Adam Patinkin, CFA, Managing Partner at David Capital Partners, LLC, joins the podcast to discuss his thesis on Vistry Group PLC (LSE: VTY), UK’s leading provider of affordable mixed tenure homes.
For more information about David Capital Partners, please visit: https://davidpartners.com/
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:28] David Capital's background and investing philosophy
[7:07] Overview and history of Vistry Group $VTY.L + David Capital's background with $VTY.L and why Vistry is interesting to Adam
[18:39] Partnerships business - what is it?
[27:04] What is unique about Countryside's business model (Vistry's competitive moat)
[36:25] Why Adam thinks that Vistry's future growth is going to unlock, despite trading flatish for last 15 or so years
[43:10] What "Mixed Tenure Project" means
[48:02] Partner pushback?
[52:40] NPC comparison
[56:17] What breaks the Vistry thesis?[1:00:55] UK housing cycle - where are we at[1:06:02] Vistry valuation + growth prospects
[1:16:25] What is the sell-side missing[1:22:38] CEO comp package and newly appointed board directors[1:25:22] Vistry exposure amongst UK funds
Today's episode is sponsored by: Alphasense
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