Portfolio Amendments – International Equities Portfolio
We are making two changes to the International Equities portfolio.
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Undervalued
Morningstar Quantitative Rating as of 11 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 215.07 Fair value 272.13 One-star price 344.33
Morningstar Quantitative Rating as of 11 NOV 2026.
Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (215.07) to the one-star price (344.33).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 168.89 |
| Price - 12 month high | 243.37 |
| Price - 12 month low | 164.28 |
| Pricing date | 10 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 173.31 |
| Market capitalization | 4,195,058.31 |
| 12 Month High price date | 6 OCT 2026 |
| 12 Month Low price date | 30 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 122.66 |
| Price - 1 Day % Change | -5.47% |
| Price - 13 week price percent change | -22.37% |
| Price - 26 week price percent change | -21.52% |
| Price - 5 Day % Change | -18.29% |
| Price - 52 week price percent change | -15.15% |
| Price - YTD price percent change | -9.94% |
| Price % Change Month To Date | -26.34% |
| EPS excluding extraordinary items - most recent fiscal year | 4.900 |
| EPS excluding extraordinary items - trailing 12 month | 7.910 |
| EPS Normalized - most recent fiscal year | 4.770 |
| Revenue/share - most recent fiscal year | 8.809 |
| Revenue/share - trailing 12 month | 12.418 |
| Book value per share - most recent fiscal year | 6.472 |
| Book value per share - most recent quarter | 9.483 |
| Book value (tangible) per share - most recent fiscal year | 5.479 |
| Book value (tangible) per share - most recent quarter | 8.484 |
| Cash per share - most recent fiscal year | 0.436 |
| Cash per share - most recent quarter | 0.929 |
| Cash Flow per share - most recent fiscal year | 4.841 |
| Cash Flow per share - trailing 12 month | 7.177 |
| Dividend per share - most recent fiscal year | 0.040 |
| Dividends per share - trailing 12 month | 0.520 |
| EBITD per share - trailing 12 month | 9.495 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 4.930 |
| EPS Basic excluding extraordinary items - trailing 12 month | 7.950 |
| EPS including extraordinary items - most recent fiscal year | 4.930 |
| EPS including extraordinary items - trailing 12 month | 7.950 |
| Free Cash Flow per share - trailing 12 month | 6.876 |
| P/E excluding extraordinary items, most recent fiscal year | 21.96 |
| P/E Normalized, most recent fiscal year | 24.78 |
| Price to sales - most recent fiscal year | 13.99 |
| Price to Tangible Book - most fiscal year | 20.48 |
| Price to Free Cash Flow per Share - most recent fiscal year | 25.27 |
| Price to Cash Flow per share - trailing 12 month | 24.21 |
| Price to Book - most recent fiscal year | 18.32 |
| P/E excluding extraordinary items high, trailing 12 months | 55.06 |
| P/E excluding extraordinary items low, trailing 12 months | 21.35 |
| Net Debt, LFI | -24,118.00 |
| Net Debt, LFY | -51,516.00 |
| Dividend Yield - 5 Year Average | 0.03% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.29% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.30% |
| Free Cash Flow - most recent fiscal year | 112,625.00 |
| LT debt/equity - most recent fiscal year | 6.38% |
| Payout ratio - most recent fiscal year | 0.82% |
| Total debt/total equity - most recent fiscal year | 7.02% |
| LT debt/equity - most recent quarter | 16.31% |
| Total debt/total equity - most recent quarter | 16.75% |
| Free Cash Flow - trailing 12 month | 167,751.00 |
| Payout ratio - trailing 12 month | 3.54% |
| Revenue - most recent fiscal year | 215,938.00 |
| Revenue - trailing 12 month | 302,970.00 |
| EBITD - most recent fiscal year | 142,252.00 |
| EBITD - trailing 12 month | 231,665.00 |
| Earnings before taxes - most recent fiscal year | 141,450.00 |
| Earnings before taxes - trailing 12 month | 229,744.00 |
| Net Income available to common - most recent fiscal year | 120,067.00 |
| Net Income available to common - trailing 12 months | 192,880.00 |
| Earnings before taxes Normalized - most recent fiscal year | 138,918.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 116,997.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 7.01 |
| Net Profit Margin % - 1st historical fiscal year | 55.60% |
| Net Profit Margin % - trailing 12 month | 63.66% |
| Operating margin - 1st historical fiscal year | 60.38% |
| Operating margin - trailing 12 month | 65.21% |
| Pretax margin - trailing 12 month | 75.83% |
| Pretax margin - 1st historical fiscal year | 65.50% |
| Operating Margin - 5 year average | 46.98% |
