United States

• Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Whirlpool Corp (WHR US) and Zions Bancorporation (ZION US) in the S&P 500 INDEX at the close on 15 March.
• There are a bunch of inclusions, deletions and migrations across the S&P 500 INDEX (SPX INDEX), the S&P Midcap 400 Index, and the S&P SmallCap 600 Index.
• The largest flows will be in the S&P 500 INDEX (SPX INDEX) adds and the largest impact in the adds to the S&P SmallCap 600 Index.

• I tally 54 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• Three new deals discussed this week on Smartkarma (possible four): Offers for Alumina (AWC AU), Superloop (SLC AU) & Qantm Intellectual (QIP AU); Samsonite (1910 HK)‘s ESR (1821 HK)‘s rumoured approaches. 
• Key updates took place on APM Human Services Internation (APM AU), Adbri (ABC AU), CSR Ltd (CSR AU), Weiqiao Textile Co (2698 HK), and Outsourcing Inc (2427 JP).

• US crude oil inventories buildup outpaces gasoline and distillate withdrawal for the week ending on 23/Feb.
• Refinery utilisation rates rose by 0.9 percentage points on a weekly basis to 81.5%, for the first time in 2024.
• Disparity between crude oil and refined petroleum inventories to remain in the near term as refinery utilisation rates are yet to recover completely after the maintenance season.

• The Wingstop Fiscal Fourth Quarter and Full Year 2023 Earnings highlighted the company’s substantial progress with its strategies involving same-store sales growth, brand partner returns, and growth acceleration.
• An eye-catching declaration from Wingstop was that 2023 was its strongest financial year on record, demonstrated simultaneously through its industry-leading results and marking its 20th consecutive year of same-store sales growth.
• Furthermore, Wingstop managed to grow to over $3.5 billion in system-wide sales- a growth spurt of 27%- coupled with the opening of a record-breaking 255 net new restaurants..

• Copart, Inc, a leading provider of online vehicle auctions, recently disclosed its second-quarter financial results for the fiscal year 2024.
• The recorded statements offered valuable insights into the company’s operational and financial advancements during the period.
• In the insurance business, the company reported profitable growth despite slight disturbances in the comparison metrics, primarily caused by significant catastrophic events in the previous year, including Hurricane Ian.

• Booking Holdings recently reported solid Q4 and full-year 2023 results due to global leisure travel demand resilience.
• Room nights grew by 9% YoY, and revenue of $4.8 billion alongside adjusted EBITDA of $1.5 billion exceeded expectations.
• Non-GAAP earnings per share also grew by 29% YoY, attributed to a reduced share count from the previous year.

• Cheniere Energy, Inc.
• has reported substantial operational and financial attainments for Q4 and the entire year of 2023.
• The company produced a record 637 LNG cargoes, with a total production amounting to 45 million tons, in line with their forecast.

• The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business
• The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4. 
• TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million

• This is our first report on Moderna, Inc., a renowned biotechnology company utilizing mRNA technology in the development of therapeutics and vaccines.
• The company entered 2024 optimistic despite challenging 2023 results.
• The company’s revenue for 2023 stood at $6.1 billion, with a net loss of $4.7 billion.

• This is our first report on automobile major, Rivian Automotive.
• The company has made significant progress, doubling its production and deliveries and surpassing its initial production guidance by over 7,000 vehicles.
• The production ramp-up and introduction of new technologies came with challenges, but the company believes that the gained experience will be helpful in executing its 2024 plan.

• Quanta Services, Inc., a provider of specialized contracting services, reported fourth-quarter and full-year results for 2023 reflecting double-digit growth in revenues and earnings, pointing to robust demand and solid execution.
• Total year-end backlog was $30.1 billion, indicative of the company’s enduring client relationships and momentum entering 2024.
• Record revenue was achieved 6 out of the last 7 years along with 6 consecutive years of record-adjusted EBITDA and 7 years of continuous record-adjusted earnings per share, aided by Quanta’s operational and financial platform backed by over 50,000 dedicated employees.

• Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.
• Reinforcing the company’s commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.
• As for Intuit’s tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.

• Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.
• Nvidia’s H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia’s success.
• Taiwan’s Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?

• The domain bitcoin.org was registered on August 18th, 2008.
• Just over two months later, on October 31st, an individual or group using the pseudonym Satoshi Nakamoto unveiled the Bitcoin whitepaper.
• This was soon followed by the mining of the first Bitcoin block, known as the genesis block, on January 9th, 2009.

