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Valuentum Commentary
Jan 23, 2020
Why *NOW* Do You Care About Boeing’s Stock?
Image Source: Robert Sullivan. In no, way shape or form should you *now* be interested in Boeing’s stock. Let’s explain. Jan 23, 2020
Resetting Your Mental Model
Image Source: affen ajlfe. Having the right mental model and using the right information can be the reason why you win or lose in investing. Jan 2, 2020
FLIR Systems Repositions Itself
Image Source: FLIR Systems Inc – November 2019 IR Presentation. US equity indexes continue to march upwards, and as of this writing, are at or near all-time highs. We couldn’t be more pleased with the performance of our Best Ideas Newsletter and Dividend Growth Newsletter portfolios. Our team continues to sift through Valuentum’s coverage universe to find top quality investment opportunities, and we are taking a deeper look at the defense industry in light of its counter-cyclical and (somewhat) recession-resistant qualities. Oct 25, 2019
We've Dropped Coverage of the Aerospace Supply Chain
Image Source: Kevin. We've dropped coverage of the Aerospace Suppliers industry. Oct 17, 2019
Honeywell’s Aerospace Division Its Crown Jewel
Image Source: 3Q 2019 Earnings Release. We’re huge fans of Honeywell. The company’s Aero operations are its crown jewel, and while Boeing is facing some troubles these days, we don’t expect much impact on Honeywell at all. In fact, we expect commercial aerospace to remain strong, even in the face of broader industrial weakness. The risks to the company’s HBT business could be starting to mount given some concerns in commercial real estate, but management isn’t really seeing any signs of yet, pointing to only moderating growth in 2020. The SPS division, while a headwind, probably won’t be a factor next year, but it could bounce back as inventories are cleared from the channel. Jul 26, 2019
Dividend Increases/Decreases for the Week Ending July 26
Let's take a look at companies that raised/lowered their dividend this week. Jul 23, 2019
Roaring 20s? -- Consumer Staples Valuations Stretched
Image Source: Alan Levine. Strong outlooks for Kimberly-Clark, United Technologies, Hexcel and Lockheed Martin point to an economy that is still gaining momentum. We caution investors of consumer staples stocks, however, with many equities holding large net debt positions, and the sector trading at almost 20 times forward earnings. Learn about the difference between the Best Ideas Newsletter portfolio and the Exclusive publication and much more in this note. Jun 11, 2019
The United Technologies-Raytheon Merger Will Create a Defense and Commercial Aerospace Giant
Image Source: United Technologies' IR Presentation. While there are many hurdles United Technologies and Raytheon must vault before their proposed merger of equals gets approved, we see this deal leading to material cost savings which will drive significant free cash flow growth in the medium term. The company expects to generate $6.0 billion in pro forma free cash flow this year, and management forecasts that could rise to $8.0 billion by 2021. Mar 19, 2019
Lockheed Martin May Be a FCF Cow But the Company Should Consider Debt Reduction Over Share Buybacks
Image Source: Lockheed MartinRebounding free cash flow generation makes dividend growth all the more likely going forward, even though Lockheed Martin’s large net debt load needs to be monitored at all times. If the company attempts to makes another splashy purchase, its balance sheet may take on more than it can chew if free cash flow isn’t swiftly allocated to bringing that burden back down. In 2017 and 2018, Lockheed Martin spent $3.5 billion repurchasing its stock. We argue that going forward, the company should start allocating free cash flow to debt repayment. As of this writing, Lockheed Martin trades decently above our fair value estimate, meaning the company would be buying back shares at what we consider premium prices. Latest News and Media 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
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and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.
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Image Source: Lockheed Martin Corporation – Third Quarter Fiscal 2019 Earnings Presentation. On January 13, 2020, we announced we were making some major changes to our newsletter portfolios, and that included adding major defense contractor Lockheed Martin Corporation to the Dividend Growth Newsletter portfolio with a modest 2.5%-3.5% weighting. Lockheed Martin is the lead contractor on the massive F-35 fighter jet program, has an expansive slate of weapon systems offerings (including the Javelin and Paragon systems), owns helicopter company Sikorsky (which sells aircraft for military, governmental, and civilian purposes), and offers a wide range of other defense related products and services (radar, sensors, etc.). The company is also the lead contractor on NASA’s Orion project, which is being designed for deep space exploration.