⁠Librarian Capital
Croda 24H1

Ex-FX, sales -4.4%, EBIT -18.9% y/y
In £, sales +0.3%, EBIT -6.0% h/h

Consumer sales grew y/y, h/h

Life Sciences sales fell h/h (Seed + COVID lipids)
Crop, Con. Health de-stocking

Sees 2024 Adj. PBT £260-280m (was £260-300m)
$CRDA -5%, market cap £5,460m (~27x P/E) https://t.co/LABGwPMQr0
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⁠Librarian Capital
Diageo $DEO FY24 (Jun)

Sales -1% organic and reported (same as H1)
Adj. EBIT -5% organic, -6% reported
Adj. EPS -9% ($1.796)

Sales by region:
N America -3% organic
Europe +3%, APAC +4%
Africa +12%, LATAM & C -21%

$DGE -9.5% https://t.co/uPlz4Gbd7q
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⁠Librarian Capital
We published this on Diageo $DGE $DEO 2 months ago when shares were at ~£26; now ~£23
https://t.co/A6TRt1lRNz

Turns out it wasn't quite "darkest before the dawn" yet

Update review to follow later today

"Diageo: Darkest Before the Dawn? Shares Near COVID Trough and <19x- Librarian Capital
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⁠Finding Compounders
In Berkshire’s 1997 letter, Warren Buffett explains how he thinks about Market Fluctuations. https://t.co/yb1UBh3qcA
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⁠Librarian Capital
P&G $PG FY24Q4 (Apr-Jun)

Q4 Sales +2% organic (volume +2%)
Grooming +7%; Baby, Feminine & Family Care -2%
Core GM +140bps (51.5%)
Core EBIT Margin -100bps (23.8%)
Core EPS +2%

FY24 Core EPS +12% ($6.59)

FY25 outlook
Sales +3-5% organic
Core EPS +5-7% ($6.91-7.05)

-4% pre-mkt. https://t.co/KZxxGtcrwA
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⁠Librarian Capital
PayPal $PYPL 24Q2

TPV +11%, Net Revenues +8%
Transaction Margin Dollars +8%
EBIT +17% GAAP, +24% Non-GAAP
EPS +17% GAAP, +36% Non-GAAP

Raises 2024 guidance
Non-GAAP EPS to see low- to mid-teens growth
(was MSD-to-HSD)

+9% pre-market https://t.co/FcGMwq6aTs
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⁠Librarian Capital
Interesting post on Nike $NKE problems, written by former brand director who worked 21 years there

h/t @TrungTPhan

https://t.co/PNiNOKbUx7 https://t.co/caS1Lu9VKf
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⁠Capital Employed
What's the one or two fund letters you always look forward to reading?
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⁠Librarian Capital
Great read: "Finest Years: Churchill as Warlord 1940–45"

This is not only military and political history, but also a case study of a CEO attempting a turnaround, showing both the power and limitations of having an inspiring leader execute such an effort

https://t.co/7DaHaqkFwI https://t.co/ZktqvjHy2U
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⁠Librarian Capital
Diageo $DGE was down ~10% at open; now down ~6%

Human beings read and think at different speeds; and not every market participant is a human being https://t.co/oVdTE8QWpt

We published this on Diageo $DGE $DEO 2 months ago when shares were at ~£26; now ~£23
https://t.co/A6TRt1lRNz

Turns out it wasn't quite "darkest before the dawn" yet

Update review to follow later today - Librarian Capital
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