Summary MasterCard released its Q4 and FY2017 results February 1, 2018. Shareholders have been richly rewarded since MasterCard became a publicly listed entity in 2006. MA is one of my highest conviction stocks but I am of the opinion its price has risen beyond levels that are deemed reasonable. [...]
Summary UPS reported its Q4 and FY2017 results on February 1, 2018. UPS was trading at a lofty valuation and investors were disappointed to see UPS was once again negatively impacted by the surge in pre-Christmas volume. The retracement in UPS’ stock price to the ~$119.50 level and the growth in earnings have now restored [...]
Historically I have provided only a snapshot of the FFJ Portfolio as at the most recent month end. Starting with the month of January 2018 I will provide a snapshot of the most recent two months. I am hoping that by doing this I will provide a bit more color as to what I am [...]
Summary ADP released its Q2 2018 results January 31, 2018 making further positive revisions to its FY2018 Outlook. While ADP’s forecasts for FY2018 keep being revised upward, the stock price has risen significantly in recent months. This has resulted in ADP being even more overvalued than when I last analyzed the company in August 2017. [...]
Summary Stanley Black & Decker has grown dramatically in recent years through a strategy of organic growth and acquisition. It possesses a portfolio of well known brands and its two most significant recent acquisitions are Newell Brands and Craftsman. It is one of a handful of companies which has increased its dividend uninterrupted annually for [...]
Summary Rockwell Collins recently approved its $30B takeover by United Technologies. The transaction is expected to close later in 2018. The acquisition is a shrewd move although United Technologies appears to be paying slightly more than full price. The recently introduced US tax changes will enable United Technologies to repatriate funds held overseas which will [...]
Summary UNP is North America’s largest publicly traded railroad. Its extensive rail network places it in an advantageous position. It continues to make progress in reducing its Operating Ratio (OR). In FY2017 its OR was 63%. Its 2019 target is ~60%. UNP rewarded shareholders with dividend payments and share repurchases totalling $5.995B in 2017. I [...]
Events Subsequent to January 10, 2018 Post The following is an update to my January 10, 2018 Becton Dickinson (NYSE: BDX) article. On January 23, 2018, BDX held its Annual Meeting of Shareholders and reaffirmed its guidance. Details are as follows: [...]
Summary On January 23, 2018, CNR reported diluted EPS of C$7.24 for 2017, up 55% over 2016 diluted EPS of C$4.67 and adjusted diluted EPS of C$4.99, up 9% over 2016 adjusted diluted EPS of C$4.59. Q4 results were impacted by challenging operating conditions, including harsh early winter weather across the network which increased the [...]
Summary BK is one of the 10 largest asset managers in the world on the basis of assets under management (AUM). Technology spend is significant in order to remain at the forefront of the industry. This makes it difficult for smaller competitors to compete directly with BK in certain lines of business. BK’s earnings should [...]
