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

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

From Yet Another Value Podcast by Andrew Walker

July 7, 2026 · 59 min

About this episode

Adam Wyden discusses investment opportunities in Stagwell and Driven Brands, challenging conventional market perceptions.

Adam Wyden runs one of the most concentrated books I know, and he came on to make the case for two stocks the market has basically left for dead: Stagwell ($STGW) and Driven Brands ($DRVN). On Stagwell, his pitch is that this is not a dying ad agency but a marketing-services and data business compounding toward $700M of EBITDA by 2028, sitting at a 20%+ free cash flow yield because it came public through a no-fanfare reverse merger and carried a dual-class and TRA overhang that kept institutions out. On Driven, he thinks the sum of the parts (Collision, Autoglass, and a 50-year-old franchise stub around Take Five) is worth far more than a low-teens stock, and he has been loud enough about it that the company started disclosing numbers within 48 hours of one of his letters. I push back on both. On Stagwell I keep coming back to the agency model itself: WPP, IPG and the rest have trailed the S&P for 20 years because the human capital walks out the door every night and takes the economics with it, and AI arguably makes that worse. On Driven I press him on why a business this cheap has stayed cheap for four years running, and whether the corporate cost and the leverage ever get…

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