International Equities Portfolio – Amendments
We are making several 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 68.40 Fair value 77.83 One-star price 88.55
Morningstar Quantitative Rating as of 11 NOV 2026.
Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (68.40) to the one-star price (88.55).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 58.78 |
| Price - 12 month high | 67.99 |
| Price - 12 month low | 38.47 |
| Pricing date | 10 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 12.19 |
| Market capitalization | 49,407.56 |
| 12 Month High price date | 12 NOV 2025 |
| 12 Month Low price date | 12 FEB 2026 |
| Volume - avg. trading volume for the last 3 months | 11.88 |
| Price - 1 Day % Change | -2.11% |
| Price - 13 week price percent change | -0.49% |
| Price - 26 week price percent change | 29.56% |
| Price - 5 Day % Change | 0.98% |
| Price - 52 week price percent change | -11.28% |
| Price - YTD price percent change | -0.54% |
| Price % Change Month To Date | 5.85% |
| EPS excluding extraordinary items - most recent fiscal year | 5.410 |
| EPS excluding extraordinary items - trailing 12 month | 5.240 |
| EPS Normalized - most recent fiscal year | 5.310 |
| Revenue/share - most recent fiscal year | 34.269 |
| Revenue/share - trailing 12 month | 38.116 |
| Book value per share - most recent fiscal year | 22.017 |
| Book value per share - most recent quarter | 23.277 |
| Book value (tangible) per share - most recent fiscal year | 9.983 |
| Book value (tangible) per share - most recent quarter | 9.989 |
| Cash per share - most recent fiscal year | 8.749 |
| Cash per share - most recent quarter | 8.554 |
| Cash Flow per share - most recent fiscal year | 7.727 |
| Cash Flow per share - trailing 12 month | 8.187 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.560 |
| EBITD per share - trailing 12 month | 7.452 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 5.460 |
| EPS Basic excluding extraordinary items - trailing 12 month | 5.280 |
| EPS including extraordinary items - most recent fiscal year | 5.460 |
| EPS including extraordinary items - trailing 12 month | 5.280 |
| Free Cash Flow per share - trailing 12 month | 7.304 |
| P/E excluding extraordinary items, most recent fiscal year | 11.35 |
| P/E Normalized, most recent fiscal year | 8.88 |
| Price to sales - most recent fiscal year | 1.56 |
| Price to Tangible Book - most fiscal year | 5.95 |
| Price to Free Cash Flow per Share - most recent fiscal year | 8.14 |
| Price to Cash Flow per share - trailing 12 month | 7.27 |
| Price to Book - most recent fiscal year | 2.56 |
| P/E excluding extraordinary items high, trailing 12 months | 13.49 |
| P/E excluding extraordinary items low, trailing 12 months | 7.22 |
| Net Debt, LFI | 3,192.00 |
| Net Debt, LFY | -435.00 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 0.93% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.94% |
| Free Cash Flow - most recent fiscal year | 6,628.00 |
| LT debt/equity - most recent fiscal year | 49.30% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 49.30% |
| LT debt/equity - most recent quarter | 56.15% |
| Total debt/total equity - most recent quarter | 69.15% |
| Free Cash Flow - trailing 12 month | 6,572.00 |
| Payout ratio - trailing 12 month | 8.02% |
| Revenue - most recent fiscal year | 33,172.00 |
| Revenue - trailing 12 month | 34,295.00 |
| EBITD - most recent fiscal year | 7,179.00 |
| EBITD - trailing 12 month | 6,705.00 |
| Earnings before taxes - most recent fiscal year | 6,292.00 |
| Earnings before taxes - trailing 12 month | 5,704.00 |
| Net Income available to common - most recent fiscal year | 5,233.00 |
| Net Income available to common - trailing 12 months | 4,727.00 |
| Earnings before taxes Normalized - most recent fiscal year | 7,463.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 5,142.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 6.70 |
| Net Profit Margin % - 1st historical fiscal year | 15.78% |
| Net Profit Margin % - trailing 12 month | 13.78% |
| Operating margin - 1st historical fiscal year | 19.28% |
| Operating margin - trailing 12 month | 18.52% |
| Pretax margin - trailing 12 month | 16.63% |
| Pretax margin - 1st historical fiscal year | 18.97% |
| Operating Margin - 5 year average | 17.15% |
| Pretax Margin - 5 year average | 16.46% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 20.81% |
| Free Operating Cash Flow/Revenue, TTM | 19.16% |
| Net Profit Margin - 5 year average | 13.66% |
| Return on average assets - most recent fiscal year | 6.55% |
| Return on average assets - trailing 12 month | 5.84% |
| Return on average equity - most recent fiscal year | 25.82% |
| Return on average equity - trailing 12 month | 23.69% |
| Return on average assets - 5 year average | 5.11% |
| Return on average equity - 5 year average | 19.85% |
| Net Income/employee - most recent fiscal year | 219,873.95 |
| Revenue/employee - most recent fiscal year | 1,393,781.51 |
| Revenue growth rate, 5 year | 9.11% |
| EPS growth rate, 5 year | 8.85% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 13.65% |
| Growth rate% - Revenue, 3 year | 6.43% |
| Growth rate% - EPS, 3 year | 37.30% |
| Book value per share growth rate, 5 year | 5.20% |
| Capital Spending growth rate, 5 year | -0.33% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 2.40% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
We are making several changes to the International Equities Portfolio.
