Business:Investing
The CoVest Select team on launching CoVest and their $OEC thesis
2022-09-21
Kyle Mowery and Jake Miller come on the podcast to discus their new CoVest Select venture and then dive deep into their thesis for Orion Engineered Carbons (OEC).
CoVest Twitter Account: https://twitter.com/CoVestSelect
Chapters
0:00 Intro
2:20 CoVest overview
5:05 OEC overview
9:05 What is the market missing with OEC?
11:45 The supply demand dynamic for rubber black
14:15 Why isn't this a simple generic commodity business?
18:20 Are management's 2025 midcycle EBITDA targets reasonable?
21:00 Why can't a bunch of supply come online in the medium term?
26:05 How critical and replaceable is carbon black?
29:35 Recycling carbon black?
32:10 Will EPA capex really end?
36:10 OEC's debottlenecking investments
38:20 How the energy crisis effects OEC
47:30 Why OEC over competitors
51:10 Capital allocation and share buybacks
55:40 CoVest overview
59:55 Why work with CoVest
1:05:05 Timeline for a CoVest investment
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