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Bank of America: Q1 Stable in All Parts, Except Credit Losses
Q1 results support our view shares are at ~10x normalized P/E; we see ~50% upside in the next few years.
Apr 17
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Bank of America: Q1 Stable in All Parts, Except Credit Losses
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JPMorgan: Falling Back to Earth After Q1 Results?
We believe investors can make money from here, potentially with a 10%+ annualized return if P/E re-rates to 14.5x.
Apr 15
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JPMorgan: Falling Back to Earth After Q1 Results?
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L’Oréal: Getting Ready for 2024 Slowdown?
We review L’Oréal again after Ulta Beauty’s shock warning last week; shares are at a multi-month low.
Apr 6
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L’Oréal: Getting Ready for 2024 Slowdown?
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March 2024
Librarian Capital's Monthly Ranked Top Buys - March 2024
Our "Select 15" portfolio is now up 31.8% since the start of 2023. We recap on key news and make one substitution.
Mar 26
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Librarian Capital's Monthly Ranked Top Buys - March 2024
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Zoetis: Earnings Growth Set to Reaccelerate, But Shares Down 14% Year-to-Date
Zoetis is the leader in the growing Animal Health market, but earnings struggled with some one-offs in 2023.
Mar 23
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Zoetis: Earnings Growth Set to Reaccelerate, But Shares Down 14% Year-to-Date
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Fundsmith: 2024 AGM Full Transcript
Full transcript of the Fundsmith AGM, including the hour-long Q&A session.
Mar 17
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Librarian Capital
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Fundsmith: 2024 AGM Full Transcript
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RTX: 31% Rebound Since October Lows, More Upside to Come
Shares are still cheap with a 4%+ FCF Yield and FCF set to rise 60%+ between 2023 and 2025.
Mar 13
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Librarian Capital
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RTX: 31% Rebound Since October Lows, More Upside to Come
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Brown-Forman: Near 52-Week Low After Q3 FY24 Results, But Positive Sector Read-Across
Depletion data and management comments indicate this is a limited and temporary market downturn.
Mar 10
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Brown-Forman: Near 52-Week Low After Q3 FY24 Results, But Positive Sector Read-Across
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Admiral: EPS Up 17% in 2023 After Price Hikes, More Benefit to Follow
Shares are cheap on a 23x P/E and a 4.0% Dividend Yield, and earnings should rebound further in 2024.
Mar 8
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Admiral: EPS Up 17% in 2023 After Price Hikes, More Benefit to Follow
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Rightmove: 2023 Results & 2024 Guidance are a Marshmallow Test
EPS growth has fallen to around 6%, but a return to ~10% growth is likely if you can wait past 2024, and shares are cheap at 21.9x P/E.
Mar 1
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Rightmove: 2023 Results & 2024 Guidance are a Marshmallow Test
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February 2024
Croda: Still a Cyclical Recovery Play, Lower for Longer After 2023 Results
New outlook pushes the expected P&L rebound beyond 2024, but the potential is clear and P/E is just 30-35x on likely trough earnings.
Feb 29
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Croda: Still a Cyclical Recovery Play, Lower for Longer After 2023 Results
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Lloyds: Battening Down the Hatches in Weak Q4, But Cheap Even if Targets are Missed
Q4 was worse than it looks and mgmt. actions show pessimism, but stock is at 0.9x TNAV and Dividend Yield is 6.1%.
Feb 24
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Librarian Capital
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Lloyds: Battening Down the Hatches in Weak Q4, But Cheap Even if Targets are Missed
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