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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.
Latest Valuentum Commentary

May 6, 2025
Magnificent 7 Earnings Reports Not Bad Thus Far
Shortly after Trump's Liberation Day, where the President unveiled lofty tariffs on numerous countries, we released our wait-and-see outlook for the equity markets, which thus far has proven to be the right move, with the markets largely recovering from the depths reached in April. The S&P 500, for example, is down just 3.3% year-to-date, excluding dividends. A lot has happened since Liberation Day, including easing of tariffs to a 10% baseline for most, if not all, countries, with the key exception of China, where tariffs remain extremely elevated and prohibitive. Many countries are now reportedly negotiating trade agreements with the White House, and we expect China to be added to that list soon, even if a full US/China trade agreement won't be completed in the near term, as full-scale trade deals take time to mold. Thus far, we have been impressed by earnings this season, particularly by the Magnificent 7.
Apr 4, 2025
Trump Tariffs Higher than Expected; What We're Doing
The Trump tariff increases came in larger than what we were expecting, and it remains to be seen how they will flow through the global economy, as we monitor potential retaliatory tariffs from other countries. As it relates to the equity markets, we’re taking a wait and see approach at the moment as we monitor new policy changes related to trade, immigration, fiscal (tax), and regulations. In short, we’re not overreacting to the sell off as we won’t have a great handle on the tariff impact to companies for a few quarters when they report results post-tariff increases. That said, we’re expecting continued market volatility, with meaningful risk to the downside, before trade uncertainty alleviates in the coming months.
Sep 12, 2024
Kroger Raises Identical Sales Growth Outlook
Image: Kroger’s shares have been choppy during the past couple years. Looking to fiscal 2024, Kroger reaffirmed its guidance for adjusted FIFO operating profit in the range of $4.6-$4.8 billion, adjusted net earnings per diluted share in the range of $4.30-$4.50, and adjusted free cash flow of $2.5-$2.7 billion. It updated its identical sales growth without fuel forecast to 0.75%-1.75% for the year, which is up from the prior range of 0.25%-1.75%. Kroger continues to work toward closing its merger with Albertsons, the completion of which remains uncertain given criticism from the FTC. Our fair value estimate for Kroger stands at $55 per share.
Sep 9, 2024
Latest Report Updates
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Aug 9, 2024
Paper: Value and Momentum Within Stocks, Too
Abstract: This paper strives to advance the field of finance in four ways: 1) it extends the theory of the “The Arithmetic of Active Management” to the investor level; 2) it addresses certain data problems of factor-based methods, namely with respect to value and book-to-market ratios, while introducing price-to-fair-value ratios in a factor-based approach; 3) it may lay the foundation for academic literature regarding the Valuentum, the value-timing, and ultra-momentum factors; and 4) it walks through the potential relative outperformance that may be harvested at the intersection of relevant, unique and compensated factors within individual stocks.
Jun 28, 2024
Dividend Increases/Decreases for the Week of June 28
Let's take a look at firms raising/lowering their dividends this week.
Jun 20, 2024
Kroger’s Identical Store Sales Beat Consensus
Image: Kroger’s shares have been choppy during the past couple years. Kroger reaffirmed its full-year 2024 guidance. The company expects identical-store without fuel of 0.25%-1.75%, adjusted FIFO operating profit of $4.6-$4.8 billion and adjusted net earnings per diluted share of $4.30-$4.50. Adjusted free cash flow is targeted in the range of $2.5-$2.7 billion on capital expenditures of $3.4-$3.6 billion for the year. Kroger ended the quarter with ~$12.2 billion in debt and $345 million in cash. All things considered, we liked Kroger’s report, but uncertainties regarding its deal with Albertsons coupled with a large net debt position leave us on the sidelines. Shares yield ~2.2% at the time of this writing. 
Jun 14, 2024
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Jun 10, 2024
Update: Frequently Asked Questions About Valuentum Securities, Inc.
Valuentum (val∙u∙n∙tum) [val-yoo-en-tuh-m] Securities Inc. is an independent investment research publisher, offering premium equity reports and dividend reports, as well as commentary across all sectors/companies, a Best Ideas Newsletter (spanning market caps, asset classes), a Dividend Growth Newsletter, modeling tools/products, and more. Independence and integrity remain our core, and we strive to be a champion of the investor. Valuentum is based in the Chicagoland area. Valuentum is not a money manager, broker, or financial advisor. Valuentum is a publisher of financial information. We address a number of questions from both subscribers and visitors to our site.
Mar 21, 2024
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The High Yield Dividend Newsletter, Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports, articles and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. The sources of the data used on this website are believed by Valuentum to be reliable, but the data’s accuracy, completeness or interpretation cannot be guaranteed. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a money manager, is not a registered investment advisor and does not offer brokerage or investment banking services. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.