reports
- Dave Nicoski
- Ross LaDuke
Vermilion Macro Vision: Sector Synopsis
STRATEGY We are upgrading our outlook on the S&P 500 from neutral to bullish following last week's weekly close above 5783. We previously downgraded our outlook to neutral in our 8/6/24 Compass, after being bullish since early-November 2023, noting that we expected a 1- to 4-month consolidation phase with support coming-in at 5100-5191. Since late-August we have expected 5670-5783 to cap upside on the S&P 500, noting that we would go where the market takes us, i.e., upgrade to bullish on a break...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
U.S. Dollar (DXY), 10-Yr Treasury Yield Rolling Over Large-caps (SPY, QQQ, DIA) remain bullish, mid-caps (IJH) are starting to outperform, and small-caps (IWM, IJR) are finally breaking out from major 2-year bases. Market generated information continues to tell us that a resurgence on the inflation front is unlikely; the 10-year Treasury yield has not been able to break above major 4.35% resistance and appears to be rolling over, while mid-caps are starting to outperform (and potentially small-...
- Dave Nicoski
- Ross LaDuke
TWOU 2U INC.
TGTX TG THERAPEUTICS INC.
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
SGMO SANGAMO THERAPEUTICS INC.
RRC RANGE RESOURCES CORPORATION
RP REALPAGE INC.
RNG RINGCENTRAL INC. CLASS A
RGR STURM RUGER & COMPANY INC.
RGEN REPLIGEN CORPORATION
PSX PHILLIPS 66
PRLB PROTO LABS INC.
NERV MINERVA NEUROSCIENCES
NBIX NEUROCRINE BIOSCIENCES INC.
MRTX MIRATI THERAPEUTICS INC.
MPWR MONOLITHIC POWER SYSTEMS INC.
MKC MCCORMICK & COMPANY INCORPORATED
LOPE GRAND CANYON EDUCATION INC.
JKHY JACK HENRY & ASSOCIATES INC.
IPHI INPHI CORPORATION
IPGP IPG PHOTONICS CORPORATION
IIVI II-VI INCORPORATED
GWPH GW PHARMACEUTICALS PLC SPONSORED ADR
FTNT FORTINET INC.
FAST FASTENAL COMPANY
EXEL EXELIXIS INC.
CYTK CYTOKINETICS INCORPORATED
CTMX CYTOMX THERAPEUTICS INC.
BOX BOX INC. CLASS A
BMY BRISTOL-MYERS SQUIBB COMPANY
BGS B&G FOODS INC.
ATRC ATRICURE INC.
ALRM ALARM.COM HOLDINGS INC.
ABMD ABIOMED INC.
SHW SHERWIN-WILLIAMS COMPANY
AEM. AGNICO EAGLE MINES LIMITED
OR OSISKO GOLD ROYALTIES LTD
ENPH ENPHASE ENERGY INC.
LSCC LATTICE SEMICONDUCTOR CORPORATION
SAM BOSTON BEER COMPANY INC. CLASS A
CENTA CENTRAL GARDEN & PET CO A
MRAM EVERSPIN TECHNOLOGIES
COUP COUPA SOFTWARE INC.
NTLA INTELLIA THERAPEUTICS INC.
AXON AXON ENTERPRISE INC
NOMDN NOMAD FOODS LTD.
MDGL MADRIGAL PHARMACEUTICALS
OKTA OKTA INC. CLASS A
KALA KALA PHARMACEUTICALS INC.
BAND BANDWIDTH CLASS A
ACMR ACM RESEARCH
AVYA AVAYA HOLDINGS
SPY SPDR S&P 500 ETF
AZN ASTRAZENECA PLC ADS
DBX DROPBOX INC. CLASS A
LASR NLIGHT
LQDA LIQUIDIA CORPORATION
CNST CONSTELLATION PHARMACEUTICALS
ESTC ELASTIC N.V.
ARAV ARAVIVE
NGM NGM BIOPHARMACEUTICALS
NIU NIU TECHNOLOGIES ADS (N SHARES)
PD PAGERDUTY
BYND BEYOND MEAT
SCPL SCIPLAY
AVTR AVANTOR INC.
FSLY FASTLY
BSGM BIOSIG TECHNOLOGIES INC
UI UBIQUITI INC.
PSN PARSONS
NVAX NOVAVAX INC.
CRNC CERENCE
DDOG DATADOG INC CLASS A
LVGO LIVONGO HEALTH
FVRR FIVERR INTERNATIONAL
AQST AQUESTIVE THERAPEUTICS
TWST TWIST BIOSCIENCE
ADPT ADAPTIVE BIOTECHNOLOGIES CORP.
