Alphabet Inc. is a holding company which are organized around 6 areas of activities: the largest of which is Google. Google is divided in two segments, Google Services and Google Cloud; they also report all non-Google businesses collectively as Other Bets. YouTube provides people with entertainment, information, and opportunities to learn something new. And Google Assistant offers the best way to get things done seamlessly across different devices, providing intelligent help throughout a person's day, no matter where they are. To achieve their objective goal Google are continually innovating and building new product features that will help their users, partners, customers, and communities. Google have invested more than $100 billion in R&D over the last five years.
 
Other Bets also remain focused on innovation through technology that can positively affect people's lives. For instance, Waymo is working toward making transportation safer and easier for everyone and Verily is developing tools and platforms to improve health outcome. Nest Labs is develops and production of home automation solutions: Wi-Fi networks synchronized with the control programs for thermostats, smoke detectors and security systems; while Google X research into artificial intelligence.
Google Ventures an investment services: management of an investment fund devoted to young businesses that operate in the new technology sector and Goggle capital an investment fund intended for already developed companies. Google Fiber focuses  on fiber optic internet access network infrastructure. The company was founded in 1998 and is headquartered in Mountain View, California.

Currenly stock price as first February 2023 is at the red arrow, which is $99. Base of the histogram distrubution this price is at the second lowest price range since 2018. Most of the Googles stock price is distributed at a range of $60 to $70.

We notice that 2022 was the worst year for Google so does for technology sector as a whole.

​Google have built world-class advertising technologies for advertisers, agencies, and publishers to power their digital marketing businesses. Their advertising solutions help millions of companies grow their businesses through Google’s wide range of products across devices and formats, and they aim to ensure positive user experiences by serving the right ads at the right time and by building deep partnerships with brands and agencies.
Google Services generates revenues primarily by delivering both performance and brand advertising that appears on Google Search & other properties, YouTube and Google Network partners' properties ("Google Network properties"). This means in practice.

• Performance advertising creates and delivers relevant ads that users will click on, leading to direct engagement with advertisers. Performance advertising lets their advertisers connect with users while driving measurable results. Google ads tools allow performance advertisers to create simple text-based ads.
• Brand advertising helps enhance users' awareness of and affinity for advertisers' products and services, through videos, text, images, and other interactive ads that run across various devices. They help brand advertisers deliver digital videos and other types of ads to specific audiences for their brand-building marketing campaigns.
• Google Cloud Google is a company built in the cloud. Google Cloud Platform generates revenues from infrastructure, platform, and other services.
  • Google Workspace generates revenues from cloud-based collaboration tools for enterprises, such as Gmail, Docs, Drive, Calendar and Meet.

Their cloud services are generally provided on either a consumption or subscription basis and may have contract terms longer than a year.

​Google’s compound annual average growth rate since 2012 is astonishing of 19.9 %. Continuously present in the international market operations are growing significant to Google’s revenues and net income. International revenues accounted for approximately 54% of our consolidated revenues in 2021.

​the most important revenue provider. Google services operating income increased $37.2 billion from 2020 to 2021. The increase was due to growth in revenues partially offset by increases in TAC, content acquisition costs, compensation expenses, advertising and promotional expenses, and charges related to certain legal matters.

Google  business is characterized by rapid change as well as new and disruptive technologies. They face formidable competition in every aspect of their business, including from:
General purpose search engines and information services, such as Baidu, Microsoft's Bing, Naver, Seznam, Yahoo, and Yandex.
Vertical search engines and e-commerce providers, such as Amazon and eBay (e-commerce), Booking's Kayak (travel queries), Microsoft's LinkedIn (job queries), and WebMD (health queries). Some users will navigate directly to such content, websites, and apps rather than go through Google.
​Social networks offered by ByteDance, Meta, Snap, and Twitter. Some users increasingly rely on social networks for product or service referrals, rather than seeking information through traditional search engines. Other online advertising platforms and networks, such as Amazon, AppNexus, Criteo, and Meta, that compete for advertisers that use Google Ads, our primary auction-based advertising platform.
 
Other forms of advertising, such as billboards, magazines, newspapers, radio, and television. Our advertisers typically advertise in multiple media, both online and offline. Companies that design, manufacture, and market consumer hardware products, including businesses that have developed proprietary platforms, such as Amazon, Apple, and Microsoft. Digital assistant providers, such as Amazon and Apple.
 
Providers of enterprise cloud services, such as Alibaba, Amazon, Microsoft, and Salesforce.
Providers of digital video services, such as Amazon, Apple, AT&T, ByteDance, Disney, Hulu, Meta, and Netflix. Other digital content and application platform providers, such as Amazon and Apple. Providers of workspace connectivity and productivity products, such as Meta, Microsoft, Salesforce, and Zoom.
 
Competing successfully depends heavily on their ability to develop and distribute innovative products and technologies to the marketplace across our businesses. Specifically, for advertising, competing successfully depends on attracting and retaining: users, for whom other products and services are literally one click away, largely on the basis of the relevance of our advertising, as well as the general usefulness, security, and availability of our products and services; advertisers, primarily based on our ability to generate sales leads, and ultimately customers, and to deliver their advertisements in an efficient and effective manner across a variety of distribution channels; and content providers, primarily based on the quality of our advertiser base, our ability to help these partners generate revenues from advertising, and the terms of our agreements with them.

Google’s TreatsGoogle might had enjoyed the dominance of search engine marketplace for quite some time, however lately trend from TikTok, I don’t search I TikTok is taking gradually more of Google’s marketplace.  As date Google has market share of  +80% in desktop searches worldwide. Google’s next competitor Bing is working to integrate ChatGPT with its search engine, that is supported by OpenID to power Bing, this might be the start of  the real Google’s challenge.
Google’s OpportunitiesThe shift to online, as well as the advent of the multi-device world, has brought opportunities outside of the U.S., including in emerging markets, such as India. Google are continue to invest heavily and develop localized versions of our products and advertising programs relevant to their users in these markets. This has led to a trend of increased revenues from emerging markets. Google expect that their results will continue to be affected by their performance in these markets, particularly as low-cost mobile devices become more available. This trend could affect our revenues as developing markets initially monetize at a lower rate than more mature markets.
Every year, there are trillions of searches on Google, and 15% of the searches we see every day are new. Google continue to invest deeply in AI and other technologies to ensure the most helpful search experience possible. YouTube provides people with entertainment, information, and opportunities to learn something new. And Google Assistant offers the best way to get things done seamlessly across different devices, providing intelligent help throughout a person's day, no matter where they are.
To diversify its revenue stream, Google is placing big bets on its cloud services. Cloud Services: In fiscal year 2021, about 7.5% ($19.2 Billion) of Google’s annual revenue came from its Google Cloud Platform (GCP) and its service.
Google’s weaknessIn 2021 Google generated more than 80% of total revenues from the display of ads online. Heavily overdependence on Advertisement: 80% of its total revenue  generates from  its advertisement related. Advertisement space is highly cyclical, competitive, and rely heavily on macroeconomic conditions. Inflation is 40 years high, this might affect consumers’ confidence and hurt Google’s revenue. 

Unfair Business Practices: As the most used search engine, Google exploits this advantage unfairly to prevent the entry new actors in the sector. Politicians are keep monitoring Google’s privacy practice. 

​Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value.

​Google’s operations and financial results are subject to various risks and uncertainties, including but not limited to those described below, which could harm our business, reputation, financial condition, and operating results, and affect the trading price of our Class A and Class C stock.

They generate a significant portion of their revenues from advertising, and reduced spending by advertisers, a loss of partners, or new and existing technologies that block ads online and/or affect our ability to customize ads could harm our business.
 