• The Mosaic Company’s fourth quarter and full year 2023 earnings highlighted robust phosphate markets and an expected recovery of demand for potash.
• Mosaic’s CEO, Bruce Bodine, spoke positively about their financial performance in 2023, with reported revenue of $13.7 billion and adjusted EBITDA of $2.8 billion, along with investing $1.4 billion in the business and returning $1.1 billion to shareholders through share repurchases.
• One positive takeaway from the call was the strong phosphate market conditions, resulting from tight supply due to China’s fertilizer export restrictions and limited capacity additions in the short term.

• Palo Alto Networks’ Q2 2024 earnings highlight indicate the company’s continued success in executing its profitable growth strategy.
• The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• The Home Depot’s Q4 2023 earnings highlighted both opportunities realized during the fiscal year and challenges faced, which contributed to a year of moderate performance.
• Overall, the company witnessed a sales decline by 3% reaching $152.7 billion for the fiscal year 2023 while comp sales dropped by 3.2% and EPS stood at $15.11, revealing a reduction from the previous year’s $16.69.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• XPER reported fourth quarter results mostly in line with our estimates, but the progress made on each of its product lines is the highlight of the report
• XPER has added customers for its TV operating system (“TVOS”), IPTV solution, connected car, and has grown the number of people using its media platform
• The increase in the number of automobile OEMs electing to use AutoStage is on the rise with XPER’s CEO setting the goal of one video integration win this year

• Verisk experienced a successful 2023 with strategic, organizational, and cultural changes, outstanding financial performance, and substantial value creation for clients and shareholders.
• The company delivered 8.7% organic constant currency revenue growth in 2023, the highest rate since its initial public offering in 2009.
• They exceeded the expectations set during the Investor Day in March.

• NVIDIA Corporation reported a robust Q4 with significant year-on-year growth, marking a strong finish to the fiscal year 2024.
• The company generated a 265% year-on-year increase in revenue, standing at $22.1 billion, exceeding the projected figure of $20 billion.
• The fiscal 2024 revenue was $60.9 billion, a 126% increase from the previous year.

• Western Midstream Partners (WES) reported its fourth-quarter and full-year 2023 earnings with a mixed financial result.
• Nevertheless, the company retains a degree of optimism, particularly when considering certain initiatives and expected future outcomes.
• In 2023, Western Midstream Partners successfully divested its remaining interest in several non core, non-operated assets worth $790 million.

• EB reported a decline in the number of tickets and total events held in the fourth quarter as EB continues to adjust its business to the higher price structure.
• EB reported Q4 revenue of $87.8 million, which was slightly lower than our forecast of $88.3 million. EB experienced a decline in the number of events and tickets sold
• The disappointment in the quarter was from EB’s management’s commentary where they were realizing several of their paid creators had left the platform after the price increase was announced

• Tesla Q1 must be tracking even worse than I expected based on the uptick in Elon Musk’s erratic behavior—his tell when bad news spirals out of control.
• Wacko conspiracies, Putin propaganda, National security threat! At least he has his self-flattering alter ego Adrian Dittmann to boost his spirits. 
• Musk’s companies continue to rack up safety violations, government investigations, and lawsuits, while he loses his massive pay package and tries to dodge the SEC investigation into his Twitter acquisition.

• The Federal Reserve was expected to announce tapering of quantitative tightening (QT) in March and implement it in April, but recent minutes suggest a more relaxed approach with no urgency to start the process soon.
• SOFR rates have trended lower in January, easing concerns over upward pressure, and there is plenty of liquidity in the marketplace, with significant RRP and reserve balances.
• Forecasting for the Fed’s balance sheet evolution suggests a less volatile TGA balance and a shift in the relationship between t-bill issuance and RRP balances, leading to a more stable scenario for reserves in the near term.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• OpenAI, founded in 2015 as a nonprofit research lab, has transitioned into a for-profit entity with ambitious goals of creating artificial general intelligence to benefit humanity.
• The company’s CEO, Sam Altman, is focused on solving the problem of super intelligence and has plans to set up his own semiconductor manufacturing pipeline and extend human lifespan.
• OpenAI’s business model now involves catering to enterprise customers to generate revenue, and they face challenges in balancing their grand mission with the need for significant investment.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Upon evaluation of LyondellBasell’s Q4 and full-year 2023 results, a finely balanced investment thesis can be derived, considering the company’s strategic initiatives, performance, and the broader economic environment.
• LyondellBasell safely navigated a challenging year, as illustrated in its outcome of earning $8.65 per share and a robust EBITDA of $5.2 billion.
• The company’s cash generation was commendable, marked at $4.9 billion from operations, validating its efficient cash conversion ratio of 98%.

