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	Podcast:		Yet Another Value Podcast
	Episode:		PJ Kurzweil sees smooth sailing ahead for BC
	Category:		Business
	Duration:		00:59:51
	Publish Date:		2022-05-31 13:00:00
	Description:		PJ Kurzweil, founder of PJ's SMID Cap Ideas, comes on the podcast to discuss his write up on Brunswick (BC). BC is a boat manufacturer, and PJ thinks they are too cheap and the market is missing how much more economically resilient the business is today than it was ~10 years ago. My BC notes: https://twitter.com/YetAnotherValue/status/1529822951016497153?s=20&t=lAssCowdwRLleeF1c1ZVEw PJ's BC write up: https://philippejkurzweil.substack.com/p/brunswick-corporation-1-pager-summary?r=1g9l5j&s=w&utm_campaign=post&utm_medium=web Chapters 0:00 Intro 3:25 BC overview 5:15 What is PJ seeing in BC that the market's missing? 8:50 Is BC about to run into COVID pull forward headwinds? 13:25 Sizing the boat market 16:20 BC's recession risk 20:10 BC's P&A business and recurring revenue 26:00 Capital allocation and M&A multiples 30:20 BC's vertically integrated model: advantage or overblown? 33:50 BC's Freedom Boat Club optionality 38:45 Share buybacks and insider ownership 42:30 BC's improving free cash flow 45:15 Is BC bringing capacity on right as demand falls off? 47:30 Interest rate, inflation, and financing risks 51:15 Rising gas prices effect on boat demand 54:20 Vontier (VNT) and closing thoughts
	Total Play:		0