As date Google generated more than 80% of total revenues from the display of ads online in 2021. Many of their advertisers, companies that distribute our products and services, digital publishers, and content providers can terminate their contracts with us at any time. These partners may not continue to do business with us if we do not create more value (such as increased numbers of users or customers, new sales leads, increased brand awareness, or more effective monetization) than their available alternatives. Changes to their advertising policies and data privacy practices, as well as changes to other companies’ advertising and/or data privacy practices have in the past, and may in the future, affect the advertising that we are able to provide, which could harm our business. In addition, technologies have been developed that make customized ads more difficult or that block the display of ads altogether and some providers of online services have integrated technologies that could potentially impair the availability and functionality of third-party digital advertising.
 
In addition, expenditures by advertisers tend to be cyclical, reflecting overall economic conditions and budgeting and buying patterns. Adverse macroeconomic conditions have affected, and may in the future affect, the demand for advertising, resulting in fluctuations in the amounts our advertisers spend on advertising, which could harm our financial condition and operating results.

R&D is a vital post for technology companies. Google are continually innovating and building new product features that will help users, partners, customers, and communities. They have invested more than $100 billion in R&D over the last five years. Google’s R&D expenses increased $4.0 billion from 2020 to 2021. The increase was primarily due to an increase in compensation expenses of $3.5 billion, largely resulting from an 11% increase in headcount, and an increase in professional service fees of $516 million. This increase was partially offset by a reduction in depreciation expense of $450 million including the effect of our change in the estimated useful life of their servers and certain network equipment.

Sundar Pichai(49Y)
6.1-years average management tenure
$ 6,322,599 compensation
Mr. Sundar Pichai is Chief Executive Officer at Alphabet Inc. since December 2019. Mr. Pichai has been the Chief Executive Officer of Google Inc., since October 02, 2015. Mr. Pichai leads the product management and innovation efforts for a suite of Google's search and consumer products, including iGoogle, Google Toolbar, Desktop Search and Gadgets, Google Pack and Gears.

He has experience developing high-tech consumer and enterprise products. Mr. Pichai served as Senior Vice President of Products at Google Inc. (currently known as Alphabet Inc.) from October 2014 to October 2, 2015. He served as Senior Vice President of Android, Chrome & Apps at Google Inc. from March 2013 to October 2014. Mr. Pichai served as the Head of Android Mobile Software Division at Google Inc. since March 2013.

He served as the Head of the Chrome Browser & Computer Operating System at Google Inc. He served as Senior Vice President of Chrome at Google Inc. from April 2011 to March 2013. He served as Vice President of Product Management at Google Inc. He joined Google in 2004. Prior to Google, he served various engineering and product management positions at Applied Materials and served as Management Consultant of McKinsey & Company, Inc. for a variety of software and semiconductor clients. He has been a Director of Alphabet Inc. since July 19, 2017.

​He served as a Director of Jive Software, Inc. from March 2011 to July 30, 2013. He served as a Member of Board of Advisors at Ruba, Inc. He was awarded an Institute Silver Medal. He was named a Siebel Scholar and a Palmer Scholar at the Wharton School. Mr. Pichai received Bachelor of Engineering degree with honors in metallurgical engineering from the Indian Institute of Technology, Kharagpur.
He holds an M.S. in Engineering and Materials Science from Stanford University and an MBA from the Wharton School of the University of Pennsylvania

BusinessVolvo Car AB is a Sweden-based automotive brand. Volvo Car Group is focused on the design, engineering, manufacturing, distribution, and sale of passenger cars, with particular focus on sustainability, fully electric cars, and direct consumer relations, including subscription and other new mobility services. Volvo Car Group addressable market is the global premium passenger car market. Moreover, the Company intention is to be a pure electric car company and as a result it is undergoing a shift in its business model to a direct sales model in most of its markets. Volvo Cars commitment to electrification also results in the launch of Polestar, a progressive stand-alone electric performance car brand, in which Volvo Cars owns shares. Volvo Cars also holds shares in the automotive brand LYNK&CO, which focuses on young open-minded urban people through a flexible customer offering.

​Volvo Cars is a small producer, with a global market share of 1–2 percent. The largest market, China, represented some 23 per cent of the total sales volume in 2022, followed by Europe (21%), the US (18%), other markets(11%), Sweden(6%), the UK (5.5%), and Germany (6%).

Sources of VolvoCar revenues
Unit cars sold annually is descending since top Q4 2022. One way to protect revenue is selling at higher price than of year 2020.

​We can see clearly that automotive branch generates the greatest revenue in total 89% of the 2021 revenues, while used cars business covers 7%.  

​Sales per region is well diversified. This provides a protection against a sharp macroeconomic decline.

​One of the most significant and noticeable aspects that distinguish modern cars even from their 10-year-old predecessors is the number of software-controlled options. As we all know, describing the Volvo brand in one word is simply: safety. Therefore, role of software has kept providing Volvo brand to live up to its brand. This means not only quality-of-life improvements for the drivers but also that the manufacturers need to come up with new innovative solutions to compete. Latest engineered performance seen in VolvoCar is a result of the constant investment and tireless innovation of their R&D team. We know R&D section plays a significant role for modern automotive in order to succeed. The cost of R&D for VolvoCar is as follows.

​Since 2012 VolvoCar R&R expense on average was -4.9% of its revenue. This means Volvo have managed to keep R&D costs low while improving its digital technology. 

​Let’s see if  VOLCAR  is undervalued compared to its fair value, analyst forecasts and its price relative to the market? Base of PE Ratio VolvoCar is good value 11x compared to the peer average as date November 2022. However, VolvoCar is slightly expensive compare to the Global auto industry average. 

Reading the swot analysis of Volvo, we will understand what are the critical factors which are responsible for the success of this firm and factors which can be dynamic and game-changing in the future.
​
Strength of VolvoCar
VolvoCar has strong market position – they are the market leader for most of its segments. Volvo has a strong position throughout the world due to its continuous expansion and use of modern technology. Strong R&D team provides them an edge over competitors’ products, and it helps them to stay in the race and innovate. At the same time what matters for customers is safety, reliable brand – Volvo is one of the most reliable and trusted brands in the world. They have a reputation for making the world’s safest cars for several decades. Having a successful and strong market presence also what helps a company like Volvo be recognized in the industry.

Weaknesses of VolvoCar,
Weaknesses are internal factors that place the company at a disadvantage compared to its competitors. As most auto manufacturing, in 2019 Volvo to recall 460,769 cars worldwide over air bag rupture fatality. Lately in 2022 Volvo's plug-in hybrid XC60 and XC90 have been recalled to fix a problem with the engine control module, although owners won't need to visit a dealer for a fix. If problems continue to rise thus can affected the brand image of VolvoCar and can has create a bad impact on the brand name of VolvoCar going forward.

Opportunities for VolvoCar
Opportunities are external factors that the company can potentially benefit from when recognized. It is not surprising that electric cars are the future of the automation industry. After huge demand for Tesla cars and the public’s concern towards sustainability become a huge opportunity for electric vehicles. Volvo has already set a goal to end fuel vehicle with in 2030. Therefore, Volvo Cars commitment to electrification also results in the launch of Polestar, a progressive stand-alone electric performance car brand, in which Volvo Cars owns shares. Volvo Cars also holds shares in the automotive brand LYNK&CO, which focuses on young open-minded urban people through a flexible customer offering.
 

