Seeking Alpha

The Value Investor

 
View as an RSS Feed
View The Value Investor's Articles BY TICKER:
A, AA, AAOI, AAP, AAPL, AB, ABB, ABBV, ABT, ACHC, ACM, ACN, ACOM, ACT, ACTV, ADBE, ADI, ADM, ADPT, ADSK, ADTN, AEO, AEP, AET, AGIO, AGN, AIG, AKAM, AKRX, ALB, ALLY, ALTE, AMAT, AMBA, AMBR, AMC, AMD, AMGN, AMSG, AMT, AMZN, AN, ANEN, ANET, ANF, ANFI, ANGI, ANN, ANR, APA, APC, APFC, APKT, APO, APOL, AR, ARB, ARBA, ARMK, ARO, ARPI, ARUN, ASCA, ASNA, ASPN, ASTC, ATEN, ATI, ATK, AVA, AVAV, AVGO, AVP, AXP, AZN, AZO, AZZ, BA, BAC, BAH, BATS, BAX, BBBY, BBEP, BBRY, BBY, BCC, BCR, BCS, BEAM, BERY, BFAM, BHI, BID, BIG, BIND, BIO, BKI, BKR, BKS, BLMN, BLOX, BMC, BMY, BNFT, BNNY, BP, BRC, BRCD, BRCM, BRDR, BRLI, BRS, BRSS, BSX, BTU, BURL, BYI, C, CA, CAG, CAH, CAMP, CAR, CASY, CAT, CBF, CBOU, CBS, CBSO, CBST, CCI, CCL, CCS, CDNS, CECO, CERN, CFN, CHD, CHDN, CHGG, CHK, CHRW, CHS, CHSI, CHTR, CHUY, CIEN, CL, CLB, CLF, CLGX, CLH, CLR, CLVS, CMCSA, CMCSK, CMG, CMI, CMLS, COH, COL, COMM, CONE, COO, COP, COST, COTY, COUP, COV, COVS, CPB, CPN, CPTS, CPWR, CREE, CRM, CROX, CS, CSC, CSCO, CSTM, CTB, CTLT, CTRL, CTSH, CTXS, CUDA, CVG, CVS, CVT, CVX, CXO, CY, CYH, CYNI, CYNO, CYT, D, DAR, DATA, DD, DDD, DE, DECK, DELL, DF, DFRG, DFS, DG, DHR, DIOD, DIS, DISH, DKL, DLTR, DMND, DNKN, DOLE, DOW, DOX, DPZ, DRI, DRIV, DRQ, DUF, DUK, DVN, EBAY, ECL, ECOM, ECR, ED, EDG, EGL, EL, ELOQ, EMC, EME, EMN, EMR, ENDP, EOG, EOPN, EPE, EPZM, ESL, ESNT, ESRX, ETN, EVHC, EXPE, EXTR, F, FANG, FAST, FATE, FB, FCX, FDO, FDX, FE, FEYE, FFIV, FI, FIATY, FICO, FINL, FIO, FIRE, FIVE, FIVN, FL, FLEX, FLTX, FMI, FNB, FNSR, FOE, FOSL, FOXF, FPRX, FRAN, FRX, FSLR, FTR, FUEL, FXCM, GBX, GCI, GE, GES, GILD, GIMO, GIS, GLT, GLW, GM, GMCR, GME, GMED, GNC, GNTX, GNW, GOGO, GOOG, GOOGL, GPC, GPN, GPRO, GPS, GRPN, GRUB, GS, GSK, GT, GTI, GTIV, GWAY, GWRE, HAIN, HAL, HAR, HAS, HAWK, HBI, HCP, HD, HELE, HES, HITT, HIVE, HL, HLF, HLT, HMA, HMHC, HNZ, HOG, HON, HPQ, HQY, HRB, HRC, HRL, HSH, HTLD, HTZ, HUM, HUN, IBM, ICGE, ICPT, IHS, ILMN, IMAX, IMPR, IMS, INT, INTC, INTU, IR, ISRG, ITT, ITW, JAH, JAZZ, JBHT, JBL, JCI, JCP, JDAS, JDSU, JEC, JMBA, JNJ, JNS, JOY, JPM, JWN, K, KATE, KBH, KBIO, KDN, KING, KKD, KMB, KMX, KO, KORS, KR, KRFT, KS, KSS, KWK, KYAK, KYTH, LEAF, LEN, LGF, LGIH, LGP, LINE, LKQ, LLY, LMIA, LMNS, LMT, LNKD, LOCK, LOCO, LOW, LPDX, LPX, LQ, LUK, LULU, LUV, LVLT, LVS, LXK, M, MA, MAA, MAT, MBLY, MC, MCD, MCK, MDLZ, MDP, MDR, MDT, MET, MFGLQ, MGNX, MHFI, MHK, MIDD, MIK, MKL, MKTO, MLNX, MMI, MMM, MNST, MO, MOBL, MODN, MOLX, MON, MONT, MOS, MPC, MPLX, MPO, MRC, MRIN, MRK, MRKT, MRO, MRVL, MS, MSFT, MSM, MTB, MTH, MTLS, MU, MUR, MVNR, MW, MWW, MXIM, MYL, NAV, NBHC, NBTB, NCFT, NDAQ, NDLS, NFLX, NGVC, NHI, NIHD, NKE, NLSN, NMBL, NOV, NPBC, NTAP, NTSC, NUAN, NUS, NUVA, NVDA, NVE, NVGS, NWL, OLED, OMC, OMED, OMI, ONNN, OPHT, OPWR, ORCL, OUTR, OVTI, OXY, P, PACW, PAHC, PANW, PAY, PAYC, PAYX, PBI, PBPB, PCLN, PCP, PDCO, PE, PEGI, PEP, PETM, PF, PFE, PFMT, PG, PGEM, PII, PKG, PLCM, PLL, PM, PNK, PNR, PNRA, POL, POST, POT, PPG, PRGO, PSMI, PSX, PTC, PX, PXD, Q, QCOM, QCOR, QLYS, QSFT, RAD, RAH, RAX, RBGPF, RBN, RDS.A, REV, RGLS, RGP, RH, RHT, RIG, RKUS, RL, RNG, ROC, ROP, ROSE, ROST, RPAI, RPM, RRGB, RS, RSH, RUBI, RVBD, S, SABR, SALE, SAP, SBGI, SBUX, SC, SCAI, SCCO, SCHN, SCI, SCTY, SD, SDRL, SE, SEAS, SERV, SF, SFD, SFLY, SFM, SGMS, SHAW, SHLD, SHLM, SHPG, SHW, SIX, SJM, SKS, SKUL, SLB, SLXP, SMLP, SN, SNDK, SNX, SO, SODA, SPLK, SPLS, SPRD, SPTN, SPW, SPWH, SRC, SRPT, SSNI, SSNLF, SSTK, SSYS, ST, STAY, STBFY, STCK, STL, STT, STX, STZ, SVU, SWFT, SWHC, SWM, SXE, SYF, SYK, SYMC, SYNA, SYY, T, TAM, TAP, TCPI, TCS, TEG, TEL, TEVA, TFM, TGT, THC, THO, THRD, THRX, THS, TIBX, TIF, TJX, TMK, TMO, TMUS, TNDM, TNET, TOL, TPH, TPX, TRAK, TRLA, TRMB, TRN, TRNX, TSCO, TSLA, TSO, TWC, TWOU, TWTR, TXN, TXT, TXTR, TZOO, UA, UBNT, ULTA, UMPQ, UNFI, UNH, UNP, UNS, UPL, UPS, URBN, USB, UTX, V, VAL, VALE, VCR, VCYT, VEEV, VIA, VIAB, VLO, VLTR, VMC, VMEM, VMW, VNCE, VNR, VOD, VOYA, VRA, VRNS, VRNT, VRS, VRX, VZ, WAG, WBMD, WBSN, WCN, WDAY, WDC, WEC, WEX, WFC, WFM, WHR, WINN, WLB, WLH, WLK, WLL, WLP, WMS-OLD, WMT, WOR, WSM, WSTC, WTW, WWAV, WWWW, WYNN, X, XCO, XCRA, XLRN, XOM, XON, XONE, XOOM, XPO, YELP, YHOO, YUM, YUME, Z, ZEN, ZLC, ZMH, ZNGA, ZOES, ZOLT, ZTS, ZU
  • Stryker - Strikes Again After Announcing Yet Another Acquisition This Year
    Tue, Jul. 1 SYK 3 Comments

    Summary

    • Stryker acquires some assets from Small Bone Innovations in yet another small deal.
    • The company has a solid long-term growth track record, is very profitable and has a strong balance sheet.
    • Shares offer appeal on significant dips, as investors cannot blindly rely on non-GAAP earnings.
  • PPG Industries - Acquires Comex, Yet Limited Appeal After Huge Momentum
    Tue, Jul. 1 PPG Comment!

