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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.
Aug 29, 2021
Best Idea Newsletter Portfolio Idea Dollar General Provides Key Update for Investors
Image Source: Dollar General Corporation – Fiscal 2020 Annual Report. On August 26, Dollar General Corporation reported second-quarter earnings for fiscal 2021 (period ended July 30, 2021) that beat both consensus top- and bottom-line estimates. Dollar General updated its full fiscal year guidance in conjunction with its latest earnings report in a favorable manner, though investors were expecting more, and shares of DG fell moderately after the report was published. We continue to like Dollar General as an idea in the Best Ideas Newsletter portfolio, however.
Aug 27, 2021
Dividend Growth Idea Dick’s Sporting Goods Announces Great News
Image Shown: Dividend Growth Idea Dick’s Sporting Goods Inc has put up tremendous performance of late. On August 25, Dick’s Sporting Goods reported second-quarter earnings for fiscal 2021 (period ended July 31, 2021) that soared past consensus top- and bottom-line estimates. Furthermore, Dick’s Sporting Goods raised its full-year guidance for fiscal 2021, doubled its minimum share buyback program to $0.4 billion for fiscal 2021, increased its regular quarterly dividend by 21% on a sequential basis to $0.4375 per share (bringing its annualized payout up to $1.75 per share), and announced a special dividend of $5.50 per share during its latest earnings update. We are incredibly pleased with the company’s performance of late. Dick’s Sporting Goods is included as an idea in the Dividend Growth Newsletter portfolio.
Aug 24, 2021
We Continue to Be Big Fans of Ameresco
Image Source: Ameresco Inc – August 2021 IR Presentation. The economic and investment landscape is changing, and Ameresco is well-positioned to capitalize on the “green energy revolution” and growing interest in environmental, social, and governance (‘ESG’) investing standards. Ameresco’s focus on reducing operating costs for its clients while bolstering their green energy credentials and helping secure financing for the relevant projects underpins the value proposition of the company’s offerings. We first covered Ameresco in detail through an article published back in August 2020 and followed up on that work in a subsequent article published in November 2020 and provided a brief update on the firm in a piece published in January 2021. Shares of AMRC have more than doubled since we published our first article covering the name as of mid August 2021, and we think there is ample room for additional capital appreciation upside.
Aug 13, 2021
Dividend Growth Idea Republic Services Is a Stellar Enterprise
Image Source: Republic Services Inc – August 2021 IR Presentation. Republic Services recently posted second-quarter 2021 earnings that beat both consensus top- and bottom-line estimates, and its strong performance enabled the firm to raise its full-year guidance (again) for 2021. Furthermore, Republic Services announced it was increasing its quarterly dividend by 8% sequentially on July 29. Shares of RSG yield ~1.5% on a forward-looking basis as of this writing.
Aug 5, 2021
Cavco Industries Is an Intriguing Capital Appreciation Idea
Image Source: Cavco Industries Inc – July 2021 IR Presentation. Cavco Industries designs and builds manufactured homes, modular homes, and similar offerings in the US. Additionally, Cavco Industries provides insurance and financing services that cater to this market. The company’s free cash flow generating abilities are stellar, its growth runway is underpinned by strong housing prices in the US, and the firm has a fortress-like balance sheet even after taking a recently announced acquisition into account. Once the worst of the negative impacts of the COVID-19 pandemic fade away, Cavco Industries’ manufacturing operations will be able to run at more “normalized” levels, thus enabling its financial performance to benefit from rising economies of scale. Demand for Cavco Industries’ offerings and the offerings of its competitors remain incredibly strong, and there is room for multiple winners in this market. We are big fans of Cavco Industries’ capital appreciation upside and view its pending acquisition of Commodore quite favorably given the apparent synergies Cavco Industries should be able to realize.
