Extensive Research Reports
These are our main equity research product that range anywhere from 50-200 pages in length that cover all aspects of each business. Members will get two updates a year on each business.
Etsy
Owns and operates the Etsy global online marketplace that is focused on handmade and craft goods. Additionally, they also own a music instrument marketplace–Reverb and a P2P clothing marketplace–Depop.
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
Walker & Dunlop
Offers a variety of Commercial Real Estate Services, but is principally focused on arranging financing from the GSE’s (Fannie Mae and Freddie Mac).
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
Copart
Largest Online Marketplace for Salvaged Vehicles. They help insurers move and sell vehicles that are not worth repairing.
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
RH
High-end furniture and home goods retailer that has expanded their platform through Galleries, Design Services, Hospitality Experiences.
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
Meta Platforms
Global Social Media Company that owns the Facebook, Instagram, and WhatsApps properties. Their Reality Labs segment is focused on pioneering virtual reality.
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
Floor & Decor
Specialty Retailer of Hard Surface Flooring in the US serving consumers and professions. They also have a growing commercial business.
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
Constellation Software
An acquisitive and decentralized conglomerate of Vertical Market Software Companies.
- Full Report (PDF, HTML)
- Additional Content (Resource Directory)
Evolution Gaming Group
Exploratory Research Reports
These are shorter research reports that may be followed up with an extensive research report down the line.
Dream Finders Homes
A US-based capital-light residential homebuilder.
- Exploratory Report (PDF, HTML)
- Additional Content (Resource Directory)
*All Members and Members Plus subscribers have access to the entire archive of KG’s previous project DJY Research. Click here for access.
JD.com
Why read? Since the majority of their operations are based in a single mature market, it is the cleanest picture of any ecommerce player global. They provide more ecommerce disclosures, especially on marketing and logistics, than any other public company. (DJY Report).
Coupang
Why read? How to build an incredible moat and box out competitors, even if you are a late mover to the industry. Their commitment to copying what works for Amazon has yielded them the leading position in Korea. (DJY Report).
Tencent
Why read? One of the few internet companies that has successfully navigated multiple technology shifts to dominate a vast array of disparate businesses. Arguably the only successful Superapp ever built, they must be included in any conversation of top global tech companies. (DJY Report).
Fast Retailing (Uniqlo)
Why read? Detailed overview of the fashion and apparel industries and different retailing strategies. Learn how they built one up of the world’s largest retail concepts, Uniqlo, from a single store in war-torn Japan by uniquely positioning themselves. (DJY Report).
Nintendo
Why read? An iconic multi-generational company that could be undergoing a massive improvement in their business led by technology advancements and shifts in consumer habits. Learn how they position themselves differently than other video game developers and hardware creators. (DJY Report).
Sea Limited
Why read? An operationally savvy and creative management team navigate a developing continent in the nascency of the internet. See how now-Billionaire Founder Forrest Li finds opportunity and parlays that into three large, unrelated businesses (gaming, ecommerce, finance) to become one of the largest tech companies in Asia. (DJY Report).
Alibaba
Why read? One of the first Chinese companies to successfully fend off Western tech peers. After dominating ecommerce, they spun up some of the largest finance, cloud, and media companies in the world. Learn how their position was threatened by peers with potential read-throughs to other global ecommerce companies. (DJY Report).
Grab
Why read? A case study of how to strategically increase the value of your product by launching new adjacencies. It also exemplifies how hard it is to build a super app. Readers will also learn how to think about potential earnings streams from nascent businesses. (DJY Report).
Didi
Why read? Since Didi is one of the only ride hail players to ever operate in a single, mature market, their unit economics should help inform opinions on other global players. While published at IPO (and prior to delisting) the analysis on AV disruption to ride hail as well as potential value chain leakage from ride aggregators still holds. (DJY Report).
PetroChina
Why read? Read for a high-level understanding of the oil industry, from upstream explorer to downstream gas retailer. Insights on the oil industry and oil accounting are equally applicable to any global player. (DJY Report).
*Subscribe to Speedwell Research for full access to all of the DJY Research Archive reports listed above. Subscribe here!