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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.
Oct 15, 2024
UnitedHealth Remains a Free Cash Flow Generating Powerhouse
Image: UnitedHealth’s shares have done well the past few years, but a gloomy outlook for 2025 has prompted a selloff. Looking to 2024, UnitedHealth Group lowered the high end of its guidance to the range of $27.50-$27.75 compared to $27.50-$28.00 previously due in part to higher than expected business disruption impacts for the affected Change Healthcare services. On the conference call, the company noted that its “2025 adjusted profit could be $30 per share (Seeking Alpha),” which was below consensus of $31.17 per share for the year. Though its medical care ratio advanced in the quarter and it continues to navigate the impact of cyberattack and direct response costs, we’re huge fans of UnitedHealth’s robust free cash flow generation, and we still like shares in the Best Ideas Newsletter portfolio.
Oct 15, 2024
JPMorgan Continues to Generate Value for Shareholders
Image Source: Hakan Dahlstrom. During the third quarter, JPMorgan's book value per share was up 15%, to $115.15, while tangible book value per share grew 18%, to $96.42. Shares of JPMorgan aren’t cheap trading at north of 1.9x book value. JPMorgan is an important bellwether for the global economy, and its third quarter results spoke of continued strength and high returns on capital. We include Financial Select SPDR in the Best Ideas Newsletter portfolio to capture diversification benefits from the largest financial institutions. Shares of JPM yield approximately 2.3% at the time of this writing.
Oct 10, 2024
Domino’s Pizza Remains an Attractive Long-Term Story
Image: Domino’s core values. Looking to 2024, Domino’s expects approximately 6% annual global retail sales growth and approximately 8% annual income from operations growth as it seeks to expand global net store count by 800 to 850. For 2025, Domino’s expects a similar pace of expansion for annual global retail sales growth and annual income from operations growth. Its long-term guidance (2026-2028) calls for 7%+ annual global retail sales growth and 8%+ annual income from operations growth. The company ended the quarter with $4.98 billion in total debt and $189.1 million in cash and cash equivalents. Though Domino’s has a lofty net debt position, we like its long-term growth story, and the company remains a core idea in the portfolio of the Best Ideas Newsletter.
Sep 30, 2024
Carnival Corp. Experiencing Strong Demand
Image: Carnival’s shares have traded sideways since the beginning of 2024. We like the demand momentum behind Carnival’s business, but its balance sheet keeps us on the sidelines. The company ended the quarter with $1.5 billion in cash and $28.9 billion in long-term debt. Fitch rates the company’s debt as non-investment grade with a BB credit rating. S&P rates its debt at BB and Moody’s B1. The company’s economic returns aren’t that much greater than its cost of capital either, even during good times. Carnival’s shares have been roughly flat year-to-date.
Sep 23, 2024
GE Vernova Is a Great Clean Energy Idea
Image: GE Vernova has performed well since it was spun out of GE. GE Vernova is one of our favorite clean energy ideas, and its financials speak to continued strength. The high end of our fair value estimate range stands at $243 per share.
Sep 11, 2024
Medtronic Raises Fiscal 2025 Guidance
Image Source: Medtronic. Medtronic raised its fiscal 2025 organic growth guidance to the range of 4.5%-5% versus the prior range of 4%-5%, and it also raised its fiscal 2025 diluted non-GAAP earnings per share guidance in the range of $5.42-$5.50 versus the prior range of $5.40-$5.50, implying growth of 4%-6%. Medtronic is taking advantage of healthy underlying markets and “new product innovation is fueling diversified growth across many health tech growth markets.” The company continues to invest in its “future innovation pipeline to drive growth” in the longer run. The high end of our fair value estimate range stands north of $100 per share.
Sep 6, 2024
Dividend Increases/Decreases for the Week of September 6
Let's take a look at firms raising/lowering their dividends this week.
Aug 28, 2024
Nvidia Beats Second Quarter Estimates
Image: Nvidia’s shares have been on a tear the past year. On the heels of the strong second quarter fiscal 2025 report, Nvidia approved an additional $50 billion in share buybacks in addition to the $7.5 billion it still has remaining under its share repurchase authorization. Looking out to the third quarter of fiscal 2025, Nvidia expects revenue to be $32.5 billion, plus or minus 2%, while GAAP and non-GAAP gross margins are expected to be 74.4% and 75%, respectively, plus or minus 50 basis points. For the full year, management expects gross margins to be in the mid-70% range, which is a very healthy level of profitability. Our fair value estimate stands at $125 per share.
Aug 28, 2024
The Difference Between Speculation and Investment
In this edited video transcript, Brian Nelson, President of Investment Research at Valuentum, discusses the difference between speculation and investment.
Aug 28, 2024
Foot Locker Burns Through Cash During First Half of Full Year 2024
Image: Foot Locker’s shares have been quite volatile the past couple years. Foot Locker reaffirmed its full-year 2024 non-GAAP earnings per share outlook of $1.50-$1.70 per share. For full year 2024, it also reiterated its sales guidance of -1% to 1% growth and comparable sales growth in the range of 1%-3%. For the twenty-six weeks ended August 3, 2024, cash flow from operations was $126 million, while capital spending was $132 million, resulting in a cash burn. Though Foot Locker has returned to top line growth, we’re not at all interested in shares given its cash-flow performance.


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