Offshore
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The Institutional Limited Partner
Top 10 - Secondary Firms
I have also established a more extensive mapping covering managers that have raised 100M$+ in secondaries. Comment "Listing" if you want to receive it.
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Top 10 - Secondary Firms
I have also established a more extensive mapping covering managers that have raised 100M$+ in secondaries. Comment "Listing" if you want to receive it.
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Giuliano
Some ideas that have been incredibly useful to me:
1. There are no absolute truths, only opinions. More people agreeing with something does not make the thing true.
2. Embracing uncertainty helps build useful knowledge. There is no need to have all of the answers at once, but it is important to work on them.
3. Don't ignore the fundamentalness of things. Everything one does is based on assumptions. It's crucial to question whether we understand such assumptions and if they are right or not.
4. Approximate answers are temporarily valid.
5. Some ideas shouldn't go beyond conceptual frameworks. It is a mistake to try make them precise. We lose their utility that way.
6. Understanding complex topics comes all at once. To get to that point, one has to go through a period of information absorption, where one doesn't even know what the information means, or what the thing in question is.
7. Charlie's "The safest way to get what you want is to deserve what you want."
tweet
Some ideas that have been incredibly useful to me:
1. There are no absolute truths, only opinions. More people agreeing with something does not make the thing true.
2. Embracing uncertainty helps build useful knowledge. There is no need to have all of the answers at once, but it is important to work on them.
3. Don't ignore the fundamentalness of things. Everything one does is based on assumptions. It's crucial to question whether we understand such assumptions and if they are right or not.
4. Approximate answers are temporarily valid.
5. Some ideas shouldn't go beyond conceptual frameworks. It is a mistake to try make them precise. We lose their utility that way.
6. Understanding complex topics comes all at once. To get to that point, one has to go through a period of information absorption, where one doesn't even know what the information means, or what the thing in question is.
7. Charlie's "The safest way to get what you want is to deserve what you want."
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The Long Investor
RT @wallstreetbets: JUST IN: ๐บ๐ธ US prepared for potential failure of a major Wall Street bank according to FDIC
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RT @wallstreetbets: JUST IN: ๐บ๐ธ US prepared for potential failure of a major Wall Street bank according to FDIC
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Offshore
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Brandon Beylo
My Thoughts on The Marhelm Fiasco
Hey everyone โ thought I should provide an update on my effort to save Marhelm.
But before I do that, I want to publicly say that Calvin has been nothing but kind and honest to me during our relationship. I have learned a lot from him, and I consider him a friend.
Yes, we disagree on A LOT. And yes, we have very different views on things. But he has never done wrong to me, and I sincerely wish him the best in his future endeavors.
Alright, let's dive in.
Yesterday (Friday), Calvin announced via his Discord that he was "burning Marhelm to the ground" over KYC complications. It wasn't just the KYC, this was the straw that broke the camel's back.
This confused and upset many Marhelm subscribers and employees, and rightfully so.
Soon after he announced his intentions, I told him and the entire community that I would offer to buy out Marhelm to save the company/product/community.
Calvin agreed and set a deadline of eight (8) hours from his original announcement.
Together with capital partners, we worked non-stop/overnight to structure a deal that we thought was fair to Calvin and us while saving the business and maintaining the service his subscribers love.
That afternoon, we presented Calvin with an offer at a price that he deemed was fair.
Unfortunately, we couldn't agree to some things in the term sheet and he declined the offer.
I believe we provided Calvin with an extremely fair offer, given:
1) The status of the quick turnaround demanded
2) The alternative to burning everything down (not ideal for employees and customers)
3) The myriad risks of a small team operation (notably: key man)
4) The annual cash flows generated from the business
Calvin will obviously disagree, and that is fine. You can't win 'em all.
We tried as hard as possible to get something together to save this product.
However, Calvin has made it clear that he would rather live his life as a martyr/pirate than find a way to save the company and provide value to existing subscribers.
And it's very hard/impossible to negotiate with pirates.
