It was a great week. I just cannot do daily performance checks, but I will try do do weekly updates. For the week we were up 5.39% compared to the S&P 500 of 1.47%. Morningstar has a mid-cap value index that was up 3.55% We got a nice upgrade from a small broker, Cowen, on Molson-Coors. I thought Cowen only followed technology stocks. Then I saw that Cowen had recently been acquired by the Canadian bank TD Bank (Toronto-Dominion). There thesis is that TAP’s low priced beer portfolio is well positioned for the coming depression. We might all need some cheap beer.
I agree that the reaction to WBA earnings was a puzzler.. The stock is trading at an undemanding 8X EPS. Has been a terrible performer for 7 years (down 60%) and operating earnings are also down 60% over that time. New strategy and acquisitions are intriguing and they still have a lot of AmerisourceBergen shares they can sell. Investors these days hate the "big decline in earnings this quarter, but we promise a huge rebound by end of year" companies. But again, at 8X EPS it won't take much to see modest multiple expansion 10-11X if things go "better than feared".
New CEO with impressive background, but not a lot of turnaround experience.
Walgreens Boots Alliance, Inc.
Rosalind G.
Brewer
●Chief Executive Officer and Director (March 2021-Present)
Spelman College
●Chairperson, Board of Trustees
Starbucks Corporation, a global food and beverage company
●Director (March 2017-February 2021)
●Group President, Americas and Chief Operating Officer (October 2017-February 2021)
Walmart Inc., a global retailer
●President and Chief Executive Officer, Sam’s Club (February 2012-February 2017)
●Executive Vice President and President, East Business Unit (February 2011-January 2012)
●Executive Vice President and President, Walmart South (February 2010-February 2011)
●Senior Vice President and Division President, Southeast Operating Division (March 2007-January 2010)
●Regional General Manager, Georgia Operations (2006-February 2007)
Kimberly-Clark Corporation, a global health and hygiene products company
●President, Global Nonwovens Division (2004-2006)
●Various management positions (1984-2006)
Another impressive new board member
Bryan C. Hanson
Professional Experience
Zimmer Biomet Holdings, Inc., a manufacturer of medical devices
●Chairman of the Board (2021-Present)
●President and Chief Executive Officer (2017-Present)
Medtronic plc, a medical device company
●Executive Vice President and Group President, Minimally Invasive Therapies Group (2015-2017)
Covidien, a medical supplier company
●Group Vice President, Covidien (2014-2015)
●Group President, Medical Devices & U.S. (2013-2014)
●Group President, Surgical Solutions and President, Energy-based Devices (2011-2013)
I agree that the reaction to WBA earnings was a puzzler.. The stock is trading at an undemanding 8X EPS. Has been a terrible performer for 7 years (down 60%) and operating earnings are also down 60% over that time. New strategy and acquisitions are intriguing and they still have a lot of AmerisourceBergen shares they can sell. Investors these days hate the "big decline in earnings this quarter, but we promise a huge rebound by end of year" companies. But again, at 8X EPS it won't take much to see modest multiple expansion 10-11X if things go "better than feared".
New CEO with impressive background, but not a lot of turnaround experience.
Walgreens Boots Alliance, Inc.
Rosalind G.
Brewer
●Chief Executive Officer and Director (March 2021-Present)
Spelman College
●Chairperson, Board of Trustees
Starbucks Corporation, a global food and beverage company
●Director (March 2017-February 2021)
●Group President, Americas and Chief Operating Officer (October 2017-February 2021)
Walmart Inc., a global retailer
●President and Chief Executive Officer, Sam’s Club (February 2012-February 2017)
●Executive Vice President and President, East Business Unit (February 2011-January 2012)
●Executive Vice President and President, Walmart South (February 2010-February 2011)
●Senior Vice President and Division President, Southeast Operating Division (March 2007-January 2010)
●Regional General Manager, Georgia Operations (2006-February 2007)
Kimberly-Clark Corporation, a global health and hygiene products company
●President, Global Nonwovens Division (2004-2006)
●Various management positions (1984-2006)
Another impressive new board member
Bryan C. Hanson
Professional Experience
Zimmer Biomet Holdings, Inc., a manufacturer of medical devices
●Chairman of the Board (2021-Present)
●President and Chief Executive Officer (2017-Present)
Medtronic plc, a medical device company
●Executive Vice President and Group President, Minimally Invasive Therapies Group (2015-2017)
Covidien, a medical supplier company
●Group Vice President, Covidien (2014-2015)
●Group President, Medical Devices & U.S. (2013-2014)
●Group President, Surgical Solutions and President, Energy-based Devices (2011-2013)