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To celebrate 4,000 subscribers, we have unlocked our Nemetschek $NEM.DE article for one week based on our subscribers' feedback. 🎉

If you're interested in learning more about the company or our newsletter, please check the link below.

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Nemetschek's Transition to a Subscription-Based Model
Nemetschek since 1999 has delivered impressive shareholder returns of 2,298%, representing a CAGR of approximately 14.3%. Over the years, it has demonstrated excellence in capital allocation, expanding primarily through strategic acquisitions.

If you follow us here just switch to X or Substack. We no longer post here as the Commonstock team no longer works on the app (at least that’s the impression we get).

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StockOpine’s Newsletter | Substack
We focus on quality companies, providing high-quality fundamental research and stock ideas. Click to read StockOpine’s Newsletter, a Substack publication with thousands of subscribers.

Portfolio Update 2023
Our portfolio update for 2023 is out! 📈

Total Performance: 📊

  • 2023: 36.7% compared to 26.3% of the S&P 500
  • Since inception: 23.6% compared to 11.1% of the S&P 500

Read about our portfolio allocation, performance and transactions made during the quarter. 📝
2023 Portfolio Update
Solid performance with a total return of 36.7% compared to 26.3% for the S&P 500.

PayPal article is made available to everyone
This was our best performing post of 2023 with ~100k impressions 😳

For 1 week, this $PYPL article is made available to everyone🎄

After a 13% ⬇️ in 2023, do you think that 2024 will be ‘The Year of PayPal’? 🚀

Find out more in this article & share to spread the word! 🤝
Decoding PayPal's Figures: Valuation and Growth Analysis
Branded Checkout, Braintree and Venmo Vs peers as well as a DCF and sum of the parts valuation.

LVMH article & Final Hours for the BF deal
A brief overview of LVMH $MC $LVMH:

👉LVMH Moët Hennessy - Louis Vuitton is the leading French conglomerate specializing in luxury goods. The diverse portfolio of LVMH encompasses a range of exquisite products, including Fashion & Leather 👜, Wines & Spirits 🍷, Perfumes & Cosmetics 💄, Watches & Jewelry 💎, and Selective Retailing.

👉LVMH operates across the globe with its largest geographic regions being Asia accounting for ~30% of revenue and US accounting for ~27% of revenue for FY22.

👉Its portfolio which includes 75 prestigious ‘Houses’ or ‘Maisons’, comprises among others of brands like Louis Vuitton, Christian Dior, Tiffany & Co, Tag Heuer, Hennessy and Moët & Chandon.

👉LVMH’s houses are broken down into six different sectors, namely: Wines & spirits (9% of FY22 revenue), Fashion & Leather (49% of revenue), Perfumes & Cosmetics(10% of revenue), Watches & Jewelry (13% of revenue), Selective Retailing (19% of revenue) and Other Activities (0% of revenue).

👉Fashion and Leather goods segment is at the core of LVMH, as for 2022, it accounted for roughly 49% (€38.6B) of total revenues and 75% of operating profits, recording an operating margin of 41%.

👉LVMH is run by the Arnault family which owns approximately 48.2% of the Company, equating to 63.9% of the voting power. Since becoming a major shareholder in 1989, Bernard Arnault has been leading LVMH as CEO and Chairman.

👉Key Financials:
-Revenue Trailing twelve months (“TTM”) H1’23: €84.7B, 11.9% CAGR during FY13 to TTM H1’23

-Operating income TTM H1’23: €22.4B (margin of 26.4%), 14.8% CAGR during FY13 to TTM H1’23

-Valuation: LVMH trades at a TTM EV/EBITDA of 13.5x (4 Year average of 16.5x) and a TTM EV/Sales of 4.5x (4 Year average of 5.4x).

If you are interested to read more on LVMH, here is our latest write-up.

Please also note that our BF deal was extended for another 48 hours! Here’s the details👇

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Dissecting LVMH's Dynamic Presence in Luxury
“The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements of singularity- i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc.” Vincent Bastien

Dissecting LVMH's Dynamic Presence in Luxury
We released our second write-up of the month -> 👜 $LVMH $MC!

Our report aims to provide an overview of the business, industry dynamics, and key growth drivers.

📊 The report wraps up with our valuation estimate!

A repost goes a long way if you find it valuable 🙏
Dissecting LVMH's Dynamic Presence in Luxury
“The luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements of singularity- i.e. time, heritage, country of origin, craftsmanship, man-made, small series, prestigious clients, etc.” Vincent Bastien

Earnings Brief: A Quick Review
Check out our latest ‘Earnings Brief’ in which we cover $PYPL $BKNG & $DGE.L.

Here’s the $BKNG extract:

  • Booking delivered an impressive quarter, boasting a 21% revenue increase and 44.7% adjusted EBITDA margin, 80 basis point improvement compared to prior year, demonstrating the Company’s ability to grow profitably. The travel industry's resilience was evident in robust growth in Room nights and Gross Booking Volume (GBV). Glen Fogel's optimistic outlook for strong growth in Q1 2024 further solidified confidence.

  • Room nights hit a record 276 million, with a 15% growth, while GBV surged by 24% to $39.8 billion. Both metrics showed acceleration from the previous quarter.

  • Direct Bookings generated over 50% of room nights compared to 45% in Q3’22, a significant achievement. According to Fogel, a remarkable 18 percentage point increase was achieved since Q3 2019. Direct bookings offer various advantages, fostering customer relationships, building loyalty, and potentially being margin accretive due to reduced spending on performance marketing.

  • The company also excelled in Payments, with Booking. com processing 51% of gross bookings through its payments platform in Q3’23, up from approximately 40% in Q3’22 and 48% in Q2’23. This trend not only demonstrates effective execution but also contributes to improving the cash operating cycle.

  • Looking at Alternative Accommodation, Booking accomplished a 24% YoY growth in room nights, surpassing Airbnb’s growth of 14% YoY!! Meanwhile, the company also expanded its supply, with global listings reaching around 7.2 million, reflecting a 9% year-over-year increase.

All in all, this was an outstanding quarter for Booking Holdings.

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Earnings Brief: A Quick Review
In this earnings brief we cover PayPal, Booking Holdings and Diageo.

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