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Recent Articles
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Williams-Sonoma Beats in Fourth Quarter, Raises Dividend 26%
Mar 13, 2024
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Image: Williams-Sonoma is facing revenue pressure, but free cash flow trends are robust. Image Source: Williams-Sonoma.
On March 13, Williams-Sonoma surprised the Street to the upside with better-than-expected fourth quarter results, a huge dividend increase, and the launch of an incremental $1 billion in share repurchases. We expect to raise our fair value estimate as a result of the good news. Though the firm’s sales continue to face pressure due to a weakened housing market, its cash-based sources of intrinsic value are robust, and shares yield 1.6% on a forward estimated basis.
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Oracle Hits Optimistic Note in Fiscal Third Quarter
Mar 11, 2024
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Image Source: Peter Kaminski.
Oracle posted solid third-quarter fiscal 2024 results, drove nice growth across its cloud business, set an all-time record with respect to Remaining Performance Obligations, and spoke very positively (“hypergrowth”) about its Gen2 Cloud Infrastructure business. Oracle has a large net debt position due in part to its purchase of Cerner, but free cash flow of ~$8.52 billion for the first nine months of its fiscal year showcased robustness and a nice improvement on a year-over-year basis, as both operating cash flow advanced while capital spending fell. We continue to like Oracle as an idea in the Dividend Growth Newsletter portfolio.
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How Some Members Use Valuentum’s Investment Services
Mar 11, 2024
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We serve a wide variety of investors, including dividend growth investors, value investors, and pure Valuentum investors, among others. Many different types of investors and professionals use our research and financial analysis in a whole host of applications from individual stock-selection to the evaluation of closed-end funds to an overlay in a money-management setting and beyond. The Best Ideas Newsletter portfolio seeks to find stocks that have good value and good momentum characteristics and typically targets capital appreciation potential over a longer-term horizon. The Dividend Growth Newsletter portfolio seeks to find underpriced dividend growth gems that generate strong levels of free cash flow and have pristine, fortress balance sheets, translating into excellent Valuentum Dividend Cushion ratios. The High Yield Dividend Newsletter portfolio seeks to find some of the highest-yielding stocks supported by strong credit profiles and solid business models, but not always robust traditional free cash flow. Ideas in this newsletter offer higher-yielding opportunities, but also much higher capital and income risk. We also offer a full suite of products to financial advisers (gold level) that range from a more extensive Excel-based screening tool (the DataScreener) to 'Ideas' and 'Dividend' publications that are released on a quarterly basis. Our research product includes hundreds of stock reports, fair values, fair value ranges, associated commentary, as well as dividend reports with Valuentum Dividend Cushion ratios and expected dividend growth rates. Silver and gold-level members can add the Valuentum Exclusive or additional options commentary/ideas to their plans. The Exclusive publication is a part of the institutional (platinum) level membership.
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You Already Own Whatever Your Investment Will Pay You in Dividends
Mar 11, 2024
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Image Source: Images Money.
Stocks are generally valued on the present value of all their future free cash flows, which already include future dividend payments. A company’s dividend policy may impact an investor’s eagerness to pay a higher price for shares on the basis of a higher yield, but the dividend is a symptom of future free cash flows (and therefore intrinsic value), not the driver behind it.
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