Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

Cleveland-Cliffs Inc. is an American iron ore mining company. The Company supplies iron ore pellets, lumps and fines to blast furnaces in the global steel industry. Cliffs is in the process of expanding its customer base to Electric Arc Furnaces.

<ul>
<li>Cleveland-Cliffs is becoming too aggressive in its consolidation goals, says author.</li>
<li>Cliffs continues to underperform its peers, I outline some important red flags associated with the company's acquisition spree. I remain sceptical that a deal for U.S.</li>
<li>Steel would be beneficial for shareholders.</li>
</ul>


Cleveland-Cliffs is becoming too aggressive in its consolidation goals, says author.
Cliffs continues to underperform its peers, I outline some important red flags associated with the company's acquisition spree. I remain sceptical that a deal for U.S.
Steel would be beneficial for shareholders.


Cleveland-Cliffs: Consolidation At Any Cost Comes With Strings Attached

Mondelez International / Equity Bottom-Up

Mondelez International Inc. is a food and beverage company.  The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products.  Mondelez International sells its products throughout the world.

<ul>
<li>Mondelez has outperformed the market both on an absolute and risk-adjusted basis.</li>
<li>The company is in a very good position to improve margins to higher levels than currently expected.</li>
<li>The stock remains as one of my favourite picks in the sector. The stock is one of the company's favourite picks.</li>
</ul>


Mondelez has outperformed the market both on an absolute and risk-adjusted basis.
The company is in a very good position to improve margins to higher levels than currently expected.
The stock remains as one of my favourite picks in the sector. The stock is one of the company's favourite picks.


Mondelez: Ignore The Noise And Invest In Strong And Well-Managed Brands

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

<ul>
<li>Workday's share price is at risk of a downward multiple repricing.</li>
<li>GAAP profitability would be very hard to achieve, according to recent rhetoric.</li>
<li>An outside deal is a highly likely scenario that would resolve the company's current disadvantage to its larger peers.</li>
</ul>


Workday's share price is at risk of a downward multiple repricing.
GAAP profitability would be very hard to achieve, according to recent rhetoric.
An outside deal is a highly likely scenario that would resolve the company's current disadvantage to its larger peers.


Workday: The Rough Path Towards Profitability

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

<ul>
<li>The main focus will remain on Direct-to-Consumer profitability, but areas such as the recently announced restructuring plan and pricing power in parks &amp; experiences also deserve attention.</li>
<li>The main focus is on the company's Direct- to- consumer profitability.</li>
<li>It has been three months since my latest update on <strong>The Walt Disney Company (<span class="ticker-hover-wrapper">NYSE:DIS</span>)</strong> when I highlighted a number of reasons why the company is finally in a good position to deliver on its bottom line figures.</li>
</ul>


The main focus will remain on Direct-to-Consumer profitability, but areas such as the recently announced restructuring plan and pricing power in parks &amp; experiences also deserve attention.
The main focus is on the company's Direct- to- consumer profitability.
It has been three months since my latest update on The Walt Disney Company (NYSE:DIS) when I highlighted a number of reasons why the company is finally in a good position to deliver on its bottom line figures.


Disney's Q3 2023 Earnings: A Pivotal Quarter To Appease Investors And Analysts

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

<ul>
<li>PayPal stock has fallen dramatically on speculations regarding the near-term future.</li>
<li>The market is now pricing-in significant deterioration of the company's top or bottom line.</li>
<li>The management is making the right moves to secure long-term competitive advantages, while also rewarding shareholders, according to the report.</li>
</ul>


PayPal stock has fallen dramatically on speculations regarding the near-term future.
The market is now pricing-in significant deterioration of the company's top or bottom line.
The management is making the right moves to secure long-term competitive advantages, while also rewarding shareholders, according to the report.


PayPal: 3 Reasons Why I Am Optimistic After The Quarterly Results

I am a former strategy consultant with heavy exposure to business and intangible assets valuation. Throughout my career I have been focused on solving complex business problems through the lens of the overall business strategy and by incorporating a set of valuation and financial modelling techniques.

In my spare time I have been exploring the concept of value investing and in particular finding companies with sustainable competitive advantages that also trade below their intrinsic value. In addition to my bottom-up approach of individual equities I also take a more holistic view of the markets through factor investing techniques.