    Summary

    • PPG acquires Mexican-based Comex after its deal with Sherwin-Williams fell apart.
    • Investors are cautiously optimistic on the back of relatively sizable synergy estimates.
    • PPG has been on a great run, I see little appeal for the shares at current levels.
  • DuPont - The Latest Profit Warnings Just Show The Need For Restructuring
    Tue, Jul. 1 DD 8 Comments

    Summary

    • DuPont issues a modest profit warning for 2014.
    • The warning once more underlines the need for focus and speeding up of the transformation process.
    • Shares offer appeal for dividend collectors, yet long term track record and appeal is modest.
  • 3 Large U.S. Corporations Set To Publish Earnings The Week Of June 30th
    Mon, Jun. 30 AYI, PAYX, STZ.B Comment!

    Summary

    • It will be a quiet week in terms of earnings being released by corporate America this week.
    • Despite an empty agenda a few large but relatively unknown companies are scheduled to release earnings.
    • Please consider the risks when investing in shares over earnings, only maintain positions if you are a long-term investor.
  • Trinity Industries - Acquisition Of Meyer Reduces The Reliance On The Railcar Business
    Mon, Jun. 30 TRN 6 Comments

    Summary

    • Trinity Industries expands into the utility steel structure business.
    • This is a move which will reduce the reliance upon the cyclical railcar business.
    • After the huge momentum witnessed over the past year, I am a bit cautious to jump on the bandwagon.
  • Materialise - Disappointing Offering From This Belgian-Based 3-D Printing Business
    Mon, Jun. 30 MTLS 11 Comments

    Summary

    • Materialise went public last week, in what has been a disappointing public offering.
    • Earnings are the main pro, yet revenue growth is low, especially in comparison to a fast-growing industry.
    • I will watch this stock from the sidelines.
  • Nike - Winning Streak Continues, Aided By World Cup Momentum
    Mon, Jun. 30 ADDYY, NKE 4 Comments

    Summary

    • Nike reports very strong fourth-quarter results, beating consensus estimates again.
    • The company expects the World Cup to drive momentum into the start of 2015.
    • Long-term growth targets and outlook support the price, yet appeal is limited at this premium valuation.
  • Adeptus Health - Successful Offering Of This Rapidly Growing Emergency Room Operator
    Mon, Jun. 30 ADPT Comment!

    Summary

    • Adeptus Health went public last week in what has been a very successful public offering.
    • Investors like the rapid growth and continued good growth prospects.
    • Yet the rapid growth and lack of earnings are a few concerns of mine.
  • Imprivata - Successful Debut Of This Patient Care Provider
    Sun, Jun. 29 IMPR Comment!

    Summary

    • Imprivata, the authentication and access management provider saw a successful public debut last week.
    • Shares jumped up as investors are pleased with the solid and accelerating revenue growth.
    • Losses, key dependence on one product and potential changes of technology could hurt its future prospects.
  • Owens & Minor - Finally Some Action Following The Acquisition Of Medical Actions Industries
    Sun, Jun. 29 MDCI, OMI 3 Comments

    Summary

    • Owens & Minor acquires Medical Action Industries.
    • A 95% premium is high, but justified given the sizable synergy estimates.
    • The deal fits within the long term strategy to boost margins, yet shares are already fairly valued.
  • TCP International: Opportunities And Risks In This LED-Based Offering
    Fri, Jun. 27 TCPI Comment!

    Summary

    • TCP International operates in the rapidly growing market for LED and CFL lighting.
    • The company grows quickly and is profitable.
    • After a disappointing offering, the appeal has improved, yet key risks remain.
  • ServiceMaster - Disappointing Public Offering For This Debt-Loaded Private Equity 'Exit'
    Fri, Jun. 27 SERV 2 Comments

    Summary

    • ServiceMaster witnesses a disappointing public offering.
    • Investors shun shares on the back of the high debt position, despite the steady and solid operating business.
    • This market is clearly distinguishing between promising IPOs and exit opportunities being created by private equity firms.
  • IMS Health - Cegedim Acquisition Is A Steal
    Fri, Jun. 27 IMS Comment!