Again, I have no ill will towards Calvin. He is entitled to his own opinion and lives by a strict moral code.
I wish him peace, happiness, and solitude wherever he finds it.
Although we couldn't structure a deal that worked for both parties, I sincerely hope he finds his internal peace and rest in his decision.
tweet
My Thoughts on The Marhelm Fiasco
Hey everyone โ thought I should provide an update on my effort to save Marhelm.
But before I do that, I want to publicly say that Calvin has been nothing but kind and honest to me during our relationship. I have learned a lot from him, and I consider him a friend.
Yes, we disagree on A LOT. And yes, we have very different views on things. But he has never done wrong to me, and I sincerely wish him the best in his future endeavors.
Alright, let's dive in.
Yesterday (Friday), Calvin announced via his Discord that he was "burning Marhelm to the ground" over KYC complications. It wasn't just the KYC, this was the straw that broke the camel's back.
This confused and upset many Marhelm subscribers and employees, and rightfully so.
Soon after he announced his intentions, I told him and the entire community that I would offer to buy out Marhelm to save the company/product/community.
Calvin agreed and set a deadline of eight (8) hours from his original announcement.
Together with capital partners, we worked non-stop/overnight to structure a deal that we thought was fair to Calvin and us while saving the business and maintaining the service his subscribers love.
That afternoon, we presented Calvin with an offer at a price that he deemed was fair.
Unfortunately, we couldn't agree to some things in the term sheet and he declined the offer.
I believe we provided Calvin with an extremely fair offer, given:
1) The status of the quick turnaround demanded
2) The alternative to burning everything down (not ideal for employees and customers)
3) The myriad risks of a small team operation (notably: key man)
4) The annual cash flows generated from the business
Calvin will obviously disagree, and that is fine. You can't win 'em all.
We tried as hard as possible to get something together to save this product.
However, Calvin has made it clear that he would rather live his life as a martyr/pirate than find a way to save the company and provide value to existing subscribers.
And it's very hard/impossible to negotiate with pirates.
Again, I have no ill will towards Calvin. He is entitled to his own opinion and lives by a strict moral code.
I wish him peace, happiness, and solitude wherever he finds it.
Although we couldn't structure a deal that worked for both parties, I sincerely hope he finds his internal peace and rest in his decision.
Why would I nuke a nearly 7 figure annual income and turn down a $1.5M offer for a business? https://t.co/rAob93nKu1 tweet
Offshore
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Clark Square Capital
RT @ClarkSquareCap: Michael Platt on what he looks for when he hires a trader https://t.co/UAas8VHcnM
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RT @ClarkSquareCap: Michael Platt on what he looks for when he hires a trader https://t.co/UAas8VHcnM
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Offshore
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Dimitry Nakhla | Babylon Capitalยฎ
3 months ago I shared my analysis on $RMD suggesting it was undervalued & a good consideration at $174๐ต
Since that post, $RMD is now trading ~25% higher
As I stated in my analysis:
โAs you can see, weโd have to assume at least 25x earnings for $RMD to have attractive CAGR potential
This is well below $RMD 10-Year average multiple of 28.96x
Yet, I believe the 10-Year multiple is elevated and we shouldnโt rely on it
Given its quality & historical growth rates, I believe itโs reasonable for $RMD to trade somewhere in between 25x - 27x, making it a fair purchase today at $174๐ตโ
#stocks #investing
___
Not every business that could be undervalued will react this way shortly after its share price trades at an attractive range
And if youโre a long-term investor โ what happens over the course of 3 weeks, 3 months, or even 3 years shouldnโt really matter ๐ง๐ฝโโ๏ธ
Looking back at these short-term increases, HOWEVER, reinforces & strengthens the conviction an investor can have when relying on fundamental analysis ๐ฏ
___
๐๐๐๐๐๐๐๐๐๐โผ๏ธ: ๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐. ๐๐๐๐ฒ๐ฅ๐จ๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅยฎ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐๐ฌ ๐ฆ๐๐ฒ ๐ก๐๐ฏ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ข๐๐ฌ ๐๐ข๐ฌ๐๐ฎ๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ.
