W.W. Grainger (GWW) released its Q3 2018 results on October 16th. Included in these results was a ~$0.139B write-down of Goodwill and Intangible Assets. In addition to this write-down, there has been an impact to revenue by reason of the new revenue recognition accounting standard where certain service costs are reclassified from operating expense [...]
This is the second of two articles in which I look at companies within the coatings industry which have retraced from their respective 52 week highs. The first article covered PPG and this article covers Sherwin-Williams. Summary Following the 2017 Valspar acquisition, SHW is the leader in the highly fragmented coatings industry with the [...]
Summary Following the 2017 Valspar acquisition, SHW is the leader in the highly fragmented coatings industry with the top 10 suppliers holding a ~55% market share. Goodwill and Intangible Assets now comprises over 64% of SHW’s Total Assets. SHW’s Long-Term Debt to EBITDA ratio upon completion of the Valspar acquisition rose to 4.5Xs. At its [...]
Attractive buying opportunities have been hard to find and with PPG's stock price having retraced ~22% from its 52 week high I take a look at whether PPG is a worthwhile investment. Summary The news coming from PPG in recent months has been less than positive. PPG released lower earnings guidance for Q3 and Q4 [...]
Market pullbacks are a normal part of equity investing. The pullback we are currently experiencing is not the first time this has occurred and it won't be the last. Pullbacks present you with an opportunity to enhance your wealth or you can suffer a permanent impairment to your capital. This article provides suggestions on how [...]
During my journey to financial freedom I have continually strived to invest in high quality companies. In this post I disclose all the companies in which shares are currently held in the FFJ Portfolio and in undisclosed accounts. In my June 24, 2018 and September 20, 2017 posts which were restricted to subscribers I [...]
Far too many people are in the financial predicament where their financial position needs to be fixed but they have no clue where to begin. This article presents the basic preliminary steps which need to be taken to fix their finances. Recently, I was having lunch with a friend. Just few doors from the [...]
The Brookfield group of companies recently held its 2018 Investor Day. This article touches upon the content of the Brookfield Renewable Partners (BEP) presentation. I view BEP as having significant long-term growth potential and the ability to continue to generate attractive investment returns. As a result, I have acquired additional units for the FFJ Portfolio. [...]
Summary Like the other BAM entities I have analyzed, BEP adheres to BAM’s 5 core principles. BEP has recently initiated a capital recycling program similar to other BAM entities in which it rotates its investment from mature assets with lower IRR potential to new opportunities in which it can generate superior returns. BEP’s current annual [...]
The Brookfield group of companies recently held its 2018 Investor Day. This article touches upon the content of the Brookfield Infrastructure Partners (BIP) presentation. I view BIP as having significant long-term growth potential and the ability to continue to generate attractive investment returns. As a result, I have acquired additional units for the FFJ Portfolio. [...]