• VAALCO is in discussions with Svenska Petroleum Exploration regarding a possible corporate transaction to acquire Svenska, whose primary asset is a 27.39% interest in Block CI-40, offshore Cote d’Ivoire.
• Current working interest production is approximately 4,500 boe/d net to Svenska.
• In 2022, Svenska generated after tax cashflow (before changes in working capital) of ~US$115 mm.

• Vulcan Materials is America’s largest producer of construction aggregates, providing the foundation for buildings, roads, and infrastructure.
• The company owns over 400 quarries located within 60% of the US population, producing aggregates used in asphalt and concrete.
• The industry structure involves owning quarries and crushing rocks down to create materials used in various construction projects, with a market size of around $35 billion.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• We are initiating coverage of Lands’ End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands’ End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection.
• Under new CEO Andrew McLean, Lands’ End has shifted to a more returns driven business model, with a focus on offering key customer solutions, reducing inventory and discounting levels, shifting lower margin products to the licensing model, and expanding into key digital marketplaces, resulting in higher margins and cash flow.
• With Lands’ End projected to shift into an EPS driven mode in FY24 and beyond, we believe the risk/reward in LE has materially improved, and we are initiating coverage of LE with a Buy rating and $12 price target.

Key points

• Qurate Retail’s capital structure is being optimized through buying back bonds to reduce leverage
• The equity is viewed as a low-cost call option due to the company’s 35% annual growth in OIBDA
• Despite industry concerns, QRTEA is positioned as a market leader in a growing sector, making it an attractive investment option.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points

• RLMD is a biotech company with a high-stakes binary outcome in 2024 for their antidepressant, REL-1017
• Despite previous phase 3 trial failures, the drug has a validated mechanism of action and promising phase 2 data, leading to a $1.1B valuation
• The stock is undervalued and presents a compelling investment opportunity with significant upside potential, especially through underpriced options for exposure to the outcome in mid-2024

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island.
• With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season.
• The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women’s suiting, while for men the focus is on textured and patterned tops, denim and seasonal suiting and dress shirts, with the relaunch of performance long sleeve shirts.

• Bloomberg reports that Samsonite (1910 HK) is drawing takeover interest from several PE firms which aim to relist Samsonite in the US to draw a higher valuation. 
• A standard takeover premium (around 30%) should be sufficient due to the shareholder register. There is no single large shareholder(s) to pose an issue to an offer. 
• The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite trades at an undemanding valuation. 

• Luggage maker Samsonite (1910 HK) is up 11.8% today, as I type, after Bloomberg reported it is working with advisers as it studies possibilities, including going private.
• With the reopening of China and the ongoing recovery in travel globally, Samsonite’s net sales improved markedly across all regions. 1H23 profit gained 185.3% versus 1H22.
• FY23 figures should be out in the middle of next month.

• Bloomberg reported that Samsonite (1910 HK) is considering several options, including going private, and there are several suitors including from buyout firms  
• Share price has surged by 14% in the morning session. Stock is still very cheap, at 10.5x PE, 7.5x EV/EBITDA with an impressive ROE of 30%
• Our quick take values Samsonite at HKD34/share, based on its forecasted +1 year earnings multiplied to its average long-term PE of 15.5x 

• Nvidia emerges as a strong challenger in the semiconductor industry, while intel remains the dominant player
• Intel makes significant strides in its foundry business, showcasing a clear focus on advanced nodes like 18A and 14A
• Intel positions itself as a serious player in the foundry market, attracting key customers like Microsoft and building a strong ecosystem around its offerings

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Large-Cap indexes (S&P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.
• Mid-Caps (S&P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.
• Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.

