In today’s briefing:
- International Business Machines Corp (IBM US) – TSS < 10 - Target Tactical 6-7% Upswing
- Diageo: A Rare Gift From Mr. Market
- IDEXX Laboratories Inc.: Initiation of Coverage – Business Strategy & Other Drivers
- Sporting Crypto – 6th March 2023: Is AR the New Meta?
- SolarEdge Technologies Inc.: Initiation Of Coverage – Acquisition of Hark Systems & Other Drivers
- The Future of Fiat On-Ramps
- Valero Energy: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)
- Enterprise Product Partners: Major Drivers
- US Large-Sized Farms Increase – Due to Input Cost Pressure // The Fall of The Petrodollar
International Business Machines Corp (IBM US) – TSS < 10 - Target Tactical 6-7% Upswing
- IBM US peaked at 153.21 in December 2022 and has declined more than 15% in the subsequent 12 weeks.
- Last week’s low of 127.71 was plagued by extreme ST momentum failure and this new 4 month low was quick to fail and reverse.
- Our TSS methodology triggered a TSS < 10 at the low and justifies a further 6-7% upswing in the coming 1-2 weeks.
Diageo: A Rare Gift From Mr. Market
- Diageo’s share price has been underperforming for far too long due to outside factors that have little to do with the business itself.
- The premium brand portfolio in combination with the well-executed acquisition strategy creates a unique opportunity.
- The company is well-positioned to retain and even improve its industry-leading margins.
IDEXX Laboratories Inc.: Initiation of Coverage – Business Strategy & Other Drivers
- IDEXX had a strong finish to the year, reflected in the company’s all-around beat in the last quarter.
- Its revenues increased organically, driven by organic gains in CAG Diagnostic and strong growth in its water and software businesses.
- Organic revenue growth in the quarter was supported by solid organic growth across its major business segments and growth in diagnostic imaging and veterinary software revenues.
Sporting Crypto – 6th March 2023: Is AR the New Meta?
- Through my work and writing, I’ve been thinking more and more about an area that I’m not an expert in: gaming.
- And when we combine the word ‘Gaming’ with ‘Web3’ — there is a buzz and sense of excitement from most.
- Specifically, it’s all the rage when people talk about NFTs and the future of gaming.
SolarEdge Technologies Inc.: Initiation Of Coverage – Acquisition of Hark Systems & Other Drivers
- SolarEdge Technologies reported a strong quarter with revenues of $890 million in revenues and an all-around beat.
- The U.S., Germany, the Netherlands, Italy, the U.K., and France all had noteworthy growth year over year.
- We initiate coverage on SolarEdge Technologies with a ‘Hold’ rating.
The Future of Fiat On-Ramps
- Silvergate is in deep trouble. On March 1, the “crypto bank” revealed in a regulatory filing that it could soon be “less than well capitalized.”
- The news prompted Coinbase, Paxos, Galaxy Digital and a host of other large crypto enterprises to drop Silvergate as a banking partner. Why does this matter?
- The “fiat problem” has long plagued crypto markets: to buy bitcoin, you at some point need to interact with the traditional banking system.
Valero Energy: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)
- Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation.
- Besides, significantly discounted sour crude oils and fuel oils helped its refinery.
- High natural gas costs in Europe also encouraged refiners to process sweet crude oils rather than sour crude oils, placing additional pressure on sour crude oils.
Enterprise Product Partners: Major Drivers
- Enterprise Product Partners delivered a mixed set of results in the quarter.
- Enterprise moved a record 11.2 million barrels of oil equivalent per day which helped it deliver an all-around beat.
- They believe that a wide gas-to-crude differential could result in a considerable cost advantage for American petrochemicals globally.
US Large-Sized Farms Increase – Due to Input Cost Pressure // The Fall of The Petrodollar
- US Large-Sized Farms Increase – Due to Input Cost Pressure According to the Farms and Land in Farms Report by the USDA, the largest farms in the US that had sales of $1 million or more, now operate almost 26% of the country’s farmland.
- The farms in this sales class have increased in size, while farms in every other sales class have either remained the same size or decreased.
- According to the Farms and Land in Farms Report by the USDA, the largest farms in the US that had sales of $1 million or more, now operate almost 26% of the country’s farmland.
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