Stock Thoughts


Franchise Group is Franchising Cash

• 4.1% dividend yield poised to grow.
• Free cash flow machine and compelling valuation.
• Broad investment portfolio of strong, profitable brands.
• Strategy to acquire, develop and franchise brands.
• Brands Operating within growing markets with large total-addressable-market sizes.
• Significant recovery from COVID-19 and rapidly increasing profitability and free cash flow


Fiserv’s Economies of Scale are a Valuable Asset

• Growth of earnings in low teens, Compelling valuation.
• Strategic partnerships and acquisitions to expand services offered to clients.
• Foothold in developing economies in LATAM and APAC, including a 65% credit processing market share in India.
• Top market share for payment processors, with nearly 4 in 10 point of sale transactions being settled through Fiserv.


Walgreens Boots Future Looks Healthy

• 3.8% Dividend Yield, compelling valuation.
• Fantastic free cash flow, enabled by omnichannel distribution and sustainable expansion.
• Broad investment portfolio, including a significant stake in the emerging Chinese market.
• Plans to expand franchising opportunities across Asia and the Middle East.


DXC Transforming from Value to Growth

• Compelling Valuation
• The “NEW” DXC is strategically positioned for growth stabilization and subsequent acceleration.
• New management team leads to a cultural shift and record-high employee satisfaction.
• Nearly half of all Fortune 500 firms contract DXC across 650,000 servers and 3,000 petabytes of data.
• Benefiting from move to the cloud and permanent remote work.


Artisan Partners Artistically Adds Value to Clients and Shareholders

• High 8.5% dividend yield.
• Innovative “autonomous” business model for teams managing investment strategies.
• 15% AUM (Assets Under Management) annualized growth, up to $170 billion AUM since 2009.
• Nearly 50-50 split between separately managed accounts and mutual fund offerings (in terms of AUM).


Silvercrest a Valuable Asset with 4.5% Yield

• Impressive Assets Under Management (AUM) growth of 31% compounded to $31 Billion.
• 815 clients with an average of $34 million in investments.
• 4.5% dividend yield.


Perion’s Market Grows as Consumers Switch to Online

• Over 500 advertising partners, 200 publishers, and 8 billion page views in 2020.
• Massive 82% increase in total revenue, 67% increase in the number of clients.
• AI-powered solutions to a traditionally “analog” industry.
• The total addressable market (TAM) is expected to climb to $524 billion by 2024, from $340 billion in 2020.


High Dividend Yield with Growth from Global Recovery

• 7.6% dividend increase, hitting 4.4% yield.
• Global reach in the petrochemical value chain, including joint ventures in the US and China.
• Record quarterly revenue reported in Q2 2021.
• Largest manufacturer in the world of multiple key petrochemicals and materials used in consumer goods.
• Ambitious and promising ESG goals, joint recycling venture with SUEZ.


Viatris Becomes Off-Patent Powerhouse

• Free Cash Flow (FCF) Yield of 13%.
• In our opinion, operational cost synergies from the merger of Pfizer’s Upjohn unit and Mylan will drive FCF by 50% by 2024.
• Operations in 165 countries, with a strong footing in developing markets, including China.
• Robust FCF will fund $6.5 billion in debt reduction and higher dividends.
• 3% dividend yield is poised to grow.


Barrick Gold Promises to Shine

• Second largest gold mining firm by output in the world.
• Global footprint, with major operations globally.
• Efficiency and sustainability initiatives for existing and formerly closed mines.
• Recent management shuffle has changed the direction of the firm to be more ESG friendly.

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