The J. M. Smucker Company (SJM) released Q4 and FY2019 results and FY2020 guidance on June 6, 2019. Although SJM is slowly transforming its product portfolio to better match consumer preferences it does not possess any major competitive advantages and faces significant competition. I currently view shares as richly valued and intend to once [...]
Waste Management, Inc. (WM) is the largest industry participant in the North American waste management industry. WM has recently announced its intent to acquire Advanced Disposal for $4.9B which would widen the gap between WM and the #2 and #3 industry participants by market cap (Republic Services and Waste Connections). I currently view WM as [...]
Union Pacific Corporation (UNP) is North America's largest publicly traded Class 1 railroad. Barriers to entry in this industry are extremely high. The G55+0 initiative and Unified Plan 2020 have been implemented view the objective of being able to achieve a targeted 55% Operating Ratio within the next few years. I currently view UNP as [...]
This is my May 2019 FFJ Portfolio update. The portfolio was created in January 2017 for the purpose of demonstrating how investing in high quality companies with competitive advantages and with a record of consistently increasing dividends can assist investors in reaching their long-term financial goals without the need to speculate or to chase dividend [...]
Intercontinental Exchange, Inc.'s (ICE) valuable intangible assets include the New York Stock Exchange brand. I view ICE as a vendor of proprietary data and anticipate the current ~60% of operating income generated from trading and ~40% generated from information services to move toward a 50-50 split over the next few years. I currently view [...]
Ecolab Inc. (ECL), a high quality company currently overvalued, is one of the companies I have on my 'Watch List'. Summary Ecolab Inc. is the global leader in water, hygiene and energy technologies and services that protect people and vital resources. It has distributed dividends uninterrupted for over 80 years. The typically low dividend [...]
3M Company (MMM) has fallen out of favor with the investment community. Its share price has fallen ~$53 subsequent to April 24th; Q1 2019 results were released April 25th. In previous articles I expressed my view that MMM shares were overvalued and disclosed my use of covered calls to skim additional income. Despite challenges which [...]
The Royal Bank of Canada (RY) released Q2 2019 results May 23, 2019. Despite reasonably solid results the share price pulled back slightly. Based on RY's current valuation and my long-term positive outlook on the company I have acquired additional shares for what is already one of my top 10 holdings. Summary RY released Q2 [...]
CIBC (CM) released Q2 2019 results May 22, 2019 which fell short of analyst estimates. Following the ~4.4% drop in CM's share price I view the current valuation and forward dividend yield as sufficiently attractive for me to increase my position within the FFJ Portfolio and in accounts for which I do not disclose [...]
Cisco Systems, Inc. (CSCO) stands to benefit from demographic and technology macro trends. I view it as a good long-term investment but shares currently appear to be fully valued, if not slightly overvalued. I suggest investors be patient and wait for shares to retrace to more attractive valuation levels. Summary CSCO provides essential network [...]
