Valuentum Exclusive Analysis for the Discerning Investor

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Jul 13, 2025

Valuentum's Best Ideas Newsletter Portfolio
We disclose the holdings of the portfolio of the Best Ideas Newsletter in this article. This portfolio can always be found in each edition of the monthly Best Ideas Newsletter.

Jul 13, 2025

View Current and Archived Best Ideas Newsletters
View previous editions of the Best Ideas Newsletter in this article.

Jul 12, 2025

Delta Air Lines Restores Financial Guidance
Image Source: TradingView. Delta’s restoration of its financial guidance is positive as it relates to financial visibility, particularly with respect to the impact tariffs may have on consumer spending for travel. As noted in its commentary, fiscal 2025 earnings per share is targeted in the range of $5.25-$6.25, with free cash flow of $3-$4 billion and gross leverage less than 2.5x. Management noted that “demand trends stabilized at levels that are flat to last year” through the quarter and that it “continued to see resilience in (its) diverse, high-margin revenue streams.” For the September quarter, Delta expects total revenue to be flat to up 4% compared to the prior year. Non-fuel unit costs are expected to be the best performance of the year in the September quarter. Delta also upped its quarterly dividend 25% beginning in the September quarter. We like Delta’s enhanced visibility in restoring its guidance, though we think there are better opportunities on the market than airlines. Shares yield 1.3% at the time of this writing.

Jul 5, 2025

Constellation Brands Maintains Comparable Earnings Per Share Outlook
Image Source: Constellation Brands. On July 1, beer, wine and spirits producer Constellation Brands reported disappointing first quarter fiscal 2026 results with revenue and non-GAAP earnings per share missing the consensus forecast. Comparable net sales dropped 6%, while comparable organic net sales fell 4%. Comparable operating income tumbled 11%, while comparable net income attributable to the company fell 12%. Comparable adjusted earnings before interest and taxes fell 13%, while comparable diluted net income per share dropped 10%, to $3.22. Shares yield 2.4% at the time of this writing.

Jun 29, 2025

Valuentum's Dividend Growth Newsletter Portfolio
We disclose the holdings of the Dividend Growth Newsletter portfolio in this article. This portfolio can always be found in each edition of the monthly Dividend Growth Newsletter.

Jun 29, 2025

View Current and Archived Dividend Growth Newsletters
View previous editions of the Dividend Growth Newsletter in this article. At Valuentum, we seek to deliver to our subscribers the best dividend growth ideas, and our Dividend Growth Newsletter does just that for dividend growth investors. The Dividend Growth Newsletter portfolio puts into practice our rigorous valuation and dividend growth frameworks. The Dividend Growth Newsletter portfolio is generally found on page 5 of each edition.

Jun 28, 2025

General Mills’ Top Priority Is to Restore Volume-Driven Organic Sales Growth
Image: General Mills’ shares have been under pressure as of late. On June 25, General Mills reported mixed fiscal fourth quarter results with revenue coming up short of forecasts, but non-GAAP earnings per share exceeding the consensus estimate. In the fourth quarter, net sales dropped 3% driven by lower pound volume and unfavorable net price realization and mix, while organic sales were also down 3%, in line with expectations. Adjusted gross margin was down 220 basis points. Adjusted operating profit of $622 million was down 22% in constant currency, while its adjusted operating profit margin fell 330 basis points year-over-year. Adjusted diluted earnings per share came in at $0.74, which was down 27% in constant currency.

Jun 28, 2025

Nike’s Fiscal Fourth Quarter Better Than Feared
Image: Nike’s shares have been pummeled of late. On June 26, Nike reported better than expected fourth quarter fiscal 2025 results with revenue and GAAP earnings per share exceeding the consensus forecasts. Fiscal fourth quarter revenues were $11.1 billion, down 12% on a reported basis and 11% on a currency-neutral basis. Nike Direct revenues were down 14% on a reported and currency-neutral basis in the quarter, while wholesale revenues fell 9% on a reported and currency-neutral basis in the period. Quarterly revenues for Converse fell 26%. Gross margin declined 440 basis points in the fiscal fourth quarter, to 40.3%, while diluted earnings per share fell 86% in the quarter, to $0.14.

Jun 28, 2025

Clorox Misses Consensus Estimates in Its Fiscal Third Quarter
Image: Clorox’s shares have been under pressure more recently. Year-to-date, Clorox’s net cash provided by operations was $687 million compared to $355 million in the year-ago period, representing a 94% increase. For fiscal 2025, Clorox expects net sales to be down 1% to flat and adjusted organic sales to be up about 2%. Gross margin is now expected to be up about 150 basis points, with margin enhancement efforts more than offsetting cost inflation, high trade promotion spending, and higher costs from recently implemented tariffs. Adjusted earnings per share is expected to be between $6.95-$7.35, up 13% and 19%, respectively, and the midpoint slightly higher than consensus. Clorox ended the quarter with $2.5 billion in debt and $226 million in cash. We’re steering clear of Clorox due in part to its weak revenue performance and large net debt position. Shares yield 4.1% at the time of this writing.

Jun 25, 2025

Disney Expects Strong Earnings Growth in Fiscal 2025
Image Source: Valuentum. Looking to all of fiscal 2025, Disney expects adjusted earnings per share of $5.75, a 16% increase over 2024 levels. Cash provided by operations is targeted at $17 billion, benefiting from a $2 billion increase from the deferral of tax payments. Disney is targeting a double-digit increase in operating income for its Entertainment segment for the year, while Sports is expected to increase 18% with respect to segment operating income in fiscal 2025. Its Experiences segment is targeted for 6%-8% operating income growth for the year. We like Disney, but view shares as fairly valued at the moment. Shares yield 0.9% at the time of this writing.