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January 2025

Microsoft: Solid Growth in Q2 FY25; Flattish Shares from A Year Ago
Revenues grew 31% in Azure, 21% in Cloud and 16% in the two enterprise-focused segments; P/E now 33.4x.
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Librarian Capital
1
Librarian Capital's Monthly Ranked Top Buys (January 2025)
We review our 2024 performance, look at the year ahead and replace two stocks in our model portfolio.
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Librarian Capital
Greggs: Multi-Year Expansion Meets Near-Term Macro Headwinds
Revenues and EBIT have been growing at ~10% annually, but P/E is now <16x after growth decelerated.
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Librarian Capital
2
Hershey: Recent 52-Week Low, Cheaper Than Before Bid Rumours
A value opportunity before cocoa prices normalize down, and maybe especially while 2025 EPS decline is unclear.
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Librarian Capital

December 2024

L’Oréal: Shares Down 24% in 2024 on Short-Term China, Tax Fears
P/E is now ~28x, cheap for a business with such resilience and long-term growth.
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Librarian Capital
Croda: Poised for Rebound After Signs of Improvement in 2024
Shares are near a 5-year low, earnings should trough in 2024, and P/E is ~26x relative to these.
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Librarian Capital
Librarian Capital's Monthly Ranked Top Buys (December 2024)
Our "Select 15" portfolio is currently up 41.7% since the start of 2023, and we have our first double-bagger.
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Librarian Capital
2
Zoetis: Down 10%+ in Past Year Despite Strong Year-to-Date Results
Animal health earnings algorithm is powering ahead, and concerns about Elanco rival launches may be overstated.
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Librarian Capital
British American Tobacco: Patient is “Stable” in Pre-Close Update
No real improvement since H1 results and challenges remain, but an 8% Dividend Yield gives some margin of safety.
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Librarian Capital
Brown-Forman: Why the 11% Rebound After Q2 FY25 Results?
We remain bullish on U.S. Spirits, but the results were less rosy than the headlines and tariffs are a risk.
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Librarian Capital
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