Offshore
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App Economy Insights
$SNOW Snowflake Q2 FY25:
• Customers +21% Y/Y to 10,249.
• Customers > $1M +28% Y/Y to 510.
• NRR 127% (-1pp Q/Q).
• Revenue +29% Y/Y to $869M ($19M beat).
• Non-GAAP EPS $0.18 ($0.02 beat).
• FY25 Product revenue $3.356B ($56M raise). https://t.co/6y96yi0igQ
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$SNOW Snowflake Q2 FY25:
• Customers +21% Y/Y to 10,249.
• Customers > $1M +28% Y/Y to 510.
• NRR 127% (-1pp Q/Q).
• Revenue +29% Y/Y to $869M ($19M beat).
• Non-GAAP EPS $0.18 ($0.02 beat).
• FY25 Product revenue $3.356B ($56M raise). https://t.co/6y96yi0igQ
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Offshore
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App Economy Insights
🛒 Walmart exits https://t.co/1ZtjCRJEVm.
📊 Walmart owned 9% of JD in March.
💰 Sells entire stake, raising $3.6 billion.
🇨🇳 Focus shifts to its own China operations.
This Week in Visuals includes $WMT and $JD.
https://t.co/af18cFlcCS
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🛒 Walmart exits https://t.co/1ZtjCRJEVm.
📊 Walmart owned 9% of JD in March.
💰 Sells entire stake, raising $3.6 billion.
🇨🇳 Focus shifts to its own China operations.
This Week in Visuals includes $WMT and $JD.
https://t.co/af18cFlcCS
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Quality Stocks
💄 Cosmetics are an interesting sector between consumer staples and consumer discretionary
Are you invested in this sector? Which stock is your favorite one?
🇫🇷 L'Oreal $OR
🇺🇸 ELF $ELF
🇺🇸 Estee Lauder $EL
🇫🇷 Robertet $RBT
🇫🇷 LVMH $MC
🇺🇸 Ulta Beauty $ULTA
🇫🇷 Interparfums $ITP
🇺🇸 Procter&Gamble $PG
🇨🇭 Givaudan $GIVN
🇩🇪 Symrise $SY1
🇩🇪 Beiersdorf $BEI
🇫🇷 Hermes $RMS
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💄 Cosmetics are an interesting sector between consumer staples and consumer discretionary
Are you invested in this sector? Which stock is your favorite one?
🇫🇷 L'Oreal $OR
🇺🇸 ELF $ELF
🇺🇸 Estee Lauder $EL
🇫🇷 Robertet $RBT
🇫🇷 LVMH $MC
🇺🇸 Ulta Beauty $ULTA
🇫🇷 Interparfums $ITP
🇺🇸 Procter&Gamble $PG
🇨🇭 Givaudan $GIVN
🇩🇪 Symrise $SY1
🇩🇪 Beiersdorf $BEI
🇫🇷 Hermes $RMS
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Offshore
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Capital Employed
New H1 letter from our buddy @Whit_Huguley
Many interesting stocks mentioned, well worth a read. 👇
https://t.co/lBAUcA3JpD
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New H1 letter from our buddy @Whit_Huguley
Many interesting stocks mentioned, well worth a read. 👇
https://t.co/lBAUcA3JpD
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Offshore
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Hidden Value Gems
“A buyout firm that planned to turn Burberry into a British Coach could pay a 40% premium for the brand, increase net debt to 5x Ebitda from 1.4x in the company’s last financial year, and make an internal rate of return of more than 40% over five years, according to Bernstein calculations.”
“After a greater-than-50% share price fall so far this year, the company’s EV is equivalent to 6.6x projected earnings before interest, taxes, depreciation and amortization, below the 9-12x norm for a European luxury company.”
$BRBY.L
via @WSJ
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“A buyout firm that planned to turn Burberry into a British Coach could pay a 40% premium for the brand, increase net debt to 5x Ebitda from 1.4x in the company’s last financial year, and make an internal rate of return of more than 40% over five years, according to Bernstein calculations.”
