Lucky Lime Capital

Not investing advice; do your own homework. My uninformed opinions only; often mistaken.

[Lucky Lime Capital @LuckyLimeCap]

@Divergent7651 Massively underrated book. So much good stuff on focusing on the important things, the challenges of managing external clients, etc. I loved reading this - enjoy!

[Lucky Lime Capital @LuckyLimeCap]

@CasinoCapital @ecommerceshares I was very surprised that 2.5 pro gave me the same garbage answer!

[Lucky Lime Capital @LuckyLimeCap]

@nicochristie @Fundamental Yes please! Looks amazing!

[Lucky Lime Capital @LuckyLimeCap]

@orrdavid The main issue is that the French toll road concessions (the biggest revenue line) expires in 12 years. There are credible competitors who could run the concession, and the state will be desperate to maximise its income on renewal (given budget deficits etc).

[Lucky Lime Capital @LuckyLimeCap]

@orrdavid Western Union, Moneygram etc also already have infrastructure built - is wise really unique?

[Lucky Lime Capital @LuckyLimeCap]

@orrdavid Is it really the low cost provider? I understand the theory, but when I actually price check it (on wise website!), it is often not lowest price, particularly for smaller amounts & lower volume currencies. Eg want to send £100 to India? Or Mexico, or Poland… others are cheaper.

[Lucky Lime Capital @LuckyLimeCap]

@WTCM3 FWIW, this table is misleading, as the average journey lengths are very different (Wizz’s is 60% longer on average, for example, from memory) - when you look at it per mile, you get different answers. Also LHA & IAG etc have lots of biz passengers, with much higher revenue

[Lucky Lime Capital @LuckyLimeCap]

@philoinvestor @poetInCapeMay Yep!

[Lucky Lime Capital @LuckyLimeCap]

@philoinvestor @poetInCapeMay John Huber, 2016 blog I think?

https://t.co/Q38zKfAyLm

[Lucky Lime Capital @LuckyLimeCap]

@Finding_Moats I think it significantly understates maintenance capex, in particular. 7) stock trades like a bond proxy, and higher rates are bad.

Disc: long $AMT (for a long time … it’s been painful) /End

[Lucky Lime Capital @LuckyLimeCap]

@Finding_Moats following Telxius and Coresite deals, and higher interest rates have been a big headwind. 5) Shift into data centres is strategically questionable (very different business), but at least provides lots of scope to deploy capital in the US! 6) AFFO metric is garbage, and … /3

[Lucky Lime Capital @LuckyLimeCap]

@SayingsScholar @qikipedia Thank you!!🙏

[Lucky Lime Capital @LuckyLimeCap]

@SayingsScholar @qikipedia Amazing - could you share the source, please? Thanks!

[Lucky Lime Capital @LuckyLimeCap]

@patientinvestor Definitely a very wide moat, but structural 75% FCF conversion means it’s more like 24x FCF. And top line growth is only 5% (mostly price).

TCI are smarter than me though, and they own a ton of it 🤷‍♂️

[Lucky Lime Capital @LuckyLimeCap]

@AppalacheCap @PrefShares Folli Follie: founder/CEO owned something like 35% and allegedly ran a decade+ fraud. https://t.co/WIXcqoueoa

[Lucky Lime Capital @LuckyLimeCap]

@heartof_thesea Cheaper airports also have advantage of being quieter: if you miss your takeoff slot at Heathrow you might have to wait 1hour+ for another, but cheaper airports often only have 10 flights a day. Ryanair works on 30 minute turnaround times, so no margin for error! /end

[Lucky Lime Capital @LuckyLimeCap]

@heartof_thesea But flag carriers make their money from biz travellers, who want the closest/best airport. Plus Frankfurt Int’l is a major hub for transfers. Trend has actually been for Ryanair to start flying to the “main” airport, despite higher cost, to capture more business travellers. /2