{"podcast":{"title":"Dividend Talk","slug":"dividend-talk-939974","podcast_index_feed_id":939974,"rss_url":"https://anchor.fm/s/2755d9a4/podcast/rss","website_url":"https://dividendtalkpodcast.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/6499377/6499377-1755853124449-b310e299a6343.jpg","author":"Dividend Talk","episode_count":302,"summary":"Join hosts Derek from Ireland & Edgi from the Netherlands on the Dividend Talk podcast, your number one source for all things Dividend Growth with a European perspective. With a shared passion for Dividend Growth investing, they provide personal insights, strategies, & experiences, while featuring guests from around the world to inspire and educate investors. Join their discussions designed to empower you with knowledge, keep you informed on market news, and equip you with valuable tools to maximize your investments. Tune in to learn and grow with us.","last_synced_at":"2026-06-14T12:17:12.311423+00:00","page_url":"https://stenobird.com/podcast/dividend-talk-939974"},"episode":{"title":"EPS 274 | Small & Mid Cap Investing with Heavy Moat Investments","slug":"eps-274-small-mid-cap-investing-with-heavy-moat-investments","published_at":"2025-12-13T14:14:27+00:00","page_url":"https://stenobird.com/podcast/dividend-talk-939974/eps-274-small-mid-cap-investing-with-heavy-moat-investments","show_page_url":"https://stenobird.com/podcast/dividend-talk-939974","url":"https://podcasters.spotify.com/pod/show/dividend-talk/episodes/EPS-274--Small--Mid-Cap-Investing-with-Heavy-Moat-Investments-e3ca7c7","audio_url":"https://anchor.fm/s/2755d9a4/podcast/play/112581447/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-11-13%2F414317878-44100-2-bf916a16a40b.m4a","summary":"In this episode of Dividend Talk, we’re joined by Niklas from Heavy Moat Investments for a deep dive into European small- and mid-cap investing, moats, portfolio concentration, and how to think about quality businesses when valuations get stretched. We kick things off with a packed dividend roundup, covering recent dividend hikes from Broadcom, Mastercard, Abbott Labs, Eli Lilly, WD-40, Zoetis, and more, with a strong focus on why healthcare has been so active lately. We also discuss Pfizer keeping its dividend flat, and what that signals for big pharma investors. From there, we look at one of the biggest European investing stories of the week: Aegon moving its headquarters to the US. We break down what this means for European capital markets, valuation multiples, and whether companies leaving Europe is a symptom of deeper structural issues. The core of the episode is our conversation with Niklas, where we explore: What a “moat” really means — and why moats are not static How he evaluates small and mid-cap European companies Why insider ownership matters more than market cap His approach to portfolio concentration vs diversification How he uses hurdle rates, expected IRR, and quality scoring When and why he decides to sell a stock We also discuss several real-world examples, including: InPost and the rise of parcel locker networks across Europe EVS Broadcast, a Belgian hidden champion in live sports technology Mensch und Maschine, Autodesk reselling, proprietary software, and dividend sustainability Edenred, regulation risk, shareholder yield, and why pessimism may be overdone Eurofins Scientific as a long-term compounder with strong capital allocation To wrap up, we answer listener questions on: Story vs fundamentals The biggest financial red flags to watch for AI in…","meta_description":"In this episode of Dividend Talk, we’re joined by Niklas from Heavy Moat Investments for a deep dive into European small- and mid-cap investing, moats, po…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4335,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/dividend-talk-939974/episodes/eps-274-small-mid-cap-investing-with-heavy-moat-investments/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/dividend-talk-939974/eps-274-small-mid-cap-investing-with-heavy-moat-investments.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}