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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 21, 2024
Procter & Gamble Maintains Outlook for Fiscal 2025
Image: P&G maintained its outlook for fiscal 2025, as shares flirt with all-time highs. For fiscal 2025, P&G expects adjusted free cash flow productivity to be 90% and to pay roughly $10 billion in dividends while buying back $6-$7 billion in shares. P&G’s quarterly update revealed some top-line pressure and expectations for higher commodity prices, but the company maintained its all-in sales guidance, organic growth guidance, diluted net earnings per share growth guidance, and core earnings per share guidance for fiscal 2025. Shares of P&G yield 2.4% at the time of this writing.
Sep 26, 2024
An Important Measure of Leverage for Dividend-Growth and Income-Oriented Shareholders, One That Is Dividend-Adjusted
As more and more investors rely on company dividends for income, dividends, in our view, have become more debt-like commitments in nature, especially from the perspective of dividend-growth or income-oriented shareholders. Years ago, we rolled out a measure of financial leverage that considers both the company’s debt and the present value of its future expected cash dividend obligations, which, in the eyes of die-hard dividend-growth or income-oriented shareholders, may be implicitly assumed to be debt-like commitments in substance. We think this leverage ratio can be used in conjunction with the Dividend Cushion ratio to gain additional insight into the dividend-paying financial health of an entity.
Aug 12, 2024
Procter & Gamble’s Organic Growth Fails to Impress
Image Source: P&G’s Citizenship Report. Procter & Gamble’s fiscal fourth quarter disappointed a number of investors as organic growth failed to outpace expectations. Looking to fiscal 2025, all-in sales growth is expected in the range of 2%-4%, with organic growth in the range of 3%-5%. P&G is targeting fiscal 2025 core net earnings per share growth in the range of 5%-7% versus fiscal 2024 core earnings per share of $6.59. We like P&G a lot, but shares are trading well above our fair value estimate.
Aug 9, 2024
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.
Jul 7, 2024
Latest Report Updates
Check out the latest report updates on the website.
Jun 10, 2024
Update: Frequently Asked Questions About Valuentum Securities, Inc.
Valuentum (val∙u∙n∙tum) [val-yoo-en-tuh-m] Securities Inc. is an independent investment research publisher, offering premium equity reports and dividend reports, as well as commentary across all sectors/companies, a Best Ideas Newsletter (spanning market caps, asset classes), a Dividend Growth Newsletter, modeling tools/products, and more. Independence and integrity remain our core, and we strive to be a champion of the investor. Valuentum is based in the Chicagoland area. Valuentum is not a money manager, broker, or financial advisor. Valuentum is a publisher of financial information. We address a number of questions from both subscribers and visitors to our site.
May 17, 2024
Latest Report Updates
Check out the latest report updates on the website.
Apr 19, 2024
Procter & Gamble Raises Core EPS Guidance
Image Source: P&G Q3 Earnings Presentation. We like P&G’s long consecutive dividend growth track record (68 consecutive years), and its pricing strength was firmly on display during its fiscal third quarter. The company continues to target adjusted free cash flow productivity of 90% (operating cash flow as a percentage of net earnings), while it plans to pay $9 billion in dividends and buy back $5-$6 billion in common shares in fiscal 2024. Shares of P&G yield ~2.6% at the time of this writing.
Apr 12, 2024
Dividend Increases/Decreases for the Week of April 12
Let's take a look at firms raising/lowering their dividends this week.
Mar 11, 2024
You Already Own Whatever Your Investment Will Pay You in Dividends
Image Source: Images Money. Stocks are generally valued on the present value of all their future free cash flows, which already include future dividend payments. A company’s dividend policy may impact an investor’s eagerness to pay a higher price for shares on the basis of a higher yield, but the dividend is a symptom of future free cash flows (and therefore intrinsic value), not the driver behind it.


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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.