REYN REYNOLDS CONSUMER PRODUCTS
SDGR INC.
SCHRÖDINGER
INC.
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Bullish Developments Continue; Downgrading Communications Bullish developments continue to flood the market, leading us to believe we may be in the early stages of a broad-based advance. • Bullish Arguments Flooding the Market. Major global and US indexes (SPY, RSP, QQQ, EEM, EFA, EUFN, ACWI, Europe, Japan, etc.) are making bullish inflections. Serial laggards such as retail (XRT) and biotech (IBB, XBI) appear to be bottoming. Cyclical Sectors are breaking topside resistance (e.g., XLK, XLF,...
EEM ISHARES MSCI EMERGING MARKETS ETF
IBB ISHARES NASDAQ BIOTECHNOLOGY ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWL ISHARES MSCI SWITZERLAND CAPPE
EWO ISHARES MSCI AUSTRIA CAPPED ET
EWY ISHARES MSCI SOUTH KOREA CAPPED INDEX FUND
EWN ISHARES MSCI NETHERLANDS ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
XTN SPDR S&P TRANSPORTATION ETF
XME SPDR S&P METALS & MINING ETF
XBI SPDR S&P BIOTECH ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
KBE SPDR KBW BANK ETF
PGAL GLOBAL X FTSE PORTUGAL 20 ETF
XPH SPDR S&P PHARMACEUTICALS ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
XSD SPDR S&P SEMICONDUCTOR ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
DXGE WISDOMTREE GERMANY HEDGED EQUITY FUND
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
The S&P 500 managed to close above the key 2,817 resistance level last week as the recovery from 4Q2018 continues. We would like to see a more decisive upside move and for the index stay above this level for a few more days before calling it an official breakout. Overall we remain positive and continue to believe a “buy the dip†strategy is warranted. Below we highlight several observations which lead us to our positive outlook: • An offensive Sector shift: We are upgrading Materials (RTM...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWL ISHARES MSCI SWITZERLAND CAPPE
MCHI.. ISHARES MSCI CHN
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
SOXX ISHARES PHLX SEMICONDUCTOR ETF
IHI ISHARES U.S. MEDICAL DEVICES E
XBI SPDR S&P BIOTECH ETF
SMH MARKET VECTORS SMEICONDOUCTOR ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
ARGT GLOBAL X FTSE ARGENTINA 20 ETF
EPU ISHARES MSCI ALL PERU CAPPED E
EWI BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
DBC INVESCO DB COMMODITY INDEX TRACKING FUND
DBO INVESCO DB OIL FUND
IJR ISHARES S&P SMALL-CAP ETF
CPER UNITED STATES COPPER INDEX FUND
VEA VANGUARD FTSE DEVELOPED MARKETS ETF
VWO VANGUARD FTSE EMERGING MARKETS
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
UUP INVESCO DB US DOLLAR INDEX BULLISH FUND
TUR ISHARES MSCI TURKEY ETF
VUG VANGUARD GROWTH ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
VTV VANGUARD VALUE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
PALL ABERDEEN STANDARD PHYSICAL PALLADIUM SHARES ETF
GREK GLOBAL X MSCI GREECE ETF
FEU SPDR DJ STOXX 50 FUND
XSD SPDR S&P SEMICONDUCTOR ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
S&P 500 at new all-time highs with uptrend intact Risk-on. The S&P 500 has surpassed the January all-time high, staying above this level for over a week. What's more important is the 5-month uptrend remains intact and cyclical/risk-on areas are reasserting their leadership status. Think technology, discretionary, and biotech/medical devices - all current overweights. At the same time, defensive areas have petered out in terms of relative strength, exactly what we want to see in a healthy bull m...
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
IBB ISHARES NASDAQ BIOTECHNOLOGY ETF
PPH VANECK VECTORS PHARMACEUTICAL
ITA ISHARES U.S. AEROSPACE & DEFENSE ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
IHI ISHARES U.S. MEDICAL DEVICES E
XBI SPDR S&P BIOTECH ETF
SPY SPDR S&P 500 ETF
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
XSW SPDR S&P SOFTWARE AND SERVICES FUND
KRE. SPDR KBW REGIONAL BANKING ETF
CRAK VANECK VECTORS OIL REFINERS ETF
DBO INVESCO DB OIL FUND
XRT SPDR S&P RETAIL ETF
RTH MARKET VECTORS RETAIL ETF
DBE INVESCO DB ENERGY FUND
DBB INVESCO DB BASE METALS FUND
XHE SPDR S&P HEALTH CARE EQUIPMENT ETF
PJP INVESCO DYNAMIC PHARMACEUTICALS ETF
IYZ ISHARES US TELECOMMUNICATION
IJR ISHARES S&P SMALL-CAP ETF
XPH SPDR S&P PHARMACEUTICALS ETF
KIE SPDR KBW INSURANCE ETF
CPER UNITED STATES COPPER INDEX FUND
PSCF INVESCO S&P SMALLCAP FINANCIALS ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
YTD S&P 500 trading range continues; Avoid broad international exposure Constructive but murky outlook for U.S. equities paints an overall mixed picture, making sector/group/stock selection critical. • Bull case: (1) advance-decline (A-D) lines and other breadth indicators (% of stocks above 50-, 200-day moving averages) are neutral to positive; (2) price and RS uptrends remain intact for risk-on segments, including Technology (XLK), biotech (XBI, IBB), and growth stocks (IUSG); and (3) the ...