Treats to VolvoCar
Threats are external factors that a company should be aware of to hold its status in the market. Threats to Volvo – Price wars – Internal competition with competitors causes price wars. Volvo faces tough competition in all its segments which forces them to do product competition i.e., fighting for giving a better quality of product or service. Currency fluctuations – Volvo operates globally in so many countries and hence it receives many kinds of currencies. All currencies are not stable, and some are unacceptable due to fluctuations happening in their value. Volvo accepts Swedish Konner and US dollars create fluctuations in their total value.
 
Competitors of Volvo
​Following are the major competitors of VolvoCar

• BMW -X3
• Mercedes-Benz
• Land Rover – Discovery Sport
• Hyundai Santa Fe
• Tesla
• NIO
• Audi Q5
• Lexus NX

ManagementJim Rowan(57Y)
0.5-year tenure
$NA salary
VOLCAR B's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team. However, VOLCAR B's board of directors are considered experienced (7.8 years average tenure).
Mr. James Rowan, also known as Jim, is a Director of Polestar Automotive Holding UK PLC from June 2022. He serves as CEO & President at McDonald Hopkins, LLC since March 21, 2022. He serves as Director of Volvo Car AB (publ.) since May 11, 2022 and serves as its Chief Executive Officer and President.
​
He serves as Director of PCH International since August 26, 2020. He serves as Chief Executive Officer of Consumer & Healthcare Division and Director at Ember Technologies, Inc. since February 16, 2021. He serves as Senior Advisor at KKR & Co. Inc. since November 2020. He served as Lead Independent Director at Nanofilm Technologies International Limited. He served as the Chief Operating Officer of Global Manufacturing & Supply Chain at BlackBerry Limited (aka Research in Motion Limited) from July 2011 to March 2012. He served as Senior Vice President of Global Manufacturing & Supply Chain at Research In Motion Limited. He served as an Executive Vice President of Worldwide Operations for Celestica. Prior to that, he was based in Vienna, Austria where he worked for Flextronics as the Vice President of Operations for their European Region and a senior executive at Flextronics. He was also a Founder of two start-ups which were extremely successful. He serves as a Member of Executive Advisory Board at SCM World Limited. He brings global experience in the consumer and technology sectors. He led Dyson as its CEO between 2017 and 2020, during which time he accelerated the company’s e-commerce strategy and significantly grew its market share worldwide.

Weybourne Services Singapore Pte. Ltd. Dyson Appliances (Aust.) Pty Limited Dyson B2B, Inc Dyson B2B Technical Services Inc Dyson Canada Limited Dyson Direct, Inc Dyson Hong Kong Limited Dyson K.K. Dyson Manufacturing Sdn.
Bhd. Dyson New Zealand Limited Dyson Technical Services, Inc. Dyson Technology Inc Dyson, Inc. Sakti3, Inc. Dyson SAS Dyson Research and Development (Shanghai) Limited Dyson Technology (Beijing) Ltd Dyson Technology (Shanghai) Limited. He a Dictatorship in Momentum Technologies Pte Ltd PCH International Limited. He is an Advisory Board Member of Nanyang Technological University’s School of Mechanical & Aerospace Engineering.
He was Non-Executive Non-Independent Director at Nanofilm Technologies International Limited since May 14, 2021 until March 01, 2022. He works as advisor at Sydrogen Energy Pte. Ltd. (Sydrogen).

MTN is a pan-African leading mobile telecommunication operator with the strategic intent of ‘Leading digital solutions for Africa’s progress’. Inspired by their belief that everyone deserves the benefits of a modern connected life, they provide a diverse range of

• voice,
• data,
• fintech,
• digital, enterprise,
• wholesale, and
• API services to more than 272 million customers in 19 markets.

Established in South Africa at the dawn of democracy in 1994 as a leader in transformation. Since then, they have grown by investing in sophisticated communication infrastructure, developing new technologies and by harnessing the talent of their diverse people to now offer services to communities across Africa and the Middle East. MTN Group Limited is a publicly owned entity whose shares are traded on the JSE with a market capitalisation of around US$12 billion. MTN strategy is to build the largest and most valuable platform business with a clear focus on Africa.

​Below an image showing some of MTN's Group main brands and investments. South Africans are sure to recognize several the brands in the image below.

​MTN Group sales per business break down by activity as follows: mobile telecommunication is the biggest revenue contributor 73,5% as 2021, following by digital & fintech and interconnect and roaming, while sale of cell phones and accessories contribute 5,4%.

​PE Ratio vs competitors: MTN is good value based on its Price-To-Earnings Ratio (11.0x) compared to the peer average (18.5x). Industrial average PE ratio is currently at 14.5x, MTN PE ratio is well below industrial and its competitors. We can conclude that base of historical data MTN is slightly undervalued compared to its fair value.

​There is a structurally higher demand for data services and accelerating transaction values in fintech businesses. To support this, MTN Group is investing in the coverage, capacity and resilience of their networks, as well as the scaling of their platforms. They are increasing investment in the networks to R34.4 billion. MTN expect capex intensity to decelerate as the business grows, with Group capex intensity anticipated to reduce in the range of 18% to 15%. They have enhanced their medium-term guidance, raising our targets for Group service revenue growth and returns, in turn creating shared value.
781m (72%) people in SSA still not connected to mobile internet SSA mobile internet users to grow to 474m by 2025 from 303m in 2020 ~46% of Africa’s population is unbanked 95% of payments remain cash based with 90% of economies driven by small business. 

At least mid-teens growth

• South Africa: mid-single-digit growth
• Nigeria: at least 20% growth Accelerate fintech platform growth
•  >20% service revenue contribution Holdco leverage
• ≤ 1.5x, faster non-ZAR deleveraging Asset realisation
• >R25 billion Adjusted RoE
• Improvement towards 25

Ralph Mupita(50Y)
5.5 years tenure è average management tenure is only 2.1 years
R51, 310, 000 salary
Mr. Ralph Tendai Mupita, BSc (Hons)(Eng.), MBA, GMP (Harvard), serves as Non-Executive Director of MTN Nigeria Communications PLC since April 13, 2017. He served as a Non-Executive Director at Scancom Plc since June 1, 2018 until May 25, 2021. He served as an Independent Non-Executive Director of Rand Merchant Investment Holdings Limited since March 31, 2018 until November 24, 2021.

He was Group Chief Financial Officer at Mobile Telephone Networks Holdings Limited until August 31, 2020 and has been its Executive Director since April 3, 2017. He is Group President and Chief Executive Officer of Mobile Telephone Networks Holdings Limited since September 01, 2020. Mr. Mupita had been Group Chief Financial Officer of MTN Group Limited since April 3, 2017 until August 31, 2020. He has been Executive Director of MTN Group Limited since April 3, 2017 and serves as its Group President and Chief Executive Officer since September 01, 2020.

He served as the Director of Special Growth Projects for Old Mutual Life Assurance Company (South Africa) Limited. He joined Old Mutual in 2000, he was seconded to Old Mutual Zimbabwe where he worked on a strategy project that led to re-structuring several functional areas within Old Mutual Properties (Zimbabwe). On re-joining Old Mutual South Africa in July 2001, Mr. Mupita looked after the strategy & business planning functions for Individual Life as a Strategy Director. He has extensive experience in the financial services sector, having had a distinguished career at Old Mutual over.
​
He worked on engineering and construction projects in SA. A key responsibility in this role was the Vision 2002 Programme. From October 2002 to October 2003, he became responsible for customer development for the retail middle market business (Personal Finance). From October 2003 to October 2004, he was responsible for Group Direct Sales (Old Mutual's direct marketing & sales business unit) as well as retail Customer Management.

