WHR – WHIRLPOOL CORPORATION (HQ: USA/Industry: Household Durables)
Whirlpool is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. The company manufactures products in 10 countries and markets products in nearly every country around the world.

Over a long term, and much of the short term, Whirlpool has underperformed the S&P500 by a fair margin. With the company having several years of declining revenue and EPS over the last 10-years, along with a rising debt. Although FCF has shown increasing signs, and a dividend that has continuously increased during the period. To value the business at their current market price the company would need more than a 10% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=106640&owner=exclude

CCOI – COGENT COMMUNICATIONS HOLDINGS, INC. (HQ: USA/Industry: Diversified Telecommunication Services)
Cogent Communications is a facilities-based provider of low-cost, high-speed Internet access, private network services, and data center colocation space. With a network specifically designed and optimized to transmit packet switched data. Delivering service primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in 50 countries across North America, Europe, Asia, South America, Australia and Africa.

Although Cogent Communications has had continuous revenue growth, there has been multiple years of EPS, BV and FCF declines. But a continuous dividend growth of more than 1,400% (0.21 to 3.17) over the last 10-years. With the stock mostly underperforming the S&P500. To value the business at their current market price the company would need an 18% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1158324&owner=exclude

CABO – CABLE ONE, INC. (HQ: USA/Industry: Media)
Cable One is a fully integrated provider of data, video and voice services to residential and business customers in 24 Western, Midwestern and Southern states. The company serves primarily non-metropolitan, secondary and tertiary markets, with approximately 74% of customers located in seven states. Substantially generating all of its revenues through three primary product lines: residential data, residential video and business services.

Up until the past 2-years Cable One had outperformed the S&P500, but recently the index has been a better investment choice. Though EPS was down in 2021, revenue, dividends, BV and FCF have been growing continuously for several years. Along with increases in revenue by 100% and FCF by more than 330% over the past 10-years. To value the business at their current market price the company would need more than a 23% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1632127&owner=exclude

ANGI – ANGI INC. (HQ: USA/Industry: Interactive Media & Services)
Angi connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. With service professionals actively searching consumer leads for jobs or advertised work through Angi’s platforms.

For the last 10-years Angi’s revenue has increasing 980% and BV increasing 2,450%, however, there has been seven years of negative EPS, along with five years of negative FCF. This includes 2021 having both negative EPS and FCF. With the share count growing by more than 780%. There is a large difference from the margin of safety intrinsic value and the stock price, and to value the business at their current market price the company would need more than 26% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1705110&owner=exclude

KEX – KIRBY CORPORATION (HQ: USA/Industry: Marine)
Kirby is the nation’s largest domestic tank barge operator, transporting bulk liquid products. With the company transporting petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. Through its distribution and services segment, the company sells after-market service and genuine replacement parts for engines, transmissions, reduction gears, and power generation equipment used in oil and gas and commercial and industrial applications.

Only within the past 3-months has Kirby been outperforming the S&P500, prior to this the index was a superior investment choice. With inconsistent revenue and EPS growth, and multiple years of negative EPS over the past 10-years. Along with a share count that has increased by 7%. To value the business at their current market price the company would need more than a 12% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=56047&owner=exclude