๐๐ก๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐๐ง๐๐๐ ๐๐จ๐ซ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐๐ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ ๐๐ฌ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐๐ญ ๐ญ๐ก๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ง๐๐๐๐ฌ ๐จ๐ ๐๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐๐ญ๐ข๐จ๐ง. ๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐ ๐จ๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐ซ๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.
๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ."
A sober valuation analysis on $RMD ๐ง๐ฝโโ๏ธ
โขNTM P/E Ratio: 23.57x
โข10-Year Mean: 28.96x
โขNTM FCF Yield: 4.29%
โข10-Year Mean: 3.46%
As you can see, $RMD appears to be trading below fair value
Going forward, investors can expect to receive ~23% MORE in earnings per share & ~24% MORE in FCF per share๐ง ***
Before we get into valuation, letโs take a look at why $RMD is a quality business
BALANCE SHEETโ
โขCash & Equivalents: $220.92M
โขTotal Debt: $1.35B
$RMD has a good balance sheet & 16x FFO Interest Coverage Ratio
RETURN ON CAPITALโ
โข2018: 23.8%
โข2019: 19.0%
โข2020: 21.2%
โข2021: 24.9%
โข2022: 23.4%
โข2033: 19.9%
RETURN ON EQUITYโ
โข2018: 15.7%
โข2019: 19.6%
โข2020: 27.2%
โข2021: 17.6%
โข2022: 25.0%
โข2023: 24.9%
$RMD has excellent return metrics, highlighting the financial efficiency of the business
REVENUESโ
โข2013: $1.51B
โข2023: $4.22B
โขCAGR: 10.82%
FREE CASH FLOWโ * (LTM $814.27M)
โข2013: $339.24M
โข2023: $573.63M
โขCAGR: 5.39%
NORMALIZED EPSโ
โข2013: $2.27
โข2023: $6.44
โขCAGR: 10.99%
SHARE BUYBACKSโ
โข2013 Shares Outstanding: 146.42M
โขLTM Shares Outstanding: 147.54M
MARGINSโ
โขLTM Gross Margins: 56.0%
โขLTM Operating Margins: 26.6%
โขLTM Net Income Margins: 20.7%
***NOW TO VALUATION ๐ง
As stated above, investors can expect to receive ~23% MORE in EPS & ~24% MORE in FCF per share
Using Benjamin Grahamโs 2G rule of thumb, $RMD has to grow earnings at a! 11.79% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2024 - 2026 EPS growth over the next few years to be slightly less than the (11.79%) required growth rate:
2024E: $7.21 (12.0% YoY) *FY Jun
2025E: $7.94 (10.1% YoY)
2026E: $8.70 (9.7% YoY)
$RMD has a solid track record of meeting analyst estimates ~2 years out, so letโs assume $RMD ends 2026 with $8.70 in EPS & see its CAGR potential assuming different multiples
27x P/E: $234.90๐ต โฆ ~14.3% CAGR
25[...]
3 months ago I shared my analysis on $RMD suggesting it was undervalued & a good consideration at $174๐ต
Since that post, $RMD is now trading ~25% higher
As I stated in my analysis:
โAs you can see, weโd have to assume at least 25x earnings for $RMD to have attractive CAGR potential
This is well below $RMD 10-Year average multiple of 28.96x
Yet, I believe the 10-Year multiple is elevated and we shouldnโt rely on it
Given its quality & historical growth rates, I believe itโs reasonable for $RMD to trade somewhere in between 25x - 27x, making it a fair purchase today at $174๐ตโ
#stocks #investing
___
Not every business that could be undervalued will react this way shortly after its share price trades at an attractive range
And if youโre a long-term investor โ what happens over the course of 3 weeks, 3 months, or even 3 years shouldnโt really matter ๐ง๐ฝโโ๏ธ
Looking back at these short-term increases, HOWEVER, reinforces & strengthens the conviction an investor can have when relying on fundamental analysis ๐ฏ
___
๐๐๐๐๐๐๐๐๐๐โผ๏ธ: ๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐. ๐๐๐๐ฒ๐ฅ๐จ๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅยฎ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐๐ฌ ๐ฆ๐๐ฒ ๐ก๐๐ฏ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ข๐๐ฌ ๐๐ข๐ฌ๐๐ฎ๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ.
