Nu Holdings is a digital banking platform that has been transitioning from a credit card-led model to a full service banking operation. Brazil remains the primary market, while Mexico and Colombia deepen exposure to the region. With plans to expand to the US and globally, will the group’s low-cost model successfully travel outside of Latam? And can they keep growing in their core markets?
Brookfield Corporation sits at the centre of Brookfield’s ecosystem, owning 74% of Brookfield Asset Management alongside exposure to insurance, infrastructure, energy and real estate. With the shares trading around 44% below management’s sum-of-the-parts valuation, can it overcome private-market headwinds, accounting complexity and a persistent conglomerate discount?
Brookfield Corporation sits at the centre of Brookfield’s ecosystem, owning 74% of Brookfield Asset Management alongside exposure to insurance, infrastructure, energy and real estate. With the shares trading around 44% below management’s sum-of-the-parts valuation, can it overcome private-market headwinds, accounting complexity and a persistent conglomerate discount?
Oracle is evolving from a mature, high-margin database and enterprise-applications vendor into a full-stack AI platform spanning cloud infrastructure, data and industry workflows. With an increasingly concentrated order book, record capex, and a balance sheet that is more stretched than its competitors, is the correction in Oracle justified or does it present an opportunity?
Victoria’s Secret owns leading brands in intimate apparel, beauty and adjacent categories, distributed through a footprint of experiential retail stores and digital channels. After losing its way, the company is now in turnaround mode, with initial progress telling a promising story. Can management sustain the momentum and further strengthen its position in intimate wear and other strategic areas?
DICK’S Sporting Goods sits between global sports brands and consumers. It combines a full-line sporting-goods franchise, experiential stores and digital assets with Foot Locker’s global sneaker distribution. While the core business still produced decent comparable growth, the Foot Locker acquisition has swung sharply into losses once more, forcing a guidance reset. Is the sell-off overdone, or will Dick’s be relegated to the M&A hall of shame?
Alibaba is a Chinese domestic champion, but the AI investment cycle is taking its toll. With the balance sheet being pulled in multiple directions and Alibaba now raising equity capital, investors are being asked to believe strongly in the full-stack AI side of the business. Alibaba has some engines of growth, but there’s a slowdown in eCommerce to worry about. Capex up 75% and GAAP net income down 75% isn’t the combination investors want to see!
Caterpillar is the dominant global equipment and lifecycle-services platform for construction, mining and now distributed power. With data centre-related demand taking Caterpillar to over $20bn in quarterly sales for the first time, has the company emerged from its cocoon as a secular (rather than cyclical) play?
Meta is the global attention-and-messaging platform boasting over 3.5bn daily users, across Facebook, Instagram, Messenger, Threads and WhatsApp. It is now funding AI agents, compute and Reality Labs as potential future profit pools. But can ROI catch up to rampant capex and depreciation?
Apple is so much more than a phone company. The highly rated hardware is complemented by a best-in-class services ecosystem with more than 2.5 billion active devices. But recent component shortages, memory inflation and a CEO transition complicate the outlook, with Apple choosing to watch the AI capex race from the sidelines. Can the current valuation be sustained amid these pressures?
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