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Tenneco: An Ascending, Wealth Creating Strategic Trajectory
- High switching costs and significant barriers to entry.
- Consistent technological innovation mindset.
- Rock-solid performance spreads.
IBM: The Best Entry Point Is Now
- IBM is undervalued.
- IBM has been able to increase its performance spread in four of the last five years and to maintain a spread of over 10 percentage points.
- IBM possesses sustainable competitive advantages.
- The market value of IBM’s total capital is lower than the value coming from the current operations, the most confident part of its value.
- A new investor in IBM gets the value of its future growth opportunities for free.
Pfizer To Buy Hospira At A Premium Of More Than 100% Above Its Intrinsic Value
- An overpaid unavoidable acquisition.
- An expected positive impact on the performance spread.
- The future growth value of this acquisition is already discounted in Hospira’s share price.
Staples To Buy Office Depot At An Insane Price
- Staples (SPLS) and Office Depot (ODP) are not superior companies, i.e. companies that have enduring competitive advantages.
- The offer value of $11.00 for Office Depot (ODP) by Staples (SPLS) is greatly exaggerated on the basis of a simple analysis of intrinsic value.
- The offer price of $11.00 for Office Depot (ODP) could only be obtained under unrealistic scenarios.
The Price Paid By Royal Bank Of Canada For City National Is Onerous
- City National Corporation and Royal Bank of Canada announced January 22, 2015 a definitive agreement by which Royal Bank of Canada will acquire all outstanding shares of City National Corp.
- Is there a case of insider trading here?
- Why the price paid by Royal Bank of Canada could be immensely onerous.
IBM: How To Get The Company's Growth Options Without Paying For Them
- How to get IBM’s growth options for free.
- IBM maintains the ascending trajectory of its performance spread.
- IBM enhances its competitive advantage.
- IBM is roughly undervalued.
Deere & Co.: Focus On Future Harvests
- Deere & Co. (DE) is undervalued and Caterpillar (CAT) is overvalued.
- The performance spreads of DE are superior to the ones of CAT.
- The market value of total capital of DE comes mainly from its current operating value whereas the one of CAT comes from its future growth value and thus, is riskier.
- The economic value added per share of DE has grown regularly from $0.56 to $2.75 in the last four years.
- We prefer DE to CAT using our proprietary data and our own valuation methodology based on the integration of the economics of strategy and the principles of modern corporate finance.
- Applied Materials, Inc: 'The Most Important Company Nobody Knows About'
- Dell Offer: The Price Is Not Right
- IBM: The Future Is Bright
- IBM: No Limits To Growth
- Schulman Bid For Ferro: The Price Is Right
- Searching For Alphas
- The Heinz Buyout: Is It A Good Deal?
- Ball Corporation: A True Sustainable Enterprise
- How To Find Leaders In Sustainable Value Creation