Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Visa continues to outperform the market and fully capitalize on the prolonged business cycle.</li>
<li>The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's stock price.</li>
<li>The share price seems fairly valued and to the historical business fundamental, says the company.</li>
</ul>


Visa continues to outperform the market and fully capitalize on the prolonged business cycle.
The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's stock price.
The share price seems fairly valued and to the historical business fundamental, says the company.


Visa: Looking For Quality As Recession Looms On The Horizon

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>AvidXchange is one of the leading providers of AP automation software and payment solutions for mid-market businesses and their suppliers. The company was founded in 2000 in the United States. </li>
<li>With a large $20B+ TAM and valuation at ~5x FY23 revenue estimate of $392M – significantly below the average for software and payment peers – we believe shares are undervalued. </li>
<li>Management raised the FY22 revenue outlook and expected a strong FY23. AvidXchange is two years from GAAP profitability, likely making the stock volatile in the coming years.  </li>
</ul>


AvidXchange is one of the leading providers of AP automation software and payment solutions for mid-market businesses and their suppliers. The company was founded in 2000 in the United States. 
With a large $20B+ TAM and valuation at ~5x FY23 revenue estimate of $392M – significantly below the average for software and payment peers – we believe shares are undervalued. 
Management raised the FY22 revenue outlook and expected a strong FY23. AvidXchange is two years from GAAP profitability, likely making the stock volatile in the coming years.  


AvidXchange: How Mid-Market Can Save Money. Attractive Valuation and Low-Risk Entry Point

<ul>
<li>As M&amp;A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.</li>
<li>Although I am turning cautiously positive on Mastercard, there are still risks that need to be considered, according to Mastercard's chief executive.</li>
<li>The performance gap between Mastercard (NYSE:<a href="https://www.smartkarma.com/search?q=MA" target="_blank" rel="noopener">MA</a>) and the S&amp;P 500 that opened in 2021 has now been completely closed.</li>
</ul>


As M&amp;A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.
Although I am turning cautiously positive on Mastercard, there are still risks that need to be considered, according to Mastercard's chief executive.
The performance gap between Mastercard (NYSE:MA) and the S&amp;P 500 that opened in 2021 has now been completely closed.


Mastercard: Turning Cautiously Positive On The Business As Recession Looms Ahead

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> , <a href="https://www.smartkarma.com/entities/schlumberger-ltd" target="_blank" data-smartkarma-citation="entities:20625:1" rel="noopener">Schlumberger Ltd (SLB US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> 
</li>
<li>For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&amp;P500 -3.2%, Nasdaq -6.1% &amp; MSCI-ACWI-ETF -2.4%, all in US$ terms</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.
The three companies we write about this week are Samsung Electronics (005930 KS) , Schlumberger Ltd (SLB US) and Whirlpool Corp (WHR US) 

For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&amp;P500 -3.2%, Nasdaq -6.1% &amp; MSCI-ACWI-ETF -2.4%, all in US$ terms


United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

The Innovations Portfolio - Week Nine

For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&P500 +0.2%, Nasdaq -0.1%,...

Pyari Menon

Visa: Looking For Quality As Recession Looms On The Horizon

The company's share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company's...

Vladimir Dimitrov, CFA

AvidXchange: How Mid-Market Can Save Money. Attractive Valuation and Low-Risk Entry Point

AvidXchange’s EV/Revenue multiple is near a trough for a company in our SaaS universe, and we have a favorable view of the company’s business

Andrei Zakharov

Mastercard: Turning Cautiously Positive On The Business As Recession Looms Ahead

As M&A activity has cooled down, some risks for shareholders have been reduced and management has prioritized higher returns to shareholders.

Vladimir Dimitrov, CFA

The Innovations Portfolios - Week Six

For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&P500 -3.2%, Nasdaq -6.1% & MSCI-ACWI-ETF -2.4%, all...

Pyari Menon

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