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Intuit: Solid Q1 FY24, But Valuation Getting Stretched
Shares are up 45% in the past year, and are now at 40x FY23 Non-GAAP EPS, or 69x including SBC costs.
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Librarian Capital
2
Rémy Cointreau: New Multi-Year Low with Weak Near-Term Outlook
U.S. Cognac expectations have fallen to a new low and so have RCO shares, an opportunity for the long-term investor.
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Librarian Capital
2
November 2023
Imperial Brands: Rising Risk of Disappointment After FY23
P/E is 6.5x and Dividend Yield is 8.2%, but cracks appeared in the Americas and Europe in FY23. The second part of the FY21-25 plan will be harder.
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Librarian Capital
5
Diageo: Profit Warning, Mid-Term Outlook Cut, Return to 2018 Levels; Time To Buy
Shares are back to 2018 levels after a profit warning and a cut in mid-term EBIT growth. We believe they are attractive at 21x FY19 EPS, with a 2.9…
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Librarian Capital
2
Rightmove: Reassessing after CoStar Entry & Lindsell Train Speculation
Shares have fallen 17.7% since CoStar agreed to acquire OnTheMarket. Lindsell Train may have started building a stake. We believe Rightmove will do…
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Librarian Capital
9
Mastercard: Consistent Double-Digit Growth, Still Reasonably Priced
Shares are at 32x 2023 forecasted EPS. EPS is expected to grow by ~13% in 2023 and at a similar pace after, driving a high-teens annualized return.
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Librarian Capital
3
PayPal: Stable Q3, New CEO Has Started Fixing Things
Q3 saw 13% volume growth and 2%+ underlying Transaction Margin Dollar growth (ex-FX). New CEO’s first comments address PayPal’s key problems.
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Librarian Capital
Estée Lauder: Recovery Again Postponed; Stock Back to 2017 Levels, Unfairly
Travel Retail is still de-stocking, and Mainland China disappointed in Q1 FY24. We believe earnings are depressed but EL is cheap at 20.4x FY19 EPS.
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Librarian Capital
2
NatWest: 0.7x TNAV, 8.7% Dividend Yield after Q3 Results
Shares are cheap even if ROTE falls significantly to below targets. Deposit headwinds are starting to ease, while the hedge tailwind is still growing.
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Librarian Capital
October 2023
Altria: When the Theatre Manager Shouts “Fire” (Q3 Results)
Shares fell 8.3% after cigarette volume fell by 10% again, but with Altria now blaming E-vapor for a 1.5-2.5% impact, admitting the vulnerability of…
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Librarian Capital
RTX: “Powdered Metal” De-Risked Further & New $10bn Buyback
The impact on other engines is confirmed to be insignificant, and RTX will buy back $10bn (9%) of its shares by year-end. Q3 results were positive…
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Librarian Capital
6
Alphabet: Core Ad Revenue Growth Back to Normal in Q3
Both Search and YouTube Ads grew by 10%+ in Q3. This normalization of core revenue growth means shares are attractive at the current 25x P/E.
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Librarian Capital
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