AXP – AMERICAN EXPRESS COMPANY (HQ: USA/Industry: Consumer Finance)
American Express is a globally integrated payments company that provides customers with access to products, insights and experiences that enrich lives and build business success. The company is a leader in providing credit and charge cards to consumers, small businesses, mid-sized companies and large corporations around the world. American Express cards, as well as by third-party banks and other institutions on the American Express network, can be used by card members to charge purchases at the millions of merchants around the world that accept cards bearing its logo.

American Express results over the last 10-years have not been consistent, with multiple years of revenue, dividend and FCF/share declines. However, since 2012 these data points are up overall in 2021, but not all are at 10-year highs. Though the company did maintain a ROE of more than 25% during the period. The company is trading at a fair market price, but it does not take into account a sufficient margin of safety.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=4962&owner=exclude

RYAM – RAYONIER ADVANCED MATERIALS INC. (HQ: USA/Industry: Chemicals)
Rayonier is a global leader of cellulose-based technologies, which comprise a broad offering of high purity cellulose specialties, a natural polymer commonly used in the production of specialty chemicals and polymers for use in producing liquid crystal displays, filters, textiles and performance additives for pharmaceutical, food and other industrial applications.

Though Rayonier is trading below a margin of safety intrinsic value, the company has had 3 recent years of consecutive revenue declines, which could be causing the market to price it where it is.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1597672&owner=exclude

KWR – QUAKER CHEMICAL CORPORATION (HQ: USA/Industry: Chemicals)
Quaker Chemical is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, the company’s customers include thousands of the world’s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies.

Quaker Chemical has had consistent revenue growth over the last 10-year by increasing nearly 150% with only one declining year in sales. This period also includes an increase in outstanding share count by 38%. To value the business at their current market price the company would need more than 18% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=81362&owner=exclude

MUSA – MURPHY USA INC. (HQ: USA/Industry: Specialty Retail)
Murphy USA consists primarily of the marketing of retail motor fuel products and convenience merchandise through its network of retail stores located in 27 states. The majority of the company’s retail gasoline stores operate under the brand name of Murphy USA and are almost all located in close proximity to Walmart stores while gasoline and other products at standalone stores are marketed under the brand name of Murphy Express.

Murphy USA has not had growth consistency over the last 10-years, with multiple years of declining revenue, EPS and FCF. However, the most recent 4-years have had accelerated FCF growth. To value the business at their current market price the company would need more than 11% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1573516&owner=exclude

WLK – WESTLAKE CORPORATION (HQ: USA/Industry: Chemicals)
Westlake is a vertically integrated global manufacturer and marketer of performance and essential materials and housing and infrastructure products that enhances the lives of people every day. The company’s products include some of the most widely used materials in the world, which are fundamental to many diverse consumer and industrial markets, including residential construction, flexible and rigid packaging, automotive products, healthcare products, water treatment, coatings as well as other durable and non-durable goods.

Westlake has had good growth over the last 10-years, greatly increasing revenue, EPS and FCF by at least 200%. While the company also increased the dividend by over 330%. To value the business at their current market price the company would need more than 8% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1262823&owner=exclude