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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary

Dec 27, 2021
Net Cash Rich Micron Technology Beats Estimates and Issues Favorable Near Term Guidance
Image Shown: An overview of Micron Technology’s outlook for the industry and its own operations for 2022 and beyond. Image Source: Micron Technology – First Quarter of Fiscal 2022 IR Earnings Presentation. On December 20, Micron Technology reported first quarter earnings for fiscal 2022 (period ended December 2, 2021) that beat both consensus top- and bottom-line estimates. Underlying demand for Micron Technology’s DRAM, NAND, and NOR offerings (used as memory solutions in personal computers, automobiles, data centers, smartphones, and various electronics devices) remained robust last fiscal quarter. The company has done a great job navigating supply chain hurdles and semiconductor component and equipment shortages in the wake of the coronavirus (‘COVID-19’) pandemic to continue meeting booming customer demand. Shares of Micron Technology surged higher after it published its latest earnings report December 20 (and they are now trading in the mid-$90s at the time of this writing). In our view, the big share price increase was largely due to the memory solutions provider issuing favorable near term guidance covering the current fiscal quarter, indicating that its strong performance of late is expected to continue in the near term. Though shares may appear cheap on a forward earnings basis, we caution members that the industry Micron Technology operates within is ultra-competitive and exposed to tremendous pricing competition and cyclical swings. Though technically (its chart) looks attractive at this time, long-term investors should be careful.
Nov 8, 2021
ASML Holding’s Bright Growth Outlook
Image Shown: Shares of ASML Holding NV are booming higher as demand for its photolithography systems, a crucial part of the semiconductor supply chain, continues to grow at a robust pace. ASML Holding is a tremendous way to play the ongoing boom in semiconductor demand. The firm’s medium-term growth targets are fantastic and supported by surging net bookings for its photolithography systems (clearly there is ample demand here for ASML Holding’s offerings). With a pristine balance sheet, shareholder friendly management team, stellar free cash flow generating abilities, and promising growth outlook, ASML Holding has a lot going for it. The company is a good fit for the ESG Newsletter portfolio, in our view, as ASML Holding scores well on our 1-100 (100 being the best) ESG rating system (94 out of 100).
Nov 5, 2021
Qualcomm Explodes Higher Towards Our Fair Value Estimate; Semiconductor Supply Chain Update
Image Source: Qualcomm's shares have surged toward our fair value estimate. We continue to like shares of this dividend growth giant. Qualcomm remains a free-cash-flow generating juggernaut that has a very healthy dividend. Management surprised the market to the upside with its fiscal fourth-quarter report and guidance and indicated that supply chain issues are “playing out exactly as (they) planned,” as the firm expects supply and demand to be aligned by the second half of 2022. We were pleased by the news and are reiterating our $170 per share fair value estimate and the company as an idea for long-term dividend growth investors.
Nov 3, 2021
Large Cap Growth Has More Room To Run
“The stylistic area of large cap growth has been one of our favorite areas because of the strong net cash rich, free cash flow generating, secular growth powerhouses that make up much of the space. The image is a rundown of the key Valuentum statistics for the top 15 holdings of the Schwab U.S. Large Cap Growth ETF (SCHG). We believe where large cap growth goes, so does the broader market, considering the hefty weightings of some of these stocks in other broad-based indices. Based on the high end of our fair value estimate range for this group of bellwethers, the broader U.S. markets still have room to run, to the tune of 7%+, despite the many highs already reached during 2021. Though traditional valuation multiples may seem stretched by most measures, many market bellwethers have huge net cash positions and tremendous free cash flow growth potential. We expect the equity markets to continue to be led by large cap growth.” – Brian Nelson, CFA
Aug 12, 2021
Dividend Growth Idea Qualcomm Enters Bidding War to Bolster Automotive Growth Runway
Image Source: Qualcomm Inc – March 2021 Annual Meeting of Stockholders Presentation. One of our favorite semiconductor plays is Qualcomm. For those just getting familiar with the name, the company is about much more than just supplying components used in smartphones. While the rollout of 5G-capable smartphones will provide Qualcomm’s medium-term financial performance a large boost due to its Snapdragon mobile platform offerings, another key aspect of Qualcomm’s promising growth story is its exposure to the automotive industry.
