Round 2 with Circle City Capital (HAVAS, IAC, ANGI SNRE, RHLD, VYX)

During the episode, we welcome back Colin King of Circle City Capital. Instead of just diving deep into one spin-off situation, Colin and I share which spins look particularly interesting today.

1:20 – Rich explains why IAC Inc (IAC) is particularly interesting today.

3:35 – IAC’s imminent spin-off of ANGI

6:10 – Colin shares his perspective on IAC and ANGI

9:25 – IAC is finally buying back stock

11:15 – Does IAC actually generate free cash flow?

15:45 – Current IAC SOTP valuation

17:15 – Colin shares his thoughts on the right multiple for Dotdash Meredith

20:00 – Colin shares how he thinks about IAC’s valuation

21:55 – Rich explains why Sunrise Communication (SNRE/SUNN) is interesting today

22:45 – “Dividend as a Catalyst” playbook

26:30 – Colin discusses Sunrise’s balance sheet

30:15 – Colin shares why he thinks NCR Voyix (VYX) is interesting.

31:45 – Discussion of NCR Voyix’s (VYX) valuation

32:35 – Why Colin thinks step change leverage reductions can be profitable investment opportunities’

36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive

38:50 – Havas’ dividend policy

39:45 – Havas exects to grow consistently over the next couple of years.

40:15 – Colin discusses the Havas competitive landscape

42:00 – Quick discussion of Canal+ (CAN)

43:55 – Quick discussion of Resolute Holdings (RHLD)

You can watch the episode on YouTube or listen on Spotify or Apple.

Check out Colin’s Substack here.

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