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Recent Articles
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Netflix Still Has a Long Runway of Growth Ahead of It
Jul 19, 2024
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Image Source: Netflix.
Netflix reported solid second quarter results and raised its forward-looking guidance for the full year 2024. The company is winning the streaming wars and has a long runway of future membership growth given the 80% of TV time it and Youtube don’t already own. Its nascent ads business continues to gain traction, too. Netflix still expects to haul in free cash flow of $6 billion in 2024, as it continues to buy back stock. The company ended the quarter with $14 billion in gross debt versus cash and cash equivalents of $6.7 billion. We think Netflix is performing well, but we're already quite tech heavy in the newsletter portfolios and won't be adding shares to any portfolio at this time.
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Dividend Increases/Decreases for the Week of July 19
Jul 19, 2024
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Let's take a look at firms raising/lowering their dividends this week.
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Crown Castle’s AFFO In Excess of Cash Dividends Paid
Jul 18, 2024
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Image: Crown Castle’s shares look to be bottoming, and the firm’s AFFO is expected to remain well above cash dividends paid during 2024.
Crown Castle reiterated its outlook for 2024 that it issued on June 11. It expects site rental billings of $5.74-$5.78 billion, site rental revenues in the range of $6.317-$6.362 billion, adjusted EBITDA between $4.143-$4.193 billion, and AFFO per share in the range of $6.91-$7.02. Though Crown Castle’s full year performance reveals pressure, the company’s AFFO remains in excess of its annual dividend rate of $6.26, and with a dividend yield of ~5.9%, we think it makes the cut for inclusion to the High Yield Dividend Newsletter portfolio.
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Domino’s Suspends Long-term Global Net Store Growth Guidance
Jul 18, 2024
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Image: Domino’s shares have done well since the beginning of 2023, but visibility into its long-term global net store growth has become murky given problems at one of its master franchisees.
Domino’s quarterly results and free cash flow performance weren’t poor by any stretch, but the firm disappointed investors with respect to its updated global net store growth forecast. The company noted that it will come up 175-275 stores short of its international store growth target in 2024, and it temporarily suspended its guidance that previously called for 1,100+ global net stores annually over the period 2024-2028. It now expects 825-925 net new stores in 2024. We didn’t like the news, but we remain fans of Domino’s long-term story and are keeping the idea as a holding in the Best Ideas Newsletter portfolio.
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