Jun 15, 2021
Dividend Growth Idea Qualcomm Proactively Managing Fallout from Global Chip Shortage
Image Shown: Qualcomm Inc, one of our favorite semiconductor firms, noted in March 2021 that the rollout of 5G wireless networks is accelerating which in turn supports its outlook. We include shares of QCOM as an idea in our Dividend Growth Newsletter portfolio. Image Source: Qualcomm Inc – 2021 Annual Meeting of Stockholders IR Presentation. One of our favorite ways to gain exposure to the semiconductor industry is Qualcomm Inc, and we include shares of QCOM as an idea in the Dividend Growth Newsletter portfolio. Qualcomm’s IP portfolio and the “chips” that it designs play an essential role in enabling 5G connectivity in smartphones, powering the digital capabilities of modern automobiles, and supporting wireless network operations (including 5G networks). Qualcomm’s business model remained resilient in the face of headwinds caused by the coronavirus (‘COVID-19’) pandemic. The company’s asset-light business model (relatively modest capital expenditure requirements to maintain a certain level of revenues) enables Qualcomm is generate sizable free cash flows in almost any environment, and its promising growth outlook is underpinned by secular tailwinds.
Jun 1, 2021
ICYMI -- Video: Exclusive 2020 -- Furthering the Financial Discipline
In this 40+ minute video jam-packed with must-watch content, Valuentum's President Brian Nelson talks about the Theory of Universal Valuation and how his work is furthering the financial discipline. Learn the pitfalls of factor investing and modern portfolio theory and how the efficient markets hypothesis holds little substance in the wake of COVID-19. He'll talk about what companies Valuentum likes and why, and which areas he's avoiding. This and more in Valuentum's 2020 Exclusive conference call.
May 28, 2021
Nvidia Growing at a Brisk Pace Amid Chip Shortage
Image Source: Nvidia Corporation – GTC Spring 2021 Investor Day Presentation. On May 26, Nvidia Corp reported first quarter earnings for fiscal 2022 (period ended May 2, 2021) that beat both consensus top- and bottom-line estimates. Demand for Nvidia’s chips used in data center and gaming offerings remains robust. Looking ahead, Nvidia provided guidance for the fiscal second quarter during its latest earnings update that indicated its strong performance was expected to continue.
Feb 8, 2021
Stock Market Outlook for 2021
2020 was one from the history books and a year that will live on in infamy. That said, we are excited for the future as global health authorities are steadily putting an end to the public health crisis created by COVID-19, aided by the quick discovery of safe and viable vaccines. Tech, fintech, and payment processing firms were all big winners in 2020, and we expect that to continue being the case in 2021. Digital advertising, cloud-computing, and e-commerce activities are set to continue dominating their respective fields. Cybersecurity demand is moving higher and the constant threats posed by both governments (usually nations that are hostile to Western interests) and non-state actors highlights how crucial these services are. Retailers with omni-channel selling capabilities are well-positioned to ride the global economic recovery upwards. Green energy firms will continue to grow at a brisk pace in 2021, though the oil & gas industry appears ready for a comeback. The adoption of 5G wireless technologies and smartphones will create immense growth opportunities for smartphone makers, semiconductor players and telecommunications giants. Video streaming services have become ubiquitous over the past decade with room to continue growing as households “cut the cord” and instead opt for several video streaming packages. We’re not too big of fans of old industrial names given their capital-intensive nature relative to capital-light technology or fintech, but there are select names that have appeal. Cryptocurrencies have taken the market by storm as we turn the calendar into 2021, but the traditional banking system remains healthy enough to withstand another shock should it be on the horizon. Our fair value estimate of the S&P 500 remains $3,530-$3,920, but we may still be on a roller coaster ride for the year. Here’s to a great 2021!
Dec 28, 2020
Qualcomm’s Growth Trajectory Is Impressive and Supported by Numerous Secular Trends
Image Source: Qualcomm Inc – 2019 Analyst Day Presentation. Qualcomm offers dividend growth investors a way to play the rollout of 5G technologies and other nascent technologies worldwide, along with technologies that do not exist yet but could be made viable by the ongoing rollout of 5G wireless networks. We like Qualcomm’s business model, and we view the company as well-positioned to capitalize on numerous secular growth tailwinds. Beyond the recent launch of several 5G-capable smartphones by various companies, its automotive business offers Qualcomm ample upside potential. Additionally, we are intrigued by the opportunities created by the IoT trend and the firm’s AI-related investments. Concerns over competitive threats to Qualcomm’s modem business are not to be viewed lightly, though the company has many technical competitive advantages (know-how) derived from years of development and remains a leader in its field. As long as Qualcomm continues to innovate, made possible through its meaningful R&D investments, its product offerings and expansive IP portfolio should continue to remain in high demand. The company’s dividend growth trajectory is supported by its stellar cash flow profile and relatively strong balance sheet. Shares of QCOM yield ~1.8% as of this writing.


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The High Yield Dividend Newsletter, Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports, articles and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. The sources of the data used on this website are believed by Valuentum to be reliable, but the data’s accuracy, completeness or interpretation cannot be guaranteed. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a money manager, is not a registered investment advisor and does not offer brokerage or investment banking services. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.