Grizzly Rock Capital's Kyle Mowery + Mike Holt on secular tailwinds for silicon metal producer $GSM

Kyle Mowery and Mike Holt, CFA, Managing Partner / Portfolio Manager and Senior Analyst, respectively, at Grizzly Rock Capital joins the podcast today to discuss their thesis on Ferroglobe PLC (NASDAQ: GSM), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys. For more information about Grizzly Rock Capital, please visit: https://www.grizzlyrockcapital.com/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:47] Who is Ferroglobe PLC (NASDAQ: GSM) and why are they interesting? [3:39] $GSM valuation [7:52] What Grizzly Rock Capital thinks the market is misunderstanding about $GSM [10:51] Global supply / demand curve for silicon metal in China + IRA demand [17:51] How much of $GSM earnings come from solar currently [20:01] Evaluating $GSM on an asset valuation basis [23:53] Management evaluation and semi-controlling shareholder / long term vision [29:40] Capital allocation strategy [32:52] Inflation Reduction Act (IRA) and solar demand [35:49] Plants coming online in North America and how that affects $GSM [38:38] Outlook on European assets [40:56] Licensing off EV patents and maintenance capex [44:57] How Grizzly Rock Capital looking at 2024 earnings [47:15] Bridging the gap of Grizzly Rock Capital's 2024 expectations vs. $GSM historical performance [53:14] $GSM final thoughts Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit https://www.alpha-sense.com/solutions/financial-services/ today to beat FOMO and move faster than the market.