4
https://x.com/i/lists/1669153613199835138?t=R0mCicxs7zfJE_yOAek4gQ&s=09
Quiver Quantitative
Ouch.
Senator Sheldon Whitehouse sold his entire position in Tesla stock before the election.
Up to $300K in total sales.
$TSLA has now risen 60% since then.
Practically lost a year of congressional salary from the sales, so far. https://t.co/UMUBNBmfZM
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Stock Analysis Compilation
Artisan Partners on Warner Music Group $WMG US
Thesis: Warner Music Group stands to benefit from streaming monetization growth while trading at a trough valuation, offering a strong growth runway
(Extract from their Q3 letter) https://t.co/AsdA2PBdpu
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Value Spotlight (Andrew Sather)
ROIC vs WACC to Find Good Dividend Growth Stocks (Tutorial)
You can do this in seconds with the @NewConstructs institutional plan by sorting with their screener or following their DGI Model Portfolio.
$JNJ https://t.co/I5I2HHyPch
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Stock Analysis Compilation
Montaka on Floor & Decor $FND US
Thesis: Floor & Decor’s scalable ‘flywheel’ model and favorable store economics position it as a growth compounder with significant upside potential
(Extract from their Q3 letter) https://t.co/0aSdUfVHql
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Startup Archive
Tony Fadell on “opinion-based decisions” and what made Steve Jobs great
Tony Fadell is the co-creator of the iPod, iPhone, and Nest. He describes some of the things that made Steve Jobs great:
“Really pushing you. Relentless on the details. Challenging you for the right reasons. It wasn’t bullying, it wasn’t demeaning. He would critique the work, not judge the person—at least not in front of them or a group. Extreme attention to detail.”
But one of the most impressive things about Steve, Tony argues, was his ability to make great opinion-based decisions, which is critical for any revolutionary product:
“When you make the first version of anything—something revolutionary—there are a lot of opinion-based decisions… And when you have those opinions, and you’re trying to work with a team to implement those decisions, you have to really tell the ‘why’ of those decisions. That way everyone can feel like they’re a part of those decisions and understand the tradeoffs... A lot of times, people want a data-driven decision, but with v1s you don’t have data.”
He continues:
“If you look at most companies that are paralyzed and cannot make new innovations and new products, it’s because they’re trying to turn opinion-based decisions into data-driven decisions so that they don’t lose their jobs… with a v1 product, you need to be able to articulate opinion-based decisions and own them. If you don’t get them right, you own them, fix them, and move on.”
And to be clear, this doesn’t mean Steve got every decision right. As Tony explains:
“Version 1 of the iPod wasn’t perfect. Version 1 of the iPhone wasn’t perfect. We got a lot of opinion-based decisions wrong. But as you go through it, you got more data on those original opinions and you were then able to modulate off of that… But at the revolution stage: opinions, opinions, opinions. No data.’
Video source: @lexfridman (2022)
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Investing visuals
Booking $BKNG vs. Airbnb $ABNB: which would you pick as a long-term investment? https://t.co/PstrBemRTF
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Dimitry Nakhla | Babylon Capital®
$GOOG is +9% in the last days
$GOOG is still cheap
#stocks #investing https://t.co/pATL3EYChv
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at $193💵 $AMZN appears to be a good consideration for investment
#stocks #investing
Data: TIKR
Graphs: FAST Graphs
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲. "- Dimitry Nakhla | Babylon Capital®
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Stock Analysis Compilation
Lindsell Train on Nintendo $7974 JP
Thesis: Nintendo’s thoughtful console transition strategy, expanding global footprint, and increased digitalization of software sales position it well for long-term growth.
(Extract from their Q3 letter) https://t.co/ngvHKy8ChO
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Stock Analysis Compilation
Loomis Sayles on Adyen $ADYEN NA
Thesis: Adyen’s industry leadership, secular shift to digital payments, and margin expansion potential position it for long-term growth at a discounted valuation
(Extract from their Q3 letter) https://t.co/8isGv7mbYr
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Quiver Quantitative
Marjorie Taylor Greene made a large purchase of Tesla stock right before the election.
$TSLA has now risen 61% since then. https://t.co/BVeEX48eDf
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Dimitry Nakhla | Babylon Capital®
“I guess when this happens … ” $SMCI 📈📉
#stocks #investing https://t.co/RSalrvNmKt
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Value Spotlight (Andrew Sather)
RT @CCM_Brett: Huge value-add for @finchat_io users
About to ship an update to @finchat_io with common size on revenue segments.
ie) Here you can see the change in how much each revenue segment makes up of Nvidia's $NVDA revenue.
