2022.01.24 10:47 yeh_ [Interactive Graph] 2021 Monstercat songs' statistics by brand.
2022.01.24 10:47 Sharpclawpat1 [OC] Moon Weaver. Finished after a month xD. C&C are welcome
2022.01.24 10:47 newsdk Sundhedsstyrelsen ændrer anbefalingerne for selvisolation
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2022.01.24 10:47 TheGhost206 Took my first dose yesterday.
It definitely felt good. Just high but I didn’t feel like I disassociated really. I actually ended up playing a puzzle game on my phone the vast majority of it.
Do I need to actively try to disassociate more? Meaning force myself to listen to chill music? What do you all typically think about while experiencing the medicine?
I took the medicine about 14 hours ago and I still feel “light” in a good way. So I think it’s been beneficial I just wonder if I need to actively make my time with the medication more beneficial? Or do I just let it’s do it’s thing and relax?
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2022.01.24 10:47 newsdk Tesfayes Rwanda-samarbejde bliver tættere
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2022.01.24 10:47 LawrenceOnKeyboard Three’s a party 🎈
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2022.01.24 10:47 sagishis LUCK? i got him on standard banner by only using two keys-
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2022.01.24 10:47 CallMePerox Ibai has confirmed in his stream that he's decided to drop a promotion agreement with Nintendo that would begin with the upcoming Pokémon Legends: Arceus. Nintendo conditioned the agreement on Ibai never streaming Pokémon modified roms, including community events (Spanish audio)
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2022.01.24 10:47 DynastyFSU2 It’s time to change the narrative.
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2022.01.24 10:47 Timartini Is anyone else annoyed by this? Solgaleo instead of Main Character and Ghetsis the only one with a white outline.
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2022.01.24 10:47 Afro_Smash PSA: Reminder that Oaken Club is free to reroll
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2022.01.24 10:47 Minute-Shift-5630 My first stock analysis - Unilever
Hello, This is my first stock analysis, so please be gentle :) . I’ve invested in stocks for a few years now, mostly in ETFs, and last year I also bought stocks, but I did so without doing a valuation on any of them. One of these was Unilever. In the meantime I decided to learn more about stock picking and value investing, so I decided to go with Unilever and try to value the business.
Business Overview Looking at their numbers, their revenue has been stagnating for the past 10 years, around the 20B mark. Their operating income and free cash flow has been slowly growing, but their net profit has been stagnating. They have fairly high ROE and ROIC, I calculated the ROE for the TTM as 31% and After-tax ROIC 18%. This is on par, or at times better, than competitors like P&G or Nestle. On the other hand, looking at the past 5 years, these ratios have slowly been going down, mostly due to an increase in debt: compare to 5 years ago, they have more than doubled their debt, to 27B. Considering the low interest rates currently on the market, I don’t see a problem with them taking on more debt, but with the rates being so low, they can only go up, which would pose problems for Unilever in the future. Right now, my calculated Debt to Equity ratio is 1.78 (on Morningstar it’s 1.47), compared to Nestle at 0.61 or P&G’s 0.52.
Strategy I’m not that good at going through an annual report and separating the BS from the useful stuff. But their main strategy seems to be a desire to expand in complementary product lines mostly through acquisitions. They recently came into the headlights with their failed acquisition of GSK’s Consumer Health division, which would’ve added some strong brands to their portfolio: toothpaste (Sensodyne, Aquafresh etc), OTC medicine and vitamins (Panadol, Voltaren, Centrum etc). From what I can tell, most of the above would’ve been complementary for their product line (apart from vitamins I guess, which they already do). My understanding is that the marked reacted negatively to their acquisition attempt because they would’ve paid 50B for that division, while they have a market cap of ~100B and a not-so-great balance sheet. More than 50% of their revenue comes from 13 brands, so I understand why they’d want to concentrate on acquiring well-known brands instead of growing their own.