US-based payments company, Paypal reported quarterly results after the market yesterday, and at the high level, they looked solid with total payment volume of $US354.51bn for the quarter, up 9.8% yoy and above expectations producing revenue of $7.04bn which was up 8.6%.
PayPal (PYPL US) finally enjoyed a bounce in its shares this week while we expect more to play out after the company announced $US900mn in savings from cost-cutting, a huge $US15bn share buy-back and news that activist investor Elliot had taken a $2bn stake in the company with plans afoot to turn around the payments provider. “Elliott strongly believes...
The MM International Equities Portfolio had a strong week up by 6.04% while cash sits at 2%. For the month of July, the portfolio was 7.35% higher. Some big moves played out in the 5 trading sessions since our last update, mostly on the upside with Chipotle (CMG US) rallying 18.29% on a better-than-feared earnings report, Paypal (PYPL US) +16.89% plus they have just...
The MM International Equities Portfolio had a positive week up by +0.41% including the impact of a stronger AUD which took a significant 2.13% away from portfolio returns. Cash sits at 4% having added HCA Healthcare (HCA US) to the portfolio last week with the position rallying ~6% since purchase. Elsewhere, Wells Fargo (WFC US) +5.89% had a solid week on a good...
The MM International Equities Portfolio had a solid week up by +0.56% against a backdrop of a weaker market, although a fall in the AUD was a positive contributor. Cash sits at 9%. Our weakest positions of the last quarter improved, with Chipotle (CMG) +7.56% & PayPal (PYPL) +5.39% leading the line while Glencore (GLEN LN) suffered at the hands of a commodity sell-off to be the weakest link down by -13.83%, nearly 8% of the decline occurring overnight.
The MM International Equities Portfolio had a solid week up by +1.79% against a backdrop of a weaker market. Cash sits at 9%. Gains were broad based with only 2 stocks in the portfolio trading lower, namely Brunswick (BC US) -3.65% & PayPal (PYPL US) -0.60%.
The MM International Equities Portfolio had a soft week down by -5.89%, pretty much in line with broader markets although the currency was a help. Cash sits at 9%. PayPal (PYPL) was the weakest link down -14.5% however the banks in the US were also hit in line with our own, we own Wells Fargo (WFC) in the space which fell 13.95%. Chinese tech bounced with JD.com (JD US) +5.83% and Tencent (700 HK) +6.86%.
The MM International Equities Portfolio fell -7.2% during the week with cash remaining at 8%. Trade Desk (TTD US) was whacked -26% and JD.com -15.6% while Brunswick (BC US) advancing just +0.5% was, unfortunately, the only green across our portfolio. While this portfolio is filled with high-quality companies, a number of these have fallen substantially this year dragging performance with them. In hindsight...
The MM International Equities portfolio fell -6.7% last week while cash sits at 8%. Every stock in the portfolio was down, the worst performers were PayPal (PYPL US) -16.6%, Glencore (GLEN US) -11.6% and Amazon.com (AMZN US) -8.9% while Brunswick Corp (BC US) was our best performer and it still fell -1.8%.
MM are selling PYPL US in the International Equities Portfolio, taking a loss around $US62.00
MM is likely to cut PYPL from the International Equities Portfolio
MM is bullish PYPL from ~US$90, initially targeting $US120
MM is looking to exit PYPL
MM is looking to exit PYPL
MM is bullish PayPal medium / long term
MM are buying PYPL US the International Equities Portfolio, allocating 6% around $US290.00
MM is considering buying PYPL ~$US280
MM sold Visa and is now considering PayPal
PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions. The company had 439 million active accounts at the end of 2025. The company also owns Venmo, aperson-to-person payment platform.
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