IMMX has shared a 12-month recap, capturing key clinical and regulatory events from 2023, setting the stage for an active 2024. Its lead CAR-T asset (NXC-201) is a B-cell maturation antigen (BCMA) targeting therapy for amyloid light chain amyloidosis (ALA) and multiple myeloma (MM). The latest clinical data (Phase Ib/IIa NEXICART-1 trial) showed an overall response rate (ORR) of 100% in ALA patients (n=10) and 90% in MM patients (n=50). On the regulatory front, NXC-201 received Orphan Drug designation (ODD) in February 2024 from the EMA for ALA, and in Q323 from the FDA for ALA and MM. The FDA also cleared Immix’s Investigational New Drug (IND) application in Q423, permitting NXC-201 dosing at US trial sites (NEXICART-2 trial for ALA patients). We believe this is an important development step for NXC-201, and we look forward to rolling data readouts after the start of NEXICART-2, most likely in H124.

• Eli Lilly and Company’s Q4 2023 earnings showed a year of growth and advancement for the company.
• Revenue increased by 20 percent for the full year and 28 percent for the most recent quarter, as seen in the company’s newly launched portfolio gaining momentum.
• Notably, the company received regulatory approvals for Zepbound, Jaypirca, Omvoh, Ebglyss in the EU, and an expanded label for Verzenio and two new indications for Jardiance within 2023.

• Ecolab Inc., during their latest earnings, highlighted strong growth in their fourth quarter performance for 2023, solidifying a favorable year for the company.
• Despite unstable macroeconomic conditions, the team drove value-based pricing while consistently maintaining strong business momentum.
• Their success arose from creating value for customers by enhancing operational performance, as well as reducing water and energy consumption.

• Bristol-Myers Squibb (BMS) reported a strong fourth quarter for 2023 with sales momentum in both their established and new product portfolios, showing a growth of 9% and earning nearly $10 billion in revenue.
• Multiple key brands, including Eliquis, Opdivo, Reblozyl, Opdualag, Breyanzi, Camzyos, and Sotyktu, contributed to this growth.
• In addition, BMS generated significant cash flows from operations amounting to $4.3 billion.

• Generators and machine producer, Illinois Tool Works Inc.
• (ITW) has reported a modest growth amidst the unique operational challenges faced in the fourth quarter of 2023.
• In particular, the company confronted reduced demand for capital expenditure (CapEx), lean customer inventories and a strike within the automotive industry.

• 4Q23 results beat expectations with record revenues and profits and announced a maiden cash dividend of USD8.75/share (0.35% yield)
• But, share price plunged by 10% on soft guidance of 4-6% YoY growth in room-night booked in 1Q24, due to the impact of high-interest rates and the ongoing wars 
• Good opportunity to buy on dips, stock trading at ~20x FY24 PE, ~18% discount to LT mean. Plus, there is a balance USD7.5b (6.1% shares in issue) of share buybacks  

• This is our first report on food product manufacturer, US Foods.
• The company reported solid performance in the fourth quarter and full year 2023, demonstrating strong execution of its strategy and operational discipline.
• For the entire fiscal year of 2023, the company achieved record adjusted EBITDA of $1.56 billion driven by strong case growth, independent case growth of almost 7% and increased market share with targeted customer types.

Key points

• Alight has experienced strong organic revenue growth through recurring revenue contracts and acquisitions
• Concerns have been raised about stagnant gross margins, adjusted EBITDA margins, management turnover, and stakeholder selling
• Accounting validation issues further complicate the company’s financial standing and could potentially impact the stock price negatively

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• As per the International Cocoa Organization, there was a deficit of 216kt in the global market during 2021/22 and 99kt in 2022/23.

• With a significant decline in West African output in the ongoing 2023/24 season, it is anticipated that the market will experience a substantial third deficit, nearing 400kt.

• This would result in stocks reaching their lowest levels in at least a decade.

• This is our first report on Crocs Inc., a company that is well known for its distinctive footwear products.
• The company had a robust year in 2023, setting records and establishing a position of strength as it entered 2024.
• For the full year of 2023, the company reported a 12% YoY increase in total revenues, reaching nearly $4 billion, primarily driven by 19% direct-to-consumer growth at the enterprise level.

• Dropbox is a company that has seen considerable growth in its fourth quarter of 2023, with total revenue increasing by 6% year-on-year to $635 million, surpassing its guidance range.
• However, it also witnessed some challenges during this period, which were anticipated due to broader economic impacts that affected both their teams and document workflow businesses.
• For instance, Dropbox noted a decrease in gross new licenses and upsell activity as well as heightened churn rates.

