Adam Wyden: buying someone else's pain in Stagwell $STGW and Driven Brands $DRVN | ADW Capital

Summary

Adam Wyden of ADW Capital presents concentrated long pitches on Stagwell (STGW) and Driven Brands (DRVN). He argues Stagwell is a misunderstood marketing-services and data business with hidden AI-era value and a buyback-driven re-rating path, while Driven Brands' parts, especially Take 5, are worth more than the current market cap. Host Andrew Walker pushes back on the legacy agency model and on why Driven Brands has stayed cheap, while Adam defends both as contrarian 'buying someone else's pain' opportunities before an eventual aha moment.

• Adam Wyden pitches Stagwell as an owner-operated marketing services and data compounder trading at a 20%+ free cash flow yield.
• Stagwell targets roughly $700M EBITDA in 2028 and $1B by 2029, with buybacks and AI/software upside.
• Adam pitches Driven Brands as a sum-of-the-parts story where Take 5, AutoGlass, and Collision exceed the current market value.
• He is broadly bullish on the automotive aftermarket, citing aging vehicles, expensive new cars, and the shift from DIY to DIFM.
• Host Andrew Walker challenges legacy ad agency holdcos on human-capital leakage and AI disruption.
• Driven Brands discussion includes corporate-cost cuts, buybacks, potential asset sales, and private-market ownership.
• The conversation frames both ideas as out-of-favor value and event-driven situations waiting for a catalyst.