| Pretax Margin - 5 year average | 47.57% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 44.11% |
| Free Operating Cash Flow/Revenue, TTM | 55.37% |
| Net Profit Margin - 5 year average | 42.55% |
| Return on average assets - most recent fiscal year | 80.52% |
| Return on average assets - trailing 12 month | 88.60% |
| Return on average equity - most recent fiscal year | 111.28% |
| Return on average equity - trailing 12 month | 120.43% |
| Return on average assets - 5 year average | 53.17% |
| Return on average equity - 5 year average | 81.22% |
| Net Income/employee - most recent fiscal year | 2,858,738.10 |
| Revenue/employee - most recent fiscal year | 5,141,380.95 |
| Revenue growth rate, 5 year | 66.90% |
| EPS growth rate, 5 year | 95.18% |
| Growth rate% - dividend, 3 year | 35.72% |
| Revenue/share (5 yr growth) | 67.69% |
| Growth rate% - Revenue, 3 year | 100.05% |
| Growth rate% - EPS, 3 year | 206.61% |
| Book value per share growth rate, 5 year | 56.88% |
| Capital Spending growth rate, 5 year | 39.89% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 90.74% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | JAN 22 | JAN 23 | JAN 24 | JAN 25 | JAN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
We are making two changes to the International Equities portfolio.
It doesn’t matter which press you read this morning, it’s full of stories about Jensen Huang’s indiscretions and now his exit from NVIDIA. If only it were another simple case of billionaires behaving badly, such as Richard White and Chris Ellison. But NVIDIA is a very different beast; as well as being a US$4 trillion behemoth and, at one stage last month, the world's largest listed company, it sits at the absolute centre of the global AI trade, which makes Jensen Huang being forced out a much bigger issue than a normal change of CEO.
We have had NVIDIA (NVDA) on our International Equities Hitlist for some time, and today we pose the question: should we bite the bullet and pay up? NVDA has spent around five months consolidating while earnings have continued to grow strongly. The share price has effectively gone sideways while the denominator in the P/E equation has risen, making valuation more attractive despite the stock now trading at record levels.
Giant chipmaker NVIDIA has rallied +4.4% in after-hours trade this morning after delivering a beat on both revenue and EPS, and forward guidance was inline to a slight beat relative to expectations. Guidance has been a dominant factor in the ASX reporting season, as it was this morning, with NVIDIA’s guidance solid, though not spectacular.
With Nvidia trading around US$195, it sits near the midpoint of its 12-month range, suggesting the market retains some doubts about its outlook. Today, we consider where those concerns are coming from and whether they have merit. In other words, what is the bear thesis on the world’s largest company?
NVIDIA is the defining infrastructure company of the AI boom, supplying the GPUs, networking, systems and software that power increasingly complex data centres. The quality of the business is well understood; what interests us now is that the valuation is becoming increasingly attractive relative to the earnings growth still being delivered.
Nvidia suffered its worst fall in three months overnight after its latest earnings update failed to allay fears of an AI bubble. The shares ultimately closed down by more than 5% after initially trading higher after Nvidia beat estimates and delivered a 73% surge in fourth quarter revenue. Investors are becoming increasingly concerned that AI spending will be maintained, the bread and butter of the chipmaker's business.
Nvidia shares rose ~3% in after-market trade after forecast revenue again beats estimates, although expenses are higher:
Nvidia reversed lower overnight which is never a good sign following a very impressive result. The stock traded up ~5% early in the session, but concerns around valuations and the diminishing prospect of rate cuts in the months ahead saw the stock extend its move into negative territory for November.
MM is now bullish towards NVDA around US$165
MM is buying NVDA US in the International Equities Portfolio, allocating 3% around $165
MM remains bullish NVDA US ~$US240
MM is bullish towards NVIDIA around US$228
MM is bullish toward NVDA around ~$US210
MM remains cautiously bullish NVDA US ~$US200
MM is bullish NVDA ~$US196
MM is bullish NVDA ~$US196
MM is neutral towards NVDA around $US185
MM is now bullish towards NVDA around $US195
Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.
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