Key points

• Enhabit Inc., the Home Health & Hospice unit spun off from Encompass Health, is undergoing a strategic review that could result in a potential sale of the company.
• Analysts estimate that if the company is sold, it could fetch a price 50-100% higher than its current value, with a potential equity value of $1.0bn or $20 per share.
• The opportunity for a sale exists due to the company’s undervaluation compared to its parent company, Encompass Health, as well as negative surprises in CMS rates and missed guidance, leading to activist pressure and a strategic review.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD.
• This increase is mainly driven by the intensifying anticipation over the potential launch of an Ethereum spot ETF, along with Ethereum’s recent breakout from a months-long period of underperformance compared to Bitcoin.
• Over the last week, Ethereum has seen an 8% increase relative to Bitcoin, with the latter seeing less net inflow into exchange-traded products than the week prior.

• The Kraft Heinz Company delivered a decent Q4 and its management expressed optimism about the company’s prospects in 2024.
• Assuring his belief in Kraft Heinz delivering solid results, he affirmed expectations for driving top-line growth, returning to positive volumes, expanding gross margins and operating margins, and making strategic investments in their business.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Roku, the leading streaming entertainment provider, delivered a strong fourth quarter and year-ended 2023 earnings as announced during the company’s earnings conference call.
• Roku’s CEO, Anthony Wood, and CFO, Dan Jedda, along with other executive members, shared insights into the company’s financials and business trajectory.
• On a positive note, Roku achieved adjusted EBITDA and free cash flow a year ahead of schedule, demonstrating the company’s focus on operational improvements and platform revenue growth.

• On 31 January, Walmart (WMT US) announced a 3:1 stock split. For cognoscenti, that meant a Dow Jones Industrial Avg might be in the offing.
• The last change to the index was in Aug-2020, spurred by the 4:1 split for Apple (AAPL US). This time, the likely deletion candidate was Walgreens Boots Alliance (WBA US). 
• Indeed, last week, the Index Keepers announced Amazon.com Inc (AMZN US) would replace Walgreens Boots Alliance on 26 Feb (i.e. WBA would be booted on the close of 23 Feb).

• A bombed-out sector down 80% from the peak is worth another look
• Weaker companies have exited the industry or have already gone under 
• The sector ETF has a good risk reward  with catalysts ahead

• SPAC dealmaking surged in the last week with several new deals being announced, including an Italian copper company, a consumer electronics firm, and an oncology-focused business.
• Also, a space exploration company saw its shares skyrocket after successfully landing its spacecraft on the moon, and a struggling truck maker sells part of its assets.
• Read on to find out the latest about all things SPACs. 

• Despite the high-profile announcement of his attendance, his segment was less than 3 minutes long!
• Intel’s CEO alluded to a partnership with OpenAI and implied there’s more to come yet there’s been no public announcement of any such partnership. 
• Microsoft’s commitment to use Intel’s 18A is a vote of confidence in their foundry offering. Let’s see how it plays out.

• Alnylam Pharmaceuticals reported solid progress across all business areas in 2023, delivering robust product growth for its four wholly-owned commercial medicines, and reaching a milestone of over 5,000 patients now on an Alnylam commercial RNAi therapeutic.
• The company recorded $1.24 billion in global net product revenues.
• Alnylam also extended its leadership in RNAi therapeutics, including pioneering delivery of RNAi therapeutics to adipose and muscle tissues.

• Deere & Company’s earnings revealed a company operating well in the midst of an increasingly competitive market landscape, with stable demand across the majority of sectors.
• The firm noted solid execution across the cycle with an 18.5% margin for equipment operations in the first quarter.
• Land sales fell by 4% to $12.658 billion while equipment operations also dropped 8% to $10.486 billion.

• Twilio’s recent quarterly results highlighted that the company exceeded its revenue and Non-GAAP income from operations targets for Q4 2023 by generating nearly $1.1 billion in revenue and $173 million in Non-GAAP income from operations.
• The free cash flow was $211 million.
• The company achieved $4.2 billion in revenue for the full year and improved its Non-GAAP operating results from a Non-GAAP operating loss of $4 million in 2022 to Non-GAAP operating income of $533 million in 2023.

• CF Industries Holdings Inc., a global leader in nitrogen-based fertilizers, reported a strong performance for the full year and fourth quarter of 2023.
• The company posted an adjusted EBITDA and net cash from operations of approximately $2.8 billion each, and a free cash flow of $1.8 billion.
• This robust outcome was attributed to a balanced nitrogen supply-demand situation and energy spreads favoring the company’s low-cost production in North America..

