+$70M
DONATED
209
speakers
7700
attendees
250
partnerships
Jay Kahn’s Flight Deck fund seeks out stocks in “roads least travelled”, and Kahn reckons it has unearthed a “multi-bagger”: Bengo4, which he describes as Japan’s DocuSign.
Until COVID-19 hit, Japan’s banking and government documents needed a traditional hanko stamp, and electronic signatures weren’t used.
In April, the government relaxed regulations and Kahn sees an opportunity. It’s still very early days. Kahn estimates the total addressable market [TAM] could be $US3.2 billion ($4.5 billion) if every company used electronic signatures. Now, it’s probably closer to $US90 million. Based on penetration rates and GDP comparisons between Japan and the US, that number could grow to between $US536 million and $US698 million. That’s five to six times growth.
“We think we are very much in the early stages of a J-curve penetration in terms of the rapid adoption of e-signature in Japan over time,” he says.
Bengo4’s business is called CloudSign, and the company also has an ex-growth, highly cash generative legacy business which connects lawyers with consumers who need advice. Kahn says that legacy business limits the downside.
But the real excitment is CloudSign, which has more than 40 per cent of the nascent market with 9800 companies.
“It is winner takes most,” he says of the e-signature market. “It’s a two-sided market that requires the sender and recipient to use similar software.”
Bengo4 is trading at about 20 times revenue, though if you pro-forma its CloudSign business it looks even cheaper – entering at 0.3 times revenue.
Kahn thinks CloudSign can grow its customers by four times and it will only have penetrated 5.5 per cent of Japan’s companies with more than 10 employees. Assuming no multiple expansion, it assumes a double or 99 per cent upside by 2024.
In its reward case, if penetration goes to 6.3 per cent and you apply slight multiple accretion, it could be more than a three bagger.
This article was originally posted by The AFR here.
Licensed by Copyright Agency. You must not copy this work without permission.
Pinnacle Investment Management is a multi-boutique fund manager that owns stakes in 16 Australian fund managers across Australia of between 23 to 49 per cent. It is led by CEO Ian Macoun who is said to be famous for picking star portfolio managers.
Moderna co-founder Robert Langer has suggested the vaccine maker will know within days if its mRNA Covid-19 vaccine is effective against the new variant, Omicron, as he predicted future mutations and the likelihood of the virus becoming “something life flu” that will require regular vaccine boosters.
There is no bigger or unsolved problem than taxes which remains consuming, complicated and error prone. Businesses still manage their taxes with a combination of pen and paper and excel and the complexities are only increasing. Babak Poushanchi says Avalara, based in Seattle, is solving the problem.
Firetrail Investments’ Eleanor Swanson has tipped ASX listed telco software company, Megaport, as the best stock for 2022 at the annual Sohn Hearts & Minds Conference.
Investment legend Charlie Munger says the current climate on global markets is crazier than the dot-com bubble two decades ago, as he savaged the boom in cryptocurrencies as insane and backed China’s ban on the digital assets.
Beeneet Kothari of Tekne Capital Management has chosen Delivery Hero as his stock pick at the Sohn Hearts & Minds conference, saying it is the best way to play the innovation and last-mile logistics trend.
Cooper Investors’ Qiao Ma says that despite cordless power tools provider Techtronic Industries being an industrials company, it’s really a technology company at heart.
Charlie Munger, the 97-year-old investor and polymath who has been the trusted sidekick of Warren Buffett for decades shared his thoughts on markets, investing and geopolitics in a wide-ranging interview broadcast as part of the Sohn Hearts & Minds Investment Conference.
Gavin Baker, managing partner and CIO of Atreides Management, a $4.5bn crossover firm based in Massachusetts, recommends investors hold Coinbase, a platform for investing in cryptocurrency.
Fund manager, Qiao Ma has tipped Hong Kong based global power tools and outdoor equipment company Techtronic Industries at the Sohn Hearts & Minds conference on Friday.
FACT Capitals' Joyce Meng pitched Beauty Health Company at the sixth annual Sohn Hearts and Minds Conference. Meng is forecasting 30 per cent durable and organic growth driven by accelerating equipment placements and a price target of $40 a share for 40 per cent upside.
Regal Funds Management co founder, Phil King is recommending that investors sell shares in travel company Flight Centre, arguing that the stock has rebounded too strongly since its lows of last year with the company still facing headwinds with the shift to online travel bookings.
