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Description:
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Conor Maguire, founder of Value Sits, discusses his thesis on Wickes (WIX:LSE). Wickes is a cheap retailer that Conor thinks is both recession resistant and suffering from typical post-spin dynamics.
My notes on WIX: https://twitter.com/AndrewRangeley/status/1511702344022609922?s=20&t=2lChWyeIhR6HZWw938bR8Q
Conor's write up: https://valuesits.substack.com/p/wickes-group-plc-wixln?s=w
Chapters
0:00 Intro
1:55 Wickes Overview
5:25 WIX value proposition and customer base
10:25 Amazon risk
12:00 WIX valuation
15:15 WIX and the death of retail narrative
18:10 Opportunity cost of WIX versus other retailers
20:45 Spin-off dynamics
21:55 Are the spin-off dynamics real?
24:55 Does being independent accelerate WIX growth?
28:05 The economics of store refits
31:25 Management incentives
34:05 WIX downside protection
35:05 Do you read anything into WIX installer poor reviews?
39:35 WIX Trade Pro side
42:15 WIX digital sales
44:15 Upcoming de-merger costs
48:10 Other situations on Conor's radar
49:10 Discussing DOLE
51:20 Kenmare Resources |
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