Summary BAM has generated a compound annual total return of ~17% (dividends reinvested) since 1997 versus ~7% for the S&P 500. Management is cognizant of short-term performance but the business is managed for the long term with a goal to generate 12% - 15% compound returns over the longer term. BAM partners with institutional investors [...]
Summary PEP released its Q4 and FY2017 results on February 13, 2018. Organic revenue, which excludes the impact of various items, grew 2.3% versus 3.7% in FY2016, and 5% in FY2015. FY2017 Adjusted EPS amounted to $5.23 versus $4.85 in FY2016. PEP’s adjusted EPS includes a one-time $1.70/share benefit from a provisional net tax expense [...]
Summary Broadridge released its Q2 and 1st half of FY2018 results February 8, 2018. Projections have been revised upwards for the remainder of 2018. Changes in the US Tax Law have resulted in BR revising its FY2017 – 2020 Growth Objectives in Adjusted EPS from the 9% - 13% range to the 14% - 18% [...]
Summary This Church & Dwight analysis is based on Q4 and Fy2017 results released February 5th, 2018. CHD outperforms all members of its peer group from a free cash flow conversion process. In FY2016, 82% of CHD’s sales were in the US. CHD is now making a concerted effort to expand its international sales. CHD [...]
Summary Hershey recently released its Q4 and FY 2017 results which were not received well by the investment community. The stock has dropped ~$12 from its mid-December ~$115 level. HSY’s FY2017 revenue results are far short from the ambitious ‘$10B by 2017’ goal set in 2013. Revenue and diluted EPS in FY2017 were not that [...]
Summary On February 1, 2018, V reported Q1 2018 results and indicated that factoring in tax reform benefits it expected earnings per share (EPS) growth in the high end of the mid-20s range versus its previous forecast in the mid-teens. V provided guidance for higher operating expenses in 2018 (high end of mid single-digits vs. [...]
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 [...]
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 [...]
