The Intrinsic Value Podcast - The Investor’s Podcast Network

Daniel Mahncke and Shawn O’Malley take a deep dive into Palantir (NASDAQ: PLTR), the data and AI platform behind everything from battlefield targeting systems to Airbus’s A350 production line, with customers including the U.S. Army, the NHS, Ferrari, and Airbus. Palantir is growing revenue at over 90%, with net dollar retention at 157% and adjusted operating margins above 60% — a Rule of 40 score of 155%, roughly double what the best software companies in the world achieve. It also trades at around 60 times sales, which is why The Economist called it possibly the most overvalued firm of all time.

Daniel and Shawn discuss whether the ontology layer is a sustainable moat now that Microsoft and Google have launched competing products, what Alex Karp and Peter Thiel’s politics mean for a company selling to Western governments, and why twenty years of losses turned into the fastest-accelerating software business on the market. In the end, Daniel values the business and decides whether PLTR deserves a spot in The Intrinsic Value Portfolio.



IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:02:29) How Palantir’s Ontology actually works

(00:16:26) How AI turned around Palantir’s business

(00:20:59) Why Palantir has the best margins in the industry

(00:34:22) Why no one seems to be able to copy Palantir’s Ontology

(00:38:01) How Palantir grows its customer base

(01:07:36) Palantir's valuation discussion

(01:11:37) How much Palantir stock is actually worth

(01:12:52) Whether PLTR will be added to The Intrinsic Value Portfolio



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠⁠⁠.

Portfolio Review ⁠⁠⁠⁠⁠⁠Submit Tool⁠⁠⁠⁠⁠⁠.

Satish Terala’s ⁠AI Masterclass⁠.

Future Investing’s ⁠Interview with a Palantir FDE.⁠

Check out our previous Intrinsic Value breakdowns: ⁠Constellation Software⁠, ⁠Dell⁠, ⁠Alphabet⁠, ⁠Constellation Software Spinoffs⁠.

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In today's episode, Kyle Grieve and Shawn O’Malley analyze Domino's Pizza, the world’s biggest pizza franchisor built on a royalty-driven, asset-light business model. They walk through Domino's shift toward franchising and away from Company-owned stores, and what that means for the company's future revenue mix and cash generation. Along the way, they dig into whether Domino's royalty engine can keep running at the pace investors have come to expect.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:01:09) Reviewing the Domino's royalty engine thesis
(00:13:30) Why Domino's has moved away from Company-owned stores
(00:26:05) The role of royalties versus supply chain revenue in Domino's earnings
(00:33:21) How Domino's utilizes a fortressing strategy and its effect on store growth
(00:41:16) The competitive landscape in delivery, carryout, and aggregator platforms
(00:43:27) How the franchise model keeps Domino's asset-light and cash-generative
(00:48:47) Domino's capital allocation and approach to share buybacks
(00:56:47) International franchising and Domino's global store growth
(00:58:30) Risks facing Domino's from labor costs, competition, and changing consumer habits
(01:06:29) Valuation discussion of Domino's
(01:07:40) Intrinsic value of Domino's
(01:09:00) Whether Kyle & Shawn will add Domino's to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES


Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Learn more about how to join us in NYC for our ⁠⁠⁠Intrinsic Value Conference⁠⁠⁠.

Portfolio Review ⁠⁠⁠⁠⁠⁠Submit Tool⁠⁠⁠⁠⁠⁠.

Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠⁠
Uber⁠, ⁠Grab⁠, ⁠Coupang⁠.

Buy yourself a copy of The Domino’s Story.

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After looking at companies that tanked in recent months in the last episode, Daniel Mahncke and Shawn O’Malley now take a look at the best-performing stocks of the pitches of the last two years. Google, Amazon, and Reddit are companies that generated great returns for the Intrinsic Value Portfolio, but there were also companies on the watchlist that turned into multibaggers in the past year.

Daniel and Shawn discuss the patterns of the stocks that gained most in value, what one can learn from that, and how they think about selling and holding positions that went up past their fair value estimate.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:02:35) About Google’s stock rise and valuation
(00:14:09) How the massive capex changes the Mag7
(00:26:41) Why Amazon might be more attractive than Google
(00:38:54) Why Daniel and Shawn decided to sell some Reddit
(00:56:54) Why Remitly wasn’t added to the Portfolio
(01:05:35) How TSMC, Dell, and Comfort Systems became multibaggers
(01:18:02) What the future holds for the AI trade

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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Daniel Mahncke and Shawn O'Malley take a trip down memory lane and look back at the pitches of the last year and a half – especially the ones that didn’t work out as hoped. Many companies that were seen as best-in-class businesses not too long ago experienced massive drawdowns in the last year. Some of them were covered on this show, and others even made it into the portfolio. 

Daniel and Shawn discuss the patterns of the stocks that lost most in value, what one can learn from that, and how the market shift towards AI changed how they invest. The companies discussed today are Adobe, Lululemon, PayPal, Trade Desk, and CoStar.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:03:36) Why Lululemon had to leave the portfolio
(00:21:59) What made us sell PayPal
(00:34:01) About Adobe’s downfall and future outlook
(00:52:55) Why Trade Desk never made it into the portfolio
(01:00:56) Whether Daniel’s and Shawn’s conviction in CoStar is broken
(01:10:47) What Daniel and Shawn learned from the companies above

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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Pitch on Lululemon.

Pitch on Paypal.

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In today's episode, Kyle Grieve and Shawn O’Malley analyze Exor, the Dutch holding company controlled by Italy's Agnelli family and best known for its long-standing stake in Ferrari. They walk through Exor's ownership of Ferrari, and what they like about Lingotto, Exor’s investing management company. Along the way, they dig into what could cause the current valuation gap to close or widen.



IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:00:50) Revisiting the Exor and Ferrari thesis

(00:02:51) How Exor’s stock reacted since the original purchase

(00:06:59) Why Ferrari’s stock has fallen despite strong operating results

(00:14:01) The market’s reaction to Ferrari’s new Luce model

(00:20:35) How Ferrari’s other new releases are doing

(00:42:34) Ferrari’s capital allocation, working capital, and margin trends

(00:47:48) How Ferrari’s racing program supports its brand and marketing

(00:50:59) Risks facing Ferrari from changing driving habits and tariffs

(01:07:30) Expanding on Lingotto, Exor’s growing asset management business

(01:12:00) Evaluating Lingotto’s performance, fees, and top holdings



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠Exor, Ferrari, Formula One Group.

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