๐๐ก๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐๐ง๐๐๐ ๐๐จ๐ซ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐๐ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ ๐๐ฌ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐๐ญ ๐ญ๐ก๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ง๐๐๐๐ฌ ๐จ๐ ๐๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐๐ญ๐ข๐จ๐ง. ๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐ ๐จ๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐ซ๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.
๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ."
A sober valuation analysis on $RMD ๐ง๐ฝโโ๏ธ
โขNTM P/E Ratio: 23.57x
โข10-Year Mean: 28.96x
โขNTM FCF Yield: 4.29%
โข10-Year Mean: 3.46%
As you can see, $RMD appears to be trading below fair value
Going forward, investors can expect to receive ~23% MORE in earnings per share & ~24% MORE in FCF per share๐ง ***
Before we get into valuation, letโs take a look at why $RMD is a quality business
BALANCE SHEETโ
โขCash & Equivalents: $220.92M
โขTotal Debt: $1.35B
$RMD has a good balance sheet & 16x FFO Interest Coverage Ratio
RETURN ON CAPITALโ
โข2018: 23.8%
โข2019: 19.0%
โข2020: 21.2%
โข2021: 24.9%
โข2022: 23.4%
โข2033: 19.9%
RETURN ON EQUITYโ
โข2018: 15.7%
โข2019: 19.6%
โข2020: 27.2%
โข2021: 17.6%
โข2022: 25.0%
โข2023: 24.9%
$RMD has excellent return metrics, highlighting the financial efficiency of the business
REVENUESโ
โข2013: $1.51B
โข2023: $4.22B
โขCAGR: 10.82%
FREE CASH FLOWโ * (LTM $814.27M)
โข2013: $339.24M
โข2023: $573.63M
โขCAGR: 5.39%
NORMALIZED EPSโ
โข2013: $2.27
โข2023: $6.44
โขCAGR: 10.99%
SHARE BUYBACKSโ
โข2013 Shares Outstanding: 146.42M
โขLTM Shares Outstanding: 147.54M
MARGINSโ
โขLTM Gross Margins: 56.0%
โขLTM Operating Margins: 26.6%
โขLTM Net Income Margins: 20.7%
***NOW TO VALUATION ๐ง
As stated above, investors can expect to receive ~23% MORE in EPS & ~24% MORE in FCF per share
Using Benjamin Grahamโs 2G rule of thumb, $RMD has to grow earnings at a! 11.79% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2024 - 2026 EPS growth over the next few years to be slightly less than the (11.79%) required growth rate:
2024E: $7.21 (12.0% YoY) *FY Jun
2025E: $7.94 (10.1% YoY)
2026E: $8.70 (9.7% YoY)
$RMD has a solid track record of meeting analyst estimates ~2 years out, so letโs assume $RMD ends 2026 with $8.70 in EPS & see its CAGR potential assuming different multiples
27x P/E: $234.90๐ต โฆ ~14.3% CAGR
25[...]