• Applied Materials delivered a decent result and the management claims to have made a strong start to the current fiscal year, exceeding its earnings projections.
• Strengths identified include the company’s innovation strategy and position at key industry inflections, such as new-foundry logic and developments in its DRAM market where it has captured over 50% of market share.
• Revenue from its advanced packaging product portfolio is predicted to reach nearly $1.5 billion in 2024.

• Avantor delivered fourth quarter business results at the high end of their guidance across key financial metrics, including a core organic revenue decline of 4.8%, adjusted EBITDA margin of 17.5% and adjusted EPS of $0.25.
• They demonstrated robust cash flow management and considerable debt reduction, exceeding their guidance range.
• The company experienced industry wide headwinds due to inventory destocking and cautious customer spending.

• HubSpot, a leading software company, provided a generally positive update on the firm’s financial performance, strategic direction, and plans for future growth.
• On the financial front, the firm reported solid results for Q4 2023.
• Revenue grew by 21% year-on-year in constant currency terms, and by 25% for the full year 2023.

• Martin Marietta, a provider of aggregates and heavy building materials, presented a decent financial performance for the full year and fourth quarter of 2023.
• Positive elements in the report include the company’s record financial performance, reaching a milestone of $2.1 billion in adjusted EBITDA. Additionally, the company noted that it had a successful, safe year without any major incidents.
• This was also underpinned by the strong performance of the company’s aggregates business which drove revenues up by over 10% to $4.3 billion.

• The Williams Companies has reported strong performance in the third quarter of 2023 with significant advances in operational execution, project completion, and positive expansion achievements.
• In an environment of low gas prices compared to the third quarter of 2022, the company saw an impressive uptick in several areas.
• The first half of Transco’s Regional Energy Access project, which will increase natural gas transportation from the northeast part of the Marcellus Shale to markets in Pennsylvania, New Jersey, and Maryland, has been completed, and the second half is slated for completion in the last quarter of 2024.

• Reddit is getting ready for an IPO in the United States in the next several weeks. It is expected that this IPO will be completed in March. 
• The company was previously valued at US$10 billion in a funding round in 2021. It is expected that the company could sell about 10% of its shares in this IPO.
• Reddit may be seeking a valuation of at least US$5 billion in this IPO, which would be nearly half its valuation it received in 2021 in a private funding round. 

• US commercial crude inventory buildup slows down and comes below analyst estimates.
• US oil rig count is anticipated to remain flat in 2024 and crude production is expected to slightly pick up due to better productivity.
• Demand is expected to rise in the near term as US refineries may start increasing utilisation rates given forecasts of warmer weather.

• Cisco Systems Inc.’s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company’s flexible strategic route and shifting market conditions.
• Revenue for the quarter edged at the high end of the company’s guidance range, owing to robust operating leverage across business segments that surpassed margin expectations and facilitated better-than-expected earnings per share.
• A total of $2.8 billion value was returned to investors through dividends and share buybacks, evidencing Cisco’s ongoing commitment to its shareholders.

• DaVita, a healthcare company specializing in kidney care and dialysis services, highlights its successful performance for the financial year of 2023 due to strengthening investment on the company’s platform.
• Notably, despite external challenges, the company experienced significant growth with a 20% year-over-year rise in adjusted operating income, a 28% increase in adjusted EPS, and a return of the leverage ratio back to the target range.
• The company outperformed its annual profitability targets for integrated kidney care and anticipates reaching break-even or better performance by 2026.

• Instacart recorded a robust fourth quarter in 2023 and an encouraging outlook for 2024.
• The company attributes their success to the top-notch product experience they provide with a leading selection, quality, and speed.
• New and expanded partnerships, such as those with Kroger and Costco, boost Instacart’s selection advantage with some of the most significant grocers in North America.

• Lyft’s positive financial performance and future expectations make it an attractive investment opportunity.
• Lyft’s 2023 performance was marked by significant growth in the company’s rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.
• This growth demonstrates the strong demand for Lyft’s service, which bodes well for its future performance.

• Occidental Petroleum’s Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5 billion.
• Significantly, this has facilitated the company in paying dividends, repurchasing common shares, and investing back into the business.
• The primary driver of this achievement is accredited to technical expertise, leading-edge technologies, and innovation, showcasing the company’s operational strength.

