Podcast on TerraVest (TVK.TO)

I recently went on Andrew Walker’s Yet Another Value Podcast and we discussed TerraVest for an hour. See the video and topics discussed below.

Our 35 page Special Report on TerraVest is available here.

• [1:54] What is TerraVest and why are they so interesting to Chris

• [4:51] Why is TerraVest underfollowed?

• [6:47] Why can their acquire at a discount and $TVK.TO's business model, overview, value proposition

• [14:21] Propane tank industry / location moat

• [19:44] How TerraVest pulls off the reduction in steel costs

• [22:27] Why hasn't Private Equity stepped in to roll up the propane tank industry?

• [25:48] How does TerraVest get labor cost down?

• [29:35] Tanker and Boiler businesses / recent Highland Tanks acquisition [35:13] Terminal value questions

• [40:49] Management, insider ownership and incentives

• [44:50] Valuation / Organic growth / How much accretive acquisitions to drive real performance here

• [51:29] Cyclicality

• [54:27] Capital allocation

• [57:40] $TVK.TO bear case

• [1:00:46] Final thoughts