Nike is a great company to hold in a well diversified portfolio. The challenge at this stage is that its valuation appears to be somewhat lofty based on earnings projections and taking into account its recently announced 4 year $15B stock repurchase program. I will not be adding to my current position at current levels. [...]
Summary After the market closed on September 25th, NKE reported Q1 FY2019 results and its share price pulled back ~4% in afterhours trading. The share price rebounded to close down only 1.25% on September 26th. The Federal Reserve increased rates 25 basis points on September 26th and a further increase is anticipated in December. If [...]
Brookfield Asset Management is a leading alternative asset manager, focused on investing in long-life, high-quality assets spanning over 30 countries globally. The business is organized into the following principal areas: Real Estate, Renewable Power, Infrastructure, and Infrastructure. I highly recommend you listen to Bruce Flatt's, CEO of Brookfield Asset Management, recent presentation at 'Talks at [...]
FedEx released its Q1 FY2019 results on September 17 and the stock pulled back ~5.5%. The stock price has subsequently recovered slightly but still remains in 'fairly valued' territory. Summary FDX released its Q1 2019 results on September 17th which reflected adjusted earnings of $3.46/share versus a forecast of $3.80/share. Revenue of $17.18B exceeded expectations [...]
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 [...]