“After a greater-than-50% share price fall so far this year, the company’s EV is equivalent to 6.6x projected earnings before interest, taxes, depreciation and amortization, below the 9-12x norm for a European luxury company.”
$BRBY.L
via @WSJ
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Quality Stocks
📢🎯 Analyst Recommendation Changes
🇺🇸 NVidia $NVDA $128
HSBC. Buy. $135 ▶️ $145 🟢
🇺🇸 Target $TGT $159
WF. $160 ▶️ $180 🟢
🇺🇸 Palo Alto $PANW $359
BofA. Hold. $370 ▶️ $400 🟢
🇺🇸 Paypal $PYPL $71
Jefferies. Hold. $65 ▶️ $75 🟢
🇺🇸 American Express $AXP $246
BofA. Buy▶️Hold. $263 🔴
🇺🇸 Jack Henry & Associates $JKHY $165
KB&W. $178 ▶️ $180 🟢
🇺🇸 Medtronic $MDT $87
ARC. $96 ▶️ $97 🟢
🇩🇰 Carlsberg $CARL 760DKK
Baader. Add▶️Buy. 1,024▶️1,016DKK 🟠
🇩🇰 Coloplast $COLO 900DKK
Jyske. Buy▶️Hold. 970▶️950DKK 🔴
🇺🇸 Texas Instruments $TXN $208
Citi. Hold▶️Buy. $200▶️$235 🟢
🇺🇸 Amazon $AMZN $180
MN. Buy. $246 ▶️ $230 🔴
🇺🇸 Starbucks $SBUX $92
HSBC. Hold. $84 ▶️ $100 🟢
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📢🎯 Analyst Recommendation Changes
🇺🇸 NVidia $NVDA $128
HSBC. Buy. $135 ▶️ $145 🟢
🇺🇸 Target $TGT $159
WF. $160 ▶️ $180 🟢
🇺🇸 Palo Alto $PANW $359
BofA. Hold. $370 ▶️ $400 🟢
🇺🇸 Paypal $PYPL $71
Jefferies. Hold. $65 ▶️ $75 🟢
🇺🇸 American Express $AXP $246
BofA. Buy▶️Hold. $263 🔴
🇺🇸 Jack Henry & Associates $JKHY $165
KB&W. $178 ▶️ $180 🟢
🇺🇸 Medtronic $MDT $87
ARC. $96 ▶️ $97 🟢
🇩🇰 Carlsberg $CARL 760DKK
Baader. Add▶️Buy. 1,024▶️1,016DKK 🟠
🇩🇰 Coloplast $COLO 900DKK
Jyske. Buy▶️Hold. 970▶️950DKK 🔴
🇺🇸 Texas Instruments $TXN $208
Citi. Hold▶️Buy. $200▶️$235 🟢
🇺🇸 Amazon $AMZN $180
MN. Buy. $246 ▶️ $230 🔴
🇺🇸 Starbucks $SBUX $92
HSBC. Hold. $84 ▶️ $100 🟢
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Offshore
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Hidden Value Gems
Berkshire took a $266mn position in $ULTA last quarter (c. 1.5% in share capital). I just ran a few charts to see how it screens on various metrics:
✅16% sales CAGR in almost 20 years, with a 8% avg 10-year net margin and never had a loss in the past 10 years.
✅Strong return on equity: 10-year avg - 38%.
✅Zero bank debt; Lease/EBITDA less than 1x.
✅ Strong FCF generation, almost all FCF goes to share repurchases. Share count is down 24% in the past 10 years.
Shares are not expensive, trading at c. 15x fwd P/E vs 10-year avg - 24x.
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Berkshire took a $266mn position in $ULTA last quarter (c. 1.5% in share capital). I just ran a few charts to see how it screens on various metrics:
✅16% sales CAGR in almost 20 years, with a 8% avg 10-year net margin and never had a loss in the past 10 years.
✅Strong return on equity: 10-year avg - 38%.
✅Zero bank debt; Lease/EBITDA less than 1x.
✅ Strong FCF generation, almost all FCF goes to share repurchases. Share count is down 24% in the past 10 years.
Shares are not expensive, trading at c. 15x fwd P/E vs 10-year avg - 24x.
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