    Summary

    • IMS Health makes a stellar deal by acquiring Cegedim.
    • A sizable valuation discount and huge synergies improve appeal and send shares higher.
    • Yet the overall valuation is high amidst a leveraged balance sheet, low earnings and a demanding valuation.
  • GoPro - Caution As The IPO Hype Has Pushed Up The Valuation
    Fri, Jun. 27 GPRO 20 Comments

    Summary

    • GoPro witnesses a very successful public offering.
    • Questions arise over recent growth rates and the transition into a media/content company.
    • Valuation is quite high on earnings multiples after the first day jump.
  • Hanesbrands - An Astonishing Good Deal, Yet Appeal Is Limited After Shares Have Doubled Already
    Fri, Jun. 27 HBI 4 Comments

    Summary

    • Hanesbrands makes a great deal by acquiring DBApparel.
    • The deal is already attractive on the stand-alone financials, yet synergy potential is enormous.
    • Despite this great deal and last year's deal, shares are a bit pricey after having nearly doubled over the past year.
  • What You Need To Know About Easier Condensates Export Legislation
    Thu, Jun. 26 XOP, IEO, PXE 7 Comments

    Summary

    • The U.S. Commerce Department allowed more U.S. oil exports this week.
    • The decision is great news for domestic oil exploration and production companies.
    • While pain is inflicted on refineries, the move can really change the industry structure in the coming years.
  • Alcoa - Transformation To Aerospace Continues After Acquiring Firth Rixson
    Thu, Jun. 26 AA 8 Comments

    Summary

    • Alcoa acquires Firth Rixson in a nearly $3 billion deal.
    • The deal adds growth, higher and steady margins and further expansion into the fast growing aerospace business.
    • After the huge run so far in 2014 and over the past year, I am cautious to jump on the bandwagon.
  • Web.com - Google's Announcement Triggers An Unavoidable Sell-Off
    Wed, Jun. 25 GOOGL, GOOG, WWWW Comment!

    Summary

    • Web.com loses a fifth of its market value after Google contemplates entering the market for domain names.
    • A potential entry of the search giant would have potentially devastating implications.
    • Irrelevant of the decision made by Google, shares of Web.com are expensive given the lack of earnings, high debt and low entry barriers.
  • Eclipse Resources - Many Risks And Uncertainties In This Very Disappointing Public Offering
    Wed, Jun. 25 ECR 8 Comments

    Summary

    • This independent exploration and production company in the Appalachian Basis saw a very disappointing public offering.
    • Its huge multi-billion market capitalization is a bet on the future, as the company still has very tiny operations.
    • There are a myriad of risks and reasons for me to avoid this offering, I will keep a close eye on production growth going forward.
  • Monsanto - All-Time Highs Are In Sight After A Good News Show
    Wed, Jun. 25 MON 2 Comments

    Summary

    • Monsanto reported third quarter results which were roughly in line with expectations.
    • The company is upbeat about the final quarter of the year, and has set aggressive targets which call for earnings per share to double by 2019.
    • Management announces a huge $10 billion share repurchase program, as a tax-motivated deal with Syngenta appears to have broken down.
    • The future roadmap provides visibility and supports a premium current valuation. Despite this, a lot of good news has already been priced in already.
  • Endo International - Why Either A Short Or Long Position Is Too Risky For Me
    Wed, Jun. 25 VRX, ENDP Comment!

    Summary

    • Endo International acquires DAVA in a deal with a potential value of $600 million.
    • The deal seems fine and corresponds to the recently adjusted strategy.
    • CEO De Silva appears to copy Valeant's acquisition-based strategy combined with a lean business model.
    • His past ties to Valeant could make Endo a target itself, I shun the shares given the aggressive accounting and valuation.
  • General Mills - Poor End To 2014 As 2015 Will Be Difficult
    Wed, Jun. 25 GIS 10 Comments

    Summary

    • General Mills reports an unexpected fall in fourth quarter sales.
    • Sees more weakness in 2015 as cost inflation picks up.
    • Management is taking measures to boost sales and cut costs.
    • General Mills is still a prime long term dividend investment, yet appeal is limited in the short to medium term.
  • Abbott Laboratories: Recent Emerging Market Acquisitions Boost Growth Profile
    Tue, Jun. 24 ABBV, ABT 3 Comments

