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The Long Investor
RT @JesseCohenInv: 🚨 The S&P 500 P/E Ratios Heat Map.
Besides Banks and Energy, everything is wildly overvalued.
Proceed with caution. $SPY
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RT @JesseCohenInv: 🚨 The S&P 500 P/E Ratios Heat Map.
Besides Banks and Energy, everything is wildly overvalued.
Proceed with caution. $SPY
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Offshore
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Offshore
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Hidden Value Gems
✅ $NWG (NatWest) - the company has significantly improved its costs and margin profile recently with double-digit ROE. It has a large cash return programme and has been reducing its share count. The government plans to sell its 31.85% stake later this year, which may be a good entry point.
3/4
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✅ $NWG (NatWest) - the company has significantly improved its costs and margin profile recently with double-digit ROE. It has a large cash return programme and has been reducing its share count. The government plans to sell its 31.85% stake later this year, which may be a good entry point.
3/4
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Offshore
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Offshore
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Offshore
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Hidden Value Gems
RT @HiddenValueGems: I went through my 'Corporate Cannibals' list and shared the most interesting names with subscribers. Three names that caught my eye are 🧵👇🏽
✅ Canadian Tire $CTCA.TO - $5.9B Mkt Cap, 100-year history, a family-controlled retailer with 4% sales growth (10Y CAGR) and 4% annual reduction in shares (on average). Dividends have grown at a 16.6% compound rate in the last 10 years! Trading at 12.5x PE and 5% div yield today.
1/4
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RT @HiddenValueGems: I went through my 'Corporate Cannibals' list and shared the most interesting names with subscribers. Three names that caught my eye are 🧵👇🏽
✅ Canadian Tire $CTCA.TO - $5.9B Mkt Cap, 100-year history, a family-controlled retailer with 4% sales growth (10Y CAGR) and 4% annual reduction in shares (on average). Dividends have grown at a 16.6% compound rate in the last 10 years! Trading at 12.5x PE and 5% div yield today.
1/4
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Hidden Value Gems
RT @HiddenValueGems: Just finished flipping through the UBS 2024 Global Investment Returns Book - a pretty good read.
Here are the seven points I found the most interesting:
1⃣ The global history of stock market performance highlights two biases: survivorship and success. Investors in some countries lost everything, and “if these countries are omitted, there is a danger of overstating worldwide equity returns.”
🧵👇🏽
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RT @HiddenValueGems: Just finished flipping through the UBS 2024 Global Investment Returns Book - a pretty good read.
Here are the seven points I found the most interesting:
1⃣ The global history of stock market performance highlights two biases: survivorship and success. Investors in some countries lost everything, and “if these countries are omitted, there is a danger of overstating worldwide equity returns.”
🧵👇🏽
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AkhenOsiris
Have heard Visa is allocating significant IT budget
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Have heard Visa is allocating significant IT budget
$V CEO: "We're spending a lot of time on [generative AI]. I think it's very real. I think it'll have a very profound impact on us as a company and on the ecosystem." - The Transcripttweet
AkhenOsiris
Does Oracle's FY25/FY26 major ramp imply anything about AI spend longevity or is it just idio for them being the "new" cloud on the block taking some vanilla infra share from the big boys...or maybe a bit of both
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Does Oracle's FY25/FY26 major ramp imply anything about AI spend longevity or is it just idio for them being the "new" cloud on the block taking some vanilla infra share from the big boys...or maybe a bit of both
ORCL takeaway from call:
- Signed large deals driving material RPO increase
- Increased FY26 target (not explicitly)
- Near-term Q4 numbers not exciting which implies FY25/FY26 major ramp
very bullish call. straight path to $140+ if they just follow the path laid out - dalibalitweet
AkhenOsiris
$META $NVDA engineering.fb.com/2024/03/1…
Marking a major investment in Meta’s AI future, we are announcing two 24k GPU clusters. We are sharing details on the hardware, network, storage, design, performance, and software that help us extract high throughput and reliability for various AI workloads. We use this cluster design for Llama 3 training.
We are strongly committed to open compute and open source. We built these clusters on top of Grand Teton, OpenRack, and PyTorch and continue to push open innovation across the industry.
This announcement is one step in our ambitious infrastructure roadmap. By the end of 2024, we’re aiming to continue to grow our infrastructure build-out that will include 350,000 NVIDIA H100 GPUs as part of a portfolio that will feature compute power equivalent to nearly 600,000 H100s.
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$META $NVDA engineering.fb.com/2024/03/1…
Marking a major investment in Meta’s AI future, we are announcing two 24k GPU clusters. We are sharing details on the hardware, network, storage, design, performance, and software that help us extract high throughput and reliability for various AI workloads. We use this cluster design for Llama 3 training.
We are strongly committed to open compute and open source. We built these clusters on top of Grand Teton, OpenRack, and PyTorch and continue to push open innovation across the industry.
This announcement is one step in our ambitious infrastructure roadmap. By the end of 2024, we’re aiming to continue to grow our infrastructure build-out that will include 350,000 NVIDIA H100 GPUs as part of a portfolio that will feature compute power equivalent to nearly 600,000 H100s.
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Hidden Value Gems
$VAR.NO
Quick thoughts on the latest update and 2030 goals.
➡️ Generally ok, with a few issues like higher opex per barrel ($10/boe vs $8/boe before, blaming inflation).
➡️ Capex still high at $2-2.5B in 2025-26 and $1.5-2B in 2027-28.
➡️ 5yr annual FCF at just $0.9-1.6B ($70-90/boe oil), although should be higher from 2026.
➡️ Div payout confirmed at 30% in 2024 and 20-30% mid-term.
Still a double-digit yield, but risks remain.
Major risks are delay in Balder X launch until Q2 2025 and Capex over runs.
Conf call today at 2pm CET.
Disclosure - long, don’t plan to add post such update.
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$VAR.NO
Quick thoughts on the latest update and 2030 goals.
➡️ Generally ok, with a few issues like higher opex per barrel ($10/boe vs $8/boe before, blaming inflation).
➡️ Capex still high at $2-2.5B in 2025-26 and $1.5-2B in 2027-28.
➡️ 5yr annual FCF at just $0.9-1.6B ($70-90/boe oil), although should be higher from 2026.
➡️ Div payout confirmed at 30% in 2024 and 20-30% mid-term.
Still a double-digit yield, but risks remain.
Major risks are delay in Balder X launch until Q2 2025 and Capex over runs.
Conf call today at 2pm CET.
Disclosure - long, don’t plan to add post such update.
$VAR.NO is holding its Capital Markets Update tomorrow following Neptune consolidation and with more progress in key growth projects.
The crucial point for me is getting more clarity on future (2025-30) capex vs production outlook. Also tax payments seem too high, hopefully they provide more details on that. - Hidden Value Gemstweet