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2021-06-21
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Goldman believes these quality stocks are cheap
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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman believes these quality stocks are cheap</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman believes these quality stocks are cheap\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 18:09 GMT+8 <a href=https://www.cnbc.com/2021/06/20/goldman-believes-these-quality-stocks-are-cheap.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The value vs. growth debate has dominated investor attention this year, but the best route may just be to find quality companies selling at a relative discount, according to Goldman Sachs.\nThe Wall ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/20/goldman-believes-these-quality-stocks-are-cheap.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DRI":"达登饭店","KBR":"KBR科技","SAM":"波斯顿啤酒","PG":"宝洁","AMD":"美国超微公司","CTSH":"高知特","LOW":"劳氏","DE":"迪尔股份有限公司","PM":"菲利普莫里斯","CSCO":"思科"},"source_url":"https://www.cnbc.com/2021/06/20/goldman-believes-these-quality-stocks-are-cheap.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1169140387","content_text":"The value vs. growth debate has dominated investor attention this year, but the best route may just be to find quality companies selling at a relative discount, according to Goldman Sachs.\nThe Wall Street firm said valuations are now in-line with historical averages, signaling investors should be even more selective when looking for opportunities within quality stocks.\n“Against this backdrop we look for stocks with quality characteristics that still trade at a discount/attractive multiples,” Deep Mehta, a vice president at Goldman, told clients. “While there are many ways to define quality, we believe a track record of strong asset productivity and financial returns as well as cash generation are important indicators.”\nGoldman screened for two different types of quality stocks that are cheap in the current climate. The first list of stocks are equities with a combination of strong productivity and efficacy of spending. The second screen are stocks that center around earnings quality, measured by consistent free cash flow.\nGoldman then added a valuation overlay to both these screens. Take a look at the lists of stocks here.\nAsset productivity\nThis list of stocks are buy-rated names that offer a combination of strong and improving gross profitability, solid cash returns on cash invested and fair valuations.\n“We look for companies that despite the pandemic-related headwinds, maintained their Gross Profits/Total Assets in the top half of their respective sectors (Quartile 1 or 2) throughout 2019-2022E, and are set to expand/stay stable in 2022E vs. 2019 on our analysts’ estimates,” said Mehta.\nAll the listed stocks have improving gross profit as a percent of total assets, improving cash return on capital invested and attractive valuations compared to history.\n\nDeere & Co.,Lowe’s,Advanced Micro Devices,Boston Beer and Procter & Gamble all make Goldman’s first quality screen.\n“New ag equipment share of capex is in the early stages of recovering off trough following a sharp destock in used ag equipment inventory,” said Goldman equity analyst Jerry Revich.\nGoldman equity analyst Kate McShane said she is looking for Lowe’s’ margins to expand as the company manages costs and increases productivity.\n“Traffic and ticket growth have been consistently strong throughout the pandemic and continued successful initiatives with the ‘Pro’ customers should increase the likelihood of market share gains,” said McShane.\nImproving free cash flow\nThe next screen includes stocks that have a good track record of free cash flow conversion, plus attractive and growing free cash flow yields, said Goldman.\n“We view companies with the ability to convert accounting net earnings into Free Cash Flow (FCF) cash as well positioned. While investors typically look to net income to gauge a company’s profitability, it is ultimately FCF generation, that underpins an effective capital allocation policy in our view,” said Mehta.\nAll the buy-rated stocks also have free cash flow yield above 5%, that is expected to improve year-over-year.\n\nKBR Inc, Cognizant Technology Solutions, Philip Morris International, Cisco Systems and Darden Restaurants all made Goldman’s free cash flow screen.\n“Strong growth trajectory ahead from rising global hydrogen infrastructure investment and favorable capital deployment,” Goldman equity analyst Jerry Revich told clients about KBR. “Management’s $4-6 EPS target for 2025 seems achievable with strong organic growth in government solutions and a solid booking run-way across Advisory, Ammonia and catalyst.”\nGoldman analyst Matthew O’Neill said Cognizant’s strong balance sheet strength and robust free cash flow generation is also likely to provide capacity to supplement growth with M&A.","news_type":1},"isVote":1,"tweetType":1,"viewCount":175,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/167283382"}
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