Valuentum Exclusive Analysis for the Discerning Investor

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Aug 23, 2023

“A New Computing Era Has Begun” -- Nvidia Delivers Yet Again
When we first wrote that Nvidia would power this market higher back in May, the firm had just put up one of the most prolific earnings beats I had ever seen. I’d have to go back almost 20 years to the invention of Apple’s iPod click-wheel technology to remember something that came close. Well, on August 23, Nvidia just put up another monster quarter, this one the second of its fiscal year 2024, beating top-line and bottom-line consensus estimates by a huge margin for the period ending July 30. We’ve raised our fair value estimate of Nvidia considerably following the blockbuster second-quarter performance and third-quarter outlook, released today, and the race is on to adopt artificial intelligence [AI].

Jul 15, 2023

Subscribe to the Valuentum ESG Newsletter!
There may be no greater or better investment than becoming more exposed to the sustainable trend of environmental, social and governance (ESG) investing, where ESG research points to key risks of a company that could have tremendous implications on its intrinsic value or fair value estimate distribution. Subscribe to the monthly Valuentum ESG Newsletter today!

Jun 29, 2023

Top Dividend-Related News: WBA, KFY, IBM, UNH, OXY
Image Source: Simon Cunningham. Let's get Nelson's thoughts on recent news on five dividend payers: WBA, KFY, IBM, UNH, OXY.

Jun 13, 2023

Oracle Hits All-Time Highs; Larry Ellison Pumps AI Opportunity
Image: Newsletter portfolio holding Oracle surges to all-time highs! “Oracle's Gen2 Cloud has quickly become the number 1 choice for running Generative AI workloads. Why? Because Oracle has the highest performance, lowest cost GPU cluster technology in the world. NVIDIA themselves are using our clusters, including one with more than 4,000 GPUs, for their AI infrastructure. Our GPU clusters are built using the highest-bandwidth and lowest-latency RDMA network—and scale up to 32,000 GPUs. As a result, cutting edge companies doing LLM development such as Mosaic ML, Adept AI, Cohere plus 30 other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle's Gen2 Cloud.” – Chairman and CTO Larry Ellison

May 1, 2023

Case Study: How to Assess Earnings Quality
How a lack of a focus on return on invested capital and economic profit and an emphasis on accounting measures and earnings per share in IBM's executive incentive programs brought down Big Blue. In this case study, let's discuss the five basic areas that we at Valuentum evaluate to assess the quality of a firm's earnings.

Apr 28, 2023

Dividend Increases/Decreases for the Week of April 28
Let's take a look at firms raising/lowering their dividends this week.

Apr 11, 2023

Not Worried About Global PC Demand Weakness
Image Source: IDC. On April 9, International Data Corporation (IDC) issued preliminary findings for the first quarter of 2023 for global personal computer (PC) shipments in its Worldwide Quarterly Personal Computing Device Tracker. The results were a bit surprising, with the firm noting that “weak demand, excess inventory, and a worsening macroeconomic climate were all contributing factors for the precipitous drop in shipments of traditional PCs during the first quarter of 2023.” According to the IDC report, global PC shipments fell 29% to 56.9 million compared to the first quarter of 2022. Apple experienced the biggest year-over-year percentage decline, where shipments fell more than 40%. Dell Technologies, Lenovo and ASUS experienced declines greater than 30%, while HP Inc. and a basket of other PC makers witnessed declines in the mid-20% range. Channel inventory remains elevated, and investors should expect more discounting from the PC makers, as the industry continues to optimize the supply chain amid pre-COVID and post-COVID demand dynamics.

Apr 6, 2023

Legacy of Benjamin Graham
Legacy of Benjamin Graham: The Original Adjunct Professor. This film, brought to you by the Heilbrunn Center for Graham and Dodd Investing, Columbia Business School, premiered on February 1, 2013 at the 16th Annual Columbia Student Investment Management Association conference. Produced by: Louisa Serene Schneider. Shot & Edited by: Christina Choe.

Mar 28, 2023

The Real Reason Why Moats Matter
Image Source: Ray in Manila.  Let's sit down with President of Investment Research Brian Nelson for his take on economic moats, and why he still likes the areas of large cap growth and big cap tech.

Mar 24, 2023

How the Payment of a Dividend Impacts Intrinsic Value Estimation
"Dividends are a transfer of cash to the shareholders that the shareholders already owned."In this purely educational article, using historical data from 3M, let’s walk through the mechanics of how the payment of a dividend impacts the intrinsic value of a company. The takeaways may be somewhat counterintuitive but are nonetheless very important for members to understand.