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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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HubSpot (HUBS): How Do They Make Money?
As discussed in Winning Stock Pitches: 8 Tips, if you want to have winning stock pitches, you need to nail the How Do They Make Make Money question. Here is an example of one I put together for HubSpot stock . Yes, for a 5-page stock pitch it would be shorter, but given that I…
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Winning Stock Pitches: 8 Tips
A key part of any successful written stock pitch is conveying in a clear, concise, and commonsense way how the company makes money. Yet, too often people write vague, disjointed, or hard-to-follow descriptions of how the business works. Why? Because it’s easier and faster. However, a solid understanding of the business makes it tangible to…
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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.
Return on Capital and Stock Picking
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