Solves my problem of wondering how much each segment makes of the total sales. Now it's easy. 💪 https://t.co/tlvu2Wbgtg
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Startup Archive
Naval Ravikant: “Networking is overrated… Do something great and your network will instantly emerge"
Naval offers the following advice to startup founders:
“Don’t spend your time doing meetings unless you really, really have to. I really think networking is overrated. There’s all these articles about how you’ve got to network more, and it makes me want to vomit.”
Instead he suggests:
“Go do something great and your network will instantly emerge. If you build a great product or if you get a good customer base, I guarantee you will get funded.”
Recruiting (customers and employees) and learning from really smart people are two exceptions. But don’t worry about building relationships with VCs or going to conferences early on. Just focus on your product, your team, and your users.
Video source: @PandoDaily (2012)
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Hidden Value Gems
Burberry announces strategic overhaul plans…need to look into this beaten down name.
+13% this morning
$BRBY.L https://t.co/ogDzpJN4Be
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Dimitry Nakhla | Babylon Capital®
Not many were interested in $GOOG when it traded for <20x earnings just 3 weeks ago …
now, everyone is interested & wants $goog after its +17% rally …
investing tip: be interested in high-quality stocks when others aren’t, it will serve you well 📝
#stocks #investing $googl https://t.co/7pmzncil1k
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Quiver Quantitative
JUST IN: Representative Chip Roy is reportedly making a bid to lead the House Rules Committee next year.
Chip Roy has cosponsored a bill that would ban congressional stock trading.
The Rules Committee decides which bills come to the floor for a vote. https://t.co/Kz1E2KE5fF
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CapMrkt KGB
GP-led Secondaries Market Landscape https://t.co/nxHXK6os7A
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Quiver Quantitative
Several Democratic representatives just called for the DNC to ban corporate PAC donations.
Representatives Maxwell Frost, Greg Casar, Chris Deluzio, and Pramila Jayapal signed on.
We have not seen any of these members trade stock while in office. https://t.co/bNzB52lHBF
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Quiver Quantitative
Another day, another all-time high for Pelosi's portfolio.
She has made $2.7M in the stock market so far today, per our estimates.
We estimate that she is now worth $274M: https://t.co/oL8zCxoKPU
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Stock Analysis Compilation
Hedge funds' best ideas #22 is in your inbox 🔥
(link below)
Includes links to the Q3 letters from Artisan Partners / Broyhill AM / Crossroads Capital / Hayden Capital / Horos AM / Hotchkis & Wiley / Langdon / Lindsell Train / Liontrust / Loomis Sayles / Macquarie / Manole Capital / Merion Road / Mobius CP
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Quiver Quantitative
Never seen anything like THIS before:
DEMOCRATIC Representative Morgan McGarvey just disclosed a purchase of Trump Media stock, $DJT.
The trade was made the day after the election.
He says it was purchased without his or his spouse's knowledge.
It was then sold two days later for a loss.
He disclosed about a dozen other trades - you can track them all on Quiver.