    Summary

    • Abbott Laboratories announces the second deal in as many months.
    • This should boost growth and improve its growth profile as it expands even more into emerging markets.
    • Despite the improved growth appeal, diversification and strong financial position, I am cautious given the quality of adjusted earnings.
  • Wisconsin Energy - Implications Of The Latest Big Energy Deal
    Tue, Jun. 24 TEG, WEC 13 Comments

    Summary

    • Wisconsin Energy acquires Integrys Energy Group in a $9.1 billion deal.
    • Investors react very cautious, as the deal is driven by the need for capital, scale and diversification. The primary objective are not synergies, although they can be reasonably expected.
    • Solid projected earnings growth and anticipated dividend hikes should comfort investors.
  • Walgreen - Bad News Show Warrants A Bigger Short-Term Correction
    Tue, Jun. 24 WAG 9 Comments

    Summary

    • Walgreen has some bad news for investors: the company saw soft operating performance, while the Alliance Boots deal discussions are problematic.
    • Investors stand to receive an update about the potential deal for the 55% remainder stake later this summer.
    • Investors are furthermore hoping on a tax inversion move, following the potential completion of the deal.
    • Shares offer appeal if a decent correction might occur in the coming weeks.
  • William Lyon Homes: Nice Deal, But Has It Failed To Learn Its Past Leverage Lesson?
    Tue, Jun. 24 WLH Comment!

    Summary

    • William Lyon Homes makes a nice strategic deal at first look.
    • The deal will add significantly to the company's operations at what appear to be reasonable financial terms.
    • I am very troubled with the built-up in leverage, given the company's bankruptcy as recently as 2011.
  • Oracle - Long Awaited MICROS Deal Finally Materializes
    Tue, Jun. 24 MCRS, ORCL 6 Comments

    Summary

    • Oracle reported a relatively soft set of results on Friday.
    • It now announces a $4.6 billion acquisition of MICROS Systems, bolstering cloud and enterprise offerings.
    • The deal makes perfect sense, ensuring modest topline revenue growth in the coming year as the business remains in transition.
    • I remain a buyer in the $36-$38 region.
  • Micron Technology - Investors Take Some Cash Off The Table Following A Strong Quarter And Outlook
    Tue, Jun. 24 MU 11 Comments

    Summary

    • Micron Technology reports solid third quarter results, offers a strong outlook.
    • Investors are taking some cash off the table following very strong momentum.
    • I am a buyer on significant dips, keeping a close eye on the supply constraints of the industry.
  • Molson Coors - Time To Take A Profit, And Have A Beer
    Mon, Jun. 23 TAP 4 Comments

    Summary

    • Very strong momentum has pushed shares up 50% over the past four months.
    • Rumors about a consolidation of the beer industry, and analysts upgrades are the main drivers behind this momentum.
    • These are excellent levels to take profits, unless a Molson will be a target in a potential deal.
  • 4 Large U.S. Corporations Set To Publish Earnings The Week Of The 23th Of June
    Mon, Jun. 23 GIS, MON, NKE Comment!

    Summary

    • Investors will get the latest trends in drug store sales, apparel, agriculture and food production this week.
    • Notably earnings from Walgreen, Nike and General Mills could stir things up a bit.
    • Please consider the risks when investing in shares over earnings; only hold a position if you are a long-term investor.
  • Analysts Late In The Upgrade Game As AutoNation Lacks Operational Growth
    Mon, Jun. 23 AN 4 Comments

    Summary

    • Shares in AutoNation rise to fresh all-time highs on the back of an analyst upgrade.
    • Shares offer little appeal in my eyes as analysts are late in the game.
    • Repurchases drive returns, as revenues are still lower than 10 years ago.
  • Family Dollar - Icahn Making Headlines Again, Sounding More Determined Then Ever
    Mon, Jun. 23 AAPL, DG, DLTR 8 Comments

    Summary

    • Icahn attacks Family Dollar again just one and a half week after this first attack.
    • This time Icahn urges a quick sale of the business, or else threatens to find shareholders to gain a majority.
    • After two painful public losses, Icahn sounds very determined. It will be a hot summer for Family Dollar.