He served as Managing Director of Old Mutual Unit Trusts since October 1, 2004. He served as a Non- Executive Director of UAP Holdings Limited since June 19, 2015 until January 31, 2017. He served as a Director of Kotak Mahindra Old Mutual Life Insurance Ltd. from May 1, 2011 to March 27, 2013.
Mr. Mupita holds B. Sc. Engineering (Hons), with construction projects in South Africa and completed his MBA at the University of Cape Town in 2000. He is a graduate of Harvard Business School's GMP programme and has also attended executive programmes at London Business School and INSEAD.

Naspers is a global consumer internet group and one of the largest technology investors in the world. Naspers Limited operates in consumer internet industry worldwide. The company builds various companies that empower people and enrich communities. It holds investments in classifieds,

• Food delivery
• Payments and fintech
• Education
• Health, and ecommerce, as well as ventures, and social and internet platforms.

The company also prints, publishes, and distributes, newspapers, magazines, and books through digital platforms. Naspers Limited was founded in 1915 and is headquartered in Cape Town, South Africa.
Through Prosus the group invests and operates globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the JSE Limited’s stock exchange. It also has an American Depository Receipts (ADR) programmed trading on an over-the-counter basis in the United States. Naspers is the majority owner of Prosus. They are committed to investing in entrepreneurs and in technologies that improve people’s lives. From India to Brazil to South Africa to Russia – well over a billion people around the world benefit from Naspers-backed businesses. Billions more are within our reach and we’re keen to help them too. They continue to grow and address big societal needs and, in turn, create greater value over time. They operate or partner with several leading internet businesses across Africa, Central and Eastern Europe, the Americas and Asia in sectors that include online classifieds, food delivery, payments and fintech, etail, social and internet platforms, education, and health.
​

​Below an image showing some of Naspers's main brands and investments. South Africans are sure to recognize several the brands in the image below.

​PE vs competitors: Naspers is good value based on its Price-To-Earnings Ratio (3.01x) compared to the peer average (58.5x).

MultiChoice South Africa’s digital and analog platforms in South Africa compete directly with the four free-to-air television channels in South Africa (which are also carried on MultiChoice South Africa’s digital bouquet) and indirectly with the internet, all live sporting events, motion picture theatres, video rental stores, mobile telephones, lotteries, gaming, and other forms of entertainment.

The extent and nature of competition among smart card manufacturers is in large part determined by the ability to provide secure products that effectively combat piracy at competitive prices, the ability to offer superior customer service and the ability to acquire new clients, as the cost of switching for existing customers can be high. Irdeto’s main competitors are NDS Group plc and Nagravision S.A., which provide conditional access systems to operators utilizing a range of platforms.

MediaZone competitors for consumer-facing aggregated paid video service include JumpTV, Setanta, RooTV, TotalVid, PlanetVu.  On a more generalized “video content aggregation & delivery to consumers” level, competition would include traditional cable and satellite providers such as Comcast and Dish, especially those offering a Video on Demand model.

​Naspers strength

• Strong presence in around 130 countries making it one of the largest technology investors globally.
• Strong local backup brand, very large consumer network
• Leadership position in food delivery in many large geographies.

Naspers weaknessSlow performance growth in video-entertainment business
Naspers threatsCompetition from Amazon, Google

​Bob Van Dijk(49Y)
8.42 years tenure
$10 121 000 salary
Mr. Bob van Dijk served as an Independent Director at Booking Holdings Inc. since June 04, 2020, until June 09, 2022. He has been the Chief Executive Officer of Naspers Limited since April 1, 2014. Mr. van Dijk is Chief Executive Officer of Prosus N.V. since September 2019 and serves as its Executive Director since May 16, 2019.
He has experience in the technology sector and has been active in the field of E-Commerce for 11 years. Mr. van Dijk served as the Chief Executive Officer of Global Transaction E-Commerce at Naspers Limited from October 2013 to April 1, 2014, and served as its Ecommerce Chief. Mr. van Dijk served as Chief Executive Officer of Allegro Group at Naspers Ltd. since August 2013.
He served as Finance and Strategy Manager at eBay Group since July 2004. Mr. van Dijk also served in several general management positions with eBay and Schibsted. Prior to that, Mr. van Dijk was an entrepreneur in online financial products. He served as a Vice President of eBay Europe, where he was responsible for all eBay Group activities in the Netherlands as a Managing Director of eBay Netherlands.
Furthermore, he played a key role in expanding eBay’s local classifieds and online motor sales platform businesses as Vice President of Local Classifieds and Motors. He began his career as an Associate at McKinsey with a focus on mergers and acquisitions, and media. He has been an Executive Director of Naspers Limited since April 1, 2014. He serves as a Director of MultiChoice (Pty) Ltd.
He has 15 years of general management experience in online growth business across the world, spanning the online marketplaces, online classifieds and etail segments. He served as a Member of Supervisory Board at INTERSHOP Communications Atiengesellschaft from February 1, 2012 to May 31, 2013. He was Executive of Schibsted ASA. He was a founder of an online financial derivatives marketplace.
He has an MBA Hons from INSEAD and a M.Sc. in Econometrics from Erasmus University Rotterdam.

Meta mission is to give people the power to build community and bring the world closer together. All of their  products, including apps, share the vision of helping to bring the metaverse to life. Their top priority is to build useful and engaging products that enable people to connect and share through mobile devices, personal computers, virtual reality (VR) headsets, wearables, and in-home devices. They have 2.93 billion monthly active users as the first quarter of 2022. Their products include:

Facebook is a place for people to share life's moments and discuss what's happening, nurture and build relationships, discover and connect to interests, and create economic opportunity. They can do this through News Feed, Stories, Groups, Watch, Marketplace, Reels, Dating, and more.
 
Instagram brings people closer to the people and things they love. Instagram Feed, Stories, Reels, Video, Live, Shops, and messaging are places where people and creators can express themselves and push culture forward through photos, video, and private messaging, and connect with and shop from their favorite businesses.
 
Messenger is a simple yet powerful messaging application for people to connect with friends, family, groups, and businesses across platforms and devices through chat, audio and video calls, and Rooms.

WhatsApp is a simple, reliable, and secure messaging application that is used by people and businesses around the world to communicate and transact in a private way.
 
They generate substantially all of their revenue from selling advertising placements to marketers. Their ads let marketers reach people based on a variety of factors including age, gender, location, interests, and behaviors. Marketers purchase ads that can appear in multiple places including on Facebook, Instagram, and third-party applications and websites. They are also investing heavily in other consumer hardware products and several longer-term initiatives, such as
augmented reality,
artificial intelligence (AI), and
connectivity efforts, to develop technologies that we believe will help us better serve our mission over the long run.

​Risks related to META products might fail to add and retain existing users or add new users, or if their users decrease their level of engagement with their products, revenue, financial results, and business may be significantly harmed. The occurrence of security breaches, improper access to or disclosure of user data, and other cyber incidents or undesirable activity on their platform; their ability to obtain, maintain, protect, and enforce our intellectual property rights. If people do not perceive their products to be useful, reliable, and trustworthy, they may not be able to attract or retain users or otherwise maintain or increase the frequency and duration of their engagement.
 
