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Hidden Value Gems
EQT is considering the fourth bid for UK-listed Keyword Studios, at over 70% premium to the stock’s value at the close of trading on Friday.
Rising takeovers with few IPOs reduce supply of stocks and is one reason for potentially stronger returns in the future. https://t.co/FtOviUKSpr
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EQT is considering the fourth bid for UK-listed Keyword Studios, at over 70% premium to the stock’s value at the close of trading on Friday.
Rising takeovers with few IPOs reduce supply of stocks and is one reason for potentially stronger returns in the future. https://t.co/FtOviUKSpr
I have published a short note on the UK stock market.
It is extremely cheap in absolute (close to 2009) and relative (widest discount to US) terms. It is equally cheap when adjusted for different sector weights.
But what is the most exciting is that things have started to change.
🧵👇🏼
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Offshore
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Antonio Linares
The market thinks $ZM is a dead video-conference company, but it's evolving into something much bigger.
$ZM is an extraordinary founder-led business in the middle of two growth phases.
The company has evolved from a video-conferencing company to a unified communications and collaboration platform.
Although many people still think of $ZM as a meetings company, the continuous expansion of its workplace offering is significantly increasing the company's TAM.
According to Gartner, $ZM's launch of Contact Center Solution will increase its TAM by $20bn in the next 4 years.
At a P/S ratio of just 4.2, the market is totally ignoring the potential of the company as a full workplace solution, offering an asymmetric investment opportunity.
The company will benefit from the hybrid work macro trend brought about by the pandemic, which changed forever the way in which people work. $ZM is an iterating machine, with the capacity to turn minimum viable products into world-class products in a matter of months.
As an example, $ZM Contact Center, which was only launched a couple quarters ago, is adding around a thousand features per quarter. This has led to some of its products being years ahead of the market.
Another example is AI-powered $ZM Virtual Agent, which was deployed internally and enabled the company to save 400,000 agent hours per month.
Its customer-centric approach, along with its unusually high brand awareness is likely to attract higher demand from new and existing customers as the company further expands its enterprise solution offering.
With each additional vertical, each customer is further incentivized to expand its services provided by $ZM, driven by cost efficiencies realized by consolidating their communications and collaboration solutions on to Zoom, as well as a more seamless user experience.
Although $ZM faces high competition, particularly from Microsoft, but I believe it will be able to expand its market share. Sometimes, being laser-focused on a specific task matters more than the depth of your pockets (see $SPOT against $AMZN and $AAPL).
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This deep dive was written by @EricSanta98, an alumni of my 2 Hour Deep Diver course.
He's going to be covering $ZM going forward, so give him a follow if you're interested in learning more about the company!
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The market thinks $ZM is a dead video-conference company, but it's evolving into something much bigger.
$ZM is an extraordinary founder-led business in the middle of two growth phases.
The company has evolved from a video-conferencing company to a unified communications and collaboration platform.
Although many people still think of $ZM as a meetings company, the continuous expansion of its workplace offering is significantly increasing the company's TAM.
According to Gartner, $ZM's launch of Contact Center Solution will increase its TAM by $20bn in the next 4 years.
At a P/S ratio of just 4.2, the market is totally ignoring the potential of the company as a full workplace solution, offering an asymmetric investment opportunity.
The company will benefit from the hybrid work macro trend brought about by the pandemic, which changed forever the way in which people work. $ZM is an iterating machine, with the capacity to turn minimum viable products into world-class products in a matter of months.
As an example, $ZM Contact Center, which was only launched a couple quarters ago, is adding around a thousand features per quarter. This has led to some of its products being years ahead of the market.
Another example is AI-powered $ZM Virtual Agent, which was deployed internally and enabled the company to save 400,000 agent hours per month.
Its customer-centric approach, along with its unusually high brand awareness is likely to attract higher demand from new and existing customers as the company further expands its enterprise solution offering.
With each additional vertical, each customer is further incentivized to expand its services provided by $ZM, driven by cost efficiencies realized by consolidating their communications and collaboration solutions on to Zoom, as well as a more seamless user experience.
Although $ZM faces high competition, particularly from Microsoft, but I believe it will be able to expand its market share. Sometimes, being laser-focused on a specific task matters more than the depth of your pockets (see $SPOT against $AMZN and $AAPL).
-------------------------------------------------
This deep dive was written by @EricSanta98, an alumni of my 2 Hour Deep Diver course.
He's going to be covering $ZM going forward, so give him a follow if you're interested in learning more about the company!
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Offshore
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Antonio Linares
Here's what everyone missed in the $PLTR Q1 earnings:
The contribution margin has accelerated meaningfully QoQ, implying exponential financial growth over the coming year. An explanation 👇
The metric has risen from 55% in Q1 2023 to 60% in Q1 2024. This is an EXTRAORDINARY jump.
This signals lower cost of deployment and therefore improved unit economics.
As a leading indicator of profitability, all margins follow suit.
Contribution margin is therefore the $PLTR thesis’s most signal-rich metric: if it rises quickly, so too will cash flow production.