Jul 22, 2021
Johnson & Johnson Beats Estimates, Raises Guidance Once Again
Image Source: Johnson & Johnson – Second Quarter of 2021 IR Earnings Presentation. On July 21, Johnson & Johnson reported second-quarter 2021 earnings that beat both consensus top- and bottom-line estimates. The company (once again) boosted its full-year guidance in conjunction with its latest earnings update as Johnson & Johnson’s business is steadily rebounding from the worst of the coronavirus (‘COVID-19’) pandemic, with an eye towards the ongoing recovery in the sales of its medical devices and related offerings. We include shares of JNJ as an idea in both the Best Ideas Newsletter and Dividend Growth Newsletter portfolios. Its latest earnings report and guidance boost reinforced our favorable view towards the name. Shares of JNJ yield ~2.5% as of this writing, and the top end of our recently updated fair value estimate range sits at $206 per share of Johnson & Johnson, well above where shares are trading at as of this writing.
Jul 21, 2021
Philip Morris’ Transformation Continues
Image Shown: Philip Morris International Inc’s IQOS offering, a heated tobacco unit product (also classified as a “reduced risk product” by the company) that seeks to replicate the experience of traditional cigarettes for smokers in a bid to get those users to switch over to an offering the company views as relatively “safer,” has continued to post solid user base growth of late. We are big fans of Philip Morris and its ongoing transformation and include shares of PM as an idea in the High Yield Dividend Newsletter portfolio. Image Source: Philip Morris International Inc – Second Quarter of 2021 IR Earnings Presentation. On July 20, the company behind the Marlboro cigarette brand (excluding sales of the cigarette brand in the US) and the smokeless IQOS nicotine offering Philip Morris International reported second quarter 2021 earnings. The company missed consensus top-line estimates but beat consensus bottom-line estimates and boosted its full-year guidance for 2021 in conjunction with the report. Now Philip Morris expects to generate (the following are non-GAAP metrics) organic net revenue growth of 6%-7% (up from 5%-7% previously) and adjusted diluted EPS growth of 12%-14% (up from 11%-13% previously) on an annual basis in 2021 as its business steadily recovers from the worst of the coronavirus (‘COVID-19’) pandemic.
Jul 7, 2021
ExxonMobil’s Immense Upside in Guyana
Image Source: ExxonMobil Corporation – 2021 Investor Day Presentation. ExxonMobil generated $6.9 billion in free cash flow during the first quarter of 2021, up from just $0.3 billion in the same period the prior year when the coronavirus (‘COVID-19’) pandemic began to slow the global economy to a crawl. Please note that working capital movements and the timing of capital expenditures often have an outsized influence on an energy firm’s quarterly financials, though the trajectory is crystal clear, ExxonMobil is well on its way to recovering from the COVID-19 pandemic. ExxonMobil spent $3.8 billion covering its total dividend obligations in the first quarter of 2021 and spent a negligible amount buying back its stock during this period. Both of these activities were fully covered by its free cash flows with room to spare, highlighting the company’s potential dividend growth upside going forward.
Jun 24, 2021
Energy: A Small Part of the S&P 500 But Making a Comeback
Image Source: Bureau of Land Management. The energy sector is now a small part of the S&P 500, but improving energy resource pricing has enhanced the merits of many in the space, namely the dividend growth and income prospects at ExxonMobil and Chevron. Both companies offer investors dividend yields north of 5%, and both have experienced tremendous improvements in free cash flow generation thanks in part to more prudent capital spending. We’ll be looking to add both to the Best Ideas Newsletter portfolio and Dividend Growth Newsletter portfolio on any market breather. We like the risk/reward opportunity.
Jun 22, 2021
Kroger Raises Guidance After Solid Earnings Report
Image Source: Kroger Co – First Quarter of Fiscal 2021 IR Earnings Presentation. Grocers are facing tough year-over-year comparisons due to the pantry stockpiling dynamic seen in 2020 in the wake of the coronavirus (‘COVID-19’) pandemic, though demand for consumer staples products remains healthy. On June 17, Kroger Co reported first quarter earnings for fiscal 2021 (period ended May 22, 2021) that beat both consensus top- and bottom-line estimates. Kroger’s management team also noted how the grocer views the current inflationary landscape, which we will cover in this note.



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