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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary

Oct 22, 2023
There Will Be Volatility
Image: An ETF tracking Russell 1000 "growth" stocks has outperformed an ETF tracking Russell 2000 "value" stocks since the beginning of 2021. To us, the market remains hypersensitive to almost every economic data point that hits the wires, and we’re just not going to play that game. The macro headlines and never-ending news flow are what many quant and algorithmic traders are trading on, and to a very large extent, for investors with a long-term horizon, these macro data points just don’t factor into the equation. When valuing equities, we’re always after mid-cycle expectations, not peak or trough performance, so our valuations implicitly embed a "normal" recession. Warren Buffett didn’t become a billionaire buying and selling on macro data points, and volatility is simply to be expected given the proliferation of price-agnostic trading these days. Instead of panicking over higher interest rates, we think investors should view the Fed’s work thus far as future potential dry powder to stimulate both the economy and the markets. Whenever you feel like stocks are no good, have a read of Warren Buffett’s classic piece written during the Great Financial Crisis, “Buy American. I Am.” To us, we still like stocks for the long run. Happy investing!
May 30, 2023
Paper: Value and Momentum Within Stocks, Too
Abstract: This paper strives to advance the field of finance in four ways: 1) it extends the theory of the “The Arithmetic of Active Management” to the investor level; 2) it addresses certain data problems of factor-based methods, namely with respect to value and book-to-market ratios, while introducing price-to-fair-value ratios in a factor-based approach; 3) it may lay the foundation for academic literature regarding the Valuentum, the value-timing, and ultra-momentum factors; and 4) it walks through the potential relative outperformance that may be harvested at the intersection of relevant, unique and compensated factors within individual stocks.
Jan 15, 2023
Our Reports on Stocks in the Telecom Services Industry
Image Source: Mike Mozart.  Our reports on stocks in the Telecom Services industry can be found in this article. Reports include CMCSA, DISH, T, TMUS, VZ, SBAC, AMT, CCI, PARA. The telecom industry is characterized by rapid technological change, intense competition and pricing pressures. The mature wireline segment remains under attack from cable/wireless products. Mobile technology enhancements such as the iPhone continue to attract new wireless subscribers in less saturated markets, but this has not lessened the intensity of competition. Industry constituents continue to pursue acquisitions in order to reduce bloated cost structures and achieve synergies. Average revenue per subscriber and churn rates should be monitored closely. We’re neutral on the structure of the group.
Oct 30, 2022
Something New!
Hi everyone: To stay true to our mission, you'll find something new regarding our methodology. In the coming weeks, you'll see this table in our work going forward.
Oct 20, 2022
Announcing Valuentum’s Customer Appreciation Day Winners!
Let's see who won an autographed copy of Value Trap and what they said about Valuentum's research! We applaud all of our members in their quest to preserve and generate long-term wealth. Keep going strong!
Oct 19, 2022
New Payment Option! Valuentum Research Update!
We're excited to say that we're adding additional payment flexibility at Valuentum. Many members have expressed interest in paying via other providers, and we have added Square to the mix. You can use credit or debit card or bank (ACH) to pay via invoice. With all of the goings-on in the financial technology and payments space, we wanted to continue to provide members options to pay their memberships how they want and through who they want. You can always reach out to us at info@valuentum.com.
Aug 19, 2022
Nelson: The 16 Most Important Steps To Understand The Stock Market
Image Source: Tim Green. We outline the '16 Most Important Steps to Understand the Stock Market.' We think it's important to take a read of these key stock market tenets when things are going great -- and perhaps even more important when things aren't going your way. This continues to be a working document.
Jun 22, 2022
Dividend Growth Idea Oracle Showing Serious Growth Momentum
Image Source: Oracle Corporation – September 2019 IR Presentation. On June 13, Oracle Corp reported fourth quarter earnings for fiscal 2022 (period ended May 31, 2022) that beat both consensus top- and bottom-line estimates. The tech giant also provided favorable constant currency revenue growth guidance for its cloud businesses for fiscal 2023. Shares of ORCL initially surged higher in the wake of its latest earnings report before drifting modestly lower along the decline in broader equity markets. We include Oracle as an idea in the Dividend Growth Newsletter portfolio and shares of ORCL yield ~1.9% as of this writing.
Apr 27, 2022
Microsoft Soars, Strong Revenue Growth Continues Unabated
Image Shown: Microsoft Corporation put up a solid fiscal third quarter earnings report and we continue to be big fans of the name. Image Source: Microsoft Corporation – Power Point Earnings Presentation Covering the Third Quarter of Fiscal 2022. On April 26, Microsoft Corp reported third quarter earnings for fiscal 2022 (period ended March 31, 2022) that beat both consensus top- and bottom-line estimates. Shares of MSFT jumped higher by ~4%-5% in afterhours trading on April 26 as investors cheered on the good news and its promising near term outlook. Microsoft’s cloud-oriented products and services were a bright spot in the fiscal third quarter and underpinned its impressive pricing power. The firm was able to stay ahead of inflationary pressures and maintain its strong margins while growing its revenues. We include shares of MSFT as an idea in both the Best Ideas Newsletter and Dividend Growth Newsletter portfolios. Our fair value estimate for Microsoft sits at $332 per share, well above where Microsoft is trading at as of this writing, indicating that the company has substantial capital appreciation upside. Additionally, we view Microsoft’s dividend growth trajectory quite favorably due to its rock-solid financial position, bright longer-term growth outlook that is underpinned by secular tailwinds and recent acquisition activity, its pricing power, fortress-like balance sheet, and ability to generate sizable free cash flows in almost any operating environment. Shares of MSFT yield ~0.9% as of this writing.
Mar 9, 2022
Salesforce Has Room to Run
Image Source: Salesforce Inc – Fourth Quarter of Fiscal 2022 IR Earnings Presentation. Salesforce offers software that assists its customers with marketing, customer service, sales, digital commerce, business development, collaboration, analytics, recruitment, and numerous other activities. These offerings aim to improve workplace productivity by streamlining certain functions and automating others. Salesforce provides a comprehensive suite of software solutions designed for businesses and government entities across its Customer 360 platform, while using analytics and AI to discover insights to further generate value for its customers. Over the two-plus decades Salesforce has been operating, the company has grown into a tech powerhouse by investing heavily in the business and continuously pursuing major acquisitions. Some of Salesforce’s bigger deals (by enterprise value) include acquiring Slack for $27.7 billion in a cash-and-stock deal that closed in July 2021, and buying Tableau for $15.7 billion through an all-stock deal that closed in August 2019. Let's dig a bit deeper into this idea.


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The High Yield Dividend Newsletter, Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports, articles and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. The sources of the data used on this website are believed by Valuentum to be reliable, but the data’s accuracy, completeness or interpretation cannot be guaranteed. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a money manager, is not a registered investment advisor and does not offer brokerage or investment banking services. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.