A number of other social networking companies that achieved early popularity have since seen their active user bases or levels of engagement decline, in some cases precipitously. There is no guarantee that we will not experience a similar erosion of our active user base or engagement levels. Meta’s user engagement patterns have changed over time, and user engagement can be difficult to measure, particularly as they introduce new and different products and services.
Governments from time to time seek to censor or moderate content available on Facebook or our other products in their country, restrict access to our products from their country partially or entirely, or impose other restrictions that may affect the accessibility of  META products in their country for an extended period of time or indefinitely. For example, user access to Facebook and certain of our other products has been or is currently restricted in whole or in part in China, Iran, and North Korea. In addition, government authorities in other countries may seek to restrict user access to our products if they consider us to be in violation of their laws or a threat to public safety or for other reasons, and certain of our products have been restricted by governments in other countries from time to time. For example, in June 2020, Hong Kong adopted a National Security Law that provides authorities with the ability to obtain information, remove and block access to content, and suspend user services, and if they are found to be in violation of this law then the use of Facebook products may be restricted.

​PE vs Industry: META is good value based on its Price-To-Earnings Ratio (12.7x) compared to the US Interactive Media and Services industry average (42.7x).
PE vs Market: META is good value based on its Price-To-Earnings Ratio (12.7x) compared to the US market (15.2x).

​FACEBOOK do not intend to pay cash dividends for the foreseeable future.
 
They have never declared or paid cash dividends on their capital stock. They currently intend to retain any future earnings to finance the operation and expansion of  business and fund their share repurchase program, and they do not expect to declare or pay any cash dividends in the foreseeable future. As a result, you may only receive a return on your investment from their Class A common stock if the trading price of your shares increases.

​As of March 31, 2022, $0.4 million of loan and lease balances that were granted deferral payments by the Company were still in their deferment period. These modifications consisted solely of payment deferrals ranging from 30 days to six months. These modifications are in line
with applicable regulatory guidelines and, therefore, they are not reported as troubled debt restructurings. Other than the loan modifications that are on nonaccrual status, the Company is accruing and recognizing interest income on these modifications during the payment deferral period. In conclusion META is  has no debt, therefore coverage of interest payments is not a concern, therefore we can conclude Meta financial position is significantly healthy.

​Facebook business is highly competitive. Competition presents an ongoing threat to the success of Facebook business. As to date META is facing a significant competition in every aspect of their business, including from companies that provide tools to facilitate communications and the sharing of information, companies that enable marketers to display advertising, and companies that provide development platforms for application developers as well as with companies that provide social, media, and communication products and services that are designed to engage users on mobile devices and online.  Facebook business is rapid change, and disruptive technologies, therefore face significant competition across broad platforms that replicate capabilities they provide. For example, among other areas, Apple in messaging, Google and YouTube in advertising and video, Tencent and Snap in messaging and social media, Byte dance and Twitter in social media, and Amazon in advertising.
 
No one knows what the future will held, therefore some of Facebook current and potential competitors may have greater resources, experience, or stronger competitive positions in certain product segments, geographic regions, or user demographics than we do. For example, some of their competitors may be domiciled in different countries and subject to political, legal, and regulatory regimes that enable them to compete more effectively than Facebook. These factors may allow our competitors to respond more effectively than us to new or emerging technologies and changes in market conditions. Facebook believe that some users, particularly younger users, are aware of and actively engaging with other products and services similar to, or as a substitute for, their products and services, and Facebook believe that some users have reduced their use of and engagement with their products and services in favor of these other products and services. In the event that users increasingly engage with other products and services, Facebook may experience a decline in use and engagement in key user demographics or more broadly, in which case their business would likely be harmed.

How experienced are the management team and are they aligned to shareholders interests?
Average management tenure 5.4 years.
CEO  -  Mark  Elliot Zuckerberg (37 years young): have 17.9 years tenure, with a compensation of  US$26, 823, 061.  Mark total compensation is above average for companies of similar size in the US market( $13.3Mill)
Mr. Mark Elliot Zuckerberg founded Meta Platforms, Inc. (formerly known as Facebook, Inc.) in 2004 and its Chief Executive Officer since July 2004 and Chairman since January 2012. Mr. Zuckerberg is responsible for setting the overall direction and product strategy of Meta Platforms. He leads the design of Meta Platforms’ service and development of its core technology and infrastructure. Mr. Zuckerberg is also a Co-Founder of Breakthrough Energy LLC, which he co-founded in November 2015. He has been a Director of Meta Platforms, Inc. (formerly known as Facebook, Inc.) since July 2004. He attended Harvard University where he studied computer science.
 
OWNERSHIP STRUCTURE

• Institutions: 0.6 %
• General Public: 77 %
• Individual Insiders: 0.6%

TOP SHAREHOLDERS

Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. Their platforms and tools help drive

• Small business productivity,
• Large business competitiveness, and
• Public-sector efficiency.

They also support new startups, improve educational and health outcomes, and empower human ingenuity.
They bring technology and products together into experiences and solutions that unlock value for our customers.
Furthermore, they develops, licenses, and supports software, services, devices, and solutions worldwide. As to date they are the world's leader in the design, development and marketing of operating systems and software programs for PC's and servers. The group also builds and sells computer equipment. Net sales break down by activity as follows:

• Sale of operating systems and application development tools (44.5%): primarily for servers (Azure, SQL Server, Windows Server, Visual Studio, System Center, GitHub, etc.) and (Windows);
• Development of cloud-based software applications (24.7%): programs for productivity (Microsoft 365; Word, Excel, PowerPoint, Outlook, OneNote, Publisher and Access), integrated management and customer relationship management (Dynamics 365), online file sharing and management (OneDrive), and unified and collaborative communications (Skype and Microsoft Teams);
• Sale of video gaming hardware and software (8.1%) : mainly Xbox;

• Enterprise services (4.5%);
• Sale of computers, tablets and accessories (4.5%);
• Other (13.7%).

​The United States account for 51.5% of net sales.
Since interception  1975, they develop and support software, services, devices, and solutions that deliver new value for customers and help people and businesses realize their full potential.
They offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. We also deliver relevant online advertising to a global audience.
 
Microsoft's products include operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories

​Their productivity and Business Processes segment consists of products and services in their portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. This segment primarily comprises:

• Office Commercial (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed on-premises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, and Skype for Business.
• Office Consumer, including Microsoft 365 Consumer subscriptions and Office licensed on-premises, and Office Consumer Services, including Skype, Outlook.com, and OneDrive.
• LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, Sales Solutions, and Learning Solutions.
• Dynamics business solutions, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications.

Dynamics provides cloud-based and on-premises business solutions for financial management, enterprise resource planning (“ERP”), customer relationship management (“CRM”), supply chain management, and other application development platforms for small and medium businesses, large organizations, and divisions of global enterprises. Dynamics revenue is driven by the number of users licensed and applications consumed, expansion of average revenue per user, and the continued shift to Dynamics 365, a unified set of cloud-based intelligent business applications, including Power Apps and Power Automate.

Sales per business

​PE vs Industry: MSFT is good value based on its Price-To-Earnings Ratio (26.41x)
​compared to the US Software industry average (38.6x).
 PE vs Market: MSFT is poor value based on its Price-To-Earnings Ratio (26.41x) compared to the US market (15.2x).

This valuation is based on level 1-3 investments methodology, therefore these controls include brief summary model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate. Cash from operations increased $16.1 billion to $76.7 billion for fiscal year 2021, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to suppliers and employees. Cash used in financing increased $2.5 billion to $48.5 billion for fiscal year 2021, mainly due to a $4.4 billion increase in common stock repurchases and a $1.4 billion increase in dividends paid, offset in part by a $1.8 billion decrease in repayments of debt and a $1.7 billion decrease in cash premium paid on debt exchange. Cash used in investing increased $15.4 billion to $27.6 billion for fiscal year 2021, mainly due to a $6.4 billion increase in cash used for acquisitions of companies, net of cash acquired, and purchases of intangible and other assets, a $5.2 billion increase in additions to property and equipment, and a $4.1 billion decrease in cash from net investment purchases, sales, and maturities.

