Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Equity Bottom-Up

<ul><li>Welcome back to the portfolio updates series! This month, I enjoyed a long vacation with my family, spending three weeks traveling through Italy by car.</li><li>We began our journey from our home near Munich, which allowed us to traverse the entire country from north to south and back again.</li><li>We entered Italy through South Tyrol and drove down to Tuscany, where we spent a week. Afterward, we continued our journey all the way down to Puglia, where we stayed for ten days before making the return trip.</li></ul>

Welcome back to the portfolio updates series! This month, I enjoyed a long vacation with my family, spending three weeks traveling through Italy by car.We began our journey from our home near Munich, which allowed us to traverse the entire country from north to south and back again.We entered Italy through South Tyrol and drove down to Tuscany, where we spent a week. Afterward, we continued our journey all the way down to Puglia, where we stayed for ten days before making the return trip.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>UFP Industries Inc. has presented its Q1 2024 earnings, showcasing a resilient yet moderately challenged financial and operational landscape.</li>
<li>The company reported net sales of $1.64 billion, a decrease driven by diminished demand and lower lumber market levels, alongside a net earnings per share of $1.96, which fortunately exceeded expectations due to a nonrecurring tax benefit.</li>
<li>Despite the fall in net sales, the consistency in earnings per share beyond projections is commendable and highlights the company's effective management and strategic financial controls.</li>
</ul>


UFP Industries Inc. has presented its Q1 2024 earnings, showcasing a resilient yet moderately challenged financial and operational landscape.
The company reported net sales of $1.64 billion, a decrease driven by diminished demand and lower lumber market levels, alongside a net earnings per share of $1.96, which fortunately exceeded expectations due to a nonrecurring tax benefit.
Despite the fall in net sales, the consistency in earnings per share beyond projections is commendable and highlights the company's effective management and strategic financial controls.


UFP Industries Inc.: Will The Resilience in Housing & Construction Sectors Last?

Thematic (Sector/Industry)

<ul>
<li>There were no changes to the portfolio in June.</li>
<li>The two major news among my holdings come from Norbit and Lindbergh.</li>
<li>Norbit acquired Innomar, a market leader in sub-bottom profilers in the maritime industry, to strengthen their oceans segment product offering.</li>
</ul>


There were no changes to the portfolio in June.
The two major news among my holdings come from Norbit and Lindbergh.
Norbit acquired Innomar, a market leader in sub-bottom profilers in the maritime industry, to strengthen their oceans segment product offering.


<ul>
<li>
Welcome back to the portfolio updates series!
</li>
<li>
I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical investment lessons drawn from various fields not necessarily related to investing.
</li>
<li>
The quote below is from a chapter discussing market efficiency and cautioning investors against misusing behavioral finance to conclude that humans are irrational, and therefore, markets must be irrational as well.
</li>
</ul>



Welcome back to the portfolio updates series!


I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical investment lessons drawn from various fields not necessarily related to investing.


The quote below is from a chapter discussing market efficiency and cautioning investors against misusing behavioral finance to conclude that humans are irrational, and therefore, markets must be irrational as well.



<ul><li>I recently came across a thought-provoking blog post by Andrew Walker on his YAVB discussing the possibility of a bubble forming in quality stocks.</li><li>Although Andrew acknowledged that the title might be seen as provocative, he raised valid concerns about the potential challenges of achieving satisfactory returns in the future by investing in quality-growth-at-a-reasonable-price stocks, given their lofty valuations.</li><li>As an example, he pointed to Costco, which is presently trading at a P/E ratio of 50 despite its long-term expected growth rate only slightly surpassing that of the US GDP.</li></ul>

I recently came across a thought-provoking blog post by Andrew Walker on his YAVB discussing the possibility of a bubble forming in quality stocks.Although Andrew acknowledged that the title might be seen as provocative, he raised valid concerns about the potential challenges of achieving satisfactory returns in the future by investing in quality-growth-at-a-reasonable-price stocks, given their lofty valuations.As an example, he pointed to Costco, which is presently trading at a P/E ratio of 50 despite its long-term expected growth rate only slightly surpassing that of the US GDP.

United States

UFP Industries, Inc. operates as a holding company. The Company, through its subsidiaries, focuses on construction and retailing wood products. UFP Industries serves customers worldwide.

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UFP Industries (UFPI US)

Portfolio Update: August 2024

Welcome back to the portfolio updates series! This month, I enjoyed a long vacation with my family, spending three weeks traveling through Italy...

Contrarian Cashflows

UFP Industries Inc.: Will The Resilience in Housing & Construction Sectors Last?

UFP Industries Inc. has presented its Q1 2024 earnings, showcasing a resilient yet moderately challenged financial and operational landscape.

Baptista Research

Portfolio Update: June 2024

There were no changes to the portfolio in June. The two major news among my holdings come from Norbit and Lindbergh. Norbit acquired Innomar...

Contrarian Cashflows

Portfolio Update: May 2024

Welcome back to the portfolio updates series! I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical...

Contrarian Cashflows

Portfolio Update: April 2024

I recently came across a thought-provoking blog post by Andrew Walker on his YAVB discussing the possibility of a bubble forming in quality...

Contrarian Cashflows

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