Berkshire Hathaway vice chairman Charlie Munger, a longtime partner of Warren Buffett, has made his first appearance at the sixth annual Sohn conference in Australia on Friday.
Moderna co-founder Robert Langer has said he’s confident the company’s vaccine will be effective against the omicron strain of COVID-19, but not as effective as it is against the original variant. “But that doesn’t mean it won’t be effective,” said Mr Langer.
Berkshire Hathaway’s veteran 97-year-old investor Charlie Mungert warns that he views today’s markets as wildly overvalued in places.
Munro Partners’ Nick Griffin has pitched Nasdaq-listed Onsemi as his stock pick at this year’s Sohn Hearts & Minds conference, labelling it the ‘hidden hero’ of the path to decarbonisation.
Regal Funds Management has upended its short selling approach to combat the pressures of a rising bull market, focusing instead on share price blips that have included so-called meme stock GameStop, according to chief investment officer Phil King.
Builders Unions', Markus Bihler pitched Wise at the sixth annual Sohn Hearts & Minds Conference. Over the next five years, the fund manager expects the target share price to hit 30 pounds by 2027, a 27 per cent five year annualised return.
Moderna will know in just over a week how effective its COVID-19 vaccine is against the omicron strain, according to the company’s co-founder Robert Langer, who presented at the sixth annnual Sohn Hearts and Minds Conference.
Regal Funds Management’s Phil King says it’s a tough market for short sellers but it didn’t stop him from nominating a prominent one at Sohn Hearts and Minds today: FlightCentre.
An experienced investor with a track record of short selling, King will be the only fund manager on the day tipping a short stock at the annual Australian Sohn Conference on Friday.
Joyce Meng of Fact Capital says investors should take advantage of growing skincare spends.
From e-signatures to last-mile logistics and facials, the annual conference showed that waves of disruption continue to break in different ways across different sectors
Jay Kahn of Flight Deck Capital has pitched Nikkei-listed Bengo4 as his stock pick for this year’s Sohn Hearts & Minds conference, following the recent acceptance of the electronic signature in Japan due to the Covid-19 pandemic.
It’s an “age of instant gratification”, according to Tekne Capital Management’s Beeneet Kothari, and he is picking restaurant delivery group Delivery Hero to ride the innovation in last-mile logistics in the $US1 trillion takeaway food sector.
Yen Liow, founder and portfolio manager of Aravt Global, has a bullish take on Nasdaq-listed software development company GitLab, which he expects to soar in the coming years.
Hamish Corlett is the only stock picker in the history of the Sohn Hearts & Minds Investment Conference to pitch exactly the same company twice.
Jay Kahn’s Flight Deck fund seeks out stocks in “roads least travelled”, and Kahn reckons it has unearthed a “multi-bagger”: Bengo4, which he describes as Japan’s DocuSign.
Moderna’s co-founder expects the biotech’s vaccine will be at least somewhat effective against the Omicron variant, but says his company can quickly pump out variant-specific boosters for new strains when needed.
Griffin expects the car market will be 50 per cent electric by 2030. He likes Onsemi in particular because of its management, and the fact it is being priced as an industrial semiconductor producer.
Firetrail’s Eleanor Swanson believes Megaport is currently one of the best stories on the sharemarket, and has the potential to join the ranks of Australian-founded technology companies such as Atlassian and Afterpay.
Spotify’s market-leading position in the future of audio will catapult the business to among the so-called FAANG stocks alongside the likes of Apple and Amazon, powering revenue growth and its share price, according to Hamish Corlett, co-founder of TDM Growth Partners.
Builders Union’s Markus Bihler has picked the freshly listed London-based fintech Wise as his top pick at the 2021 Sohn Hearts & Minds Conference.
Eley Griffiths small-cap portfolio manager David Allingham has picked Ian Macoun’s multi-boutique funds management group Pinnacle Investment Management as his top stock pick for the Sohn Conference 2021.
Atreides Management’s Gavin Baker has picked cryptocurrency exchange Coinbase Global at the Sohn conference, believing in its growth opportunities as more people embrace the crypto world.
Fresh from picking last year’s 180 per cent gainer Nasdaq-listed Bill.com and other big winners such as DocuSign three years ago, Babak Poushanchi is back at Sohn in 2021 with another stock pick. This year the Cota Capital founder and tech-focused investor has named Seattle-based tax software business Avalara as his top pick.
