Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Disney is scheduled to release its Q2 2023 results later this week.</li>
<li>A number of factors are pointing to a strong and a better than expected quarter, but long-term problems remain.</li>
<li>The macroeconomic environment is also supportive for Disney's Parks, Experiences and Products segment.</li>
</ul>


Disney is scheduled to release its Q2 2023 results later this week.
A number of factors are pointing to a strong and a better than expected quarter, but long-term problems remain.
The macroeconomic environment is also supportive for Disney's Parks, Experiences and Products segment.


Disney's Q2 2023 Earnings: Now Is The Time To Deliver

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Apollo Global Management  / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

Quiddity Leaderboard S&P 500 Dec 24: Two ADDs (One Biggie), Two DELs, Possible Big Intrareview Moves

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the September 2024 index rebal event will be based on yesterday's (4th September 2024) opening prices.</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The rankings used for the September 2024 index rebal event will be based on yesterday's (4th September 2024) opening prices.
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


Quiddity Leaderboard S&P 500 Sep 24 Rebal (Final): 2 Changes Possible

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Netflix is now up 50% from its lows on hope that advertising and paid sharing drive a revenue reacceleration and multiple rerating. Part B has happened.</li>
<li>Advertising uptake will be slow. But consensus has 55M incremental ad-subs (20% of the total) and $8B in revenue assumed in 2025! </li>
<li>Netflix intends on keeping content spending flat for the next few years, raising the importance of its hit rate - which has not been Netflix's forte.</li>
</ul>


Netflix is now up 50% from its lows on hope that advertising and paid sharing drive a revenue reacceleration and multiple rerating. Part B has happened.
Advertising uptake will be slow. But consensus has 55M incremental ad-subs (20% of the total) and $8B in revenue assumed in 2025! 
Netflix intends on keeping content spending flat for the next few years, raising the importance of its hit rate - which has not been Netflix's forte.


United States

Paramount Global operates as a media company. The Company produces and distributes entertainment content through studios, networks, streaming services, live events, and merchandise. Paramount Global serves customers worldwide.

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Paramount Global (PARA US)

Disney's Q2 2023 Earnings: Now Is The Time To Deliver

Disney is scheduled to release its Q2 2023 results later this week. A number of factors are pointing to a strong and a better than expected...

Vladimir Dimitrov, CFA

Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

The S&P500 rebalance in December is shaping up to be a trade worth $8-13bn a side but there is a possible intra-review change to come as well....

Travis Lundy

Quiddity Leaderboard S&P 500 Dec 24: Two ADDs (One Biggie), Two DELs, Possible Big Intrareview Moves

There are currently two expected ADDs and two expected DELs for the SP500 Dec24 Rebalance. There could be more from spinoffs and mergers. One big...

Travis Lundy

Quiddity Leaderboard S&P 500 Sep 24 Rebal (Final): 2 Changes Possible

The SP500 Rebalance for Sep 2024 is based off the Wednesday open and should be announced on 6 Sep 2024. We see two possible ADDs vs DELETEs but the...

Travis Lundy

Netflix 4Q22: Priced for Perfection

Netflix is up 50% from its lows based on investors pricing in a successful ad tier and a churnless paid sharing crackdown. Bulls point to $400, we...

Aaron Gabin

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