Offshore
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Finding Compounders
Warren Buffett
Don’t Let Emotions Guide Your Investment Decisions https://t.co/U7deXOrYA1
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Warren Buffett
Don’t Let Emotions Guide Your Investment Decisions https://t.co/U7deXOrYA1
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Offshore
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Alvin
Nothing Phone (3a) Series
Worldwide Pricing
A really nice pricing there for phones that capable. I think they are going to be the mid-range phones to beat this year. https://t.co/VkC21qwEMY
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Nothing Phone (3a) Series
Worldwide Pricing
A really nice pricing there for phones that capable. I think they are going to be the mid-range phones to beat this year. https://t.co/VkC21qwEMY
tweet
Offshore
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Alvin
Nothing Phone (3a) Series
Honestly, I am very impressed by the value that these phones offer.
The (3a) Pro is an even better value, considering that you can get a periscope telephoto camera for around half the price of the Galaxy S25.
Aside from that, the design is still very eye-catching.
(And that Blue (3a) looks awesome)
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Nothing Phone (3a) Series
Honestly, I am very impressed by the value that these phones offer.
The (3a) Pro is an even better value, considering that you can get a periscope telephoto camera for around half the price of the Galaxy S25.
Aside from that, the design is still very eye-catching.
(And that Blue (3a) looks awesome)
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Offshore
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Alvin
Nothing Phone (3a) Series goes official!
🪶 Less than 8.4 mm thick, (3a) weighs 201 grams & (3a) Pro weighs 211 grams
⚒️ Panda Glass display cover
💦 IP64 dust & water resistance rating
📸 50 MP 1/1.57" F/1.88 main camera + 8 MP 1/4" F/2.2 ultra-wide lens
🔍 (3a) has a 2x telephoto lens (1/2.76", Aperture F/2.0), (3a) Pro has a 3x periscope tele lens (LYT-600, 1/1.95", Aperture F/2.55)
🤳 (3a) has a 32 MP front camera (1/3.44", F/2.2), (3a) Pro has a 50 MP front camera (1/2.76", F/2.2)
☀️ 6.77" FHD+ OLED display, 120 Hz refresh rate, 1000 Hz touch sampling rate, 2160 Hz PWM frequency, 3000 nits peak brightness, 10-bit colour depth
💨 Qualcomm Snapdragon 7s Gen 3 Mobile Platform, 4 nm process
🔋 5000 mAh battery
🔌 50W wired charging (50% in 19 mins)
👨💻 Android 15-based Nothing OS 3.1
⏫ 3 years of OS upgrades and 6 years of security patches
🐾 Under-screen Fingerprint scanner
📳 Linear vibration motor
Available Colours:
✅ Black
✅ White (3a)
✅ Grey (3a Pro)
✅ Blue (3a)
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Nothing Phone (3a) Series goes official!
🪶 Less than 8.4 mm thick, (3a) weighs 201 grams & (3a) Pro weighs 211 grams
⚒️ Panda Glass display cover
💦 IP64 dust & water resistance rating
📸 50 MP 1/1.57" F/1.88 main camera + 8 MP 1/4" F/2.2 ultra-wide lens
🔍 (3a) has a 2x telephoto lens (1/2.76", Aperture F/2.0), (3a) Pro has a 3x periscope tele lens (LYT-600, 1/1.95", Aperture F/2.55)
🤳 (3a) has a 32 MP front camera (1/3.44", F/2.2), (3a) Pro has a 50 MP front camera (1/2.76", F/2.2)
☀️ 6.77" FHD+ OLED display, 120 Hz refresh rate, 1000 Hz touch sampling rate, 2160 Hz PWM frequency, 3000 nits peak brightness, 10-bit colour depth
💨 Qualcomm Snapdragon 7s Gen 3 Mobile Platform, 4 nm process
🔋 5000 mAh battery
🔌 50W wired charging (50% in 19 mins)
👨💻 Android 15-based Nothing OS 3.1
⏫ 3 years of OS upgrades and 6 years of security patches
🐾 Under-screen Fingerprint scanner
📳 Linear vibration motor
Available Colours:
✅ Black
✅ White (3a)
✅ Grey (3a Pro)
✅ Blue (3a)
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Offshore
Photo
Finding Compounders
The 5 competitive forces that determine industry profitability by @MichaelEPorter https://t.co/d143ArLOkz
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The 5 competitive forces that determine industry profitability by @MichaelEPorter https://t.co/d143ArLOkz
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Offshore
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Offshore
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Dimitry Nakhla | Babylon Capital®
A quality valuation analysis on $NVDA 🧘🏽♂️
•NTM P/E Ratio: 25.37x
•10-Year Mean: 35.93x
•NTM FCF Yield: 3.54%
•10-Year Mean: 3.08%
As you can see, $NVDA appears to be trading below fair value
Going forward, investors can receive ~42% MORE in earnings per share & ~15% MORE in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $NVDA is a quality business
BALANCE SHEET✅
•Cash & Short-Term Inv: $43.21B
•Long-Term Debt: $8.46B
$NVDA has a strong balance sheet, an AA- S&P Credit Rating, & 259x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2020: 19.1%
•2021: 19.1%
•2022: 26.0%
•2023: 16.2%
•2024: 60.5%
•2025: 90.0%
RETURN ON EQUITY✅
•2020: 26.0%
