Thesis bottom line iRobot (IRBT or ‘company’) is a leader in the Robot Vacuum Cleaner (RVC) space. Economic moats include Consumer Lock-In, Patents and a Learning Curve edge - strengthened by strategic positioning. Chip shortages, high tariff and material costs - all real concerns - have spooked investors and led to a 60% drawdown in … Continue reading Investment Memo | iRobot Corporation (IRBT)
Video presentation here Slides below. humansoft-holdings-kuwaitDownload Thesis bottomline HS has had a stellar decade owing largely to being in the right place at the right time. Generous scholarship payouts, a large government-lease property and under-capacity in the market led to impressive, profitable growth. The luck has now run out. Today the market is justifiably unconvinced … Continue reading Humansoft Holdings (Kuwait) | Luck is no strategy
Back in June 2019, a deep-dive into Integrated Holding (IHC) indicated a so-so business, tagged with a price forecasting a steep down-cycle for the upcoming 3-5 years. We did what we always do. We tore through public filings, financials, searched for strategic and economic strengths, read global industry reports on heavy-equipment rentals, and sent management … Continue reading Analyst Note | Why we passed on Integrated Holding (IHC)
Home Depot is the world's largest home improvement specialty retailer, operating nearly 2,300 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the United States, Canada, and Mexico. Its stores offer numerous building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of distributor Interline Brands in 2015 allowed Home Depot to enter the maintenance, repair, and operations business, which is expected to expand with the pending acquisition of HD Supply. The tie-up with Company Store also brought textile exposure to Home Depot's lineup.
Core Laboratories is an oil-services company that helps oil and gas companies better understand how to improve production levels and economics with core and reservoir analysis. Additionally, the company sells a number of products helping its customers to maximize production levels from their oil and gas assets. The company operates in more than 50 countries and has more than 5,000 employees.
Intel is one of the world's largest chipmakers. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has declined. These include areas such as the Internet of Things, memory, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, Movidius, and Habana Labs in order to assist its efforts in non-PC arenas.
Applied Materials is the world's largest supplier of semiconductor manufacturing equipment, providing materials engineering solutions to help make nearly every chip in the world. The firm's systems are used in nearly every major process step with the exception of lithography. Key tools include those for chemical and physical vapor deposition, etching, chemical mechanical polishing, wafer- and reticle-inspection, critical dimension measurement, and defect-inspection scanning electron microscopes.
EHealth offers a private health insurance exchange where individuals and small businesses can compare health insurance products from leading insurers. Users can purchase the insurance online. The exchange includes Medicare options, and seniors can enroll in those plans online or via phone. The company primarily generates revenue through commissions it receives from health insurance carriers. EHealth has relationships with the leading health insurance carriers in the United States and offers thousands of plans online. All of the company's revenue is from the United States.
Ferrari engineers and manufactures some of the world's most expensive exotic sports cars. The Ferrari brand is synonymous with Formula One racing, exclusivity, Italian design, and state-of-the-art technology. Ferrari also has a captive finance company that provides funding for dealers and clients.
Exponent Inc is a United States-based company that provides engineering and scientific consulting services on a project-by-project basis. The company's consultant team is composed of scientists, physicians, engineers, as well as business and regulatory consultants. The company currently operates through two segments. The engineering and other scientific segments, which accounts for the majority of revenue, provides servicing encompassing biomechanics, biomedical engineering, buildings and structures, civil engineering, construction consulting, etc. The environmental and health segment covers chemical regulation and food safety, ecological and biological sciences, environmental and earth sciences and others. The company generates almost all its revenue from America.