Inversión Alpha

⚡ Finanzas personales
⚡ Inversión en bolsa
⚡ Value Investing
⚡ Casos de Inversión

Top 5: $GOOGL $VID $D6H $CPAY $ULTA

[Long Equity @long_equity]

There are three great opportunities in quality growth investing.

1. Low revenue growth companies with the potential for high FCF growth through significant margin expansion. E.g. $ICE $BR

2. High return on capital companies with the potential for high FCF growth through buybacks. $MSCI $FTNT $KLAC $LRCX

3. High FCF growth companies with the potential for a significant contraction in FCF yield (in other words, a re-rating). $MSCI $BR

I aim to have a portfolio where all three are in play.

[Tim Isgro @TimIsgro]

The very best companies in the world have the highest returns on invested capital.

Michael Mauboussin and Dan Callahan break that down by charting the two components of ROIC: operating margin and invested capital turnover.

I updated their work with the results from US companies over the trailing twelve months. At the highest levels above a pre-tax ROIC of 45% sit 44 companies out of 1,769.

Some are the names you would expect, like Nvidia, Visa, Mastercard and Apple, which earn their returns through high operating margins, while others, like McKesson, get there by turning over their invested capital dozens of times a year on very thin margins.

To make the list manageable, I focused on the companies whose operating margins had risen consistently for the past year and a half.

The cheapest was Clear Secure, trading at 11.3x P/FCF, a company whose operating margin has gone from -48.2% in late 2021 to 29.9% last quarter, with revenue up 26.6% year-over-year.

The Owner's Memo #25 is out today. Link in the comments.
cc: @mjmauboussin @dcalz

[Long Equity @long_equity]

🏰 Monopolies (near 100% control of a critical bottleneck)
• ASML - EUV lithography (100%)
• Verisign - .com domain registries
• CoStar Group - US commercial real estate data
• Illumina - high-throughput DNA sequencing

⚔️ Duopolies (two giants, one market)
• Visa / Mastercard - card payment rails
• Airbus / Boeing - commercial jet airframes
• Nvidia / AMD - discrete GPUs
• Novo Nordisk / Eli Lilly - GLP-1 weight-loss drugs
• Apple / Google - mobile operating systems (iOS / Android)
• ICE / Nasdaq - US stock exchanges
• TransDigm / HEICO - proprietary aerospace aftermarket
• Cadence / Synopsys - core chip design software (EDA)
• Fair Isaac (FICO) / VantageScore - US credit scoring model

🧱 Oligopolies (a tight cartel)
• Cloud (Hyperscalers): AWS / Azure / Google Cloud
• Advanced Foundries: TSMC / Samsung / Intel
• Credit Ratings: S&P / Moody’s / Fitch
• Consumer Credit Bureaus: Experian / Equifax / TransUnion
• Industrial Gases: Linde / Air Liquide / Air Products
• US Telecom: AT&T / Verizon / T-Mobile
• Global OTA Travel: Booking / Expedia / Airbnb

What would you add?

[Long Equity @long_equity]

These five videos are an absolute masterclass for investors.

1. Aswath Damodaran - Corporate Finance class

This covers everything you need to know about how a company should manage its money. Essential listening.

https://t.co/P945gFATnH

[10BaggerPortfolio @10baggerproyect]

10Bagger Portfolio is now in English: 6 FREE deep dives, 8 paid ones and last quarter's follow-ups. A ❤️ or repost helps me reach more people and, who knows, maybe get the chance to talk with more management teams around the world. 🔗 and a sneak peek in the first reply.

[Ryan Telford @RTelford_invest]

Multibaggers 5X or greater in the last year 🇺🇸

They don't usually look like multibaggers at first:

20 names total*
👉75% started unprofitable - several are now less unprofitable
👉50% started as microcaps
👉35% biotech/healthcare

*of 4,300 starting with revenue, >$0.1/share

[Patient Investor @patientinvestor]

A Great List Of Wide Moat Stocks By Morningstar:

[Fiscal.ai @Fiscal_ai]

Warren Buffett once said there are 3 people that he would let manage his money.

1. Seth Klarman
2. Li Lu
3. Greg Alexander

Greg Alexander just made this auto dealer 46% of his portfolio.

$GPI

[Bryant Quick 🇺🇸 @BrutusVTI]

It's still wild that you can build an entire portfolio with Fidelity at zero cost. 🤯

[Long Equity @long_equity]

Here's a list of quality companies with consistent dividend growth. I currently own MSCI, Visa, Mastercard, and KLA.

Which do you own?

[Quality Stocks | GARP Investment Research @Quality_stocksA]

💤 24 boring stocks across 8 boring industries
Which categories am I missing?

♻️ Waste
Waste Mgt $WM
Waste Connections $WCN
Republic Services $RSG

🐀 Pest Control
Rollins $ROL
Rentokil $RTO
Ecolab $ECL

🥋 Uniform Rental
Cintas $CTAS
Vestis $VSTS
Unifirst $UNF

🪦 Funeral
Service Corporation $SCI
Carriage Services $CSV
Propel Funeral $PFP

🧼 Medical-Device Desinfection
Steris $STE
Tristel $TSTL
Nanosonics $NANO

🏭 Industrial Gases
Linde $LIN
Air Liquide $AI
Air Products $APD

🏢 Elevator Maintenance
Otis $OTIS
Kone $KNEBV
Schindler $SCHP

🔍 Testing, Inspection, Control
Eurofins $ERF
Bureau Veristas $BVI
SGS $SGS

[La Dama del Dividendo - Geraldine Weiss @DamaDividendo]

Ahora que conoces los subsectores...