•2021: 29.8%
•2022: 44.8%
•2023: 17.9%
•2024: 91.5%
•2025: 119.2%
$NVDA has strong return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2020: $10.92B
•2025: $130.50
•CAGR: 64.23%
FREE CASH FLOW✅
•2020: $4.27B
•2025: $60.85B
•CAGR: 70.12%
NORMALIZED EPS✅
•2020: $0.14
•2025: $2.99
•CAGR: 84.46%
SHARE BUYBACKS🆗
•2020 Shares Outstanding: 24.72B
•LTM Shares Outstanding: 24.80B
$NVDA is investing in its own growth, driving innovation, and expanding its market leadership. This strategic use of capital is generating higher returns for investors
MARGINS✅
•LTM Gross Margins: 75.0%
•LTM Operating Margins: 62.4%
•LTM Net Income Margins: 55.8%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~42% MORE in EPS & ~15% MORE in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $NVDA has to grow earnings at a 12.68% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2026 - 2028 EPS growth over the next few years to be more than the (12.68%) required growth rate:
2026E: $4.50 (50.4% YoY) *FY Jan
2026E: $5.72 (27.2% YoY)
2027E: $6.42 (12.3% YoY)
$NVDA has an excellent track record of meeting analyst estimates ~2 years out, but let’s assume $NVDA ends 2027 with $6.42 in EPS & see its CAGR potential assuming different multiples
28x P/E: $179.76💵 … ~18.0% CAGR
27x P/E: $173.34💵 … ~16.5% CAGR
26x P/E: $166.92💵 … ~15.0% CAGR
25x P/E: $160.50💵 … ~13.5% CAGR
24x P/E: $154.08💵 … ~11.9% CAGR
23x P/E: $147.66💵 … ~10.3% CAGR
As you can see, $NVDA appears to have attractive return potential EVEN IF we assume some multiple compression relying on 24x earnings, a multiple generally below its historical averages & a multiple that’s justified given the company’s growth rate & moat
$NVDA is a good consideration today at $111💵
Given its volatility & high uncertainty, I’d likely strategically buy in tranches, enhancing margin of safety, while positioning myself to win-win regardless of short-term price action
E.g. purchase 1/3 at ~$111, 1/3 at ~$90, & 1/3 at ~$77
If the stock price goes 📉 I can accumulate more shares at an even more attractive valuation, if the stock price goes 📈 I’m in the green
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬[...]
A quality valuation analysis on $NVDA 🧘🏽♂️
•NTM P/E Ratio: 25.37x
•10-Year Mean: 35.93x
•NTM FCF Yield: 3.54%
•10-Year Mean: 3.08%
As you can see, $NVDA appears to be trading below fair value
Going forward, investors can receive ~42% MORE in earnings per share & ~15% MORE in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $NVDA is a quality business
BALANCE SHEET✅
•Cash & Short-Term Inv: $43.21B
•Long-Term Debt: $8.46B
$NVDA has a strong balance sheet, an AA- S&P Credit Rating, & 259x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2020: 19.1%
•2021: 19.1%
•2022: 26.0%
•2023: 16.2%
•2024: 60.5%
•2025: 90.0%
RETURN ON EQUITY✅
•2020: 26.0%
•2021: 29.8%
•2022: 44.8%
•2023: 17.9%
•2024: 91.5%
•2025: 119.2%
$NVDA has strong return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2020: $10.92B
•2025: $130.50
•CAGR: 64.23%
FREE CASH FLOW✅
•2020: $4.27B
•2025: $60.85B
•CAGR: 70.12%
NORMALIZED EPS✅
•2020: $0.14
•2025: $2.99
•CAGR: 84.46%
SHARE BUYBACKS🆗
•2020 Shares Outstanding: 24.72B
•LTM Shares Outstanding: 24.80B
$NVDA is investing in its own growth, driving innovation, and expanding its market leadership. This strategic use of capital is generating higher returns for investors
MARGINS✅
•LTM Gross Margins: 75.0%
•LTM Operating Margins: 62.4%
•LTM Net Income Margins: 55.8%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~42% MORE in EPS & ~15% MORE in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $NVDA has to grow earnings at a 12.68% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2026 - 2028 EPS growth over the next few years to be more than the (12.68%) required growth rate:
2026E: $4.50 (50.4% YoY) *FY Jan
2026E: $5.72 (27.2% YoY)
2027E: $6.42 (12.3% YoY)
$NVDA has an excellent track record of meeting analyst estimates ~2 years out, but let’s assume $NVDA ends 2027 with $6.42 in EPS & see its CAGR potential assuming different multiples
28x P/E: $179.76💵 … ~18.0% CAGR
27x P/E: $173.34💵 … ~16.5% CAGR
26x P/E: $166.92💵 … ~15.0% CAGR
25x P/E: $160.50💵 … ~13.5% CAGR
24x P/E: $154.08💵 … ~11.9% CAGR
23x P/E: $147.66💵 … ~10.3% CAGR
As you can see, $NVDA appears to have attractive return potential EVEN IF we assume some multiple compression relying on 24x earnings, a multiple generally below its historical averages & a multiple that’s justified given the company’s growth rate & moat
$NVDA is a good consideration today at $111💵
Given its volatility & high uncertainty, I’d likely strategically buy in tranches, enhancing margin of safety, while positioning myself to win-win regardless of short-term price action
E.g. purchase 1/3 at ~$111, 1/3 at ~$90, & 1/3 at ~$77
If the stock price goes 📉 I can accumulate more shares at an even more attractive valuation, if the stock price goes 📈 I’m in the green
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬[...]