flâneur

Abdul Alhusaini

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on the atlas — 32

highlights — 77

  • I generally stay away from these sort of low float set ups. It’s a good way to get burnt. I’m doing the same thing in my Triple Flag (TFPM) and Leonardo DRS position. Leonardo just recently expanded the float by 6% and the stock dropped 11%. It’s not a joyous experience. Thankfully, they’re both small positions. This all simply means that to invest in KGS is to trust the EQT team not meddle too much and to do things right. To reiterate this point, EQT will have majority voting power.
    Kodiak Gas Services $KGS - by Market Musings
  • Continuing the conversation on concentration, EQT owns the bulk of the outstanding common shares.
    Kodiak Gas Services $KGS - by Market Musings
  • The average age of their fleet is 3.7 years old. Of course averages are tricky little things. Imagine they had 4 compressors, 2 were 10 years old and 2 were 1 year old. That’s an average of 5.5 years. So naturally, you’d think that it will be a few more years before any Capex spend is needed but if 10 years is the service life of a compressor you’d be terribly mistaken. I’ve seen too many managers take advantage of people's naivety when it comes to averages. As such, it’s always a red flag to me when I see a manager only reference averages with no further context
    Kodiak Gas Services $KGS - by Market Musings
  • O&G companies extract gas out of the ground and they put it in a pipeline to move the gas to somewhere else. To let the gas float to its destination on its own would be horribly inefficient. That’s where a large horsepower contract compression system comes into play. It aids in the efficient transportation. Between the frictional resistance of the pipe, thermal changes, long distances and elevation changes the natural gas needs a boost.
    Kodiak Gas Services $KGS - by Market Musings
  • Since the early days of self-service banking, a plastic card has been the only way to access funds at the ATM. Not anymore. NCR Pay360 disconnects the card from digital account access, enabling consumers to access cash and receive cash payments from virtually any digital account (bank account or otherwise) with a simple numeric code at tens of thousands of ATMs.
    NCR Atleos | ATM Network and Allpoint
  • Whenever a VC interviews a potential candidate, it almost certainly comes off as a red flag if they’ve done zero angel investing while working in Silicon Valley. There are so many opportunities to invest in even while having a full time job that if one were predisposed to venture long term, you would have been almost certainly unable to resist at least a few of those opportunities to invest.
    Lessons From Keith Rabois Essay 1: How to become a Venture Capitalist
  • Just like in consulting, the way Jill spends her nights and weekends is important for the next steps. Finding a mentor that is just a few steps ahead of you in your career is a great way to accelerate your learning.
    Lessons From Keith Rabois Essay 1: How to become a Venture Capitalist
  • Jill goes to the on-campus interviews at USC, gets her offer from McKinsey and dives right in. On her nights and weekends she follows tech journalists, CEOs, and VCs on Twitter. She goes to events where they are speaking. She reads about the startups that are launching on TechCrunch. She scours the breakout list (link). A couple startups catch her eye. She reads Stratechery (link), so she can translate the business news she sees on Twitter into strategic frameworks.
    Lessons From Keith Rabois Essay 1: How to become a Venture Capitalist
  • Regulations require money transfer providers, banks, and other financial institutions to develop systems to prevent, detect, monitor, and report certain transactions. Such regulations increase the costs to provide money transfer services and can make it more difficult or less desirable for consumers and businesses to use money transfer services, either of which could have an adverse effect on money transfer providers’ revenues and operating income.
    Western Union
  • focus, in part, on anti-money laundering, anti-terrorist financing, consumer protection, transparent pricing, consumer privacy, data protection, and information security.
    Western Union
  • A significant trend that continues to impact the money transfer industry is increasing regulation
    Western Union
  • Trends in the volume of cross-border money transfer activity correlate with migration, global economic opportunity and related employment levels worldwide.
    Western Union
  • Recipients generally do not pay a fee.
    Western Union
  • funds are made available for pick-up by the recipient within our system, usually within minutes,
    Western Union
  • Our revenues are primarily derived from consideration paid by customers to transfer money.
    Western Union
  • Money transfers from one consumer to another are the core of our business
    Western Union
  • Other, which primarily includes our bill payment services which facilitate payments from consumers to businesses and other organizations and our money order services.
    Western Union
  • Our segments are Consumer-to-Consumer and Business Solutions.
    Western Union
  • exchanges of currency at spot rates
    Western Union
  • Our Business Solutions services facilitate payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals
    Western Union
  • three closings, the first of which occurred on March 1, 2022. The second closing occurred on December 31, 2022, and the third closing is expected in the second quarter of 2023.
    Western Union
  • On August 4, 2021, we entered into an agreement to sell our Business Solutions business
    Western Union
  • leader in global money movement and payment services
    Western Union
  • Risks Related to the Company’s Strategy, Business and Operations
    First Cash Federal Holdings
  • Thus, AFF generally achieves more operating leverage as transaction volume grows.
    First Cash Federal Holdings
