Building_Benjamins

Founder of Tradition Capital Management in 2000. Named “PSN Manager of the Decade” for All-Cap in the 2000s and “PSN Manager of the Decade” for Dividend Value in the 2010s.

    • Building_BenjaminsBuilding_Benjamins
      ·02-04

      Economic and Market Review January 2025

      A popular theory among traders is that US stocks rise higher in January than in other months. Appropriately deemed the January Effect, the effect is typically explained by traders entering position after tax-loss selling has completed, but over the last decade the effect has lost much of its visibility. Similarly, if stocks rise in January, the year will end positively in 85% of cases.US stocks had a volatile start to January, with the Fed raising long-term inflation targets, Trump following through on tariffs, and disruptions in the tech industry. The S&P $.SPX(.SPX)$ was buoyed by consumer spending coming in above expectations with inflation coming in at expectations.Oil prices peaked in the middle of the month at $78.71 following stronger i
      714Comment
      Report
      Economic and Market Review January 2025
    • Building_BenjaminsBuilding_Benjamins
      ·02-04

      Turnaround Looks Likely for B2Gold with Geopolitical Risks Mitigated

      3.4% Dividend YieldOpportunistic repurchase authorization funded with dividend reduction.Fekola mine in Mali concerns are resolved, expecting to receive mining authorization in early 2025.First commercialization of Goose mine in Canada in September.BTG expects 2025 production growth of 27%.Strong financial position, selling off royalties and issuing convertible notes to bolster cash position and pay down high-interest revolver.Investment Thesis $B2Gold(BTG)$ is a gold mining company operating the tier-1 Fekola mine in Mali and several other low-AISC (all-in sustaining cost) mines. In our last coverage, we emphasized the broader macroeconomic tailwinds for gold. Since then, gold has reached record highs. However, BTG has seen its share price collaps
      387Comment
      Report
      Turnaround Looks Likely for B2Gold with Geopolitical Risks Mitigated
    • Building_BenjaminsBuilding_Benjamins
      ·01-26

      Perrigo Paves the Way for Recovery with Margin Focus

      4.6% Dividend Yield, 21 consecutive years of growth.Concluded quality assurance program in the infant formula segment, expects to ramp production and return to form by 2026.Entering cost saving program, through consolidation of the organization and headcount cuts expects to save $150 million by 2026.Creating new ‘disruptive growth’ team to identify new markets to enter.Refinanced debt on the balance sheet, with new maturities not starting until 2030. Expects meaningful deleveraging below 3.0x net debt to EBITDA by 2026.Entering into voluntary non-renewals of contracts that are margin dilutive.Investment Thesis $Perrigo Co PLC(PRGO)$ is a pure player in the OTC consumer healthcare market. Since our last coverage on PRGO, it has continued to slim do
      551Comment
      Report
      Perrigo Paves the Way for Recovery with Margin Focus
    • Building_BenjaminsBuilding_Benjamins
      ·01-20

      Secular Silver Shortfall Could Keep Prices Higher for Longer

      $0.40 annual base dividend, yielding 1.89%.Variable dividend program linked to gross debt, paying up to $0.72 annually or yielding 3.3%.Demand projected to continue to outstrip supply in silver markets, with PAAS estimating an annual shortfall of 150 Moz to 2028.Strong base of gold assets (73% of revenue) with high silver exposure (20% of revenue).Record high cash position of $887.3 million thanks to the sale of non-core assets, giving PAAS no net debt.For the year ending December 2024, PAAS had an output of 21.1 Moz of silver and 893 Koz of gold.Investment Thesis $Pan American Silver(PAAS)$ is the second largest primary silver producer in the world, focused on developing primary deposits in the Americas. For the year ending December 2024, PAAS ha
      660Comment
      Report
      Secular Silver Shortfall Could Keep Prices Higher for Longer
    • Building_BenjaminsBuilding_Benjamins
      ·01-11

      First Solar Shines Through Cloudy Market

      Growing manufacturing base to 25GW by 2026, with 14GW in the US. Fully integrated supply chain independent of Chinese supply mitigates most tariff risks.Sell-off driven by fears of loss of IRA tax credits, however, FSLR remains profitable without the credits and its unlikely they will be repealed in their entirety.Largest US solar manufacturer and #10 in the world by market share.FSLR’s 17 TOPCon patents might yield a third-party sale or royalties, as the U.S. International Trade Commission looks into banning infringing imports and the Chinese government upheld FSLR’s ownership.FSLR’s CdTe modules have higher temperature tolerance and lower annual degradation rates compared to Chinese-dominated c-Si modules.Investment Thesis $First Solar(FSLR)$ is
      1.48KComment
      Report
      First Solar Shines Through Cloudy Market
    • Building_BenjaminsBuilding_Benjamins
      ·01-05