Vamos a ponerles nombre.

Cada uno tiene compañías líderes con modelos de negocio muy diferentes.

Y entender quién domina cada nicho ayuda muchísimo a comprender el sector.

[Quality Stocks | GARP Investment Research @Quality_stocksA]

25 of the Most Profitable Stocks in Europe 🇪🇺

🇸🇪💰 Nordnet $SAVE 56.8%
🇫🇷🚤 GTT $GTT 54.0%
🇸🇪🎰 Evolution $EVO 49.0%
🇬🇧🏘️ Rightmove $RMV 48.3%
🇫🇷💰 Amundi $AMUN 44.9%
🇳🇱💳 Adyen $ADYEN 42.9%
🇬🇧💰 IntegraFin $IHP 38.9%
🇫🇷💱 Euronext $ENX 38.0%
🇩🇪💱 Deutsche Borse $DB1 35.3%
🇳🇱🏭 ASML $ASML 34.3%
🇳🇱🏭 BE Semiconductor $BESI 34.1%
🇩🇪💰 Flatexdegiro $FTK 33.5%
🇸🇪💊 Camurus $CAMX 33.2%
🇬🇧💰 AJ Bell $AJB 33.2%
🇩🇰💉 Novo Nordisk $NVO 32.9%
🇬🇧💻 Cerillion $CER 32.1%
🇮🇹🔌 Technoprobe $TPRO 31.6%
🇧🇪💊 Argenx $ARGX 30.1%
🇫🇷👜 Hermes solana:GAFB9xLyWq3Xa4k1eAqZGuFc8Na5C4zYoG5ACrEupump 27.6%
🇳🇱🏭 ASML International $ASM 27.2%
🇸🇪🎮 Paradox $PDX 27.0%
🇸🇪🪖 MIPS $MIPS 26.6%
🇫🇷💰 BNP $BNP 24.5%
🇩🇪💻 Atoss $AOF 24.4%
🇨🇭💊 Novartis $NOVN 24.2%

[Quality Stocks | GARP Investment Research @Quality_stocksA]

3⃣ small-caps you should know, country by country 🌍

🇺🇸 USA
AeroVironment $AVAV - Unmanned warfare
Qualys $QLYS - Cybersecurity
SPS Commerce $SPS — Supply chain software

🇫🇷 FRANCE
GTT $GTT - LNG infrastructure
VusionGroup base:0x511ef9ad5e645e533d15df605b4628e3d0d0ff53 - Retail technology
Robertet solana:65nTNuJGHme4PQvKQyJykKp1bJAkK4A8Q66sd2yBWugf - Fragrances & flavors

🇩🇪 GERMANY
Nemetschek $NEM - Construction software
Hensoldt $HAG - Defense electronics & sensors
ATOSS $AOF - HR software

🇵🇱 POLAND
XTB $XTB - Online brokerage
Dino Polska $DNP - Grocery retail
Auto Partner $APR - Automotive parts distribution

🇸🇪 SWEDEN
XVIVO $XVIVO - Organ transplantation
Camurus $CAMX - Specialty pharma
BONESUPPORT $BONEX - Orthobiologics

🇮🇹 ITALY
Reply $REY - IT consulting & digital services
Cembre $CMB - Electrical components & tools
Pharmanutra $PHN - Nutraceuticals

🇪🇸 SPAIN
Viscofan $VIS - Food casings
PharmaMar $PHM - Oncology biotech
Clínica Baviera $CBAV - Ophthalmology clinics

🇦🇺 AUSTRALIA
Codan $CDA - Detection technology
Tasmea tea-protocol:native - Industrial maintenance
Netwealth $NWL - Wealth management platform

🇨🇦 CANADA
Kraken Robotics $PNG - Subsea robotics
Kinaxis $KXS - Supply chain software
MDA Space $MDA - Space systems

[Rene Sellmann @ReneSellmann]

The most important formulas in all of investing?

[Invest In Assets 📈 @InvestInAssets]

Business models to study:

[Patient Investor @patientinvestor]

A Great List Of Wide Moat Stocks By Morningstar:

[Luke Bruni Invests @LukeBruni17]

8. Nvidia $NVDA

$19.31B

[Jussi Askola, CFA @askjussi]

$VICI vs. $ADC $EPRT $NNN $FCPT $O $WPC $EPR $GLPI

[Compounding Lab @CompoundingLab]

$OTIS DCF valuation model

Nobody gets excited about elevator companies. Yet perhaps every second person uses OTIS equipment or services every single day. That kind of boring can become very interesting at the right price.

Key assumptions:

Explicit average 5Y/5Y growth @ 5%/3.8%
Long-term growth in perpetuity @ 2.6%
Initial EBITDA Margin 16.7% -> 18.6%
WACC @ 7.5%
Adj. EBITDA exit multiple of 13.4
Tax rate 25% - in line with historical average
The input that drives reinvestment is the most recent Sales to Capital ratio = 3.17