Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Current market expectations for AYI are overly pessimistic. Markets expect UAFRS-based ROA (Uniform ROA or ROA') to drop to levels not seen since 2009-2011. The market is not recognizing how Acuity Brands is positioned to be a leader in the adoption of the Internet of Things, and that points to strong secular demand tailwinds, and premium returns. While the market is pricing the company for declines, it appears positioned to see a ramp in profitability, just as it had 10 years ago when it led ...
John Wiley & Sons, Inc. (JW.A:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) earnings, with a 20.3x Uniform P/E. At these levels, the market has expectations for profitability to remain stable, but management appears to have concerns about securing corporate clients, revenue growth, and the potential of their Hindawi acquisition Specifically, management may lack confidence in their ability to maintain Digital courseware activations growth, further secure new lar...
Upgrading Communications To Overweight; Financials Breaking Above 2007 Highs Ongoing market dynamics continue to support our overall bullish outlook. Recent developments include Financials (XLF) breaking above the 2007 highs, new 11+ month highs in the 10-year Treasury yield, new RS lows for defensive Sectors (Staples & Utilities), new multi-year narrows for high yield spreads, and new 2+ year highs in broad commodities (Bloomberg Commodity index). Of course, this all comes alongside an absence...
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
SNX currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 14.3x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 18% in 2019 to 9% in 2024, accompanied by 8% Uniform asset growth going forward. However, analysts have less bearish expectations, projecting Uniform ROA to remain at 17%-18% levels through 2021, accompanied by 2% Uniform asset shrinkage. Furthermore, management is confident about their revenue, ...
John Wiley & Sons, Inc. (JW.A:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 16.6x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management appears to have concerns about demand for their digital products and services, pressure on enrollment, and revenue Specifically, management may have concerns about the sustainability of demand for their digital products and services, the impact of lockdowns and virtual ...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
DOCU currently trades at a historical high relative to Uniform earnings, with a 347.5x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to jump from 7% in 2020 to 78% in 2025, accompanied by 24% Uniform asset growth going forward. Meanwhile, analysts have less bullish expectations, projecting Uniform ROA to only rise to 11% by 2022, accompanied by 23% Uniform asset growth. Furthermore, management may be concerned about adoption, costs, and DocuSign Gen. Current...
John Wiley & Sons, Inc. (JW.A:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 16.9x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management appears concerned about EBITDA margins, cash flows, and the transition to online learning Specifically, management may be downplaying concerns about their margin expectations for both the Education Services and the Academic & Professional Learning segments, and they may...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
DAL currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 13.7x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 12% in 2018 to 9% by 2023, accompanied by 4% Uniform Asset growth going forward. However, analysts have more bullish expectations, projecting Uniform ROA to improve to 13% levels through 2020, accompanied by 3% Uniform Asset growth. Meanwhile, management is excited about business class pricing an...
John Wiley & Sons, Inc. (JW.A:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 16.7x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management appears concerned about EBITDA margins, Education Services revenue mix, and the strength of their partner network. Specifically, management may lack confidence in their ability to sustain revenue growth and improve their EBITDA margin. Moreover, they may be concerned ab...
LVS currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with an 18.2x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to decline from 18% in 2018 to 16% in 2023, accompanied by immaterial Uniform Asset growth going forward. Meanwhile, analysts have similar expectations, projecting Uniform ROA to fall slightly to 17% levels through 2020, accompanied by 1% Uniform Asset growth. Meanwhile, management is confident about their reso...
John Wiley & Sons, Inc. (JW.A:USA) currently trades near corporate averages relative to UAFRS-based (Uniform) Earnings, with a 21.0x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management appears concerned about their free cash flow, product growth, and capital allocation strategy. Specifically, management may lack confidence in their ability to streamline their business, and they may be concerned about the value of their partnership with American Society...
With a journal business that consists of must-have titles that often face little direct competition, we contend that Wiley has a wide economic moat based on the strength of its intangible assets and the network effect associated with journal prestige. The switching costs associated with its journal, online university program management, and corporate learning initiatives add to the firm’s standing. However, the ongoing shift away from print books, particularly textbooks, alongside slowing digi...
We do not plan a large change to our $51 fair value estimate for wide-moat John Wiley & Sons after an on-track end to fiscal 2019. Management said it expects fiscal 2019-20 investments to lead to meaningful sales and profitability improvements by fiscal 2022, consistent with our forecasts. We were more optimistic than most about Wiley’s long-term prospects and had underestimated fiscal 2020 investment needs, likely resulting in our more muted reaction than the shares’ high-single-digit uptic...
We do not plan a large change to our $51 fair value estimate for wide-moat John Wiley & Sons after an on-track end to fiscal 2019. Management said it expects fiscal 2019-20 investments to lead to meaningful sales and profitability improvements by fiscal 2022, consistent with our forecasts. We were more optimistic than most about Wiley’s long-term prospects and had underestimated fiscal 2020 investment needs, likely resulting in our more muted reaction than the shares’ high-single-digit uptic...
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