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IBB ISHARES NASDAQ BIOTECHNOLOGY ETF
EWC ISHARES MSCI CANADA ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
IHI ISHARES U.S. MEDICAL DEVICES E
XBI SPDR S&P BIOTECH ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
IHF ISHARES U.S. HEALTHCARE PROVID
KRE. SPDR KBW REGIONAL BANKING ETF
CRAK VANECK VECTORS OIL REFINERS ETF
DBC INVESCO DB COMMODITY INDEX TRACKING FUND
DBO INVESCO DB OIL FUND
IEO ISHARES U.S. OIL & GAS EXPLORA
RTH MARKET VECTORS RETAIL ETF
DJP BARCLAYS IPATH DJ UBS COMMODITY TR ETN
DBE INVESCO DB ENERGY FUND
DBB INVESCO DB BASE METALS FUND
ITB ISHARES U.S. HOME CONSTRUCTION
INDA ISHARES MSCI INDIA ETF
EPOL ISHARES MSCI POLAND CAPPED ETF
A115LY ISHARES MSCI QATAR CAPPED ETF
XHE SPDR S&P HEALTH CARE EQUIPMENT ETF
KBE SPDR KBW BANK ETF
XHB SPDR S&P HOMEBUILDERS ETF
PGAL GLOBAL X FTSE PORTUGAL 20 ETF
NORW GLOBAL X NORWAY ETF
- Dave Nicoski
- Ross LaDuke
Vermilion Macro Vision: U.S. Equity Strategy
The last several months have been that of digestion and consolidation. While Sector and group leadership have taken a back seat to stock selection, rotations still seem to be the norm. We have on a number of occasions indicated that the current rotations are reminiscent of the rotations of 1994. Bill Clinton was President and in that year the Republicans had swept the house under their “Contract with Americaâ€. Clinton had imposed tariffs on steel imports late in 1993 and with the onslaugh...
APC ANADARKO PETROLEUM CORPORATION
SUPN SUPERNUS PHARMACEUTICALS INC.
SPPI SPECTRUM PHARMACEUTICALS INC.
QLYS QUALYS INC.
QADA QAD CLASS A
PANW PALO ALTO NETWORKS INC.
ONB OLD NATIONAL BANCORP
NTCT NETSCOUT SYSTEMS INC.
LGND LIGAND PHARMACEUTICALS INCORPORATED
IMMU IMMUNOMEDICS INC.
FRME FIRST MERCHANTS CORPORATION
FFNW FIRST FINANCIAL NORTHWEST INC.
EOG EOG RESOURCES INC.
CYBR CYBERARK SOFTWARE LTD.
CDXS CODEXIS
BOFI HOLDING INC.
ATEN A10 NETWORKS INC.
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
APTI APPTIO INC. CLASS A
SPY SPDR S&P 500 ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Consumer Discretionary; Outlook increasingly bullish Upgrading Consumer Discretionary. The XLY's price and relative strength are breaking topside resistance to new highs... see below (right) and page 5. Market outlook and internals. Market internals continue to improve, which bolsters our increasingly bullish outlook. The Cyclicals vs. Staples ratio (XLY/XLP) continues to advance to new highs, confirming a risk-on environment. Also, one of the few previously concerning indicators we'...