Fair Value Since this is a learning experience for me, I decided to use both a multiples valuation and a DCF valuation. Using multiples, I calculated the P/E, P/FCF and EV/EBITDA ratios for Unilever and the main competitors (as well as a Consumer Defensive index). At the time I did the calculations, those averages resulted in PE of 25, P/FCF 23 and EV/EBITDA of 20. Applying those multiples, I get a price of 69$ per share for PE multiple, 72$ for P/FCF multiple and 80$ for EV/EBITDA multiple. Using a basic DCF model with a terminal value with exit multiple based on dividend yield, I get a valuation of 40$ per stock, with the following assumptions: - First 5 year growth of 4%. The next 5 year growth of 3%. The company expects 3-5% growth of revenues YoY, so I feel this is a safe assumption. Even with revenues and profit stagnating over the past 10 years, their dividends have been growing (from 2.4B to 4.4B) and their FCF suggests this is achievable. - A discount rate of 10%. - A terminal multiple based on the dividend yield of 4.5% in 2031. - This would result in a Market Cap of $166B in 2031
There’s an obvious divergence of value between the 2 approaches. I did see other DCF models that are using WACC as the discount rate, which would most probably lead to a conclusion that the stock is undervalued. And it is, in a sense that if I change my discount rate of 10% to 8%, the stock is fairly valued.
Conclusion I think Unilever is a stable company, in no immediate liquidity risk, and they can pay their debts in a few years using their free cash flow. On the other hand, they seem to focus on growing through acquisitions, and from the feel of the past acquisitions those weren’t that successful. They have a lot of debt compared to their competitors, but they seem to run a tight ship and their ROE or ROIC are strong. The level of their debt, combined with their focus on mediocre acquisitions instead of focusing on shareholders (no buybacks in the past few years) are making them trade at lower multiples compared to their peers. I think if they would focus their energy doing buybacks and thus rewarding shareholders, instead of trying to make acquisitions, like their better-priced peers (P&G, Colgate-Palmolive, L’Oreal etc), the stock price would reflect more confidence from investors. As it is, the only value that I would get from this would be the dividend and a slow growth with some protection from inflation.
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2022.01.24 10:47 primeukbot Mario Kart 8 Deluxe + Super Mario Maker 2 - Nintendo Switch (Physical Copies) - £58.99
2022.01.24 10:47 Jaakehall Protean Unlocks
Does anyone know how many things you can get from killing the protean? I've beat it 3 times and I have the charm, Smoke headgear and I think the Sledge uniform. Are there any other rewards?
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2022.01.24 10:47 rackarhack Winston Churchill's motivational speech from 1940
I hope you won't need to go to war but if you do this is my favorite motivational speech. I thought you might like it. Remember that when the British went to war against the Nazis most people thought the Nazis would win. The US still hadn't joined the war. The same way almost nobody thought Finland would be able to defend themselves (with some minor land losses) against Soviet during WW2.
I sometimes read people saying that Ukraine will lose in a war with Russia. Obviously they don't know what they're talking about. Here in Sweden Russia spreads propaganda that our military is much weaker than it is because they want us to lose faith in ourselves. Don't let them trick you.
Know that Finland survived WW2 even though they had 1/25 the population of Russia. You guys have 1/3. Also know that it's much more expensive to invade than it is to defend. As long as the weapons keep coming in, as I believe they will, my money is on you.
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2022.01.24 10:47 AviseAnalytics 7 Reasons to Put Adicet Bio on your Watchlist!
2022.01.24 10:47 Bonus1Fact [News Shorts] Trudeau, Nunavut premier make child care announcement | LIVE ¦ Global News on Youtube
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2022.01.24 10:47 ironkobra WIP Argel Tal by Forgeworld
2022.01.24 10:47 demziii Here's my epithet if I join the Kengan matches, " The Eternal Jobber"
2022.01.24 10:47 redditusernamme Shortcut for Toggle headings?
As the keyboard shortcut for heading 1 is /h1, what's the shortcut for toggle headings?
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2022.01.24 10:47 wbradleyjr1 Biden is hardly the first Democrat to try to delegitimize elections
2022.01.24 10:47 clkish1988 Retrobrite question
So I have a 486 dx2 some of you may have seen on here and it needs to be retrobrited something awful...can someone perhaps share the recipe and some tips? I have never done it before and would like some guidance.
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2022.01.24 10:47 Friendly_Plant_4405 My Activision account is my only link and I can’t log in now wtf is this the same with others?
I re downloaded CODM and tried logging in through my CoD account. I cannot log in. I get login timed out errors and the log in page does not load, neither does the register. I have a lot of stuff in that account so I kinda need it. Is this an isolated case or has anyone else experienced this too?
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2022.01.24 10:47 Yenserl6099 Got my second ever platinum the other day and I almost broke down crying when I got it
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2022.01.24 10:47 AlexeiAbraham Keisha Grey
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