Shell valuation: cash flow timing can change the picture
Shell reported strong second quarter earnings and operating cash flow. A valuation needs to distinguish repeatable cash from timing effects.
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Costco valuation: a good retailer still needs a sensible price
Costco annual diluted earnings reached $20.76 per share. Future returns depend on the growth and valuation assumptions attached to that result.
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Microsoft valuation: choose the earnings definition first
Microsoft reports both GAAP and adjusted earnings. A valuation comparison needs to explain the exclusions before using either figure.
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NVIDIA valuation: stress the spending cycle, not just growth
Data Center produced $89 billion of NVIDIA quarterly revenue. A valuation needs to test the durability of the spending behind that demand.
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Siemens and Altair: integration matters after the acquisition
Siemens outlined Altair product integration and rebranding in June. The shareholder question is how the combined portfolio earns its cost.
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Toyota September sales: volume growth is the first question
Toyota reported 201,306 US sales in September. Shareholders also need to examine pricing, mix and the number of selling days.
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Cisco expands infrastructure: orders must follow the launch
Cisco plans to offer Supermicro systems within its NVIDIA architecture from October. Commercial execution is the next test.
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Apple leadership transition: judge execution through evidence
Apple announced John Ternus as CEO from September 1. Investors need operating evidence to evaluate the transition.
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Consumer staples: Unilever puts volume back in the discussion
Unilever first half underlying sales grew 4.8%, with most of the growth coming from volume rather than pricing.
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Healthcare stocks: use J&J to separate growth from currency
Johnson & Johnson reported 6.8% operational growth in Innovative Medicine. That measure answers a different question from reported sales.
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Bank profits improved: credit quality still sets the comparison
The FDIC reported $90.1 billion of second quarter banking profit. Sector totals need to be separated from individual bank risk.
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Semiconductor sales surge: map the profit before buying the theme
Industry sales are expanding sharply, but chip designers, foundries and equipment suppliers capture that growth in different ways.
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