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Dimitry Nakhla | Babylon Capital®
Less than 2 months ago I stated:
“Today at $193💵 $AMZN appears to be a good consideration for investment”
Since then, $AMZN shares gained +18% ✅
As I suggested in the post attached below👇🏽
“As you can see, $AMZN appears to have aggressive double-digit CAGR potential if we assume ~15x P/OCF, a multiple well below what it’s trading for today (a multiple it hasn’t traded for since 2010) & a multiple that’s justified given its growth rate
Also check out $AMZN FCF growth estimates 📈
2024E: $53.89B (46% YoY)
2025E: $72.40B (34% YoY)
2026E: $97.17B (34% YoY)
AWS & Amazon Ads will continue to drive growth & profitability. In $AMZN Half Year 2024:
☁️AWS revenue: $51.31B
📈Ads revenue: $24.59B
Combined, these segments generated $75.90B net revenue (annualized = $151.80B … with ~37% Operating Income Margin)
Today at $193💵 $AMZN appears to be a good consideration for investment”
#stocks #investing"
A sober valuation analysis on $AMZN 🧘🏽♂️
•NTM P/OCF Ratio: 18.14x
•10-Year Mean: 24.25x
•NTM FCF Yield: 2.88%
•10-Year Mean: 2.86%
As you can see, $AMZN appears to be slightly undervalued
Going forward, investors can expect to receive ~33% MORE in operating cash flow & ~1% MORE in FCF per share🧠***
Before we get into valuation, let’s take a look at why $AMZN is a quality business
BALANCE SHEET✅
•Cash & Equivalents: $89.09B
•Long-Term Debt: $61.78B
$AMZN has an excellent balance sheet, an AA S&P Credit Rating & 39x FFO Interest Coverage Ratio
RETURN ON CAPITAL🆗 / ✅
•2019: 10.4%
•2020: 11.6%
•2021: 8.9%
•2022: 4.2%
•2023: 10.1%
•LTM: 13.8%
RETURN ON EQUITY✅
•2019: 21.9%
•2020: 27.4%
•2021: 28.8%
•2022: (1.9%)
•2023: 17.5%
•LTM: 21.9%
$AMZN has solid return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2018: $232.89B
•2023: $574.79B
•CAGR: 19.80%
FREE CASH FLOW✅
•2018: $17.30B
•2023: $32.22B
•CAGR: 13.24%
NORMALIZED EPS✅
•2018: $1.01
•2023: $2.90
•CAGR: 23.48%
SHARE BUYBACKS❌
•2018 Shares Outstanding: 10.00B
•LTM Shares Outstanding: 10.64B
MARGINS🆗➡️✅
•LTM Gross Margins: 48.0%
•LTM Operating Margins: 9.0%
•LTM Net Income Margins: 7.4%
*Important for $AMZN to continue expanding margins & increase profitability
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~33% MORE in OCF & ~1% MORE in FCF per share
We're using P/OCF instead of P/E. Historical data reveals a stronger correlation between AMZN's share price and Operating Cash Flow (OCF)
Today, analysts anticipate aggressive OCF (per share) growth between 2024 - 2026:
2024E: $11.14 (38% YoY) *FY Dec
2025E: $13.22 (19% YoY)
2026E: $16.85 (27% YoY)
$AMZN has a decent track record of meeting analyst estimates ~2 years out, so let’s assume $AMZN ends 2026 with $16.85 in OCF per share & see its CAGR potential assuming different multiples (photos attached below also include these CAGR estimates):
18x P/OCF: $303.28💵 … ~23.3% CAGR
17x P/OCF: $286.43💵 … ~20.0% CAGR
16x P/OCF: $269.58💵 … ~16.7% CAGR
15x P/OCF: $252.73💵 … ~13.3% CAGR
14x P/OCF: $235.88💵 … ~9.8% CAGR
As you can see, $AMZN appears to have aggressive double-digit CAGR potential if we assume ~15x P/OCF, a multiple well below what it’s trading for today (a multiple it hasn’t traded for since 2010) & a multiple that’s justified given its growth rate
Also check out $AMZN FCF growth estimates 📈
2024E: $53.89B (46% YoY)
2025E: $72.40B (34% YoY)
2026E: $97.17B (34% YoY)
AWS & Amazon Ads will continue to drive growth & profitability. In $AMZN Half Year 2024:
☁️AWS revenue: $51.31B
📈Ads revenue: $24.59B
Combined, these segments generated $75.90B net revenue (annualized = $151.80B … with ~37% Operating Income Margin)
Today [...]
Startup Archive
Mark Zuckerberg on how to avoid bad hires when your startup is growing quickly
As Mark explains, every fast-growing startup will repeatedly face the choice: “Do I hire the person who’s in front of me now because they seem good?” or “Do I hold out to get someone who’s even better?”
Mark offers his personal heuristic for founders facing this choice:
“The heuristic that I always focused on for myself and my own kind of direct hiring, that I think works when you recurse it through the organization, is that you should only hire someone to be on your team if you would be happy working for them in an alternate universe. I think that works, and that’s basically how I’ve tried to build my team.”
He continues:
“I’m not in a rush to not be running the company, but I think in an alternate universe where one of these other folks was running the company, I’d be happy to work for them. I feel like I’d learn from them. I respect their general judgment. They’re all very insightful. They have good values… I think if you apply that at every layer in the organization, then you’ll have a pretty strong organization.”
Video source: @lexfridman (2023)
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Capital Employed
FRESH OFF THE PRESS 🔥
Investor interview #103 with John Davenport @JohnJSCap from J&S Capital @JandSCap
John does a deep dive into a US small cap trading well under its NAV + much more.