​During fiscal years 2021 and 2020, they repurchased 101 million shares and 126 million shares of their common stock for $23.0 billion and $19.7 billion, respectively, through our share repurchase programs. All repurchases were made using cash resources. 

​Microsoft returned $10.4 billion to shareholders in the form of share repurchases and dividends in the fourth quarter of fiscal year 2021. Dividends paid out ratio 24.5 % of its earnings over the trailing twelve months.
Microsoft's last dividend payment date was on 2022-06-09 when Microsoft shareholders who owned MSFT shares before 2022-05-18 received a dividend payment of $0.6200 per share. Microsoft's next dividend payment date has not been announced yet.

Microsoft’s has more cash than its total debt, its debt is well covered by operating cash flow 174%. As to date June 2022 the world economy is embossed by the uncertainty of Russia/Ukraine war, rapidly inflation rises, world central banks are  hiking  interest rate to cool prices. In this type of market dynamics blue chip companies out to perform well then small cap that carries high debt ratio. Microsoft’s interest payments on its debt are well covered by EBIT 1260%x coverage,  therefore we can conclude Microsoft financial position is healthy

​Microsoft’s competitors’ range in size from diversified global companies with significant research and development resources to small, specialized firms whose narrower product lines may let them be more effective in deploying technical, marketing, and financial resources. Barriers to entry in many of Microsoft businesses are low and many of the areas in which they compete evolve rapidly with changing and disruptive technologies, shifting user needs, and frequent introductions of new products and services. Their ability to remain competitive depends on their success in making innovative products, devices, and services that appeal to businesses and consumers.
Competitors to Office include software and global application vendors, such as Apple, Cisco Systems, Facebook, Google, IBM, Okta, Proofpoint, Slack, Symantec, Zoom, and numerous web-based and mobile application competitors as well as local application developers. Apple distributes versions of its pre-installed application software, such as email and calendar products, through its PCs, tablets, and phones. Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. Google provides a hosted messaging and productivity suite. Slack provides teamwork and collaboration software. Zoom offers videoconferencing and cloud phone solutions. Skype for Business and Skype also compete with a variety of instant messaging, voice, and video communication providers, ranging from start-ups to established enterprises. Okta, Proofpoint, and Symantec provide security solutions across email security, information protection, identity, and governance. Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products and services. We compete by providing powerful, flexible, secure, integrated industry-specific, and easy-to-use productivity and collaboration tools and services that create comprehensive solutions and work well with technologies our customers already have both on-premises or in the cloud.
 
LinkedIn faces competition from online professional networks, recruiting companies, talent management companies, and larger companies that are focusing on talent management and human resource services; job boards; traditional recruiting firms; and companies that provide learning and development products and services. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers, and Sales Solutions competes with online and offline outlets for companies with lead generation and customer intelligence and insights.
Dynamics competes with cloud-based and on-premises business solution providers such as Oracle, Salesforce.com, and SAP.
Azure faces diverse competition from companies such as Amazon, Google, IBM, Oracle, VMware, and open source offerings. Our Enterprise Mobility + Security offerings also compete with products from a range of competitors including identity vendors, security solution vendors, and numerous other security point solution vendors. Azure’s competitive advantage includes enabling a hybrid cloud, allowing deployment of existing datacenters with our public cloud into a single, cohesive infrastructure, and the ability to run at a scale that meets the needs of businesses of all sizes and complexities. We believe our cloud’s global scale, coupled with our broad portfolio of identity and security solutions, allows us to effectively solve complex cybersecurity challenges for our customers and differentiates us from the competition.
 
Windows faces competition from various software products and from alternative platforms and devices, mainly from Apple and Google. We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity.

How experienced are the management team and are they aligned to shareholders interests?
Average management tenure 6.8 years.
CEO – Satya Nadella (54 years young): have 8.2 years tenure, with a compensation of $49 858 280. Satya’s total compensation is above average for companies of similar size in the US market( $13.3Mill)
Mr. Satya Nadella is Chief Executive Officer and Director of Microsoft Corporation since February 2014 and has been its Chairman since June 2021. Before being named CEO in February 2014, he held leadership roles in both enterprise and consumer businesses across the Company. He has held various leadership positions at Microsoft since joining Microsoft in 1992, including Executive Vice President of Cloud and Enterprise from July 2013 to February 2014; President of Server and Tools from 2011 to 2013; Senior Vice President of Online Services Division from 2009 to 2011; and Senior Vice President of Search, Portal, and Advertising from 2008 to 2009.

Mr. Nadella’s roles also included Vice President of the Microsoft Business Division. Before joining Microsoft, he was a Member of the Technology Staff at Sun Microsystems. He has been a Director of Bravo Solution US, Inc.; and Starbucks Corp since March 22, 2017. He earned a bachelor’s degree in electrical engineering from Mangalore University, a master’s degree in computer science from the University of Wisconsin – Milwaukee and a master’s degree in business administration from the University of Chicago. ​He serves as a Trustee of Fred Hutchinson Cancer Research Center. Mr. Nadella served as a Director of Riverbed Technology, Inc

OWNERSHIP STRUCTURE

• Institutions: 72 %
• General Public: 27 %
• Individual Insiders: 0.08%

Published: 24 May 2022 by Tela Equity Research analyst - telaadvisor

Toyota Motor is a Japanese multinational automotive manufacturer that was founded in 1937. TOYOTA INDUSTRIES CORPORATION is primarily engaged in the, manufacture and sale of automobiles, industrial vehicles and textile machinery. The Company operates in three business segments.

The Automobile segment manufactures and sells automobiles,

• engines,
• compressors for automotive air-conditioners, and
• electronic equipment, among others.

The Industrial Vehicle segment provides

• forklift trucks,
• warehouse equipment,
• automatic warehouse,
• vehicles for high-place work,
• logistics solution and sales finance business.

​The Textile Machinery segment offers

• weaving machines and
• spinning machines, as well as yarn quality measurement equipment and cotton grading equipment.

Sales per business

Profit margin:                 9.08 %
Operating margin:          9.55 %
ROA:                                 2.88 %
ROE:                                 11.18 %
​PE vs Market: Toyota is good value based on its PE Ratio (9.9x) compared to the JP market (12.2x).

TOYOTA MAJOR STRENGTH
Toyota’s strengths are internal factors that help Toyota maintain its success in the auto industry. These are the reasons why Toyota is so successful today:

1. The Toyota Way: Toyota’s operations follow the principles of continuous improvement and respect for people. These principles boost productivity and foster innovation. They also inspired the concept of lean management. For many decades, these principles have formed the core strength of Toyota.
2. Fuel Cell Patents: Automobile companies are pursuing the vision of zero-emission vehicles through two main technologies – hydrogen fuel cells and electric vehicles. Toyota owns around 5,680 global patents related to hydrogen fuel cells. These patents put Toyota in a strong position in the zero-emission vehicles market
3. Solid-state battery park
4. Hybrids: Toyota develops competencies in clean energy vehicles, it’s consolidating its position in hybrid vehicles. Toyota makes some of the most reliable green cars in the market.

