are nothing, but the consequence of the excellent quality of our products, our excellent strategy, but, of course, it is, they are a direct reflection of...
Minimal AI Savings Dampen Municipal Switch Incentive
Former head of M&A at $CSU on how AI affects switching costs "The delta in terms of potential cost saving is minimal and the incentive to switch becomes less. If you're managing whatever it is for a municipality, say in Europe,...
EVO Allocates All Excess Cash to Share Buybacks
$EVO to distribute 100% of excess cash to share repurchases "The board has decided to distribute 100 percent of excess cash, exclusive to any M&A activity. The distribution of excess capital will generally be done through repurchase of own shares." - 2025...
Customers Choose Vertical SaaS to Avoid AI Overhype
Former head of M&A at $CSU on why the AI risk is overblown "At the end of the day, basically why customers use Constellation of vertical market software providers is to make the managing of their own business easier. They don't...
Trust Your Research, Not Borrowed Judgement
Don’t borrow judgement. The reason why we spend hundreds of hours analyzing a business is to thoroughly understand it. The purpose of the research is to build confidence in our assumptions. The valuation then dictates what the return those assumptions will...