Lance — Horizons Capital

RESEARCH & INSIGHTS

Featured

Mar 29, 2025

Apollo Global Management - The Next Berkshire

Mar 29, 2025

We explore why Apollo is a structurally advantaged alternative asset manager positioned to benefit one of the greatest shift in asset management history.

Mar 29, 2025

Mar 12, 2025

Crocs (CROX) - Value Buy

Mar 12, 2025

Crocs is a well known brand with recognizable product trading below fair valuation. We believe its a value buy.

Mar 12, 2025

Mar 11, 2025

Celsius Energy - Fallen Angel

Mar 11, 2025

Celsius is an energy drink championing sugar-free, fat burning features that rose to its prominence during Covid, currently commanding 12% market share in energy drink category.

In this research note we explored why Celsius does not meet our investment criteria and why we chose not to invest in it even after the stock was down 80% from the peak. This is another lesson on product moat, especially in the consumer retail space where trends come and goes.

Mar 11, 2025

Nov 1, 2024

Saia - Crown Jewel of Transport

Nov 1, 2024

Saia is an American less than truckload trucking company that originated in Houma, Louisiana. It has since expanded its footprint to cover the entire Americas, and has delivered annualized return of 40% since 2015.

In this research, we are exploring how this century old LTL industry can deliver extraordinary shareholder returns through price discipline and long term focus on service.

Nov 1, 2024

Aug 1, 2024

Kaspi.kz - Redefining Super Apps, bigger than Alibaba

Aug 1, 2024

Kaspi.kz is a leading fintech and e-commerce platform in Kazakhstan, offering a wide range of services, including digital banking, payments, and online shopping.

We believe Kaspi successfully leverages a “copy to Kazakh” model, introducing proven features that drive productivity to Kazakhstan. It’s dominant market position makes it like a tax to conduct business in Kazakhstan, collecting 1% of GDP annually. Distributing 70% of earnings to shareholders yielding 8% in dividends, while the business is growing 20%+ annually.

Aug 1, 2024

CoStar Group (CSGP) - Bloomberg of Real Estate

May 21, 2024

CoStar Group (CSGP) - Bloomberg of Real Estate

May 21, 2024

CoStar Group (CSGP) is a leading provider of commercial real estate data, analytics, and online marketplace services, offering property listings, market insights, and research tools to real estate professionals, investors, and businesses.

We believe its Costar Suite is the “Bloomberg for Real estate” and it’s listing platform has countercyclical powers that rises in earnings when vacancy rate increases. We loved the business but the high valuation kept us off. However, we were able to benefit from an interesting merger arbitrage strategy through its acquisition of Matterport.

May 21, 2024

Churchill Downs Incorporated - Riding the Winning Horse

Jan 1, 2024

Churchill Downs Incorporated - Riding the Winning Horse

Jan 1, 2024

Churchill Downs Incorporated operates racetracks, casinos, and online wagering platforms, best known for hosting the annual Kentucky Derby, a crown asset unique for casino operator.

The approval of Historical Horseracing Machines (HHR) post Covid opened new opportunities for Churchill to obtain gaming licenses in Kentucky and Virginia. And we were able to participate in an option straddle trade through Urban One, a local operator partnering with Churchill downs to open a new casino in Virginia.