85 min listen
Cove Street Capital on Viemed (VMD)
ratings:
Length:
63 minutes
Released:
Apr 19, 2021
Format:
Podcast episode
Description
Eugene Robin and Andrew Leaf from Cove Street discuss their investment in Viemed. Viemed targets organic growth rates over 30%, yet the company only trades for ~15x free cash flow. Andrew and Eugene lay out their case for why the market is wrong on this one, including why VMD's business model is advantaged versus their competitors and why they aren't scare of a Medicare cut in the near to medium term.Cove Street's first podcast appearance on Viasat (VSAT): https://youtu.be/Otw0oWvuhdUChapters0:00 Intro1:10 Viemed overview4:30 Typical use case for VMD's ventilators7:35 Discussion of COPD market12:35 How VMD's business model is different than peers24:20 Why is the market valuing a 30% organic growth business at 15x free cash flow?33:20 Medicare cut risks and what happened in 201639:10 VMD's acquisition potential42:00 VMD's moat with hiring therapists47:00 Discussing VMD's bad debt expense50:00 COVID's impact on VMD53:30 Cove Street's price target59:40 Parting thoughts
Released:
Apr 19, 2021
Format:
Podcast episode
Titles in the series (100)
Cove Street Capital on Viasat $VSAT by Yet Another Value Podcast