NOV was the only contributor to performance

Long_Equity
05-01

Portfolio at the end of April 2024.

April performance: -5.7%

YTD performance: 11.0%

FCF ROC = 35%

FCF per share CAGR (5yr) = 22%

FCF linearity (5yr) = 0.90

FCF Margin Expansion (5yr) = 5%

FCF Yield = 2.95%

Interest expense = 6% of operating profit

Change in share count (5yr) = -9%

If FCF per share keeps growing in the high teens, then it’s a fair price to pay for quality.

There were no outright sales or purchases. $Novo-Nordisk A/S(NVO)$ was the only contributor to performance. The top detractors from performance were $MSCI Inc(MSCI)$ and $Cadence Design(CDNS)$ .

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https://twitter.com/long_equity/status/1785424822237106511

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  • BonnieHoyle
    ·05-07
    FCF yield seems low at 2.95%.
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