You can read the full interview here 👇
https://t.co/EsyO05HhgC https://t.co/r2kRJbrrvA
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Stock Analysis Compilation
Artisan Partners on UPS $UPS US
Thesis: UPS offers strong cash flows and an attractive dividend despite short-term headwinds and undervalued potential
(Extract from their Q3 letter) https://t.co/1bvZPN4F9K
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Dimitry Nakhla | Babylon Capital®
A sober valuation analysis on $VEEV 🧘🏽♂️
•NTM P/E Ratio: 36.18x
•1-Year Mean: 33.74x
•NTM FCF Yield: 3.00%
•1-Year Mean: 3.28%
As you can see, $VEEV appears to be trading near fair value
Going forward, investors can receive ~7% LESS in earnings per share & ~8% LESS in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $VEEV is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $4.89B
•Long-Term Debt: $0
$VEEV has a great balance sheet) & an 18x FFO Interest Coverage
RETURN ON CAPITAL✅ / 🆗
•2019: 17.9%
•2020: 16.6%
•2021: 16.2%
•2022: 17.0%
•2023: 12.1%
•2024: 9.1%
•LTM: 11.3%
RETURN ON EQUITY✅
•2019: 21.4%
•2020: 20.7%
•2021: 19.3%
•2022: 16.5%
•2023: 14.7%
•2024: 12.6%
•LTM: 13.2%
$VEEV has decent return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2019: $0.86B
•2024: $2.36B
•CAGR: 22.37%
FREE CASH FLOW✅
•2019: $301.01M
•2024: $885.14M
•CAGR: 24.07%
NORMALIZED EPS✅
•2019: $1.63
•2024: $4.84
•CAGR: 24.31%
SHARE BUYBACKS❌
•2019 Shares Outstanding: 156.12M
•LTM Shares Outstanding: 164.24M
MARGINS✅
•LTM Gross Margins: 73.4%
•LTM Operating Margins: 22.9%
•LTM Net Income Margins: 23.9%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~7% LESS in EPS & ~8% LESS in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $VEEV has to grow earnings at an 18.09% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2026 - 2027 EPS growth over the next few years to be less than the (18.09%) required growth rate:
2025E: $6.24 (28.9% YoY) *FY Jan 2025
2026E: $6.82 (9.3% YoY)
2027E: $7.57 (11.0% YoY)
$VEEV has an excellent track record of meeting analyst estimates ~2 years out, so let’s assume $VEEV ends 2027 with $7.57 in EPS & see its CAGR potential assuming different multiples
38x P/E: $287.66💵 … ~9.9% CAGR
36x P/E: $272.52💵 … ~7.3% CAGR
34x P/E: $257.38💵 … ~4.5% CAGR
32x P/E: $242.24💵 … ~1.7% CAGR
As you can see, $VEEV appears to have attractive return potential IF we assume >38x earnings (a multiple not justified by its growth rate)
From 2016 - 2024, $VEEV delivered impressive EPS growth, with a 32.48% CAGR … this is why it made sense for the businesses to trade for 40x - 60x during those years
As we’ve recently seen, $VEEV has been re-rated (due to slowing growth) and it is still trading for a demanding valuation today
Today at $233💵 $VEEV does not appear to be a good consideration for investment
I’d start to get interested in $VEEV closer to $180💵 (23% below today’s price) where I can reasonably expect ~11% CAGR while assuming a 30x end multiple, ensuring some margin of safety
#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲.
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Stock Analysis Compilation
Ennismore on Admiral Group $ADM LN
Thesis: Admiral's strong earnings power and anticipated boost from recent acquisitions position it for substantial growth, with a compelling dividend yield and room for significant analyst upgrades
(Extract from their Q3 letter) https://t.co/NdXpWCaLzh
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Stock Analysis Compilation
Oakmark on Akzo Nobel $AKZA NA
Thesis: Akzo’s pricing power and efficiency initiatives set the stage for margin expansion, with the stock trading at an attractive discount, offering upside potential as cash flows and shareholder returns improve
(Extract from their Q3 letter) https://t.co/ftZ9AeCyfP
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Stock Analysis Compilation
Cleabridge on Terumo $4543 JP
Thesis: Terumo’s expanding product lineup and strategic M&A under new leadership position it for strong margin growth, driven by above-market performance in its core cardiovascular and medical device segments
(Extract from their Q3 letter) https://t.co/hUeBtbEeTP
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