WWW – WOLVERINE WORLD WIDE, INC. (HQ: USA/Industry: Textiles, Apparel & Luxury Goods)
Wolverine World Wide is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids’ footwear, industrial work boots and apparel, and uniform shoes and boots. The Company’s products are marketed worldwide in approximately 170 countries, with brands that include Bates, Cat, Chaco, Harley-Davidson, Hush Puppies, Keds, Saucony, Wolverine, among many others.

Recent 10-Year Financial Summary
Revenue: Increased 47%, with 5 declining years
EPS: Decreased 0%, with 6 declining years
BV: Increased 17%, with 4 declining years
FCF: Decreased -10%, with 4 declining years
Share Count: Decreased -14%
Dividend: Increased 67%, with 1 declining year

To value the business at the 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=110471&owner=exclude

FNB – F.N.B. CORPORATION (HQ: USA/Industry: Banks)
F.N.B. is a bank holding and a financial holding company. The company is a diversified financial services holding company that provides a full range of financial services, principally to consumers, corporations, governments and small to medium sized businesses in its market areas. With a business strategy focused primarily on providing quality, consumer and commercial based financial services adapted to the needs of each of the markets the company serves.

Recent 10-Year Financial Summary
Revenue: Increased 147%, with 0 declining years
EPS: Increased 56%, with 3 declining years
BV: Increased 56%, with 1 declining year
FCF: Decreased -11%, with 5 declining years
Share Count: Increased 129%
Dividend: Increased 0%, with 0 declining years

The stock is trading below its margin of safety intrinsic value by 9%

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=37808&owner=exclude

TCEHY – TENCENT HOLDINGS LIMITED (HQ: China/Industry: Interactive Media & Services)
Tencent embraces change and implemented certain measures that reinforced the company’s long-term sustainability. While it continues to make strategic headway, including driving widespread adoption of its enterprise software and productivity tools, increasing content creation and consumption in video accounts, and expanding its International games business. Believing the China internet industry is structurally shifting to a healthier mode characterized by a refocus on user value, technology innovation, and social responsibility. The company is proactively adapting to the new environment by managing costs, increasing efficiency, sharpening its focus on key strategic areas, and repositioning itself for sustainable long-term growth.

Recent 10-Year Financial Summary
Revenue: Increased 1,176%, with 0 declining years
EPS: Increased 1,591%, with 0 declining years
BV: Increased 1,870%, with 0 declining years
FCF: Increased 1,101%, with 1 declining year
Share Count: Increased 4%
Dividend: Increased 1,091%, with 0 declining years

To value the business at the 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=1293451
TCEHY Investor Relations: https://www.tencent.com/en-us/investors.html

MPC – MARATHON PETROLEUM CORPORATION (HQ: USA/Industry: Oil, Gas & Consumable Fuels)
Marathon Petroleum is a leading, integrated, downstream energy company. Operating the nation’s largest crude oil refining system and believes it’s one of the largest wholesale suppliers of gasoline and distillates to resellers in the United States. The company distributes refined products through one of the largest terminal operations in the United States and one of the largest private domestic fleets of inland petroleum product barges.

Recent 10-Year Financial Summary
Revenue: Increased 46%, with 4 declining years
EPS: Increased 208%, with 5 declining years
BV: Increased 178%, with 2 declining years
FCF: Decreased -7%, with 5 declining years
Share Count: Decreased -7%
Dividend: Increased 287%, with 0 declining years

To value the business at the current market price the company would need more than a 11% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1510295&owner=exclude

CHMG – CHEMUNG FINANCIAL CORPORATION (HQ: USA/Industry: Banks)
Chemung Financial is a financial holding company providing an array of financial services, such as insurance products, mutual funds, and brokerage services, which provide additional sources of fee based income and allows the company to better serve its customers.

Recent 10-Year Financial Summary
Revenue: Increased 40%, with 2 declining years
EPS: Increased 137%, with 5 declining years
BV: Increased 54%, with 2 declining years
FCF: Increased 67%, with 3 declining years
Share Count: Increased 0%
Dividend: Increased 19%, with 0 declining years

The stock is trading below its margin of safety intrinsic value by 3%

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=763563&owner=exclude