Additionally, as the bootcamps themselves are productized–thus enabling $PLTR to conduct more bootcamps per unit of time–I believe contribution margin will accelerate further.
I also believe we can already see this dynamic in this quarter’s acceleration.
If this trend continues, the long term implications are also VAST.
At the current rate of acceleration, the contribution margin will rise above 90% in the coming years and this will fundamentally change $PLTR moving forward.
At 90%, seamless deployment will allow $PLTR to drastically increase the number of customers per vertical, enabling a blueprint for scaling infrastructure that becomes accessible to companies N+1 and beyond.
This approach frees each subsequent company from purchasing raw compute and allows them to acquire computation tailored precisely to their operational objectives.
Drawing a parallel to gasoline, this shift is akin to providing wildcatters with industrial drilling equipment.
This changes how computation is sold in the market and places $PLTR at the top of the cloud compute funnel–in the fortunate position of being able to redirect prospective customers to the cloud hyperscalers.
In time, this should proliferate Palantir’s operating capability and, thus, free cash flow levels per share.
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Here's what everyone missed in the $PLTR Q1 earnings:
The contribution margin has accelerated meaningfully QoQ, implying exponential financial growth over the coming year. An explanation 👇
The metric has risen from 55% in Q1 2023 to 60% in Q1 2024. This is an EXTRAORDINARY jump.
This signals lower cost of deployment and therefore improved unit economics.
As a leading indicator of profitability, all margins follow suit.
Contribution margin is therefore the $PLTR thesis’s most signal-rich metric: if it rises quickly, so too will cash flow production.
Additionally, as the bootcamps themselves are productized–thus enabling $PLTR to conduct more bootcamps per unit of time–I believe contribution margin will accelerate further.
I also believe we can already see this dynamic in this quarter’s acceleration.
If this trend continues, the long term implications are also VAST.
At the current rate of acceleration, the contribution margin will rise above 90% in the coming years and this will fundamentally change $PLTR moving forward.
At 90%, seamless deployment will allow $PLTR to drastically increase the number of customers per vertical, enabling a blueprint for scaling infrastructure that becomes accessible to companies N+1 and beyond.
This approach frees each subsequent company from purchasing raw compute and allows them to acquire computation tailored precisely to their operational objectives.
Drawing a parallel to gasoline, this shift is akin to providing wildcatters with industrial drilling equipment.
This changes how computation is sold in the market and places $PLTR at the top of the cloud compute funnel–in the fortunate position of being able to redirect prospective customers to the cloud hyperscalers.
In time, this should proliferate Palantir’s operating capability and, thus, free cash flow levels per share.
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Offshore
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Antonio Linares
I’m selling 10 units of my 2 Hour Deep Diver course for $150 (instead of $199).
In this course, I teach folks to analyze companies like I do, breaking down the mental models behind my very successful $AMD, $TSLA, $PLTR and $SPOT investments. https://t.co/go88vfynrI
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I’m selling 10 units of my 2 Hour Deep Diver course for $150 (instead of $199).
In this course, I teach folks to analyze companies like I do, breaking down the mental models behind my very successful $AMD, $TSLA, $PLTR and $SPOT investments. https://t.co/go88vfynrI
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The Long Investor
Irans President has confirmed to have died
International Criminal Court has issued an arrest warrant for Israeli PM for crimes against humanity
Gold, Silver and Copper are moving like undervalued stocks
Morgan Stanley have turned bullish and expect the market to climb by another 2% this year.
Interesting start to the week.
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Irans President has confirmed to have died
International Criminal Court has issued an arrest warrant for Israeli PM for crimes against humanity
Gold, Silver and Copper are moving like undervalued stocks
Morgan Stanley have turned bullish and expect the market to climb by another 2% this year.
Interesting start to the week.
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Offshore
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Brandon Beylo
I loved @JavierBlas piece on copper this morning.
It's a sober look at the short-term supply/demand case that all copper bulls should read.
Yes, things look great in the long run.
But there are always ways you could be wrong.
And Javier explained them well. https://t.co/Bn5l4HNUec
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I loved @JavierBlas piece on copper this morning.
It's a sober look at the short-term supply/demand case that all copper bulls should read.
Yes, things look great in the long run.
But there are always ways you could be wrong.
