Costco Wholesale Corp. ($COST): A Discounted Cash Flow (DCF) Approach

Dick’s Sporting Goods ($DKS): The Best Operator In The Sporting Goods Sector

Is e.l.f. Beauty ($ELF) a Fallen Angel?

Update on Academy Sports and Outdoors ($ASO): Reviewing Q3 2024 Results

Invite your friends to read JustValue

Revisiting Academy Sports and Outdoors ($ASO): the Thesis Remains Intact (Again)

How Transform Macro Trends Into Financial Freedom - And You Can Too

New Update On Ulta Beauty ($ULTA): Comments On October’s Investor Day

Update On Wesco International ($WCC)

Williams-Sonoma ($WSM): Probably The Best Company Among Home Good & Furnishing Retailers

Convenience Store Industry 101

Do Stocks Always Outperform In The Long Run?: The Misinterpretation Of Jeremy Siegel’s Chart

The Breakdown of the ROIC: The case of Fastenal ($FAST) and W.W. Grainger ($GWW)

Scale-Economics-Shared Model: How Companies Like Costco, Walmart or Charles Schwab Outperform Giving Back To Customers

The Current State Of The U.S. Housing Sector: Short-Term Clouds But Sunny Future: Last week I wrote a deep dive about Builders FirstSource ($BLDR) in which it was included a short discussion about short-term uncertainties and medium-to-long-term tailwinds affecting the U.S.

Builders FirstSource ($BLDR): 8 Reasons To Love The Company (And Many Sectorial Tailwinds): If you have followed my articles for some time, I do know that this might sound repetitive but I’m once again returning to specialty distributors.

Update On Ulta Beauty ($ULTA): And The Importance Of Not Following Famous Investors Blindly

Exciting Changes Ahead: Moving to a Paid Substack Model: I’m writing to share some important news about the future of this substack.

Ulta Beauty ($ULTA): Waiting for Strategic Clarification : When I started to analyze Ulta Beauty (ULTA) my first feeling was “this is probably a great opportunity: a nice business with its stock trading down ~30% from its peak and at one of its lowest PE ratios over the last years (or even decades)”.

Professional Investment Theses Compilation #2 : $EFX, $APP, $DIS, $PDFS, $PLNT, $KMX, $JBT, LON:ATG, $CRM, TSE:TVK, $RGP, $CRH, LON:AHT, $MDT, ETR:SHL

Wesco International ($WCC): When Size Matters: Once again I am returning to specialty distributors (for me a fascinating ecosystem). This time the report is about Wesco International (WCC), one of the largest North American industrial distributors, offering electrical, industrial, and communications products and services.

Professional Investment Theses Compilation #1: $IEX, $VVV, TSE:CTS, TSE:BYD, $DHR, $EFX, $DE, EPA:OR, $CLMB, $DRVN, $AVTR, $PETQ, ETR:RHM, EPA:QDT, EPA:VRLA

Interesting Reading #1: While this substack will continue to be mainly focused on investment thesis and business model analysis, I’m starting a series of articles in order to gather thought-provoking articles, letters and reports (generally about investing) that caught my attention and that could be interesting for other investors.

UFP Industries ($UFPI): The Power of Aligning Employees, Management and Shareholders: All of you who have read some of my previous articles know that I love distribution businesses and that, while I do really search for companies in many different sectors, many of those articles are focused on specialty distributors. This time I’ve been able to escape the magnetic pole of distribution businesses and stay on a previous step within the value chain.

Follow-up on Duluth Trading ($DLTH): Short Q4 2023 Results Review