We're posting up notes from the Capitalize For Kids Sohn Canada conference that just took place. Next up is Aaron Cowen of Suvretta Capital who pitched long Burger King Worldwide (BKW) and long Liberty Global (LBTYA / LBTYK).
Aaron Cowen's Sohn Canada Presentation
Pitched LONG Burger King Worldwide (BKW). Believes the stock has bond like features and can generate $2/share FCF. Mentioned Tim Horton’s deal was a huge “game changer”, especially considering the backers, 3G Capital. Can cut lots of costs within Tim Horton’s and turn it into a more profitability franchiser (similar to early days at BK following 3G deal). Thinks there is a possibility for another deal, a pizza chain perhaps.
Next, pitched LONG Liberty Global (LBTYA / LBTYK). An amazing compounder with legendary management team and board (John Malone). Experiencing topline growth and has the German asset upside. Should trade at a 7.5 yield, resulting in a price target of $60.
Be sure to check out the rest of the presentations from Capitalize For Kids Sohn Canada here.
Tuesday, October 28, 2014
Aaron Cowen's Long Burger King & Liberty Global: Capitalize For Kids Sohn Canada Conference
Wednesday, August 27, 2014
What We're Reading ~ Analytical Links 8/27/14
Profile of Alibaba's Joseph Tsai [Bloomberg]
Carol Loomis' latest on BlackRock: the $4.3 trillion force [Fortune]
Profile of 108 year old investor Irving Kahn [Telegraph]
Lessons learned in 30 years of investing [What Works on Wall Street]
Share sleuth's investment checklist [Interactive Investor]
A look at Post Holdings [View From the Blue Ridge]
A look at WL Ross Holding Corp [Brooklyn Investor]
What makes Warren Buffett a great investor? [Farnam Street]
Amazon: not an e-commerce company [Stratechery]
The inside story of how Netflix came to pay Comcast for traffic [Quartz]
Morningstar: a force to be reckoned with [FT]
Nonprofit hospitals' earnings fall as costs outrun revenue [WSJ]
Interview with Burger King's CEO [Financial Post]
The company speeding a genetic revolution [Forbes]
Google's valuation: much cheaper now than 10 years ago [WSJ]
Family Dollar bidding war suggests 'peak dollar store' is here [Yahoo]
Match.com might not light IAC's fire [WSJ]
Peculiar habits of incredibly successful people [Morgan Housel]
Interview with venture capitalist Bill Gurley [Forbes]
Monday, June 25, 2012
Tiger Global Reveals Justice Holdings Stake (Now Burger King)
Chase Coleman's hedge fund firm Tiger Global recently filed a disclosure in the UK on Justice Holdings (LON:JUSH). The filing reveals that trading took place on April 19th and Tiger have disclosed a 5.27% holding in Justice with 4,000,000 shares.
Readers will recall that Justice Holdings is Bill Ackman's specialty purpose acquisition (SPAC) vehicle that holds a 29% stake in Burger King. Ackman founded Justice along with Martin Franklin and Nicolas Berggruen by raising $1.4 billion in an IPO in London.
Justice Holdings was recently merged with Burger King Worldwide and now trades on the New York Stock Exchange under ticker BKW. We've previously posted Ackman's presentation on Burger King.
Per Yahoo Finance, Burger King Worldwide is "operates fast food hamburger restaurants principally under the Burger King brand worldwide. The company's restaurants primarily offer flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks."
Chase Coleman was recently listed as one of the top 25 highest earning hedge fund managers of 2011.
Bill Ackman's Pershing Square Reveals Extent of Burger King Stake
Bill Ackman's hedge fund firm Pershing Square has filed a 13G with the SEC regarding a new position in Burger King Worldwide (BKW). This position is not exactly 'new' because Ackman's Justice Holdings (JUSH) traded in the UK bought a 29% stake in Burger King and BKW recently listed on the New York Stock Exchange.
Per the filing, Pershing Square has disclosed a 12% ownership stake in BKW with 41,922,908 shares. Justice Holdings bought 29% of Burger King while the rest is owned by 3G Capital. Today we also posted up how Chase Coleman's hedge fund Tiger Global took a stake in Justice (now BKW).
To see the investment thesis on this name, head to Bill Ackman's presentation on Burger King.
Per Yahoo Finance, Burger King "operates fast food hamburger restaurants principally under the Burger
King brand worldwide. The company's restaurants primarily offer
flame-grilled hamburgers, chicken and other specialty sandwiches, french
fries, soft drinks."
For more from this hedge fund, head to Pershing Square's Q1 letter.
