Equity Highlights September 2025

Welcome to Broyhill's Equity Highlights, where we share a few quick takes on recent news across the portfolio every month.  

We aim to make these highlights easy to read and easy to repeat. Feel free to share our work! 

Louis Vuitton Likely to Enter Bidding for Armani. The estate of Giorgio Armani laid out instructions for the sale of his empire, with an approved list of buyers that includes Louis Vuitton. Sales of similar magnitude are rare in the luxury space. A deal should be struck within the next 18 months for the first 15% of the company, with the same buyer being permitted to increase to 70% within five years.

Six Flags Announced Normalizing Attendance.  After the disappointing second quarter, with attendance -9%, the company announced normalization in the third. Through the end of August, attendance was +2% for the third quarter, strengthening in the last four weeks at +3%. Season pass sales were also noted well ahead of last year.

Call Center Software Getting Strategic Attention.  Genesys, a competitor to NiCE, received a $1.5 billion investment from Salesforce and ServiceNow. The deal puts the value of the private company at $15 billion, and we believe it lends credibility to the CCaaS industry while also emphasizing its strategic importance. This deal values the competitor at double where NiCE currently trades for about the same annual recurring revenue.

Berkshire Sees the Value in Pests.  Berkshire Hathaway has purchased the rodent control company, Bell Laboratories. We view this as additional validation from the Oracle of Omaha on our pest control thesis with its high recurring revenue, low cyclicality, and high returns on capital. Broyhill currently holds a position in Rentokil.

Disclosures

Any statements above reflect the views of Broyhill Asset Management, LLC as of the posting date and are subject to change. The information provided above is for informational purposes only and reflects publicly available news regarding certain companies that represent a subset of our total exposure to all of our portfolio companies at the time of posting. This information is not investment advice or a recommendation to buy or sell any security. Holdings and views expressed may not be current and are subject to change without notice. Please review our full disclosures for additional important information and disclosures.