<p>Celsius trades at ~20x earnings while growing ~18% a year, cheaper than Monster (~34x) and even Coke (~25x) despite faster growth. The Pershing Square Challenge third-place team makes the long case for $CELH: the market is sleeping on the Alani Nu acquisition, and their 500-person proprietary survey says the brand loyalty is real. Andrew pushes back hard on the Costco/Kirkland private-label threat, the heavy reliance on Pepsi distribution, and whether energy drinks are just the next &quot;protein&quot; fad waiting to be disrupted.</p><p>CELH pitch deck: https://www.dropbox.com/scl/fo/rsyotzf7g2efkj9rfmg23/AHHk4_h_6CU12R-dTrAOtH4?rlkey=664lkpggv77rwkzh3rh78826q&amp;e=2&amp;st=0s4tiwjy&amp;dl=0</p><p>This episode is sponsored by Trata. Trata is buy-siders interviewing each other; it is the fastest way I know to ramp up on a name. See a sample here: https://www.trata.com/celh</p><p>Chapters:</p><p>0:00 Why energy drinks (and Celsius) are a passion</p><p>1:13 Sponsor: Trata</p><p>2:46 Meet team Celsius, third place at the Pershing Square Challenge</p><p>4:23 Why they picked Celsius for the pitch</p><p>7:19 The setup: ~20x earnings, ~18% growth, an underpriced Alani</p><p>8:47 Why the market is discounting Celsius</p><p>10:09 The Costco/Kirkland private-label crash, and the rebuttal</p><p>12:26 Andrew&#39;s pushback: don&#39;t loyal buyers just order in bulk?</p><p>16:14 The proprietary 500-person survey</p><p>18:48 Distribution vs. brand: is the survey actually a bear case?</p><p>22:31 The Pepsi relationship: Rockstar, the 11% stake, and the risk</p><p>26:08 The Alani acquisition: sugar high or smart capital allocation?</p><p>31:24 Are energy drinks the next protein? The fad debate</p><p>38:40 Valuation: the Coke and Monster arbitrage</p><p>43:38 Wrap-up</p><p>Links:</p><p>Yet Another Value Blog - https://www.yetanothervalueblog.com</p><p>See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer</p><p>Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/</p>