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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.
Mar 10, 2021
Johnson & Johnson’s COVID-19 Vaccine Gets the Green Light
Image Shown: We include Johnson & Johnson as an idea in both the Best Ideas Newsletter and Dividend Growth Newsletter portfolios. The health care giant is home to over two dozen ‘platforms/products’ that generate $1.0+ billion in annual sales, as you can see in the above graphic. Recently, Johnson & Johnson’s COVID-19 vaccine received emergency use authorization from the US CDC, which will provide public health authorities with another arrow in their quiver as it relates to bringing an end to the public health crisis. Image Source: Johnson & Johnson – Fourth Quarter of 2020 IR Earnings Presentation. At the end of February 2021, the US Centers for Disease Control and Prevention (‘CDC’) gave emergency use authorization for the single-shot vaccine developed by Janssen, a subsidiary of Johnson & Johnson, to inoculate patients aged 18 years and older from the coronavirus (‘COVID-19’). We have been covering this story for some time and are delighted to see that Johnson & Johnson’s COVID-19 vaccine crossed the finish line. Having another safe and viable COVID-19 vaccine at their disposal should go a long way in assisting global health authorities in eventually bringing the pandemic under control. We covered the interim safety and efficacy data from Johnson & Johnson’s Phase 3 COVID-19 vaccine clinical trial previously. Johnson & Johnson is included as an idea in both the Best Ideas Newsletter and Dividend Growth Newsletter portfolios, and we continue to like exposure to the name. The top end of our fair value estimate for JNJ sits at $172 per share, and we are big fans of its promising dividend growth trajectory. Shares of JNJ yield ~2.6% as of this writing.
Mar 5, 2021
Our Thoughts on Berkshire Hathaway’s Latest Annual Report
Image Shown: Shares of Berkshire Hathaway Inc Class B stock have been on an upward climb since June 2020 with room for additional capital appreciation upside. The top end of our fair value estimate range for BRK.B sits at $275 per share. We continue to like exposure to Berkshire Class B stock in our Best Ideas Newsletter portfolio. The top end of our fair value estimate range sits at $275 per share of BRK.B, indicating the company has room for additional capital appreciation upside as of this writing even after moving higher over the past several months. Just like any investor, Mr. Buffett will not always get it right, but we appreciate his candor when he gets something wrong. Bigger picture, the outlook for the US economy appears strong as public health authorities are utilizing COVID-19 vaccine distribution efforts to help bring an end to the crisis. Mr. Buffett, in his letter, was very upbeat about the US economy. We will end with this comment from the Oracle of Omaha: “Our unwavering conclusion: Never bet against America.”
Mar 5, 2021
Dividend Increases/Decreases for the Week March 5
Let's take a look at companies that raised/lowered their dividend this week.
Mar 3, 2021
French Conglomerate Bolloré Is Intriguing
Image Source: Bolloré SE – 2019 Business Report. We are intrigued by the extensive reach of Bolloré and the very diversified nature of its asset base. The French conglomerate’s ability to generate meaningful free cash flows during the initial stages of the COVID-19 pandemic highlights the resilience of its business model and cash flow profile. However, we caution that the Bolloré family will continue to exert an outsized level of influence on the trajectory of the conglomerate going forward. Nonetheless, this is one for the radar.
Mar 2, 2021
Aon and Willis Towers Watson to Join Forces
Image Source: Aon Plc – Willis Towers Watson Plc Merger IR Presentation March 2020. Two global professional services firms, Aon and Willis Towers Watson, are in the process of merging through an all-stock deal. Should the transaction proceed as envisioned, the pro forma company should be able to unlock material synergies within a few years after the deal closes. We would want to see how the combined company performs first before updating our opinion on the pro forma entity, though we view the merger quite favorably given the expected free cash flow uplift.
Feb 28, 2021
Earnings Roundup: BYND, DASH, DPZ, NVDA
Image Shown: Shares of DoorDash Inc tumbled after the food delivery service reported its latest earnings report near the end of February 2021. In this article, we've highlighted four companies that just reported their latest results. Domestic and international economic activities continued to face major headwinds from the coronavirus (‘COVID-19’) pandemic near the end of last year and into the beginning of this year, though corporates are now starting to plan for a world when “pre-pandemic” activities (such as going to eat indoors at a restaurant) can resume in earnest. Global health authorities are working to put an end to the public health crisis via ongoing COVID-19 vaccine distribution efforts. In alphabetical order by ticker: BYND, DASH, DPZ, NVDA.
Feb 26, 2021
The Invisible Hand Will Sink These Markets
Image: Nan Fry. Markets have bounced right off the high end of our fair value estimate range on the S&P 500, and we’ve raised cash. The violins are playing on the Titanic. The “unsinkable” ship we call the price discovery mechanism of the markets can sink. Let us not be fools to think otherwise. There will be an epilogue to Value Trap, and you and I both know that I don't want to write it. Let's keep playing the violin for now.
Feb 26, 2021
Dividend Increases/Decreases for the Week February 26
Let's take a look at companies that raised/lowered their dividend this week.
Feb 25, 2021
DermTech Revolutionizing the Cancer Detection Market
Image Source: DermTech Inc – Corporate IR Presentation for the first quarter of 2021. DermTech is an innovator in the skin cancer and skin cancer risk detection market. The company's DermTech Melanoma Test offering that is built on its Pigmented Lesion Assay (‘PLA’) test is cheaper, more effective, and more patient friendly than traditional skin cancer detection offerings. The total addressable market (‘TAM’) for the company’s currently approved PLA test--and PLAplus test if that offering receives regulatory approval--is estimated to stand at ~$2.5 billion (or more) in the US alone. In our view, there is room for DermTech to take a sizable chunk of that market, especially as the firm scales up its sales force. DermTech is one for the radar of capital appreciation seeking investors.
Feb 25, 2021
Public Storage’s Traditional Free Cash Flow Coverage of the Dividend Is Unique for a REIT
Image Source: Mike Mozart. In light of Public Storage’s core FFO coverage of the payout and its traditional free cash flow coverage of the payout, we think its dividend is about as healthy as any REIT’s gets. Public Storage is also one of the highest-rated REITs by the credit rating agencies, with Standard & Poor’s and Moody’s assigning an A credit rating and A2 credit rating on its senior debt, respectively. Shares yield ~3.3%, and we continue to like exposure to this rock-solid dividend-paying REIT in the High Yield Dividend Newsletter portfolio.



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