Posts
Full valuations, one company a week: two stories, the drivers behind each, and where today's price sits between them. The writing lives on Substack; each summary here links to it.
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ADP: what the market expects from the company that pays one in six US workers
The price needs ADP to grow revenue 4.76% a year, below the 6.7% median of its last decade.
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Comcast kept its $1.32 dividend. The price expects the profit behind it to shrink.
The price needs an operating margin near 10.8%, against a 19% median over the last ten years.
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Hormel: what the market expects from a fallen Dividend King
The price assumes Hormel keeps today's 9% margins, not a return to the 12–14% it earned before 2020.