MONTHLY NEWSLETTER
2022
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2020
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June 2022
Stellantis N.V.
Stellantis N.V. (STLA) is a multinational automotive manufacturer formed in the 2021 merger between Fiat Chrysler and Peugeot S.A. 2021 should be considered a success with €3.2 billion of cost reductions achieved and earnings of over 4 euro per share. The company is trading at around 3 X 2021 earning, an enterprise value of 3 X EBITDA and the shares boast a current yield of 8.4%. ........ Read Report>>
May 2022
Macy's Inc
A large portion of Macy's current success results from strategic planning previous to the Covid lockdowns. As a result, digital sales have increased by 39%, the store base continues to be rationalized and cost saving measures have been implemented. Macy's achieved its' best earnings in 5 years for 2021 and has demonstrated that the company is a long-term survivor. ........ Read Report>>
May 2022
The Childer's Place.
PLCE reported earnings on May 19th. We increased our price target to $80 and raised our hold to a buy after the passing of the difficult quarter with decent results. During first quarter, share count was reduced below 13 million (market cap < $615) If the share repurchase is completed around these price levels it will provide a major catalyst for 2023 earnings........ Read Report>>
April 2022
D.R. Horton, Inc.
D.R. Horton, Inc (DHI) is the largest homebuilder in the U.S. The company constructs and sell homes under the of D.R. Horton, Emerald Homes, Express Homes, and Freedom Homes brands. DHI reported earnings for the quarter ending in March and showed a 60% increase in net income to $4.03 per share versus a $3.37 consensus...... Read Report>>
March 2022
ZIM Integrated Shipping Services Ltd.
ZIM is an international container shipping company operating 118 vessels with a total capacity of close to 430,000 TEU. The company produced a robust $39 per share in earnings in 2021 and management is forecasting a more robust 2022..... Read Report>>
February 2022
The Children's Place
The Children’s Place (PLCE) is a children's clothing retailer that designs, licenses, wholesales, and retails its' value priced apparel. Over the last few years PLCE has successfully executed a digital transformation resulting in sharply higher margins and earnings.... Read Report>>
February 2022
Paramount Global (ViacomCBS)
On February 15th ViacomCBS announced 4th quarter 2021 earnings and an aggressive change in near term business strategy. The company will now go "all in" on new content for its Paramount Plus streaming service. and over time terminate most its content licensing in order to stoke additional subscriber growth.. Read Report>>
January 2022
U.S. Steel
Recently several factors have improved in favor of U.S. Steel (X) (Steel). The medium and near-term outlook for steel pricing has stabilized and the company has vastly improved its balance sheet. Our price target of $43 is based on 9 X our 2023 estimated earnings and an enterprise value of 5 X our 2023 EBITDA estimate. Read Report>>
December 2021
The Macerich Company
We opened up coverage on MAC due to the fact that a number of metrics are starting to flow their way. Average tenant sales have rebounded strongly in 2021, advancing over 13% from 3rd quarter 2019 and the company has reduced debt from $6 billion to 4.5 billion this year. Read Report>>
November 2021
Global Ship Lease, Inc.
Global Ship Lease is a containership owner with a fleet of 65 ships. Rates for vessel chartering have risen and remained strong. The company is well positioned to generate additional cash flow with improving credit metrics. Read Report>>
November 2021
ViacomCBS
In the third quarter total advertising and subscription streaming subscribers surpassed 100 million with 6.4 million additions exceeding the rate of Disney +, Netflix and Roku. Read Report>>
November 2021
Broxton 4th Quarter Presentation.
If every position in the Broxton Alpha Portfolio was trading at 15 x earnings, Our portfolio positions would be up 100% simultaneously if the same wer true for the S&P 500, it would be down 28%. Read Presentation>>
November 2021
Unisys Corporation Update
Unisys reports third quarter results slightly behind estimates and reaffirms full year guidance. Read Report>>
October 2021
Bloomin' Brands, Inc.
Bloomin' Brands, Inc. one of the world's largest casual dining companies with approximately 77,000 Team Members and more than 1,450 restaurants worldwide. Read Report>>
September 2021
Qurate Retail Inc.
Qurate is a unique hybrid retailer utilizing television networks and digital platforms.
August 2021
Teekay LNG Partners
Teekay LNG Partners L.P. is an international provider of marine transportation services focusing on LNG and LPG. Read Report>>
July 2021
Unisys Corporation
Unisys is a global information technology company whose clients clients include large well-known corporations and governments Read Report>>
June 2021
Thor Industries
Thor Industries is the largest manufacturer of RV's in North America. Read Report>>
April 2021
Viacom CBS
ViacomCBS is on its way to pass 100 million steaming subscribers this Summer. Read Report>>
March 2021
Deutsche Bank
Strategic Transformation has reduced Core Bank expenses by roughly 4 billion Euro annually or 19%. Read Report>>
December 2020
United Foods
UNFI currently trades at close to 5X 2021 consensus EPS and our price target of $30 reflects a more reasonable 9 X EPS with an enterprise value of $4.4billion. Read Report>>