Korn/Ferry International released its Q1 FY2019 results on September 6 and the stock pulled back ~24%. Results were negatively impacted by $106.6 million in trade name write-offs as part of an organizational restructuring which management had communicated to the investment community in June 2018. I view Mr. Market as having presented a buying opportunity in [...]
Summary Korn/Ferry released Q1 results on September 6 and reported a loss of $0.70/share. This included a one-time $106.6 million trade name write-off which management had communicated in June 2018. Other than the one-time write-off, results were positive and I view the price plunge has having brought shares into fair value territory. I view KFY [...]
Thermo Fisher Scientific's annual revenue of ~$23B is nearly double that reported in FY2011. This growth has been achieved through a series of acquisitions. While there are several tailwinds supporting management's 3 - 5% annual growth projections there are various short-term headwinds. This article looks at whether Thermo Fisher is currently fairly valued and whether [...]
Summary Thermo Fisher has a dominant position in the Medical Laboratories and Research segment of the healthcare industry with annual revenues of ~$23B. It has an industry-leading presence in high-growth / emerging markets; ~21% of its annual revenue is derived from these markets. There is the possibility that the Chinese government could ramp up their [...]
Summary In my March 22 article I indicated I viewed the pullback in ATD’s stock price as a window of opportunity to acquire shares in ATD at a favorable valuation; I acquired another 500 shares for the FFJ Portfolio. That article was followed up with my July 10 article in which I made a similar [...]
The Big 5 Canadian banks have recently released their Q3 results. In this article I compare the 5, 10, 15, and 20 year returns for all 5 and provide my opinion on the order of preference in which I would acquire shares. Summary A comparison of the 5, 10, 15, and 20 year returns [...]
Summary A comparison of the 5, 10, 15, and 20 year returns for the Big 5 Canadian banks shows a clear winner. The banks which have had significant US exposure for several years have fared much better than those which do not or which have only recently entered the US market. Despite the various headwinds/uncertainties [...]
This is my August 2018 FFJ Portfolio dividend income update. The portfolio was created in January 2017 for the purpose of demonstrating how investing in well managed companies with competitive advantages can assist investors in reaching their long-term financial goals without the need to speculate or to chase dividend yield. August was a relative [...]
Constellation Brands is currently awaiting regulatory approval to increase its stake from ~10% to 38% in Canopy Growth, Canada's premier legal cannabis manufacturer. Due to the uncertainty as to how this industry will evolve, I am reluctant to take a direct position in any cannabis producer. I do, however, wish to have some exposure to [...]
Summary Constellation Brands is awaiting regulatory approvals to increase its ownership in Canopy Growth to 38% from ~10% in an effort to capitalize on opportunities in the cannabis industry. The cannabis industry is Canada is undergoing a significant transformation and other major liquor companies are / will enter this space. I am reluctant to invest [...]
