⁠Librarian Capital
Imperial Brands: performance under Stefan Bomhard

"Since July 2020 ... Imperial $IMB has returned 106% ... actually outperformed S&P 500, which is up 92%, and NASDAQ ... up only 79% since Stefan became the CEO"

"It has outperformed every tobacco stock, BAR PHILIP MORRIS $PM (our emphasis)"

(Gaurav Jain, Barclays analyst, 03-Sep)
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⁠Librarian Capital
Imperial Brands: CEO + CFO at Barclays conf. (3-Sep)

1/ $IMB "now year 4 of a 5-year strategy"

"This year will be another year where we accelerate further the op. profit" (FY23: +3.9% ex-FX, Russia)

"Well on track ... to get close to that MSD" EBIT growth https://t.co/HE8JCKAbfg
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⁠Investing visuals
Meta $META hit an all-time-high today but is still fairly priced. Here's an overview of this high quality compounder👇🔍 https://t.co/nvu31dnNQL
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⁠Librarian Capital
Yesterday we mentioned Zoetis's risk from APOQUEL facing new competition from Zenrelia

Today: "US FDA approves Elanco's skin disease treatment for dogs" (Reuters)

$ELAN +2.9%, $ZTS -1.8% https://t.co/0LZlFAEOAF

J Stern & Co: Zoetis $ZTS
We used to own this but not now

28.6x (!) 2025E EPS

We fear new entrant risks (esp. APOQUEL, $850m / 10% in 2023; $ELAN Zenrelia launch 24Q3)

Librela/Solensia as ~$2bn+ LT opp.
These had $284m run-rate as of Q2
Was $1bn opp. as recently as May-23 CMD https://t.co/QNfW4yJYf8 - Librarian Capital
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⁠Dimitry Nakhla | Babylon Capital®
RT @minionrare: @DimitryNakhla A sober stock price-8% in a week 🤣
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⁠Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: @minionrare A sober stock price +15.73% in 3 months 🤣 https://t.co/WpfvweopY5
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⁠Librarian Capital
Brown-Forman $BF.B CEO at TD conf. (17-Sep)

1/ US Spirits market slowdown

Was sudden; +5-6% 4 months ago, 0 at X'mas
"Caught everyone by surprise"

Too sudden to be due to "big 3" fears (GLP-1, cannabis, GenZ); not enough people on GLP-1

Most likely to be excess stock in homes https://t.co/STPVio0NAl
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