• In summarizing GoDaddy’s fourth quarter and annual 2023 results, it appears like the company has maintained a steady growth trajectory, particularly in its Applications & Commerce segment that achieved a 16% bookings growth.
• The company has also successfully driven a 2023 normalized EBITDA margin that surpassed previous guidance due to its investment in growth and cost structure management.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Incyte Corporation’s 2023 earnings have been marked by the firm’s strong performance following a 14% increase in product and royalty revenues compared to 2022, reaching $3.7 billion.
• A significant milestone was achieved in the fourth quarter when total product and royalty revenue reached $1 billion for the first time.
• This growth has primarily been driven by the continued growth of Jakafi and the successful launch of Opzelura.

• Despite global challenges on the macroeconomic and industry fronts, the Molson Coors Beverage Company reported strong performance and growth during its Fourth Quarter and Fiscal Year 2023.
• The company announced significant increases in global net revenue and bottom line, with a growth of over 9% and nearly 37% respectively.
• This marks the company’s highest reported dollar results on record, surpassing the already impressive results of 2022.

• The S&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 index is reviewed quarterly. The next review will be in March 2024 and the evaluation date for the rankings for the constituent selection process is 29th February 2024.
• In this insight, we take a look at Potential ADDs and Potential DELs for the rebalance. We estimate US$13.1bn one-way flow on 3 ADDs and 3 DELs.

• Nvidia’s blowout earnings number is another example of how grasping exponential growth trends is extremely difficult for human investors.
• Unlike what is often assumed, Nvidia, for now, qualifies as a quality stock, revealing relentless competitive power, low debt, and reasonable valuation.
• Nvidia’s weight with Quality ETFs is bigger than its weight in the MSCI World Index, adding to quality stock outperformance.

• Boeing shares are down 20% since the start of the year, despite a booming global market for aviation
• Boeing’s focus on financial performance and stock price over safety and engineering has been a concern
• The current CEO David Calhoun dissolved the company’s strategy department, raising questions about Boeing’s future direction and decision-making strategies

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• Datadog Inc., in its Q4 2023 earnings, revealed that it ended the year on a high note.
• With continued innovation and high customer adoption rates, the company’s revenue was $590 million, a 26% increase year-over-year, exceeding its guidance range.
• The company’s customer growth was significant, moving from around 23,200 last year to about 27,300 currently.

• ADEA reported fourth quarter results showcasing debt reduction through free cash flow generation. ADEA had eight license signings of which two were brand new licensees
• Reported fourth quarter results showcasing debt reduction through free cash flow generation. ADEA had eight license signings of which two were brand new licensees
• ADEA has started to invest more in R&D, which resulted in ADEA ending 2023 with nearly 11,000 patents compared to approximately 10,000 in the year prior

• Cadence Design Systems reported outstanding performance for Q4 and FY 2023, achieving 15% revenue growth, a non-GAAP operating margin of 42%, and over 20% non-GAAP EPS growth.
• The company exited the year with a record backlog of $6 billion.
• Cadence attributes this success to their innovative solutions and customer commitments to their chip to system integrated design and analysis platforms.

• Nvidia’s earnings are akin to my Super Bowl.
• There is no more significant event in semiconductors and AI, and each quarter, we tune into Nvidia’s results to see precisely what quarter we are in the AI hype cycle (and potentially bubble).
• There is no better signpost for the entire AI ecosystem than the company making the most of the revenue so far: Nvidia.

• Airbnb’s Fourth Quarter earnings for 2023 revealed significant financial growth, with 99 million Nights and Experiences booked in Q4, marking Airbnb’s highest ever fourth-quarter results.
• Revenue increased by 70% year on year to reach $2.2 billion.
• However, the net loss for the company stood at $249 million.

• Marriott International delivered strong results in 2023 due to robust demand for travel and an increasing portfolio of over 30 leading brands.
• The global room revenue per available room (RevPAR) grew nearly 15%, and net rooms increased 4.7%, driving profitable growth in earnings and cash flows.
• For the fourth quarter, global RevPAR rose over 7% year-on-year, propelled by roughly equal growth in average daily rate (ADR) and occupancy levels.

• Waste Management, Inc.
• has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted in full year operating EBITDA exceeding the company’s most recent guidance range by nearly $25 million, affirming the company’s original expectations at the start of the year.
• However, despite this impressive performance, there are still risks ahead given uncertain economic conditions.