  • AFF’s business model is primarily driven by a scalable technology-based platform that does not require significant increases in operating overhead to support incremental origination growth
    First Cash Federal Holdings
  • The following is a description of the three primary retail POS payment options offered by AFF:
    First Cash Federal Holdings
  • The Company typically experiences seasonal growth in its pawn loan balances in the third and fourth quarters following lower balances in the first two quarters due to the typical repayment of pawn loans associated with statutory bonuses received by customers in the fourth quarter in Mexico and with tax refund proceeds typically received by customers in the first quarter in the U.S.
    First Cash Federal Holdings
  • Including the Company, there are two publicly-held, U.S.-based pawnshop operators, both of which have pawn operations in the U.S., Mexico, Guatemala and El Salvador. The Company is the largest public or private operator of large format, full-service pawn stores in the U.S. and Mexico.
    First Cash Federal Holdings
  • retail business competitors include numerous retail and wholesale merchants, including jewelry stores, rent-to-own operators, discount retail stores, “second-hand” stores, consumer electronics stores, other specialty retailers, online retailers, online auction sites, online classified advertising sites and other pawnshops.
    First Cash Federal Holdings
  • the primary drivers for competitive success in the pawn industry are store location, customer service, the ability to lend competitive amounts on pawn loans and to sell popular retail merchandise at competitive prices.
    First Cash Federal Holdings
  • The Company’s business strategy is to continue growing pawn revenues and income by opening new (“de novo”) retail pawn locations, acquiring existing pawn stores in strategic markets and increasing revenue and operating profits in existing stores.
    First Cash Federal Holdings
  • In contrast, a majority of the Company’s pawn stores opened in Latin America are larger format, full-service stores similar to the U.S. stores, which buy, sell and lend on a wide array of merchandise.
    First Cash Federal Holdings
  • competitor pawn stores in Latin America have limited square footage and focus on providing loans collateralized by gold jewelry or small electronics.
    First Cash Federal Holdings
  • The pawn industry in the U.S. is well established, with the highest concentration of pawn stores located in states that have favorable customer demographics and maintain regulations most conducive to profitable pawn operations. Generally, these states are located in the Southeast, Midwest and Southwest regions of the country, which is where the majority of the Company’s U.S. stores are located.
    First Cash Federal Holdings
  • The Company does not engage in post-default collection efforts, does not take legal actions against its customers for defaulted loans, does not ban its customers for nonpayment, nor does it report any negative credit information to credit reporting agencies, but rather, relies only on the resale of the pawn collateral for recovery.
    First Cash Federal Holdings
  • As one of the largest omni-channel providers of “no credit required” payment options, AFF’s technology set provides consumers with seamless leasing and financing experiences in-store, online, in-cart and on mobile devices
    First Cash Federal Holdings
  • Net revenues (gross profit) from pawn operations comprised 85% of consolidated net revenues in 2022.
    First Cash Federal Holdings
  • primary business line continues to be the operation of retail pawn stores,
    First Cash Federal Holdings
  • which are organized into three reportable segments
    First Cash Federal Holdings
  • The Company operates two business lines, pawn operations and retail POS payment solutions
    First Cash Federal Holdings
  • If you're initiating coverage on a sector or conducting an industry deep dive for your PM, you can explicitly ask ChatGPT to map out the industry, providing you with a good starting point.
    Equity Research Effortlessly with ChatGPT - by Richard Toad
  • OCC is a 10-week commissioning program in Quantico, VA for college seniors and graduates interested in earning the title as a United States Marine Officer. Upon completion, newly commissioned Marine Officers will begin active duty at The Basic School (TBS) as Second Lieutenants.
    Become a Marine Corps Officer | Marines
  • You can find listings on Crexi and Loopnet and practice from there. Crexi is generally better.
    Practice underwriting deals
  • Another couple of sites are Capstone, CBRE, and Cushman Wakefield. If you register, you can enter their deal rooms and download the t-12 and rent roll.
    Practice underwriting deals
  • The broad stock index is trading at 18.6 times its projected earnings over the next 12 months, according to FactSet. That is up from 16.6 at the start of the year and above the 15.8 multiple at which it has traded on average over the past 20 years. “In a 2% real-yield world, can you justify a 19 multiple on the market? It seems a little rich,” Donabedian said.
    Rising Long-Term Rates Loom Over Autumn on Wall Street - WSJ
  • “Valuations at some point are going to have to acknowledge the move in interest rates and the real rates,”
    Rising Long-Term Rates Loom Over Autumn on Wall Street - WSJ
  • “As your cost of capital goes up, your valuation multiples go down. It is just math.”
    Rising Long-Term Rates Loom Over Autumn on Wall Street - WSJ
  • Since companies are often able to pass along higher input costs to customers by raising their own prices, these analysts believe that real yields are the appropriate rate to use in gauging stock valuations.
    Rising Long-Term Rates Loom Over Autumn on Wall Street - WSJ
  • Rising yields drive up borrowing costs throughout the economy and tend to reduce the prices that investors are willing to pay for investments, such as stocks, that are valued based on future cash flows.
    Rising Long-Term Rates Loom Over Autumn on Wall Street - WSJ