Archive for May, 2014

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Quick Thoughts – TSN, Rate of Change is What Matters

This morning, TSN reported Q2 ’14 EPS results of $0.60 per share, falling shy of consensus by $0.03 per share.  Revenue, a less important metric given the volatility of the company’s margin structure, was +7.2% year on year, beating consensus

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MRK: R&D Productivity, as Compared to Peers

MRK’s economic returns to R&D spending (the relationship between Yr1 R&D spending and Yr10 adjusted earnings) have been slightly below the (falling) industry average since 2009. For reference, industry returns to current R&D spending appear to be below cost of

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Quick Thoughts: MA – Beyond the Switch

MA is aggressively buying back stock with the payout ratio in 2014Q1 rising to 2x as the firm repurchased $1.7bn funded in part by an inaugural debt issue of $1.5bn (taking the debt-to-equity ratio to 22%). The repurchase of 21mm

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