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	Podcast:		Yet Another Value Podcast
	Episode:		Richard Sosa sees value in DFIN's niche
	Category:		Business
	Duration:		01:06:40
	Publish Date:		2021-11-18 14:00:00
	Description:		Richard Sosa, host of the Riches in Niches podcast, discusses his thesis on Donnelly Financial (DFIN). Despite a strong recent run, DFIN trades at a value multiple, and Richard breaks down all the reasons why he thinks the stock is too cheap and why DFIN is a huge beneficiary of the current SPAC / IPO boom. My twitter background thread on DFIN: https://twitter.com/AndrewRangeley/status/1460661067395305479?s=20 Riches in Niches podcast twitter: @RichesNichesPod Chapters 0:00 Intro 1:40 Some background on Richard 4:10 Why Richard likes niches 5:10 DFIN overview 10:45 DFIN's classic spin dynamics 14:35 DFIN's public to private headwinds before the SPAC boom 18:30 Regulatory headwinds in the print business 21:55 More DFIN background 29:30 What the capital markets business does and how it benefits from the M&A / SPAC boom 37:00 Comping DFIN to Workiva 39:40 How sticky is DFIN? 43:20 Breaking down DFIN's valuation 46:30 Is DFIN's shifting segment disclosure concerning? 50:15 Why is the market trading DFIN at such a low multiple? 53:25 Is management and the board fully aligned here? 57:00 DFIN's history of capital returns 1:02:25 More on DFIN's multiple 1:04:55 Closing thoughts
	Total Play:		0