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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.
Dec 5, 2024
Foot Locker Talks of a More Promotional Environment, Softening Consumer Spending
Image Source: Foot Locker. Looking to all of 2024, Foot Locker now expects sales growth to be -1.5% to -1% from -1% to +1% previously and comparable store sales growth of 1%-1.5%, down from the prior range of 1%-3%. It also lowered its EBIT margin outlook for the full year 2024 to the range of 2.3%-2.5% from 2.8%-3.2% previously. Non-GAAP earnings per share for the year is now targeted in the range of $1.20-$1.30 from $1.50-$1.70 previously. Given the disappointing outlook, we’re viewing Foot Locker as a put option idea candidate.
Dec 4, 2024
Exxon Mobil’s Permian Assets Performing Well, Structural Cost Reductions on Track
Image Source: Exxon Mobil. We like Exxon Mobil’s strong advantaged volume growth from Guyana and Permian assets, including Pioneer Natural Resources, and we view Exxon Mobil as one of our favorite ideas to gain energy exposure, given its strong dividend track record and excellent free cash flow generation. Exxon Mobil is also aggressively pursuing structural cost savings and is on track to deliver cumulative savings of $15 billion through the end of 2027 versus 2019. Our fair value estimate stands at $126 per share. Exxon Mobil yields 3.4% at the time of this writing.
Dec 4, 2024
Salesforce Posts Mixed Results, Agentforce Capitalizing on AI Demand
Image Source: Salesforce. Looking to full year 2025 guidance, Salesforce raised the low end of its revenue expectations to $37.8-$38 billion, up 8%-9% year-over-year, while it maintained its Subscription & Support revenue growth guidance of approximately 10% in constant currency. The company also raised its full-year GAAP operating margin guidance to 19.8% and its non-GAAP operating margin guidance to 32.9%. Salesforce raised its full year 2025 operating cash flow growth guidance to the range of 24%-26%. Non-GAAP diluted earnings per share is expected in the range of $9.98-$10.03 for the year (midpoint of $10.01), below the consensus estimate of $10.11. Salesforce is a net cash rich, free cash flow generating powerhouse, and the company continues to deliver for shareholders.
Dec 2, 2024
Union Pacific’s Free Cash Flow Generation Remains Robust
Image Source: Union Pacific. Union Pacific ended the third quarter with $947 million in cash and cash equivalents, while total debt stood at $31.4 billion. Year-to-date, cash provided by operating activities increased to $6.7 billion from $6 billion in the same period last year, while capital expenditures fell to $2.5 billion from $2.6 billion in the year-ago period. Year-to-date free cash flow was $4.2 billion, well in excess of cash dividends paid of $2.4 billion over the same time period. Management expects fourth quarter results to be “consistent sequentially from the third quarter, while improving year-over-year versus the fourth quarter 2023.” Shares yield 2.2%. The high end of our fair value estimate range for Union Pacific is $264 per share.
Dec 2, 2024
Verizon Covering Dividends with Free Cash Flow
Image Source: Verizon. Looking to 2024, Verizon expects total wireless service revenue growth in the range of 2%-3.5%, adjusted EBITDA growth of 1%-3% and adjusted earnings per share of $4.50-$4.70. The company’s total unsecured debt at the end of the third quarter was $126.4 billion, a $1.1 billion sequential increase, but a level that is lower compared to the end of the same period last year. Net unsecured debt to consolidated adjusted EBITDA was 2.5 times. Verizon’s Dividend Cushion ratio is weighed down by its massive net debt load, but the dividend is supported by free cash flow. Shares yield 6.1%. Our fair value estimate stands at $44 per share.
Dec 2, 2024
Dick’s Sporting Goods Raises 2024 Guidance
Image Source: Dick’s Sporting Goods. For the 39 weeks ended November 2, 2024, Dick’s Sporting Goods’ cash flow from operations was $680.3 million, while capital spending came in at $565.6 million, resulting in free cash flow of $114.7 million. Looking to all of 2024, management raised its guidance for comparable store sales growth to the range of 3.6%-4.2%, up from 2.5%-3.5% previously. Net sales are targeted at $13.2-$13.3 billion, up from $13.1-$13.2 billion previously. Dick’s Sporting Goods also raised its 2024 earnings per diluted share guidance to the range of $13.65-$13.95, up from $13.55-$13.90 previously. We liked Dick’s Sporting Goods’ quarterly performance and increased full year guidance, and the stock remains a key idea in the Dividend Growth Newsletter portfolio.
Nov 25, 2024
Yum Brands’ Taco Bell Division Remains Its Gem
Image Source: Yum Brands. Yum Brands recently reported third quarter results that came up a bit short relative to the market’s forecast. The owner of KFC, Taco Bell, Pizza Hut, and Habit Burger experienced worldwide system sales growth, excluding foreign currency translation, of 1%, which reflects 5% unit expansion, including 1,029 gross new units in the quarter. Same store sales fell 4% at KFC and Pizza Hut, while they expanded 4% at Taco Bell in the quarter. Unit growth was most prevalent in its KFC Division, where the number of units expanded by 7%. GAAP operating profit and core operating profit advanced 1% and 3% in the quarter, respectively, led by 11% expansion in its Taco Bell division.
Nov 25, 2024
Deere’s Fiscal Fourth Quarter Results Better Than Feared
Image Source: Deere. Looking to fiscal 2025, Deere expects Production & Precision Ag net sales down ~15%, Small Ag & Turf net sales down 10%, and Construction & Forestry net sales down 10%-15%. Net income for its Financial Services segment is targeted at $750 million for the year. Net income attributable to Deere & Company for fiscal 2025 is expected to be in the range of $5-$5.5 billion, down from $7.1 billion in fiscal 2024 and $10.2 billion in fiscal 2023. Deere’s top line continues to face pressure, and its balance sheet isn’t as strong as we would like, but the company is navigating weakness well. Shares yield 1.3%.
Nov 19, 2024
Walmart Executing Well, Raises Guidance
Image Source: Walmart. Looking ahead to all of fiscal 2025, Walmart now expects constant currency net sales to increase in the range of 4.8%-5.1% versus 3.75%-4.75% previously. Constant currency adjusted operating income is targeted in the range of 8.5%-9.25% growth in the year versus 6.5%-8% previously. Adjusted earnings per share is expected in the range of $2.42-$2.47 up from its prior forecast of $2.35-$2.43. Walmart continues to execute well in the current market environment, and we liked its raised guidance. The high end of our fair value estimate range stands at $90 per share.
Nov 19, 2024
Disney Sets Positive Long-Term Guidance
Image Source: Valuentum. Looking to guidance, Disney expects high-single digit adjusted earnings per share growth in fiscal 2025, roughly $15 billion in cash flow from operations and approximately $8 billion in capital spending, translating into $7 billion in traditional free cash flow. The entertainment giant expects dividend growth to track earnings expansion, while it plans to buy back $3 billion in stock repurchases during the year. For 2026, the company expects double-digit adjusted earnings per share growth and double-digit growth in cash provided by operations. For 2027, management expects double-digit adjusted earnings per share growth. The high end of our fair value estimate range for Disney stands at $120.


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