JNJ – JOHNSON & JOHNSON (HQ: USA/Industry: Pharmaceuticals)
Johnson & Johnson is engaged in the research and development, manufacturing and selling of a broad range of products in the healthcare field. While being a holding company, with operating companies conducting business in virtually all countries of the world. The company’s primary focus is products related to human health and well-being, and is organized into three business segments: consumer health, pharmaceutical and medical devices.

Johnson & Johnson’s market price is close to being fairly valued, to include a margin of safety discount. With the company’s revenue modestly growing over the last 10-years by nearly 40%, and EPS more than doubling during the period. The most steady data points for the company has been their continuous dividend and FCF/share growths, at 75% and 90% respectively. Along with an ROE over 20% and ROIC over 15%.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=200406&owner=exclude

ATR – APTARGROUP, INC. (HQ: USA/Industry: Containers & Packaging)
Aptar is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing, and active material science solutions and services. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home care, food and beverage. Using insights, proprietary design, engineering and science to create dispensing, dosing and protective technologies for many of the world’s leading brands.

Aptar had modest revenue growth for 10-years at nearly 40%, with only one year of declining sales. While FCF/share grew 13% and EPS increased more than 50%, but not steadily. The company did continuously increased the dividend by 70%. To value the business at their current market price the company would need more than 21% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=896622&owner=exclude

HSII – HEIDRICK & STRUGGLES INTERNATIONAL, INC. (HQ: USA/Industry: Professional Services)
Heidrick & Strugglesis a human capital leadership advisory firm providing executive search, consulting and on-demand talent services to businesses and business leaders worldwide by helping them to improve the effectiveness of their leadership teams. The company provides services to a broad range of clients through the expertise of over 430 consultants located in major cities around the world.

Though Heidrick & Strugglesis’ revenue in 2021 grew more than 115% from 2012, however, prior to this the company’s best sale’s year was in 2018 up 55% from 2012. EPS and FCF/share both had extraordinary growth during the last 10-years, however, this growth was not consistent with multiple years of negative EPS. The market’s value for the stock is priced fairly, however, the margin of safety is limited at the price.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1066605&owner=exclude

PRIM – PRIMORIS SERVICES CORPORATION (HQ: USA/Industry: Construction & Engineering)
Primoris Services is one of the leading providers of specialty contracting services operating mainly in the United States and Canada. The company provides a wide range of specialty construction services, maintenance, replacement, fabrication, and engineering services to a diversified base of customers through three segments: utilities, energy/renewables and pipeline services.

Primoris Services grew more than 125% over the last 10-years pretty consistently, with only one year of declining sales. With EPS and BV also increasing 97% and 185% respectively. However, there have been multiple years of negative FCF, to include 2021. To value the business at their current market price the company would need more than 15% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1361538&owner=exclude

SHOO – STEVEN MADDEN, LTD. (HQ: USA/Industry: Textiles, Apparel & Luxury Goods)
Steven Madden and its subsidiaries design, source and market fashion-forward branded and private label footwear, accessories and apparel for women, men and children. Distributing products through department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores throughout the United States, Canada, Mexico, Europe, South Africa and certain other international markets. With product lines that include a broad range of contemporary styles designed to establish or capitalize on market trends, complemented by core product offerings.

Steven Madden’s revenue grew modestly over the last 10-years at just over 50%, though there were multiple years of declining sales and EPS. But 2021 did have EPS up more than 90% from 2012. Along with reasonable steady BV growth, but inconsistence FCF/share growth. . To value the business at their current market price the company would need more than 10% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=913241&owner=exclude