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The Amazon of South Korea and my favourite business model, ft. Nick Cummings

Nick Cummings is an analyst at Intelligent Investor and a passionate global value investor. Nick speaks with Owen Rask about Coupang, South Korea's Amazon, and Diageo, the owner of liquor brands like Johnnie Walker.

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On this Australian Investors Podcast, Owen Rask is joined by Nick Cummings, an analyst at Intelligent Investor and a passionate global value investor. Nick speaks with Owen Rask about Coupang Inc (NYSE: CPNG), South Korea’s Amazon, and Diageo plc (LON: DGE), the owner of liquor brands like Johnnie Walker.

Podcast topics & question covered by Nick Cummings & Owen Rask:

Ice breakers:

Of these 5 factors which 3 would you pick and why?

  • Revenue growth
  • ROIC
  • Net debt
  • Free cash flow
  • EBIT margin

What’s the best business model you’ve ever seen? (valuation aside)

Background and Career:

  • Could you share with our listeners a bit about your journey to becoming an investment analyst, and how you came to work with The Intelligent Investor in Australia?
  • What initially drew you to the field of investment analysis, and how has your approach evolved over the years?
  • Can you highlight some key experiences or lessons learned throughout your career that have shaped your investment philosophy today?

Investment Process:

  • When it comes to uncovering stocks for long-term investment, what are the key principles you and team adhere to in your analysis?
  • Do you do anything that, say, Nathan or Gaurav mightn’t do?
  • How do you deal with that as a team?
  • Could you walk us through your typical process of evaluating a company from a fundamental standpoint?
  • Do you use a checklist? If so, what specific metrics or factors do you consider most important?
  • How do you differentiate between short-term market noise and long-term fundamental value when assessing potential investment opportunities? I’m specifically interested in ways you sharpen your edge as an investor:
    • Information: what sources of news are good, what make no sense?
    • Behaviour: tricks or tools you use to keep yourself in check?
    • Analysis: what you do that other analysts underweight or don’t do at all?

Stock Analysis: Coupang

  • Coupang has been described as the “Amazon of South Korea.” What is it about Coupang’s business model that makes it so intriguing to you?
  • What key metrics or factors do you focus on when analyzing Coupang, and how do you assess its long-term growth potential?
  • Given the competitive landscape and potential challenges, what 1-2 risks do you see for Coupang moving forward?
  • How do you value a business like Coupang?

Stock Analysis: Diageo

  • How did you come across Diageo and what does the business do? 
  • Johnnie Walker, Baileys, Guinness, Smirnoff… the list goes on. Diageo is a global leader in the alcoholic beverage industry. What aspects of Diageo’s business give it a competitive advantage?
  • What specific factors or metrics do you closely monitor when evaluating Diageo’s performance? For example, were there specific risks or perceived threats you wanted to overcome through research?
  • What would make you sell Diageo?
  • Final question, if you could go back and tell yourself one thing about investing, what would it be?

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Podcast resources

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

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