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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.
Oct 15, 2024
JPMorgan Continues to Generate Value for Shareholders
Image Source: Hakan Dahlstrom. During the third quarter, JPMorgan's book value per share was up 15%, to $115.15, while tangible book value per share grew 18%, to $96.42. Shares of JPMorgan aren’t cheap trading at north of 1.9x book value. JPMorgan is an important bellwether for the global economy, and its third quarter results spoke of continued strength and high returns on capital. We include Financial Select SPDR in the Best Ideas Newsletter portfolio to capture diversification benefits from the largest financial institutions. Shares of JPM yield approximately 2.3% at the time of this writing.
Oct 11, 2024
Dividend Increases/Decreases for the Week of October 11
Let's take a look at firms raising/lowering their dividends this week.
Oct 10, 2024
Domino’s Pizza Remains an Attractive Long-Term Story
Image: Domino’s core values. Looking to 2024, Domino’s expects approximately 6% annual global retail sales growth and approximately 8% annual income from operations growth as it seeks to expand global net store count by 800 to 850. For 2025, Domino’s expects a similar pace of expansion for annual global retail sales growth and annual income from operations growth. Its long-term guidance (2026-2028) calls for 7%+ annual global retail sales growth and 8%+ annual income from operations growth. The company ended the quarter with $4.98 billion in total debt and $189.1 million in cash and cash equivalents. Though Domino’s has a lofty net debt position, we like its long-term growth story, and the company remains a core idea in the portfolio of the Best Ideas Newsletter.
Oct 8, 2024
PepsiCo Experiencing Subdued Growth, Business Disruptions Due to Geopolitical Tensions
Image: PepsiCo has traded sideways for most of the past couple years. For 2024, PepsiCo expects a low-single-digit increase in organic revenue (was previously approximately 4% in organic revenue growth) and at least an 8% increase in core constant currency earnings per share. PepsiCo is targeting total cash returns to shareholders of $8.2 billion for the year, comprising $7.2 billion in dividends and the balance in share repurchases. As it relates to core earnings per share, management is targeting at least $8.15, a 7% increase compared to 2023 core earnings per share of $7.62. Though PepsiCo’s results weren’t great with subdued category trends in North America and business disruptions from geopolitical tensions, we still like shares as a key diversifier in the portfolio of the Best Ideas Newsletter.
Oct 4, 2024
Constellation Brands’ Beer Business Continues to Propel Results
Image Source: Constellation Brands. Looking to fiscal 2025 guidance, Constellation Brands expects net sales growth of 4%-6% led by Beer net sales growth of 6%-8%, offset in part by net sales declines of 4%-6% for Wine and Spirits. Operating cash flow is targeted at $2.8-$3 billion, while capital spending is expected in the range of $1.4-$1.5 billion, including major investments in its Mexico beer operations. Free cash flow is expected at $1.4-$1.5 billion. On a comparable basis, management is targeting earnings per share at $13.60-$13.80 for the fiscal year versus $12.38 in fiscal 2024.
Oct 2, 2024
Nike In the Midst of a CEO Transition, Withdraws Full Year Guidance
Image: Nike’s shares have been under pressure as the firm continues to underperform. Nike is in the midst of a management transition with Elliott Hill returning to the company in the capacity of President and CEO effective October 14. Looking to the second quarter of fiscal 2025, Nike expects revenue to be down in the 8%-10% range and gross margins to be down roughly 150 basis points, pointing to higher promotions and channel mix headwinds. Though Nike has a storied brand, unmatched by rivals, it has fallen on difficult times, and we’re staying on the sidelines with respect to shares. Shares yield 1.7% at the time of this writing.
Sep 30, 2024
Carnival Corp. Experiencing Strong Demand
Image: Carnival’s shares have traded sideways since the beginning of 2024. We like the demand momentum behind Carnival’s business, but its balance sheet keeps us on the sidelines. The company ended the quarter with $1.5 billion in cash and $28.9 billion in long-term debt. Fitch rates the company’s debt as non-investment grade with a BB credit rating. S&P rates its debt at BB and Moody’s B1. The company’s economic returns aren’t that much greater than its cost of capital either, even during good times. Carnival’s shares have been roughly flat year-to-date.
Sep 27, 2024
Costco’s Shares Remain Pricey
Image Source: Costco. We liked Costco’s fiscal 2024 fourth quarter performance, despite the slight miss on the top line. Based on its adjusted comp performance in the period, we think Costco is gaining share against other big box retailers, too. The only problem with Costco, however, at the moment is its valuation, which remains elevated, with shares trading at 45-50 times next year’s earnings. Costco is a great company, but our fair value estimate is substantially below its share price, meaning we won’t be interested in shares unless they drop significantly.
Sep 26, 2024
An Important Measure of Leverage for Dividend-Growth and Income-Oriented Shareholders, One That Is Dividend-Adjusted
As more and more investors rely on company dividends for income, dividends, in our view, have become more debt-like commitments in nature, especially from the perspective of dividend-growth or income-oriented shareholders. Years ago, we rolled out a measure of financial leverage that considers both the company’s debt and the present value of its future expected cash dividend obligations, which, in the eyes of die-hard dividend-growth or income-oriented shareholders, may be implicitly assumed to be debt-like commitments in substance. We think this leverage ratio can be used in conjunction with the Dividend Cushion ratio to gain additional insight into the dividend-paying financial health of an entity.
Sep 23, 2024
GE Vernova Is a Great Clean Energy Idea
Image: GE Vernova has performed well since it was spun out of GE. GE Vernova is one of our favorite clean energy ideas, and its financials speak to continued strength. The high end of our fair value estimate range stands at $243 per share.


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