DFS – DISCOVER FINANCIAL SERVICES (HQ: USA/Industry: Consumer Finance)
Discover Financial Services is a digital banking and payment services company. Offering customers credit card loans, private student loans, personal loans, home loans and deposit products. While also operating the Discover Network, the PULSE network and Diners Club International.

Recent 10-Year Financial Summary
Revenue: Increased 58%, with 1 declining year
EPS: Increased 300%, with 3 declining years
BV: Increased 99%, with 2 declining years
FCF: Increased 101%, with 3 declining years
Share Count: Decreased -42%
Dividend: Increased 370%, with 0 declining years

The stock currently trades below its margin of safety intrinsic value.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1393612&owner=exclude 

AAON – AAON, INC. (HQ: USA/Industry: Building Products)
AAON is engaged in the engineering, manufacturing, marketing, and sale of premium air conditioning and heating equipment consisting of standard, semi-custom, and custom rooftop units, data center cooling solutions, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls.

Recent 10-Year Financial Summary
Revenue: Increased 77%, with 0 declining years
EPS: Increased 122%, with 2 declining years
BV: Increased 205%, with 0 declining years
FCF: Decreased -84%, with 4 declining years
Share Count: Decreased -4%
Dividend: Increased 245%, with 0 declining years

To value the business at their current market price the company would need more than a 25% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=824142&owner=exclude

TFII – TFI INTERNATIONAL INC. (HQ: Canada/Industry: Road & Rail)
TFI international is a North American transportation and logistics leader, partnering with a diverse group of customers in the US, Canada and Mexico. With a vast e-commerce network that spans more than 80 North American cities. Through its operating companies, TFI International provides the full complement of transportation and logistics services.

Recent 10-Year Financial Summary
Revenue: Increased 129%, with 4 declining years
EPS: Increased 347%, with 2 declining years
BV: Increased 181%, with 2 declining years
FCF: Increased 164%, with 3 declining years
Share Count: Decreased -12%
Dividend: Increased 88%, with 2 declining years

To value the business at their current market price the company would need more than a 17% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1588823&owner=exclude

SON – SONOCO PRODUCTS COMPANY (HQ: USA/Industry: Containers & Packaging)
Sonoco Products is a global manufacturer for a variety of consumer, industrial, protective, and healthcare packaging products. With a goal to bring more to packaging than just the package by offering integrated packaging solutions that help define brand personalities, creating unique customer experiences, and enhancing the quality of products.

Recent 10-Year Financial Summary
Revenue: Increased 17%, with 4 declining years
EPS: Decreased -145%, with 5 declining years, to include a recent negative year
BV: Increased 29%, with 2 declining years
FCF: Decreased -77%, with 5 declining years
Share Count: Decreased -3%
Dividend: Increased 51%, with 0 declining years

To value the business at their current market price the company would need more than a 13% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=91767&owner=exclude

MERC – MERCER INTERNATIONAL INC. (HQ: Canada/Industry: Paper & Forest Products)
Mercer is a global forest products company with two reportable operating segments being pulp and wood products. With its pulp segment consisting of the manufacture, sale and distribution of pulp, electricity and other by-products at its pulp mills. While the wood products segment consists of the manufacture, sale and distribution of lumber, electricity and other wood residuals.

Recent 10-Year Financial Summary
Revenue: Increased 63%, with 4 declining years
EPS: Increased -1021%, with 6 declining years
BV: Increased 36%, with 4 declining years
FCF: Increased 75%, with 6 declining years
Share Count: Increased 18%
Company does not pay a dividend

To value the business at their current market price the company would need more than a 3% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1333274&owner=exclude