SLV ISHARES SILVER TRUST
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
EWC ISHARES MSCI CANADA ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
IAU ISHARES COMEX GOLD TRUST
EWQ ISHARES MSCI FRANCE ETF
EIRL ISHARES MSCI IRELAND CAPPED ET
MCHI.. ISHARES MSCI CHN
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
THD. ISHARES MSCI THAILAND CAPPED E
SOXX ISHARES PHLX SEMICONDUCTOR ETF
ENZL ISHARES MSCI NEW ZEALAND CAPPE
SMH MARKET VECTORS SMEICONDOUCTOR ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
BNO US BRENT OIL FUND LP
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS ETF
SCZ ISHARES MSCI EAFE SMALL-CAP ET
EPU ISHARES MSCI ALL PERU CAPPED E
ENOR ISHARES MSCI NORWAY CAPPED ETF
EWU SPDR S&P OIL & GAS EXPLORATION ETF
XOP ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
IGV BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EWS SPDR S&P SOFTWARE AND SERVICES FUND
XSW SPDR KBW REGIONAL BANKING ETF
KRE. VANECK VECTORS OIL REFINERS ETF
CRAK INVESCO DB COMMODITY INDEX TRACKING FUND
DBC INVESCO DB OIL FUND
DBO ISHARES MSCI HONG KONG ETF
EWH ISHARES U.S. OIL & GAS EXPLORA
IEO ISHARES MSCI FINLAND CAPPED INVESTABLE MARKET INDEX FUND
EFNL ISHARES MSCI JAPAN ETF
EWJ SPDR S&P RETAIL ETF
XRT MARKET VECTORS RETAIL ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Utilities; Downgrading Industrials • Utilities upgrade, Industrials downgrade. Utilities' price and relative strength trends have been hitting higher lows and higher highs since the market bottomed in February, justifying an upgrade to market weight... see below and page 7. As for Industrials, the XLI's price and relative strength trends have continued to deteriorate, prompting us to downgrade the sector to market weight... see below and page 8. • Big picture trends: Commodities ...
XLB MATERIALS SELECT SECTOR SPDR FUND
EWQ ISHARES MSCI FRANCE ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
THD. ISHARES MSCI THAILAND CAPPED E
BJK MARKET VECTORS-GAMING ETF
SPY SPDR S&P 500 ETF
DBO POWERSHARES DB OIL FUND
BNO US BRENT OIL FUND LP
SCZ ISHARES MSCI EAFE SMALL-CAP ET
EPU ISHARES MSCI ALL PERU CAPPED E
EWI ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
EWU BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
IGV POWERSHARES ETF NETWORKING PORT
EWS INVESCO POWERSHARESCAPITAL MANAGEMENT LLC
PXQ SPDR S&P SOFTWARE AND SERVICES FUND
RYU SPDR KBW REGIONAL BANKING ETF
XSW SPDR KBW CAPITAL MARKETS ETF
KRE. VANECK VECTORS OIL REFINERS ETF
- Valens Research
Valens Equity Insights and Inflections - 2018 04 25
LIN:DEU currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.6x Uniform P/B. At these levels, the market is pricing in expectations for Uniform ROA to increase from 6% in 2017 to record-high 8% levels in 2022, accompanied by immaterial Uniform Asset growth going forward. Analysts have similar expectations, projecting Uniform ROA to improve to 7% by 2019, accompanied by 1% Uniform Asset shrinkage. However, Valens' qualitative analysis of the firm's Q4 2017 ear...
STZ CONSTELLATION BRANDS INC. CLASS A
TXT TEXTRON INC.
MU MICRON TECHNOLOGY INC.
KR KROGER CO.
INTC INTEL CORPORATION
FDX FEDEX CORPORATION
DNR DENBURY RESOURCES INC.
CDK CDK GLOBAL INC.
00941 CHINA MOBILE LIMITED
GRBK GREEN BRICK PARTNERS
LINN* LINDE AG
PSN PERSIMMON PLC
TW. TAYLOR WIMPEY PLC
6501 HITACHI LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
CAH CARDINAL HEALTH INC.
PFE PFIZER INC.
AAPL APPLE INC.
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
SPY SPDR S&P 500 ETF
- Valens Research
SPY - Embedded Expectations Analysis - 2018 04 19
The SPY currently trades at levels in line with pre-recession valuations relative to UAFRS-based (Uniform) Earnings, with a 20.1x Uniform P/E (Fwd V/E′). At these valuations, market expectations are for sustained profitability in line with recent trends, suggesting reasons to believe the fund is likely fairly valued at worst, with the potential for upside should growth improve going forward S&P 500 companies have seen Uniform ROA (ROA') plateau around 13% levels since 2010. While profitabilit...
- Valens Research
SPY - Embedded Expectations Analysis - 2018 03 28
ï€ The SPY currently trades at levels relative to UAFRS-based (Uniform) Earnings not seen since 2001, with a 23.7x Uniform P/E (V/E'). Expectations initially appear high, with the market expecting Uniform ROA (ROA') to sustain at forecasted peak 28% levels, with 6% Uniform Asset growth (Asset' growth), however upon deeper review, expectations do not appear unreasonable ï€ S&P companies have consistently improved ROA' every year since 2002, seeing ROA' rise from 13% then, to 26% in 2016, and ...
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