Valuentum Exclusive Analysis for the Discerning Investor

Symbol Keyword

Tesla Registers Record Total Deliveries in Second Quarter 2023
Source: Tesla. We’ve liked Tesla’s share-price strength so far this year, and record total deliveries during the second quarter of 2023 help to continue to support its impressive share-price move. The high end of our fair value estimate range of Tesla stands at $335 per share, meaning shares of Tesla still have more room to run. The company remains one of the most speculative ways to play U.S. equities.

The Transaction Log of the Dividend Growth Portfolio
Image Source: Numbers and Finance. View the transaction log of the Dividend Growth Newsletter portfolio in this article. The Best Ideas Newsletter portfolio and Dividend Growth Newsletter portfolio are not real money portfolios. Results are hypothetical and do not represent actual trading.

Expect Huge Equity Returns This Decade, Much More Volatility However
Image: Without question, the stylistic area of large cap growth has been the place to be for almost 15 years now. We think it remains the place to be. We expect huge equity returns this decade, but much more volatility – the kind of volatility that will make holding stocks painful at times (and shake out some investors at the worst possible time), but it is what it is, as it has always been. We’re as bullish today as we’ve ever been. Cheers!

Our Reports on Stocks in the Mining & Chemicals Industry
Image Source: Peter Craven. Our reports on stocks in the Mining & Chemicals industry can be found in this article. Reports include APD, DD, EMN, ECL, LYB, PPG, BHP, FCX, NEM, RIO, VALE, WPM, AA, MLM, VMC, NUE, CSL, ALB, GGG, SHW, GTLS.

Apple’s 'Vision Pro' Not in Our Valuation Model; Expect Upside
Image: Apple released its first major product since the Apple Watch in the Vision Pro on June 5. The device opens the door to the era of spatial computing and is priced at $3,499. Apple unveiled its Vision Pro at the company’s Worldwide Developers Conference on June 5. We were impressed with the new major product launch, its first since the release of the Apple Watch nearly a decade ago but estimating the total market opportunity for a $3,499 device is a difficult one. The Vision Pro will be available in early 2024 and will compete in many areas with the Meta Quest, and we expect Apple’s annual numbers come next year to be impressive. The market for high-end consumer devices is a large one, and from what we can tell, the number of possible applications of the Vision Pro are many. We’re not making any changes to our valuation of Apple until we get a better feel for just how big of a needle-mover the Vision Pro will be, but we expect to raise our fair value estimate of Apple. The company has another winner on its hands, in our view.

ALERT: Going to “Fully Invested” in the Best Ideas Newsletter Portfolio
Image: Since the publishing of the first edition of the book Value Trap, the stylistic area of large cap growth (SCHG) has meaningfully outperformed both the equal-weight S&P 500 (SPY) and small cap value (IWN).With the debt-ceiling debate behind the markets, the regional banking crisis largely in the rear-view mirror, and the Fed winning the fight against inflation, a continuation of the strength in the markets as witnessed from the October 2022 lows can probably be expected. We're going to "fully invested" in the Best Ideas Newsletter portfolio today and expect to do the same in the Dividend Growth Newsletter portfolio and High Yield Dividend Newsletter portfolio soon.

Nvidia Rockets Higher to Propel Large Cap Growth
Image: Nvidia powers higher after releasing better-than-expected second-quarter fiscal 2024 guidance. The company continues to be a driver behind the outperformance of large cap growth as a stylistic area. We haven’t seen a quarterly guidance beat like this since Synaptics put up a monster quarter when Apple started using its innovative click-wheel technology in the first-generation iPod, almost 20 years ago. Nvidia Corp.'s outlook for the second quarter of its fiscal 2024 was phenomenal thanks to tremendous interest in its chips that power artificial intelligence [AI]. We expect a material increase in our fair value estimate of Nvidia, but shares remain quite pricey, in our view. Revenue during Nvidia’s fiscal second quarter is expected to be ~$11 billion versus consensus that had been looking at ~$7 billion, implying a forward outlook more than 50% better than what the Street was looking for. Interestingly, Synaptics’ click-wheel technology started the wave of Apple products, which have been the go-to tech platform for years, and Nvidia may very well be the driving force behind AI proliferation, the next great technology platform.

Dividend Increases/Decreases for the Week of May 12
Let's take a look at firms raising/lowering their dividends this week.

Earnings Roundup
Let's get Nelson's thoughts on five stocks recently reporting their first-quarter 2023 results: PYPL, DPZ, MNST, BKNG, TXRH.

Case Study: How to Assess Earnings Quality
How a lack of a focus on return on invested capital and economic profit and an emphasis on accounting measures and earnings per share in IBM's executive incentive programs brought down Big Blue. In this case study, let's discuss the five basic areas that we at Valuentum evaluate to assess the quality of a firm's earnings.