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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

Mar 31, 2025
Adobe’s Outlook Falls Short of Expectations
Image Source: TradingView. Adobe’s Remaining Performance Obligations (RPO) were $19.69 billion exiting the fiscal first quarter, with current RPO at 67%. Looking to Adobe’s fiscal year 2025 targets, total revenue is expected to be between $23.3-$23.55 billion, the midpoint below the consensus forecast of $23.51 billion. Digital Media segment revenue is targeted to be between $17.25-$17.4 billion, while Digital Experience segment revenue is targeted at $5.8-$5.9 billion. On a non-GAAP basis, earnings per share is expected to be between $20.20-$20.50, the midpoint below the consensus forecast of $20.39.
Dec 12, 2024
Adobe Issues Cautious Fiscal 2025 Guidance
Image Source: Adobe. Looking to fiscal 2025, Adobe expects total revenue in the range of $23.30-$23.55 billion, below the $23.8 billion consensus estimate. Digital Media segment revenue is targeted at $17.25-$17.4 billion, with ending ARR growth of 11% year-over-year, while Digital Experience segment revenue is expected to be between $5.8-$5.9 billion. Non-GAAP earnings per share is expected in the range of $20.20-$20.50 for the year, the midpoint below the consensus estimate of $20.52. Adobe ended the quarter with $7.9 billion in cash and short-term investments, while debt totaled $5.6 billion, good for a nice net cash position. We like Adobe, but its cautious outlook for 2025 keeps us on the sidelines.
Dec 10, 2024
Oracle’s Remaining Performance Obligations (RPO) Growth Speaks to Accelerated Expansion
Image Source: Oracle. We particularly liked Oracle’s growth in total remaining performance obligations (RPO) in the quarter, which were up 49% in USD and 50% in constant currency year-over-year. During the past twelve months, Oracle’s operating cash flow came in at $20.3 billion, while free cash flow was $9.5 billion. The company ended the quarter with $11.3 billion in cash and marketable securities and $88.6 billion in notes payable and other borrowings. Though Oracle has a hefty net debt position and capital spending is expected to double in fiscal 2025, we still like the company’s cloud opportunity, and it remains a key holding in both the simulated Dividend Growth Newsletter portfolio and simulated ESG Newsletter portfolio.
Sep 19, 2024
Brain Teaser - Reflexive versus Reflective
Image: Amy Leonard. Valuation multiples tend to trigger the reflexive side of our brain, and we process the multiples through anchoring. On the other hand, enterprise valuation, or the process required to answer the questions (in this article) correctly, shows that our reflexive process can be quite incorrect at times. In fact, cognitive biases such as anchoring can completely trip us up into missing out on truly undervalued companies that may have high P/E ratios while baiting us into value traps with low P/E ratios.
Sep 13, 2024
Adobe's Fiscal Fourth Quarter Outlook Comes Up Short of Expectations
Image: Adobe’s shares traded down on a weaker than expected fiscal fourth quarter outlook. Though Adobe’s outlook for the fiscal fourth quarter came up short, we continue to like its net-cash-rich balance sheet and strong free cash flow generation. We’re already quite tech heavy in the simulated newsletter portfolios, so we won’t be considering Adobe for inclusion, but the company is worth watching closely, especially as shares dip following its fiscal third quarter report. The high end of our fair value estimate range stands north of $660 per share.
Aug 25, 2024
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Aug 9, 2024
Paper: Value and Momentum Within Stocks, Too
Abstract: This paper strives to advance the field of finance in four ways: 1) it extends the theory of the “The Arithmetic of Active Management” to the investor level; 2) it addresses certain data problems of factor-based methods, namely with respect to value and book-to-market ratios, while introducing price-to-fair-value ratios in a factor-based approach; 3) it may lay the foundation for academic literature regarding the Valuentum, the value-timing, and ultra-momentum factors; and 4) it walks through the potential relative outperformance that may be harvested at the intersection of relevant, unique and compensated factors within individual stocks.
Jun 17, 2024
Adobe’s Outlook Doesn’t Disappoint
Image: Adobe’s shares are getting back on track after it issued a strong outlook for fiscal 2024. We like Adobe’s asset-light business model, strong free cash flow generation, and better-than-expected outlook, but we’re already quite tech heavy in the newsletter portfolios.
Jun 10, 2024
Update: Frequently Asked Questions About Valuentum Securities, Inc.
Valuentum (val∙u∙n∙tum) [val-yoo-en-tuh-m] Securities Inc. is an independent investment research publisher, offering premium equity reports and dividend reports, as well as commentary across all sectors/companies, a Best Ideas Newsletter (spanning market caps, asset classes), a Dividend Growth Newsletter, modeling tools/products, and more. Independence and integrity remain our core, and we strive to be a champion of the investor. Valuentum is based in the Chicagoland area. Valuentum is not a money manager, broker, or financial advisor. Valuentum is a publisher of financial information. We address a number of questions from both subscribers and visitors to our site.
Jun 1, 2024
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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.