Valuentum Exclusive Analysis for the Discerning Investor

Nvidia Reports Better Than Expected First Quarter Results
Image: Nvidia’s shares are flirting with all-time highs. Nvidia ended the quarter with $53.7 billion in cash and marketable securities versus long-term debt of $8.5 billion. Net cash provided by operating activities was $27.4 billion in the first quarter, up from $15.3 billion in the year-ago period. Free cash flow was $26.2 billion in the quarter, up from $15 billion in the year-ago period. Nvidia is a net cash rich, free cash flow generating, secular growth powerhouse, and we continue to like shares in the Best Ideas Newsletter portfolio. Our fair value estimate stands at $163 per share.

May 27, 2025

ASML Delivers Despite Tariff Uncertainty
Image: ASML Holding’s shares have been choppy during the past couple years. Looking to the second quarter of 2025, ASML expects “total net sales between €7.2 billion and €7.7 billion, with a gross margin between 50% and 53%.” The firm expects “R&D costs of around €1.2 billion and SG&A costs of around €300 million.” Looking to the full year, ASML expects “total net sales for the year between €30 billion and €35 billion, with a gross margin between 51% and 53%, subject to the uncertainties mentioned earlier.” Though tariffs remain an area of uncertainty, we continue to like ASML as a holding in the ESG Newsletter portfolio.

Apr 18, 2025

Dividend Increases/Decreases for the Week of April 18
Let's take a look at firms raising/lowering their dividends this week.

Feb 7, 2025

Dividend Increases/Decreases for the Week of February 7
Let's take a look at firms raising/lowering their dividends this week.

Feb 1, 2025

ASML Holding’s Bookings Soar in Fourth Quarter
Image Source: TradingView. We continue to like ASML as an idea in the ESG Newsletter portfolio, and the company’s bookings number for the fourth quarter was solid, helping to alleviate some concerns that arose by its weak third-quarter bookings result. The company’s first-quarter outlook for net sales came in ahead of what the Street was looking for, and we liked that ASML reiterated its total net sales expectation for 2025 to be between €30 billion and €35 billion.

Oct 18, 2024

Dividend Increases/Decreases for the Week of October 18
Let's take a look at firms raising/lowering their dividends this week.

Oct 17, 2024

Taiwan Semiconductor Benefiting from Strong Smartphone and AI Demand
Image: Taiwan Semiconductor released better than expected results. Taiwan Semiconductor ended the quarter with NT$2,167.6 billion in cash and marketable securities against long-term interest-bearing debt of NT$936.16, showcasing a nice net cash position. Free cash flow in the quarter advanced to NT$184.91 billion from NT$68.03 in the year-ago period. Looking to the fourth quarter of 2024, revenue is targeted in the range of US$26.1 billion and US$26.9 billion (consensus was at US$25.02 billion), while gross profit margin and operating profit margin, based on the exchange rate assumption of 1 US dollar to 32 NT dollars, are expected to be 57%-59% and 46.5-48.5%, respectively. We liked Taiwan Semiconductor’s results and outlook, and the company remains a key idea in the ESG Newsletter portfolio.

Oct 16, 2024

ASML Holding Lowers 2025 Outlook
Image: ASML Holding is falling from recent highs as its third quarter report and outlook disappointed investors. ASML’s guidance for 2025 came in below what consensus had been looking for. 2025 net sales are now expected in the range of €30 billion and €35 billion, which compares to guidance of €30 billion to €40 billion previously and the consensus estimate of €35.94 billion. The company’s updated gross margin outlook for 2025 in the range of 51%-53% is below the 54%-56% it had previously forecast and below the consensus estimate of 53.9%. The bookings number in the third quarter coupled with lowered 2025 guidance is weighing on the stock. Though the news isn’t great, we continue to like ASML Holding as a long-term idea in the ESG Newsletter portfolio.

Sep 19, 2024

Brain Teaser - Reflexive versus Reflective
Image: Amy Leonard. Valuation multiples tend to trigger the reflexive side of our brain, and we process the multiples through anchoring. On the other hand, enterprise valuation, or the process required to answer the questions (in this article) correctly, shows that our reflexive process can be quite incorrect at times. In fact, cognitive biases such as anchoring can completely trip us up into missing out on truly undervalued companies that may have high P/E ratios while baiting us into value traps with low P/E ratios.

Jul 17, 2024

ASML Holding Reports Strong Bookings in Second Quarter
Image: ASML Holding has been a strong stock performer since the beginning of 2023. Though performance in the second quarter could have been better, ASML reiterated its outlook for 2024, which it describes as a “transition year.” Total net sales in 2024 are expected to be similar to 2023. The company ended the quarter with €4.6 billion in long-term debt and €5.0 billion in cash and short-term investments. Second quarter results were disappointing, but we continue to like ASML as one of the most prolific innovators in the semiconductor industry.

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