Offshore
Dimitry Nakhla | Babylon Capitalยฎ 3 months ago I shared my analysis on $RMD suggesting it was undervalued & a good consideration at $174๐ต Since that post, $RMD is now trading ~25% higher As I stated in my analysis: โAs you can see, weโd have to assume atโฆ
x P/E: $217.50๐ต โฆ ~10.7% CAGR
23x P/E: $200.10๐ต โฆ ~7.0% CAGR
As you can see, weโd have to assume at least 25x earnings for $RMD to have attractive CAGR potential
This is well below $RMD 10-Year average multiple of 28.96x
Yet, I believe the 10-Year multiple is elevated and we shouldnโt rely on it
Given its quality & historical growth rates, I believe itโs reasonable for $RMD to trade somewhere in between 25x - 27x, making it a fair purchase today at $174๐ต
However, if you want a greater margin of safety, $RMD is an even better consideration at $148๐ต or for 20x NTM earnings
#stocks #investing
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๐๐๐๐๐๐๐๐๐๐โผ๏ธ: ๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐. ๐๐๐๐ฒ๐ฅ๐จ๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅยฎ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐๐ฌ ๐ฆ๐๐ฒ ๐ก๐๐ฏ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ข๐๐ฌ ๐๐ข๐ฌ๐๐ฎ๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ.
๐๐ก๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐๐ง๐๐๐ ๐๐จ๐ซ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐๐ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ ๐๐ฌ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐๐ญ ๐ญ๐ก๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ง๐๐๐๐ฌ ๐จ๐ ๐๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐๐ญ๐ข๐จ๐ง. ๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐ ๐จ๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐ซ๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.
๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ. "- Dimitry Nakhla | Babylon Capitalยฎ
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23x P/E: $200.10๐ต โฆ ~7.0% CAGR
As you can see, weโd have to assume at least 25x earnings for $RMD to have attractive CAGR potential
This is well below $RMD 10-Year average multiple of 28.96x
Yet, I believe the 10-Year multiple is elevated and we shouldnโt rely on it
Given its quality & historical growth rates, I believe itโs reasonable for $RMD to trade somewhere in between 25x - 27x, making it a fair purchase today at $174๐ต
However, if you want a greater margin of safety, $RMD is an even better consideration at $148๐ต or for 20x NTM earnings
#stocks #investing
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๐๐๐๐๐๐๐๐๐๐โผ๏ธ: ๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐๐๐ ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐. ๐๐๐๐ฒ๐ฅ๐จ๐ง ๐๐๐ฉ๐ข๐ญ๐๐ฅยฎ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐ซ๐๐ฉ๐ซ๐๐ฌ๐๐ง๐ญ๐๐ญ๐ข๐ฏ๐๐ฌ ๐ฆ๐๐ฒ ๐ก๐๐ฏ๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐๐ฎ๐ซ๐ข๐ญ๐ข๐๐ฌ ๐๐ข๐ฌ๐๐ฎ๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ.
๐๐ก๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ข๐ฌ ๐ข๐ง๐ญ๐๐ง๐๐๐ ๐๐จ๐ซ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐ฉ๐ฎ๐ซ๐ฉ๐จ๐ฌ๐๐ฌ ๐จ๐ง๐ฅ๐ฒ ๐๐ง๐ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ง๐จ๐ญ ๐๐ ๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ ๐๐ฌ ๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐๐ฏ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐๐ญ ๐ญ๐ก๐ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ง๐๐๐๐ฌ ๐จ๐ ๐๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐จ๐ซ ๐ฌ๐ข๐ญ๐ฎ๐๐ญ๐ข๐จ๐ง. ๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐ ๐ข๐ฌ ๐ง๐จ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐ ๐จ๐ ๐๐ฎ๐ญ๐ฎ๐ซ๐ ๐ซ๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ.
๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐จ๐ง๐ญ๐๐ข๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ญ๐ฐ๐๐๐ญ ๐ก๐๐ฌ ๐๐๐๐ง ๐จ๐๐ญ๐๐ข๐ง๐๐ ๐๐ซ๐จ๐ฆ ๐ฌ๐จ๐ฎ๐ซ๐๐๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐๐ ๐ญ๐จ ๐๐ ๐ซ๐๐ฅ๐ข๐๐๐ฅ๐, ๐๐ฎ๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ ๐ฎ๐๐ซ๐๐ง๐ญ๐๐๐ ๐๐ฌ ๐ญ๐จ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐๐ง๐๐ฌ๐ฌ ๐จ๐ซ ๐๐๐๐ฎ๐ซ๐๐๐ฒ. "- Dimitry Nakhla | Babylon Capitalยฎ
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