As a tool, SWOT analysis looks at weaknesses as internal factors that prevent or slow down growth. Here are some of Toyota’s weaknesses:
1.      Recalls: Although Toyota sets the standards for quality control, its design and production aren’t flawless. For instance, early this year, Toyota recalled 700,000 vehicles because of a faulty fuel pump. Such situations devalue the people’s trust in the brand and can undo decades of goodwill.
2.      Rigid hierarchy
3.      Partial global presence
​

​Ford, Volkswagen, Hyundai, General Motors, and Nissan. Together these companies employ 1 million people worldwide, with Toyota employing only 359 thousand people and ranked 1st among Toyota’s Top 5 competitors. The global automotive industry is worth as much as US$4 trillion. With as much as an estimated 1.4 billion cars in use on the road around the world.

​Akio Toyoda(65Y)
12.9 years tenure
$3 449 943 salary
Mr. Akio Toyoda has been a Director of DENSO Corporation since June 2019. Mr. Toyoda has been the Chief Executive Officer of Toyota Motor Corporation (TMC) since June 23, 2009 and its President since 2009 and serves as its Chief Branding Officer. Mr. Toyoda had served as Chairman and Chief Executive Officer of Toyota Motor North America, Inc. He served as Chief Officer of the Electric Vehicle (EV) Business Planning Department at Toyota Motor Corporation since December 1, 2016 until July 28, 2017.
He serves as a Senior Adviser of Toyota Media Service Corporation. He has been the President of Hitachi Ltd and Honda Motor Co. since March 2009. He serves as an Auditor of Toyota Boshoku Corporation. He served as the Chief Executive Officer and President of Toyota South Africa Motors (Pty) Ltd until April 1, 2016.
He served as an Executive Vice President at Toyota Motor Corporation from January 21, 2005 to June 2009, Senior Managing Director from 2003 to 2005 and Chief of Asia & China Operations Officer since 2003 and also served as its Division General Manager of Taiwan & China Offices. He joined TMC in 1984 and was its Managing Director from 2002 to 2003. He served as Vice President of New United Motor Manufacturing Inc. He served as an Auditor of Shiroki Corporation. He served as a Corporate Auditor at JTEKT Corporation.

Published: 03 April 2022 by Tela equity research analyst - telaadvisor

​1.  BUSINESS

• Adyen N.V. operates a payments platform in Europe, the Middle East, Africa, North America, the Asia Pacific, Latin America. The company's platform integrates payments stack that include gateway,
• Risk management, processing,
• Issuing, acquiring, and
• Settlement services.

It offers a back-end infrastructure for authorizing payments across merchants' sales channels, as well as online, mobile, in-store, and APIs; and data insights. The company's platform services a range of merchants across various verticals, connecting them directly to Visa, Mastercard, and other payment methods. Adyen N.V. was incorporated in 2006 and is headquartered in Amsterdam, the Netherlands.

​

Profit margin: 7.84 %
Operating margin: 10.14 %
ROA: 7.65 %
​ROE:31 %

Strengths
- Diversity in customer portfolio lending it a financial cushion.
- Integration with multiple international and local payment methods.

Weaknesses
- High dependence on European market 
- Low presence in emerging markets
Opportunities
- Growth of e-commerce boosting growth of payment gateways

​The global market for payment processing is massive, with US$1.6 trillion in total addressable market revenues. Payment revenue is expected to grow at a CAGR of 7% through to 2021. Adyen has plenty of room to grow, as growth of 1% in Adyen’s market share will lead to an additional US$1.6 billion dollars of revenue. These massive payments industry has traditionally supported many intermediaries, which Adyen has disrupted.

Adyen’s primary competitors include the likes of PayPal, Worldpay, and Stripe. Adyen caters to big, international operations while Stripe targets the startup app developer community, making up for lower volume by charging a slightly higher margin. Adyen’s transaction volume last year in 2021 was $516 billion, while net revenue grew to $469 million. The company grosses less than 1% of every dollar processed, far below the 2% to 3% that Worldpay, PayPal and Stripe make.

Adyen is a multi-sided platform that exclusively charges merchants. The value to merchants is derived from the partnerships they have formed with card schemes, as well as the technology platforms. Adyen has partnered with popular Ecommerce, Billing, and POS platforms to ensure their ‘plug-and-play’ solution will integrate seamlessly into the technology stack of their merchant customers.

​Adyen is focused on providing their merchants with the best payment experience by constantly innovating. Adyen continuously improves its products with regular software updates every four weeks to ensure that they stay competitive with the competition and extend their product offering. With their existing scalable business model, Adyen should focus on developing partnerships with merchants in countries like China and India where the growth of E-commerce is highest. While the outlook within the B2C payments space is positive, Adyen should consider adjacent industries moving forward. A key differentiator in the market is their relationships with card schemes around the world.

​Pieter van der Does (52 yo)
16.17yrs
€628,685: Compensation
Mr. Pieter Willem van der Does is a Co-founder, Chief Executive Officer of Adyen B.V. and has been its Member of Management Board since July 6, 2007. He served as President at Adyen N.V. until January 2020. Prior to co-founded Adyen in 2006, Mr. van der Does was a board member of the International Merchant Services division of the Royal Bank of Scotland (RBS).
The companies managed under this division were WorldPay, Bibit, the International acquiring business of Streamline and Trustmarque. He has been active in the PSP world since 1999 when he joined Bibit board. In this position, he was responsible for Sales and Marketing, Legal and the international expansion of the business.

BUSINESS OVERVIWS
The World's Largest Nonalcoholic Beverage Company.

The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Coca-Cola company’s purpose is to refresh the world and make a difference. Their portfolio of brands includes Coca-Cola, Sprite, Fanta and other sparkling soft drinks. Their hydration, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, Powerade, Costa, Georgia, Gold Peak, Honest and Ayataka. Together with their bottling partners, they employ more than 700,000 people, helping bring economic opportunity to local communities worldwide.

AT A GLANCE

Calculating the true value of any business is not as easy as it may seem. While the market cap of a public entity, such as Coca Cola, is its stock price multiplied by the total number of shares outstanding, calculating Coca Cola's enterprise value requires a different approach.
It uses Coca Cola's balance sheet items such as

• long-term debt,
• the book value of the preferred stock,
• minority interest, and
• other important financials.

Although the value of free cash flow will most likely stabilize to about 11 B.
Coca-cola shows a prevailing Real Value of $66.19 per share. The current price of the firm is $61.39. At this time, the firm appears to be slightly undervalued. Our model approximates the value of Coca-cola from analyzing the firm fundaments such as:

• ROE of 39.72 % and
• Profit margin of 23%.

COCA COLA 
DIVIDENDS ANALYSIS
Coca Cola has scaled down on payment of dividends at this time. PE Ratio is expected to rise to 30 this year, although the value of accumulated retained earnings deficitwill most likely fall to about 76.4 B.
There are various types of dividends Coca Cola can pay to its shareholders, and the actual value of the dividend is determined on a per-share basis. It is to be paid equally to all of Coca Cola shareholders on a specific date, known as the payable date. The cash dividend is the most common type of dividend payment - it is the payment of actual cash from Coca-Cola directly to its shareholders. There are other types of dividends that companies can issue, such as stockdividends or asset dividends. When Coca Cola pays a dividend, it has no impact on its emterprise value. It does, however, lowers the Equity Value of Coca Cola by the value of the dividends paid out.

RISK FACTORS
Coca-Cola secures Sharpe ratio of 0.2, which signifies that the company had 0.2% of return per unit of standard deviation over the last six months. Our philosophy in foreseeing the volatility of a stock is to use all available market data together with stock-specific technical analysis that cannot be diversified away. Downward market volatility can be a perfect environment for investors who play the long game. This will lower your average cost per share, thereby improving your portfolio's performance when the markets normalize. Coca Cola's beta of 0.71 provides an investor with an approximation of how much risk Coca Cola stock can potentially add to one of your existing portfolios, a beta of 0.71 indicates less volatility.

