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Dr. Jacques Saint-Pierre  

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  • Tenneco: An Ascending, Wealth Creating Strategic Trajectory
    Editors' Pick • Mon, Feb. 23 TEN Comment!

    Summary

    • High switching costs and significant barriers to entry.
    • Consistent technological innovation mindset.
    • Rock-solid performance spreads.
  • IBM: The Best Entry Point Is Now
    Mon, Feb. 16 IBM 68 Comments

    Summary

    • 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
    Tue, Feb. 10 PFE 3 Comments

    Summary

    • 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
    Fri, Feb. 6 ODP, SPLS 7 Comments

    Summary

    • 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
    Mon, Jan. 26 RY, CYN 4 Comments

    Summary

    • 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
    Editors' Pick • May. 30, 2014 IBM 46 Comments

    Summary

    • 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
    May. 19, 2014 DE 6 Comments

    Summary

    • 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'
    Sep. 9, 2013 AMAT 14 Comments
  • Dell Offer: The Price Is Not Right
    Jul. 9, 2013 DELL 11 Comments
  • IBM: The Future Is Bright
    May. 13, 2013 IBM 6 Comments
  • IBM: No Limits To Growth
    Mar. 17, 2013 IBM 14 Comments
  • Schulman Bid For Ferro: The Price Is Right
    Mar. 11, 2013 FOE, SHLM 2 Comments
  • Searching For Alphas
    Mar. 5, 2013 CAG, CPB, GIS 10 Comments
  • The Heinz Buyout: Is It A Good Deal?
    Feb. 25, 2013 HNZ 2 Comments
  • Ball Corporation: A True Sustainable Enterprise
    Jan. 30, 2013 BLL 3 Comments
  • How To Find Leaders In Sustainable Value Creation
    Jan. 23, 2013 PII 1 Comment