Regal’s Phil King says he’s the only Australian hedge fund manager brave enough or silly enough to return to Sohn Hearts & Minds to pitch a short stock during one of the biggest bull markets of all time.
Peter Cooper, the founder of Cooper Investors, HM1 Core Fund Manager, shares his learnings from Charlie Munger.
Yen Liow, managing partner of Aravt Global has pitched Gitlab, a founder-led software business that is focused on DevOps at the Sohn Hearts & Minds Conference. Liow stumbled upon the company while researching Atlassian, which itself generated 20 times the return on capital since its IPO.
Eleanor Swanson of Firetrail Investments sat down with Equity Mates Media ahead of this year's conference. Eleanor shares the story of her first investment, breaks down the small cap landscape and shares some of the best companies that she's come across during her time in the markets.
Fund Manager Mark Nelson of Caledonia to interview Berkshire Hathaway's Charlie Munger at the sixth annual Sohn Hearts and Minds Conference.
For all that heavyweight finance names Michael Walsh, David Paradice, Matthew Grounds and Gary Weiss have in common professionally, one thing they can’t seem to find consensus on is music.
Babak Poushanchi, one of the legends of the Sohn Hearts & Minds conference, has opened up about his approach to riding the disruptive technology boom.
Conference Manager Joyce Meng's FACT Capital is proof that the existing Wall Street model could be wildly improved upon.
Cota Capital’s Babak Poushanchi emerged the top picker from the 2020 Sohn Hearts & Minds Conference, with his pick, bill.com, share price up more than 200 per cent.
Yen Liow of Aravt Global sat down with Equity Mates Media ahead of this year's conference. Yen shares the story of his first investment, Aravt's investment philosophy, his thoughts on the future of the payments industry and why he's excited to be a part of the Hearts & Minds family.
Returning Conference Manager Beeneet Kothari talks 'quick commerce', a topic at the heart of his stock pick for the 2021 Sohn Hearts & Minds Conference.
Hearts and Minds Investments Limited (ASX:HM1)'s Chief Investment Officer Rory Lucas and founding Hearts & Minds supporter Phil King of Regal Funds Management recently spoke with the hosts of You're In Good Company, an Equity Mates Media podcast.
Returning Conference Manager Nick Griffin of Munro Partners attempts to capitalise on the climate change thematic that it has declared as the biggest investment opportunity since the internet.
New Conference Manager Eleanor Swanson was instrumental in convincing the investment team at Firetrail Investments to buy into AfterPay.
As a rising star within Firetrail Investment Management, Eleanor Swanson was instrumental in getting the firm to back Afterpay when it was trading at just $20, winning over the senior investment managers.
Eley Griffiths Group portfolio manager David Allingham says the Sohn Hearts and Minds Conference is the Australian investment management industry’s answer to the Woodstock Festival.
Returning Conference Manager Qiao Ma is planning to tip a Hong Kong-based consumer brand player when she fronts the annual Sohn Hearts & Minds conference next month.
Returning Conference Manager Beeneet Kothari sat down with Equity Mates to discuss his first investment, views on China and Cryptocurrency, and why he loves being involved in the Sohn Hearts & Minds Conference.
The payments sector has entered a golden era, says Avart Global’s Yen Liow, who hails from Melbourne.
Professor Robert Langer, the billionaire co-founder of vaccine maker Moderna says that early investors in the biotech startup should share the credit for the development of the company’s coronavirus vaccine.
Moderna co-founder Robert Langer says vaccine development for a range of diseases – not just Covid-19 – will be one of the biggest trends among biotechnology in coming years.
The powerful technology that has enabled mRNA vaccines to save millions of lives during the coronavirus pandemic has much broader potential, according Bob Langer, one of the co-founders of Moderna.
Beeneet Kothari admits it’s been a ‘bloodbath’ for Chinese tech stocks this year, but there are two good reasons he thinks the sentiment will shift.
Legendary investor Charlie Munger to headline Sohn Hearts & Minds 2021 conference.
Charlie Munger, who will headline this year’s Sohn Hearts & Minds Conference, places one quality above all else: patience.
Charlie Munger, American billionaire investor and vice-chairman of Berkshire Hathaway to headline Sohn Hearts & Minds 2021 Conference.
Warren Buffett’s right-hand man Charlie Munger is the headline act at Sohn Hearts and Minds this year and the 97-year-old investment legend is expected to offer forthright views on global financial markets which are now at a critical juncture.
