[DF] Dean Foods

[DF – Dean Foods] Levered Commodity Processor, Impending Challenges

Posted on by scuttleblurb

Dean is a levered commodity processor sandwiched between fragmented but price-protected dairy producers and consolidated retailers, donating market share in a secularly declining market to undisciplined, subscale peers.  Its stock trades for 16x management’s charitably adjusted EPS,[1] a full market multiple for a narrow-moat business. The environment in recent years beckons 2007-2010: 1) a period of rapidly […]

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SAMPLE POSTS, [BRO] Brown & Brown

[BRO – Brown & Brown] Compounder in a Fragmented Sector

Posted on by scuttleblurb

“He wasn’t just saving his own soul when he donned his coat and hat after dinner and went out again to resume his work – no, it was also to save some poor son of a bitch on the brink of letting his insurance policy lapse, and thus endangering his family’s security ‘in the event […]

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[DDMG] Digital Domain

[DDMG – Digital Domain] Confused Corporate Strategy, Few Sustainable Advantages

Posted on by scuttleblurb

Overview Digital Domain Media Group, Inc. (“DDMG” or “the Company”) is a short because it loses money, has had questionable related party transactions, a confused corporate strategy that could lead to further shareholder destruction and few sustainable competitive advantages.  DDMG has ~43mn shares outstanding; ~35mn of those shares are under a lock-up agreement that expires […]

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