      Economic and Market Review December 2024

      $.DJI(.DJI)$ $.SPX(.SPX)$ $.IXIC(.IXIC)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $SPDR S&P 500 ETF Trust(SPY)$ $WTI Crude Oil - main 2502(CLmain)$ $Gold - main 2502(GCmain)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ OverviewDespite a “Santa Claus Rally” not materializing, the S&P500 ended the trading year up 23%, after rising 24% in 2023. This back-to-back performance is the best since 1997 and 1998.
      1.67K1
      Report
      Economic and Market Review December 2024
    • Building_BenjaminsBuilding_Benjamins
      ·01-01

      Shift to Smoke-Free Sparks Steady Dividend Growth

      4.5% dividend yield, 16 consecutive years of dividend growth.Renewed interest in the US market, bringing new IQOS products to market in the second half of 2025 and continued investment in the Zyn brand.Plans to re-institute share repurchase program after reaching 2.0x net debt to EBITDA target, currently 3.0x.Smoke-free nicotine products have 2.6x the gross margin per unit compared to cigarettes.Brand-loyalty in cigarettes has meant price increases have offset or even exceeded volumes.Investment Thesis $Philip Morris(PM)$ was formed in 2008 when $Altria(MO)$ spun out its international segment. Since then, PM has grown to be the largest public tobacco company in the world by volume, holding 14.0% market share
      1.51K1
      Report
      Shift to Smoke-Free Sparks Steady Dividend Growth
    • Building_BenjaminsBuilding_Benjamins
      ·2024-12-25

      Onshoring Brightens Canadian Solar’s Future

      Trading at far less than the sum of its parts, with Recurrent Energy and CSI Solar combined being worth $89.89 per CSIQ share.Sold 20% of utility-scale project manager to Blackrock, repositioning it to begin operating battery-storage and solar-generation to enhance recurring revenues.The global push toward renewable energy is secular and likely to accelerate as AI-driven datacenter demand rises.Onshoring more of the manufacturing base to the US will mitigate tariff risks in both batteries and solar.CSI Solar has shipped over 22 GW of solar components year to date, making it the #5 spot in global market share.Investment Thesis $Canadian Solar(CSIQ)$ is a solar power company that designs and manufactures solar power solutions and provides utility-le
      817Comment
      Report
      Onshoring Brightens Canadian Solar’s Future
    • Building_BenjaminsBuilding_Benjamins
      ·2024-12-17

      Civitas Continues to Deliver Peer-leading Free Cash

      4.2% base dividend, 50% of free cash flow going toward share repurchases.Colorado regulatory uncertainties have historically pressured valuations, but the early 2024 agreement has delayed major risks until 2028.Civitas has partially shifted to the Permian Basin, emphasizing cost reduction in drilling operations rather than outright production gains.Still some minor expansion in DJ Basin, advancing with 4-mile lateral drills in premium-priced high-grade oil.Investment Thesis $Civitas Resources(CIVI)$ was formed in 2021 through the merger of two Colorado DJ Basin Pure Players, Bonanza Creek and Extraction Oil and Gas. Since then, it has become the second largest producer in the DJ Basin and has recently expanded operations into the Permian Basin in
      678Comment
      Report
      Civitas Continues to Deliver Peer-leading Free Cash
    • Building_BenjaminsBuilding_Benjamins
      ·2024-12-14

      Bath and Body Works Has Long Term Earnings Potential

      2.2% Dividend YieldLoyal customer base, with loyalty members making up 80% of sales.85% of the supply chain originated in North America, mitigating tariff risk.Produces 55% of its end products in-house, with 40% of products on offer being seasonal only.Peer leader in sales per square foot with $1,074/sqft in sales.Expanding into ‘adjacent’ markets like products marketed at men and products marketed to Gen Z to boost new-customer growth.Investment Thesis $Bath & Body Works Inc.(BBWI)$ is a North American chain of home-good stores specializing in scented products and self-care. BBWI was formed after L Brands spun off Victoria’s secret into its own publicly traded entity (VSCO), with L Brands changing its name to Bath and Body Works. In recent ye
      3.27KComment
      Report
      Bath and Body Works Has Long Term Earnings Potential
       
       
       
       

      Most Discussed

       
       
       
       
       

      Company: TTMF Limited. Tech supported by Xiangshang Yixin.

      Email:uservice@ttm.financial