CONCLUSION
Coca-Cola remains the undisputed leader in the beverage industry, and numerous players such as PepsiCo and Red Bull have been unable to displace it from this position. Coca-Cola’s position is attributable to its unique branding strategy that caters to customer preferences. Competitors like Red Bull and Starbucks pose a threat to its dominance in specific markets.
However, Coca-Cola’s continued investments in developing markets and its focus on product quality will ensure that it remains the number one player in this highly competitive industry, at least in the foreseeable future.

I want to give you more insight into why some companies are a wonderful opportunity to hedge against inflation and provides you an opportunity to build a solid portfolio. In my search for truly wonderful businesses, I look for specific qualitative and quantitative factors. What define a great business to me is:

• One with MAOT
• With high returns on capital relative to its peers,
• Growth opportunities, and durable competitive advantage.

​What is more as Warren Buffet refers is management’s decisions must be intelligent, and their interests must be business oriented, because management, ultimately, is the link between business value and shareholder value. Tela advisor strive to buy shares only in high quality companies which I believe can compound in value for many years to come.
We  believe  that  Tractor  Supply  is  an  excellent  business,  with  high  returns  on  invested  capital,  intelligent management, and  strong  growth  potential.  Tractor  Supply  has consistently  grown  store  count,  and  revenues  for  over  20  years grown from $2.068B in 2005 to $12,29B in 2021.  

Tractor  Supply  Company  is  an  excellent business  operating  in  a  dominant  position  within  the  niche marketplace. Tractor  Supply’s  product selection  is precisely  targeted to  its core-customer base, and  the company  knows its customers well.  
Sales per Business
Growing  sales  by  opening  new  stores  is  good  but  generating  higher  sales  from  existing  stores  is  even more important  for  a  retailer  as  it  is  an  indication  of  the  company’s  ongoing  relevance  to  consumers  and competitive  position.

​We  believe  that  Tractor  Supply  Company  has  excellent  growth  opportunities  ahead.  The  company  plans  to open  over  600  new  Tractor  Supply  stores,  as  well  as  800  new  subsidiary  pet  supplies  stores  in  the  coming years.  Finally,  the  company  stands  to  continuously  expand  its  customer  base  as  more  families  migrate  to the suburban  markets  which  contain  most  of  Tractor  Supply’s  nearly  two  thousand  stores.  

Company Overview
Tractor  Supply  Company  (TSCO:  NASDAQ)  has  a  well-established  dominance  as  a  specialty  store covering  the  broad  needs  of  its  mostly  suburban  and  rural  clientele.  Products  include  farm,  ranch,  home, garden,  pet,  clothing,  livestock,  and  equine  needs  along  with,  as  the  name  suggests,  tractor  parts, accessories,  and  maintenance  needs.  “Everything  but  the  tractor”  as  one  analyst  put  it.  TSCO  thrives  in  a niche  market  of  suburban,  and  rural  areas  where  a  competitor  with  a  similar  range  of  products,  and  who  can compete on  price is nowhere to  be found. Tractor  Supply  benefits  from  repeat  business  from  its  most  loyal  customers  as  many  of  the  items  the company  sells  are  consumables. Part  of  TSCO’s  strategy  for  repeat  business  comes  from  its  loyalty  rewards  program  called  “Neighbor's Club”.  Neighbor's  Club  members  account  for  65%  of  TSCO’s  total  sales,  and  membership  continues  to grow.  Retention  rates  are  higher  than  95%  for  club .

​members,   and  new  millennial  customers  purchasing items  such  as  pet  food,  chicken  feed,  and  other  products  are  joining  the  Neighbor's  Club  at  a  rate  of  1  in  3 customers.
As  a  national  brand,  Tractor  Supply  benefits  from  scale-based  cost  advantages  in  advertising  and  has developed  a  successful  customer  loyalty  program,  which  helps  drive  repeat  business.  Repeat  customers  are extremely  valuable  to  any  business  because  they  cost  far  less  to  acquire.  Maintaining  these  customer relationships  is  an  important  task  necessary  to  protect  the  company’s  revenues.  Tractor  Supply’s  Neighbor's Club  helps  maintain  these  important  relationships  by  way  of  reward  programs,  and  additional  perks  such as  free  utility  trailer  rentals  for  qualified  customers.   In  order  to  maintain  this  competitive  advantage, Tractor Supply  is  currently  expanding  product selection, and  continuously  adding  perks  via  the  Neighbor's Club.  The  Neighbor’s  Club  now  has  over  20  million  members.

Performance  measures  such  as  sales  per  store,  EBITDA  per  store,  net  income  per  store,  and  sales  per  square foot  show  a  positive  trend,  with  2020  showing the  strongest  year  yet. Sales  per store  have  increased 38.8% from  $3.6  million  in  2010,  to  $5m  in  2020.  Similarly,  sales  per  square  foot  have  increased  46.2%  from $225.89  in  2010  to  $330.45  in  2020.  EBITDA  per  store  has  nearly  doubled  from  $336k  in  2010  to  $666k in  2020 ​and  finally,  net  income  per  store  has  grown  from  $168k  in  2010,  to  $356k  in  2020,  representing  a 112% increase.

Capital Allocation
Over  the  past  10  years  Tractor  Supply  Company  generated  $6.2  billion  in  cash  from  operations.  $2.3  billion was  spent  on  capital  expenditures  and  acquisitions  over  that  same  period. 

• Net  income  grew  by  $581  million over  the  10  years. 
• In  addition,  the  company  spent  $3.2  billion  on  stock  buybacks, 
• Reducing  shares outstanding  by  22%  of  its  shares. 
• Finally,  the  company  paid  $1.1  billion  in  dividends,  and  currently  yields about  1%.  

Cash dividends  paid  by Tractor Supply Company  have increased  by  more than 8-fold  from $20  million  in 2010, to $175  million  in  2020. This equates to  $1.05 per share in 2010, and $1.5 per share in 2020.

Hal  Lawton  (CEO)  has  focused  on  better  monetizing  TSCO’s  omnichannel  presence,  which  now  accounts for  10%  total  sales  in  Q2  2021,  as  opposed  to  2%  at  year-end  2019.  Lawton  has  successfully  allocated resources  to  help  TSCO’s  ecommerce  sales  grow  by  5-fold.  We expect online and  in-app  sales  to  continue to  grow  as  a  %  of  total  sales  as  the  younger,  tech-savvy  generations  choose  to  shop  at  Tractor  Supply  more over the coming  years.

Conclusion
We  believe  that  Tractor  Supply  Company  is  a  high-quality  company.  It  earns  outstanding  returns  on  capital underpinned  by  economies  of  scale,  has  ample  room  for  growth  and  its  management  has  done  an  admirable job  of  capital  allocation. Tractor  Supply  recently  raised  company  guidance  during  the  Q2  2021 earnings  call.  Current  guidance  from  management  states  a  range  of  $12.1  billion  to  $12.3  billion  in revenues,  with  comparable  store  sales  growth  in  the  range  of  11%  to  13%  for  2021.  The  company  also expects  share  repurchases  to  range from $700  million  to  $800  million.   The company  is currently  acquiring  Orscheln  Farm &  Home,  a  retailer of farm and  ranch  supplies, which of  course,  is  in  line  with  Tractor  Supply’s  core  business.  The  acquisition  will  lead  to  an  addition of  167 Orscheln  Farm & Home  stores across 11  states, for  a price of  $297  million. Orscheln  Farm  &  Home’s potential  addition  to  TSCO’s  income  is  not  included  in  current  guidance.