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Recent Articles
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Nvidia Delivers in Fiscal Fourth Quarter
Feb 26, 2025
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Image Source: Nvidia.
Looking to its first quarter of fiscal 2026, Nvidia's revenue is expected to be $43 billion, plus or minus 2% (consensus was $42.05 billion), with GAAP and non-GAAP gross margins expected to be 70.6% and 71%, respectively, plus or minus 50 basis points. Nvidia ended its fiscal year with $43.2 billion in cash and cash equivalents, while long-term debt was $8.5 billion. Free cash flow was $15.6 billion in the quarter and $60.9 billion for the fiscal year. The high end of our fair value estimate range stands at $180 per share.
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Public Storage Impacted by California Wildfires
Feb 25, 2025
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Image Source: Public Storage.
Looking to 2025, Public Storage expects revenue growth in the range of -1.3%-0.8%, with net operating income growth in the range of -2.9%-0.2%. On a consolidated basis, non-same store net operating income is expected to be between $444-$464 million, while ancillary net operating income is expected to be between $198-$203 million. Funds for development openings is targeted at $370 million with maintenance of real estate facilities and energy efficiencies expected at $150 million and $50 million, respectively. Core FFO per share is expected to be between $16.35-$17.00 (below the consensus forecast of $17.18), implying growth of -1.9%-2% on a year-over-year basis. The wildfires in Southern California in early 2025 will negatively impact core FFO for 2025 by $0.23 on both the low-end and high-end of its guidance range.
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Domino’s Remains a Key Idea in the Best Ideas Newsletter Portfolio
Feb 25, 2025
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Image: Domino’s shares have advanced nicely since the beginning of 2023.
For fiscal 2024, net cash provided by operating activities increased 5.8% on a year-over-year basis, while capital expenditures expanded 7.1%, resulting in free cash flow growth of 5.5%, to $512 million. The company experienced global net store growth of 775 for fiscal 2024, and we continue to like Domino’s future growth prospects. During the fourth quarter, the company repurchased a total of $112 million in stock, and as of December 29, had total remaining buyback authorization of $814.3 million. We like Domino’s long-term picture and include the firm as a holding in the Best Ideas Newsletter portfolio.
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Energy Transfer Now Covers Distributions with Free Cash Flow
Feb 22, 2025
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Image Source: Energy Transfer.
Energy Transfer announced a quarterly cash distribution of $0.3250 per common unit during the fourth quarter (3.2% higher than the fourth quarter of 2023), a distribution that was well-covered by distributable cash flow in the period. At the end of the quarter, Energy Transfer had $2.21 billion of available borrowing capacity. For 2024, Energy Transfer hauled in $11.5 billion in cash from operating activities and spent $4.2 billion in capital expenditures, resulting in free cash flow of $7.3 billion, in excess of the $6.4 billion it distributed to partners, noncontrolling interests, and redeemable noncontrolling interests. We like Energy Transfer’s newfound free cash flow coverage of the payout.
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