Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary
Oct 10, 2021
PepsiCo Flexes Its Pricing Power
Image Shown: PepsiCo Inc is adeptly navigating various inflationary, labor, and logistical hurdles. Investors have started to warm back up to the name and its impressive pricing power over the past several months. On October 5, beverage and snack giant PepsiCo reported third-quarter earnings for fiscal 2021 (period ended September 4, 2021) that beat both consensus top- and bottom-line estimates. PepsiCo also raised its full-year guidance for fiscal 2021 in conjunction with the report.
Aug 3, 2021
Rounding Up the 2Q Earnings Reports of Some of America’s Most Recognizable Brands: Coca-Cola, McDonald’s, Ford, Boeing, and Procter & Gamble
Image Source: Valuentum. The world is bouncing back in a big way from the coronavirus (“COVID-19”) pandemic, and some of America’s top brands have put up impressive calendar second-quarter results. Ford’s performance may have been the most interesting from an investor perspective, and we continue to warn against Boeing in light of its weak cash-based fundamentals and the tremendous flexibility that program accounting can have with respect to GAAP financials. Though the following five companies are not included in the newsletter portfolios, they should be on your radar, especially as it relates to market-moving trends and economic information: Coca-Cola, McDonald’s, Ford, Boeing, and Procter & Gamble.
Jul 15, 2021
PepsiCo Beats Estimates, Raises Guidance
Image Source: PepsiCo Inc – CAGNY 2021 Presentation. On July 13, PepsiCo reported second-quarter fiscal 2021 earnings (period ended June 12, 2021) that beat both consensus top- and bottom-line estimates. Due to its strong performance during the first half of the fiscal year, PepsiCo raised its full-year guidance for fiscal 2021 in conjunction with its latest earnings report. Now the firm expects to post 6% organic sales growth (versus a mid-single-digit range previously) and 11% core constant currency EPS growth (versus a high-single-digit range previously) in fiscal 2021 on an annual basis. Foreign currency tailwinds favorably impacted its financial performance last fiscal quarter, and for the full fiscal year, PepsiCo sees these tailwinds boosting its net revenue and core EPS performance by ~100 basis points.
Jul 14, 2021
10 YEARS OF EXCELLENCE AT VALUENTUM
Join Valuentum as it celebrates its 10th anniversary of putting investors first!
Jun 29, 2021
The Skill Paradox Is a Myth in Investing
Image: The game of baseball has changed during the past 100 years. While many point to a declining standard deviation and coefficient of variation in batting averages for evidence of a paradox of skill in baseball, it's more likely the game has changed. Players are hitting more homeruns, sacrificing batting average as a result. Source: Baseball Almanac. Michael Mauboussin, while highlighting in his own words in The Success Equation how stock portfolios have conformed over time due to a reduction of active share brought about by myriad influences in how active managers are "playing the game," completely misses using this explanation as the correct conclusion for the observation of declining standard deviations of excess returns. There is no paradox of skill in investing. Investors are conforming to the same playbook due to conflicting incentives (perhaps even driving active management skill levels collectively lower), and this is resulting in what we're seeing today. Unlike his work in evaluating baseball and basketball, Mauboussin seems to completely miss that active mutual funds and ETFs are also only 15% of the market. In the case of investing, analyzing the standard deviation of returns of 15% of the stock market, as in active funds and ETFs, tells us little about luck or skill. Warning about the use of small sample sizes early in the book, the combination of this errant conclusion has only padded the indexing propaganda making The Success Equation an absolute tragedy of a text, and I must say it hurts me a lot to say it (I know how much work goes into writing a book, and I generally enjoy Mauboussin's work).
Jun 27, 2021
Two Alerts and Bull Market On!
Image Source: Mike Cohen. "We like stocks in an inflationary environment, and we love big cap tech and large cap growth in any environment." -- Brian Nelson, CFA
Jun 19, 2021
Our Reports on Stocks in the Recession Resistant Industry
Image Source: Mike Mozart. Our reports on stocks in the Food Retailing industry can be found in this article. Reports include BUD, CL, CLX, CPB, COST, FDP, GIS, HRL, K, KDP, KHC, KMB, KO, KR, MDLZ, MKC, MO, PEP, PG, PM, SJM, TAP, TGT, TSN, WMT, CHD, SYY, ADM, LANC, CASY.
Jun 18, 2021
ICYMI: Watch Valuentum's November 2019 Presentation on 'Value Trap' Now!
YOU WILL LEARN --- * The pitfalls of valuation multiple analysis and the risks of extrapolating some empirical quantitative conclusions. * A critical framework to view and interpret stock price movements and stock valuation. * The universal nature of enterprise valuation to all things finance from competitive advantage analysis to dividend-growth investing and beyond.
Jun 1, 2021
ICYMI -- Video: Exclusive 2020 -- Furthering the Financial Discipline
In this 40+ minute video jam-packed with must-watch content, Valuentum's President Brian Nelson talks about the Theory of Universal Valuation and how his work is furthering the financial discipline. Learn the pitfalls of factor investing and modern portfolio theory and how the efficient markets hypothesis holds little substance in the wake of COVID-19. He'll talk about what companies Valuentum likes and why, and which areas he's avoiding. This and more in Valuentum's 2020 Exclusive conference call.
May 24, 2021
Thinking Slow: 3 Research Blind Spots That Changed the Investment World
Image Source: EpicTop10.com. We have to be on high alert about how our minds work. PBS is premiering a four-part series examining about how easily our minds are being hacked, and why it is so important to "think slow." Tune in. When it comes to the active versus passive debate, does the analysis suffer from parameter risk? With respect to empirical, evidence-based analysis, does the analysis have the entire construct wrong? When it comes to short-cut multiples, are we falling into the behavioral trap of thinking on autopilot?
Latest Press Releases
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.