⁠Librarian Capital
Zoetis $ZTS 24Q2

Q2 Revenue +11% op. (+8% in $), incl:
- US Comp. Animal +13%, US Livestock +11%
- Int'l CA +12%, Int'l Livestock +8%
Adj. Net Income +18% op., +9% in $
(COS +3 ppt more than revenue in $; SG&A 3 ppt less)

H1 revenue +12% op. (+9% in $)
Adj. Net Income +7% in $ https://t.co/JiYTz45lJ3
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⁠Invest In Assets 📈
Analyze a competitive market using Porter's Five Forces: https://t.co/YKBscS7hNq
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⁠Librarian Capital
"Brazil's Pix payments are killing cash. Are credit cards next?" (Reuters)

The no. of credit card & debit card transactions have continued to grow sequentially despite PIX, though debit card usage may be decelerating (since debit offers fewer features than credit)

cc: $V $MA https://t.co/Q2qcvfFAZz

Must read article on PIX and Brazil https://t.co/glJQvrW0hF - Tom Noyes
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⁠Librarian Capital
nVent $NVT 24Q2 - Thermal Management
(for read-across for Spirax $SPX ETS)

Sales +4% organic, +3% in $
"Driven by Industrial, particularly MRO"
"Europe & APAC organic sales grew"
But EBIT -2% due to negative mix shift https://t.co/7ZClmv8VWO
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⁠Hidden Value Gems
Two quotes of the day #58 and #59

"In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
- Benjamin Graham

“Price is what you pay, value is what you get.”
- Warren Buffett
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⁠Hidden Value Gems
“Following a fall of almost 70% in its stock price since $WBD was formed in 2022, chief executive David Zaslav and chief financial officer Gunnar Wiedenfels have recently evaluated “all options” to arrest the decline, said two people familiar with the matter.”

“They are considering offers to sell Polish broadcaster TVN or a stake in Warner’s video games business, which holds valuable intellectual property to Harry Potter games.”

“WBD’s management hopes investors will remain patient as they work to turn around the company, they said, believing its true market capitalisation should be about $60bn, or $25 a share.”

via @FT
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⁠Quiver Quantitative
BREAKING: Tim Walz has been selected as the Democratic VP nominee.

Here’s a link to our estimates of his net worth and portfolio:

https://t.co/bHqReWxvNx https://t.co/DMZK9CyVWC
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⁠Hidden Value Gems
The median intra-year drawdown since 1928 is -13%. The current drawdown is -8.5%.

In a way, it is the price for getting c.10% long-term returns from the stock market.

h/t @charliebilello https://t.co/s36t0kIWOW
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