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Recent Articles
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FedEx Reduces Fiscal 2025 Outlook
Sep 20, 2024
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Image: FedEx’s shares have bounced back from the October 2022 lows, but its fiscal 2025 outlook disappointed the Street.
FedEx’s revised outlook left a lot to be desired. The company now expects fiscal 2025 revenue growth to be in the low single digits, compared to a previous expectation of low-to-mid single digits. Earnings per diluted share before the mark-to-market retirement plans accounting adjustments is now expected in the range of $17.90-$18.90 versus a prior forecast of $18.25-$20.25 per share. Also excluding costs related to business optimization initiatives, fiscal 2025 earnings per share is targeted in the range of $20.00-$21.00 per share compared to its prior forecast of $20.00-$22.00 per share, the midpoint below consensus of $20.93 per share. Shares yield 1.8%.
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Dividend Increases/Decreases for the Week of September 20
Sep 20, 2024
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Let's take a look at firms raising/lowering their dividends this week.
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Brain Teaser - Reflexive versus Reflective
Sep 19, 2024
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Image: Amy Leonard.
Valuation multiples tend to trigger the reflexive side of our brain, and we process the multiples through anchoring. On the other hand, enterprise valuation, or the process required to answer the questions (in this article) correctly, shows that our reflexive process can be quite incorrect at times. In fact, cognitive biases such as anchoring can completely trip us up into missing out on truly undervalued companies that may have high P/E ratios while baiting us into value traps with low P/E ratios.
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Korn Ferry’s Margin Performance Impressive in Fiscal First Quarter
Sep 16, 2024
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Image: Korn Ferry’s shares have bounced nicely since its bottom in late 2023.
Looking to the second quarter of fiscal 2025, Korn Ferry's fee revenue is expected in the range of $655-$685 million, while adjusted diluted earnings per share is expected to be between $1.14-$1.26. Though Korn Ferry faced pressure in Professional Search and RPO during its fiscal first quarter, we liked the improvement in Executive Search fee revenue, as well as its margin expansion, which was material in the period. Our fair value estimate for Korn Ferry stands at $78 per share. Shares yield 2.1%.
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