Papyrus Capital's Nitin Sacheti updates his $VATE thesis

Nitin Sacheti, Founder and Portfolio Manager at Papyrus Capital, is back to update his INNOVATE (NYSE: VATE) thesis. In his first appearance on the podcast, Nitin went into detail on all segments of the INNOVATE business, a highly levered holding company with three operating segments in: Infrastructure, Life Sciences and Spectrum. The stock has been volatile of late, and as Nitin notes in the beginning of the interview, "because there's a lot in here, there's some businesses that have done better than I had originally thought they would do when we first discussed it 20 months ago." Tune in to learn more. Link to Nitin's first appearance on YAVP talking $VATE: https://youtu.be/eVJMeJFNXIY

For more information on Papyrus Capital and Nitin Sacheti, please visit: https://papyruscapital.com/

Chapters:

[0:00] Introduction + Episode sponsor: Stream by Alphasense

[1:38] Update on INNOVATE $VATE since Nitin's first appearance on Yet Another Value Podcast (link here: https://youtu.be/eVJMeJFNXIY)

[7:21] Controlling shareholder, Avi Glazer from Lancer Capital, and how that affects $VATE

[16:41] What is going to change the $VATE story? What's tracking better than Nitin's thesis on $VATE?

[23:32] Update on the DBM segment

[27:24] Other $VATE segments that have worked better than Nitin thought they were going to play out; closer look at R2 segment and Meta Beacon segment update

[36:08] What makes the Meta Beacon platform valuable?

[40:18] Update on the Spectrum segment and how Nitin thinks about it's value

[51:22] What does Nitin think is the most likely piece for $VATE to realize value?

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