And Javier explained them well. https://t.co/Bn5l4HNUec
tweet
Dimitry Nakhla | Babylon Capital®
10 Quality Stocks 2018-2023 FCF CAGR | >10% FCF Growth (Estimates) In 2025 & 2026 | LTM ROIC 💵
📈 S&P Global $SPGI
•FCF CAGR: 15.1%
•2025E: $4.89B (13.4% YoY)
•2026E: $5.51B (12.5% YoY)
•ROIC: 9.0%
🤖 Fortinet $FTNT
•FCF CAGR: 24.1%
•2025E: $2.02B (15.5% YoY)
•2026E: $2.34B (15.8% YoY)
•ROIC: 135.9%
📦 Amazon $AMZN
•FCF CAGR: 13.6%
•2025E: $78.79B (27.1% YoY)
•2026E: $102.26B (29.8% YoY)
•ROIC: 12.6%
💼 AON plc $AON
•FCF CAGR: 17.0%
•2025E: $3.59B (24.5% YoY)
•2026E: $4.17B (16.1% YoY)
•ROIC: 23.8%
📸 Meta Platforms $META
•FCF CAGR: 22.8%
•2025E: $52.17B (14.1% YoY)
•2026E: $58.94B (13.0% YoY)
•ROIC: 30.1%
🖨️ KLA Corp $KLAC
•FCF CAGR: 23.4%
•2025E: $3.65B (23.2% YoY)
•2026E: $4.23B (16.1% YoY)
•ROIC: 33.5%
🚾 Agilent Technilogies $A
•FCF CAGR: 10.1%
•2025E: $1.58B (15.9% YoY)
•2026E: $1.77B (11.3% YoY)
•ROIC: 15.4%
💳 Mastercard $MA
•FCF CAGR: 14.5%
•2025E: $15.46B (25.9% YoY)
•2026E: $17.01 (10.0% YoY)
•ROIC: 64.1%
🖱️ Alphabet $GOOG $GOOGL
•FCF CAGR: 24.9%
•2025E: $92.11B (14.6% YoY)
•2026E: $106.95B (16.1% YoY)
•ROIC: 30.2%
💨 Watsco $WSO
•FCF CAGR: 27.9%
•2025E: $0.68B (10.4% YoY)
•2026E: $0.77B (12.4% YoY)
•ROIC: 21.3%
#stocks #investing
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10 Quality Stocks 2018-2023 FCF CAGR | >10% FCF Growth (Estimates) In 2025 & 2026 | LTM ROIC 💵
📈 S&P Global $SPGI
•FCF CAGR: 15.1%
•2025E: $4.89B (13.4% YoY)
•2026E: $5.51B (12.5% YoY)
•ROIC: 9.0%
🤖 Fortinet $FTNT
•FCF CAGR: 24.1%
•2025E: $2.02B (15.5% YoY)
•2026E: $2.34B (15.8% YoY)
•ROIC: 135.9%
📦 Amazon $AMZN
•FCF CAGR: 13.6%
•2025E: $78.79B (27.1% YoY)
•2026E: $102.26B (29.8% YoY)
•ROIC: 12.6%
💼 AON plc $AON
•FCF CAGR: 17.0%
•2025E: $3.59B (24.5% YoY)
•2026E: $4.17B (16.1% YoY)
•ROIC: 23.8%
📸 Meta Platforms $META
•FCF CAGR: 22.8%
•2025E: $52.17B (14.1% YoY)
•2026E: $58.94B (13.0% YoY)
•ROIC: 30.1%
🖨️ KLA Corp $KLAC
•FCF CAGR: 23.4%
•2025E: $3.65B (23.2% YoY)
•2026E: $4.23B (16.1% YoY)
•ROIC: 33.5%
🚾 Agilent Technilogies $A
•FCF CAGR: 10.1%
•2025E: $1.58B (15.9% YoY)
•2026E: $1.77B (11.3% YoY)
•ROIC: 15.4%
💳 Mastercard $MA
•FCF CAGR: 14.5%
•2025E: $15.46B (25.9% YoY)
•2026E: $17.01 (10.0% YoY)
•ROIC: 64.1%
🖱️ Alphabet $GOOG $GOOGL
•FCF CAGR: 24.9%
•2025E: $92.11B (14.6% YoY)
•2026E: $106.95B (16.1% YoY)
•ROIC: 30.2%
💨 Watsco $WSO
•FCF CAGR: 27.9%
•2025E: $0.68B (10.4% YoY)
•2026E: $0.77B (12.4% YoY)
•ROIC: 21.3%
#stocks #investing
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Offshore
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The Long Investor
RT @EventuallyWLTHY: BREAKING: $HIMS has announced the addition of GLP-1 injections to its weight loss portfolio.
Customers can use meds w/the same active ingredient Ozempic & Wegovy w/o navigating the shortages & costs that are currently limiting access to the branded medications.
“We’ve leveraged our size & scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available today.
We’re passing that access & value along to our customers, who deserve the highest standard of clinical safety and efficacy to meet their goals, & we're doing it in a safe, affordable way that others can’t deliver."
-Andrew Dudum, Hims CEO
Weight loss medications starts as low as $79/month for oral medication kits & $199/month for compounded GLP-1 injections.
Pricing includes unlimited medical consultations with a licensed provider.
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RT @EventuallyWLTHY: BREAKING: $HIMS has announced the addition of GLP-1 injections to its weight loss portfolio.
Customers can use meds w/the same active ingredient Ozempic & Wegovy w/o navigating the shortages & costs that are currently limiting access to the branded medications.
“We’ve leveraged our size & scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available today.
We’re passing that access & value along to our customers, who deserve the highest standard of clinical safety and efficacy to meet their goals, & we're doing it in a safe, affordable way that others can’t deliver."
-Andrew Dudum, Hims CEO
Weight loss medications starts as low as $79/month for oral medication kits & $199/month for compounded GLP-1 injections.
Pricing includes unlimited medical consultations with a licensed provider.
tweet