Return on Capital and Stock Picking
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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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Contact
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Library
Below is a list of books referenced on this blog and others that I found to be particularly good and useful. I will add to it over time. Please feel free to suggest others – send a message via the contact page.
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About
About Me I was a portfolio manager at a multi-billion dollar investment fund for about 17 years and have been a security analyst for 25+. I was also an adjunct professor teaching Securities Analysis at a prominent business school for about 12 years. I like researching stocks and investing. I am a fundamental, buy-and-hold investor. …
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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.
Companies
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