Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for $CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat, the heavy reliance on Pepsi distribution, and whether energy drinks are just the next "protein" fad waiting to be disrupted.

CELH pitch deck: https://www.dropbox.com/scl/fo/rsyotzf7g2efkj9rfmg23/AHHk4_h_6CU12R-dTrAOtH4?rlkey=664lkpggv77rwkzh3rh78826q&e=2&st=0s4tiwjy&dl=0

This episode is sponsored by Trata. Trata is buy-siders interviewing each other; it is the fastest way I know to ramp up on a name. See a sample here: https://www.trata.com/celh

Chapters:

0:00 Why energy drinks (and Celsius) are a passion

1:13 Sponsor: Trata

2:46 Meet team Celsius, third place at the Pershing Square Challenge

4:23 Why they picked Celsius for the pitch

7:19 The setup: ~20x earnings, ~18% growth, an underpriced Alani

8:47 Why the market is discounting Celsius

10:09 The Costco/Kirkland private-label crash, and the rebuttal

12:26 Andrew's pushback: don't loyal buyers just order in bulk?

16:14 The proprietary 500-person survey

18:48 Distribution vs. brand: is the survey actually a bear case?

22:31 The Pepsi relationship: Rockstar, the 11% stake, and the risk

26:08 The Alani acquisition: sugar high or smart capital allocation?

31:24 Are energy drinks the next protein? The fad debate

38:40 Valuation: the Coke and Monster arbitrage

43:38 Wrap-up

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Team Baker Hughes, the second-place finishers in the 2026 Pershing Square Challenge, discuss their Baker Hughes thesis and why they believe the market hasn't fully appreciated the company's evolution from a cyclical oil field services business. They discuss how the long runway for the IET business, and they back their thesis up with 30+ expert calls, a trip to the Western Turbine Users conference, and a sum-of-the-parts case that leans on growth, not multiple expansion.

See the team's full pitch deck here

This episode is sponsored by Trata. Check them out at https://www.trata.com

Chapters

0:00 Intro and sponsor

2:21 Meet Team Baker Hughes

4:39 Why they backed into Baker Hughes

6:56 Watching the stock run from $45 to $65 mid-pitch

7:21 The differentiated work: 30+ expert calls and the turbine conference

8:27 The two businesses: oil field services vs. industrial energy technology

10:10 What the market is missing on the IET transformation

12:56 Is this just another cycle? The chart hit $65 three times

13:59 Why this gas turbine cycle is structurally different

17:01 AI as a distraction: onshoring and electrification

17:51 The installed base flywheel and recurring service revenue

21:13 The three turbine segments and the supply chain squeeze

23:34 Honoring 70-year customers vs. mercenary pricing

27:44 Valuation: a sum-of-the-parts story, not a multiple story

29:36 The Chart acquisition: can they really double their money?

34:56 The GE merger history and the GE Aero Alliance today

38:27 Management, alignment, and insider ownership

42:41 The C3 AI anecdote and wrap-up

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

The winners of the Pershing Square Challenge 2026 discuss their Doordash pitch, including why the growth story still has room to run (and the 90 primary research calls they made to back up that call). We get into durable US restaurant growth, why new verticals and international could inflect to profitability earlier than the street models, the underappreciated opex leverage, their proprietary Wolt case study, the Tony Xu bet, and why they think the Citrini AI-agent thesis on DoorDash is overblown.

This episode is sponsored by Trata. Check out their DASH transcript at https://www.trata.com/dash

Team DASH presentation:

ZK's LinkedIn

Aaron's LinkedIn

Elliot's LinkedIn

Chapters

00:00 The Pershing Square Challenge and team DoorDash

01:14 Sponsor: Trata

02:50 Meet the team: ZK, Elliot, and Aaron

05:40 Why they picked DoorDash out of the screen

10:10 The bull case in three parts

11:20 US restaurant growth: still the middle innings?

13:20 Demographics as a tailwind

17:50 Order frequency and the China comp

21:00 Valuation: $70B cap, adjusted EBITDA, and the path to $320

25:35 The real downside: competition, Amazon, bundled memberships

29:50 The ~90 primary research calls

33:35 New verticals and the grocery economics

38:10 A DoorDash bet or a Tony Xu bet?

41:40 Management comp and alignment

43:45 International: the Wolt case study and Deliveroo

47:00 The tech-stack reinvestment cycle

51:00 Sylvie makes her podcast debut

51:20 Citrini and the AI-agent threat

56:20 Wrap

Links:

Yet Another Value Blog - https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/