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Bath & Body Works (BBWI): Surprisingly Strong ROIC & Stock Pitch (Sort Of)
There are lots of things to dislike about retailers, and it’s especially easy to be dismissive of ones selling soap and candles in malls. But Bath & Body Works () capital productivity and track record of growth are probably stronger than you think. The business consistently generates excess returns on capital and has grown (organically)…
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Squarespace (SQSP): Solid Capital Productivity
I own Squarespace stock and in many respects, it’s a great case study for lots of the things I have written about calculating and analyzing ROIC. So I’m going to run through it in this post. What’s the bottom line? SQSP has a pretty attractive ROIC profile – here are the numbers (excluding goodwill and…
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Breaking Down ROIC For Hubspot Stock
It would shock you how many people own, short, or just speak with authority about Hubspot stock without really understanding how the business makes money. Or maybe it wouldn’t, but it’s shocking to me. That’s why in my last post I tried to explain the business in a clear and concise way, in the context…
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Avantor (AVTR): ROIC Without Goodwill And Intangibles (2/2)
This second post in our Avantor (AVTR) series, explores ROIC without goodwill and acquired intangibles. There’s tons of value here, so let’s dive in!
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Avantor (AVTR): Breaking Down ROIC (1/2)
Here we look at an Avantor (AVTR) ROIC breakdown from Substack. Exploring the topic, we consider effective tax rates, competitor ROIC, & more!
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SEMR: Recasting Expenses For ROIC (3/3)
Part three of our SEMR series explores their adjusted ROIC & calculate amortization for the assumed investment levels of S&M, G&A, and R&D.
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Semrush (SEMR): Recasting Expenses As Intangible Assets For ROIC (2/3)
Learn about recasting intangible assets for ROIC in our second piece on SEMRush. We use a GAAP income statement to solve for ROIC and more!
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Semrush (SEMR): Company Basics & Recasting Intangibles (1/3)
Recasting intangibles, a Semrush investor presentation, the Semrush S-1, & more! See how SEMR deals with customer lifetime value & acquisition.
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ROIC Comps Example: Orthopedic Supplies
Analyzing capital productivity, economic profits, and invested capital numbers is crucial to understanding ROIC in companies like Smith & Nephew.
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