NSIT – INSIGHT ENTERPRISES, INC. (HQ: USA/Industry: Electronics, Instruments & Components)
Insight Enterprises empowers organizations with technology, solutions and services to help clients maximize the value of their IT today and drive (digital) transformation for tomorrow in North America, Europe, the Middle East and Africa, and Asia-Pacific. Providing end-to-end secure digital transformation solutions and services, helping clients innovate and optimize their operations to run smarter. Over the last 10-years the company has had pretty stable growth, particularly with net income, EPS, BV and FCF, each more than doubling during this time. The company also reduced share count by 18% during the same period. To value the business at their current market price Insight would need more than a 16% per year growth for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=932696&owner=exclude

VST – VISTRA CORP. (HQ: USA/Industry: Independent Power and Renewable Electricity Producers)
Vistra is a holding company operating an integrated retail and electric power generation business primarily in markets throughout the U.S. Through its subsidiaries, the company is engaged in competitive energy activities including electricity generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity and natural gas to end users. Though the company has doubled revenue over the last 8-years, it has not been a steady path with a few years of negative growth. Along with several years of negative net income and FCF, including an increase in share count. To value the business at their current market price Vistra would need more than an 8% per year growth for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1692819&owner=exclude

VIV – TELEFONICA BRASIL SA (HQ: Brazil/Industry: Diversified Telecommunication Services)
Telefonica Brasil is the largest telecommunications company in Brazil. Offering customers a complete product portfolio, including voice services (fixed and mobile), mobile data, fixed broadband, ultra-broadband, pay TV, information technology and digital services (such as financial services, cloud and entertainment and security). Over the last 10-years the company has had little but steady growth of almost 30% for its revenue. While net income and FCF have grown slightly better but not as steady. With the share count also increasing during this period. To value the business at their current market price insight would need more than an 8% per year growth for the next 10-years. Though the stock is fairly valued, this does not take into account a margin of safety.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1066119&owner=exclude

MTRN – MATERION CORPORATION (HQ: USA/Industry: Metals & Mining)
Materion Corporation, through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications. The company products are sold into numerous end markets, including semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center. Over the last 10-years revenue has increased by just under 19%, with several years of declining sales. Though 2021’s net income and EPS are significantly higher, there have been many years of declining figures for these data points, including years of negative FCF. To value the business at their current market price Materion would need more than 20% per year growth for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1104657&owner=exclude

AAP – ADVANCE AUTO PARTS, INC. (HQ: USA/Industry: Specialty Retail)
Advanced Auto Parts is a leading automotive aftermarket parts provider in North America, serving both professional installers and do-it-yourself customers, as well as independently owned operators. Company stores and branches offer a broad selection of brand name, original equipment manufacturer and brand owned automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks. Over the last 10-years revenue has increased over 77%, but did have 3 consecutive years of declines from 2015 to 2017, and have been steadily growing since. While net income, EPS, BV and FCF each increasing as well. With BV being the strongest performer by more than tripling during the 10-year period. With the company recently increasing its dividend from $0.24/share to $3.25/share. To value the business at their current market price Advance Auto parts would need more than 11% per year growth for the next 10-years.
SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1158449&owner=exclude