The Investor's Briefing #9 - by Speedwell Research
Investor Doubt Creeps into Constellation Software and Copart, with both down 30% from Peak| www.speedwellmemos.com
Investor Doubt Creeps into Constellation Software and Copart, with both down 30% from Peak| www.speedwellmemos.com
Oracle Outshines, OpenAI's $300bn Commitment, Largest Negative Labor Market Revision Since 2009| www.speedwellmemos.com
(Members can download a PDF of this post here) 2Q25 Business Update. Perimeter reported 2Q25 and their revenues were up +28% y/y to $163mn. Their Fire Safety Segment grew +22% y/y to $120mn, with t…| Speedwell Research
Announcing the release of our 121-page Extensive Research Report on LVMH| www.speedwellmemos.com
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
Tech's Tariff Exemption, Duolingo Soars & Snapchat Slips, Crypto in 401(k)s, Fed Shake-up| www.speedwellmemos.com
8x Earnings, Regions Run like Constellation Software's Business Units, Record Home Closings| www.speedwellmemos.com
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
(Speedwell Members click here for an extended version of this post and for a PDF click here) 2Q25 Update. FND reported 2Q25 and the stock was up 3% after hours. Net revenues increased +7% y/y to $1…| Speedwell Research
(Speedwell Members please click here for the full post or here for the PDF). 2Q25 Earnings Update. Meta reported a very strong 2Q25 and the stock popped +10% after hours. Revenue reaccelerated +22%…| Speedwell Research
Calculating Incremental ROIC from Capex, 5 Business Opportunities, AI Everywhere| www.speedwellmemos.com
2Q25 Business Recap. Revenue growth accelerated +15% y/y, up 300bps from last quarter. Net new bookings hit a record $93mn (+65% q/q), driven by broad strength across their segments. This marks the…| Speedwell Research
(Speedwell Members can access a full version of this post here and a PDF here) 2Q25 Update. Looking at this quarter’s growth of +3.1% y/y versus last quarter’s +3.9% y/y, it may not seem like much …| Speedwell Research
"I am not satisfied"| www.speedwellmemos.com
Research Report on a Fire Safety Solutions and Specialty Chemical Company| www.speedwellmemos.com
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
We are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updat…| Speedwell Research
(Speedwell Members click here for a members version of this post here or download a PDF of it here) 1Q25 Financials. Net revenues were +11% or +21% y/y on a FX-neutral basis. Gross profit margins i…| Speedwell Research
Strong Core Growth and Gaining Traction in Taiwan| www.speedwellmemos.com
Core Business Strong Enough to Launch Their Next Chapter| www.speedwellmemos.com
Everyone says the house always wins. But that’s because they haven’t encountered the world of online gambling. While in theory players choose to play at a specific online casino, just …| Speedwell Research
(Speedwell Members click here for a paid version of this post. You can also access a PDF of this post here). 1Q25 Business Update. Revenues grew +6% y/y (+8% ex-FX) in 1Q25. However, they noted tha…| Speedwell Research
From Starving Artists to Multi-Billionaires Pioneering a New Industry| www.speedwellmemos.com
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. Members …| Speedwell Research
(Speedwell Members can find a subscriber version of this post here.) 4Q24 Business Commentary. Coupang reported 4Q24, closing another year of strong growth and further entrenching their dominance a…| Speedwell Research
(Speedwell Members can download a PDF of this update here. Click twice if you aren’t logged in). Business Commentary. Dream Finders Homes reported 4Q24, closing another strong year. Whereas many wo…| Speedwell Research
(If you are a Speedwell Member, click here to get the full version of this post) 2Q25 (Calendar 4Q24) Business Commentary. Copart reported another strong quarter, showing progress on their internat…| Speedwell Research
4Q Business Commentary. Floor & Decor reported 4Q24 earnings and after an extreme after-hours move (+13%) it closed the following day +2%. Overall 4Q revenues grew +5.7% y/y and they opened 10 …| Speedwell Research
(If you are a Speedwell Member, click here to get the full version of this post) 4Q24 Update. PRM reported 4Q24 and the stock dropped 15% over the next couple days. While it is always hard to under…| Speedwell Research
4Q24 Update. CoStar Group grew +10% y/y, down slightly from last quarter’s growth rate of +11% y/y. This marks their 55th consecutive quarter of double digit revenue growth. This quarter was genera…| Speedwell Research
4Q24 Update. (Speedwell member, please click here for a members version of this post.) Airbnb reported 4Q24 and the stock was up +15%. If you recall, over the past couple of quarters Brian Chesky a…| Speedwell Research
Sell-off brings Valuation to 10x Earnings, First Acquistion Since Going Public, Following the Transdigm Model| www.speedwellmemos.com
The World's Greatest Plate Spinner| www.speedwellmemos.com
Growth Inflection Brings Confidence, but are Ambitions Stretching Too Far?| www.speedwellmemos.com
Competing vs. Creating. Not all problems have solutions. Preferences meet Pitons.| www.speedwellmemos.com
Intro. “When people compete, somebody loses. So go where you’re the only one. Do what only you can do. Run a race with yourself.” – Peter Thiel If you were taking a test and didn’t know the a…| Speedwell Research
Before we get to the update, we have a very exciting announcement! Evolution’s Todd Haushalter will be on The Synopsis Podcast! We are very excited to announce that Todd Haushalter will be fe…| Speedwell Research
Comprehensive research on great public companies. Click to read Speedwell Memos, by Speedwell Research, a Substack publication with thousands of subscribers.| www.speedwellmemos.com
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
Flooring, Digital Ads, and Unwanted Handmade Goods. Plus an Update on Speedwell.| www.speedwellmemos.com
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. We will …| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here.  …| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. There is…| Speedwell Research
Inflections, Cyber-Attacks, RNG Surprises and Georgia Strike Impact| www.speedwellmemos.com
The Difference Between Learning and Proving| www.speedwellmemos.com
How to use a Reverse DCF| www.speedwellmemos.com
Five Pernicious Influences to Price Targets| www.speedwellmemos.com
Assessing Risks to Google's Business Model and How AI Imapcts the Competitive Landscape| www.speedwellmemos.com
The Number of Investments in a Portfolio is Dictated by the Probability of Returns| www.speedwellmemos.com
Speedwell Research: Business Philosophy Series| www.speedwellmemos.com
Netflix's advantage in 2009, How Square beat Amazon, Why Ford needed a standalone EV Business, and where Gopuff beats DoorDash.| www.speedwellmemos.com
Memos on Investing: Looking at Home Depot's 2003 store goals from an investor's perspective in 1999| www.speedwellmemos.com
What an Investor Could Have Learned From Wish's S-1| www.speedwellmemos.com
Retail Industry Issues, Estimating Demand, and Two Better Models| www.speedwellmemos.com
