🧙‍♂️ LIVE: Inside the Hermit’s Workshop

Valuation, Activism & How to Actually Unlock Value. Plus Live Q&A.

Alejandro Yela

Jun 20, 2025

Welcome back dear fellow 🧙‍♂️ Hermits 👋

🧙‍♂️ First time here? → This 3-Minute Crash Course Will Save You Hours

🧗 Trump’s Trade War Shakes Up Global Markets → Opportunity?

🚐 This Company Is Failing Fast → Here’s What Everyone’s Missing

🧙‍♂️ We're Going Live on Monday, June 23rd (09:00 CEST)

🎤 Join us live for a hands-on workshop on valuing companies and unlocking shareholder value.

Join the Workshop

📎 You’ll find a PDF at the end of the post with the full course and all the resources we used during the internship.

Two highly caffeinated and *very* *happy* interns 🤣

🔍 Internship Insights: A Quick Review

We’ve been walking through the most important parts of the job with our two interns, and today we’re opening the floor for Day 4 of the journey.

Here’s a quick look at what we’ve covered so far… 👇

🏹 (Day 1) Focus Like Arjuna

🎯 Only see the eye of the fish. Ignore the noise
💰 Focus on cash flow + revenue
📊 Learn the basics: DCF, WACC, and how to value the future
🧠 Get your head around valuation logic

📡 (Day 2) Information as an Edge

🧠 Know your circle of competence
👟 Doing the legwork: interviews, calls, scuttlebutt
🔍 Validate data like a detective (not a dreamer)
📚 Learn from the greats, then make it your own thing happen

🧪 (Day 3) CalNano Case Study #1

📄 Dive into filings, research, and real-world data
🤔 3 Qs: Why should I invest? How much is it worth? What’s missing?
🕵️‍♂️ Prep killer questions for management
🎯 The goal is to build conviction

💰 (Day 4) Valuation & Value Creation

💸 Full dive into DCF, comps, and multiples
🧮 Be roughly right, not precisely wrong
🚪 Unlock value: spin-offs, buybacks, tenders, incentives, etc.
🔥 Study how activists get paid

🎰 (Day 5) Century Casinos Case Study #2

🎰 Dig into a real company
📊 Analyze risk, capital structure, and upside
🧩 Put it all together

🧠 Workshop Schedule

📊 09:00–10:00 ⇨ Valuation Fundamentals (Part 1)
Discounted Cash Flow, Trading Multiples, and Precedent Transactions. Core frameworks and Hermit adaptations

📊 10:30–11:30 ⇨ Valuation Deep Dive (Part 2)
How we actually apply these models in edge-case, microcap, and special situations

🚀 12:00–13:00 ⇨ Activism & Unlocking Value
Mechanisms to unlock value as minority investors: tenders, buybacks, spin-offs, governance plays, and aligned incentives

We’ll also sprinkle in real-world scuttlebutt examples from the field, the kind you won’t find in textbooks.

⌛ Note: Times are flexible. We may run a bit over depending on discussion flow, but we’ll aim to stay within ±15 minutes of the schedule.