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Shomik Ghosh's $CWAN bull thesis
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes returning guest Shomik Ghosh for a deep dive into Clearwater Analytics (C-WAN). Known for his detailed research, Shomik breaks down C-WAN’s business model, recent acquisitions, valuation metrics, and long-term growth outlook. They explore how Clearwater’s sticky, cloud-native platform is disrupting legacy financial systems and what makes its data architecture and integration vision compelling. From insurance to asset management and hedge funds, the conversation unpacks how Clearwater aims to become an end-to-end solution across the investment lifecycle. They also discuss private equity involvement, AI applications, and valuation rationale—providing a well-rounded view of a business undergoing transformation.
Trata CWAN transcript: https://www.trytrata.com/cwan
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[00:00:00] Podcast intro and sponsor message
[00:02:27] Shomik returns for third time
[00:03:27] Clearwater Analytics business overview
[00:07:06] Integration of three major acquisitions
[00:07:42] Valuation metrics and debt impact
[00:11:32] Revenue multiple versus peers
[00:15:23] Product stickiness and competitors
[00:22:05] Data moat and system advantages
[00:26:31] Growth trajectory and market expansion
[00:31:00] PE firms and private insurer trend
[00:33:10] Board composition and comp concerns
[00:38:08] Net retention and rate cut impact
[00:42:25] Data integration and system of record
[00:45:46] AI efficiencies and investment decisions
[00:50:02] DCF valuation and fair price
[00:51:55] Episode wrap and final remarks
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Published on 15 hours ago