13threephotography/iStock Editorial via Getty Images Investment Overview The last time I wrote about GSK plc ( GSK ) for Seeking Alpha, it was late September, and I was covering the news that its CEO since 2017, Emma Walmsley, was stepping away from the role to be replaced by the current Chief Commercial Officer ("CCO") Luke Miels. I suggested that Walmsley's tenure may be best remembered for the ...
13threephotography/iStock Editorial via Getty Images Investment Overview The last time I wrote about GSK plc ( GSK ) for Seeking Alpha, it was late September, and I was covering the news that its CEO since 2017, Emma Walmsley, was stepping away from the role to be replaced by the current Chief Commercial Officer ("CCO") Luke Miels. I suggested that Walmsley's tenure may be best remembered for the spinout of GSK's consumer health division into a new entity, Haleon ( HLN ), and for battles with activist investors who believed the company (and its share price) were underperforming. In a letter from 2021 , responding to the activist investor Eliott Advisors, GSK noted: Over the period 2021-26, New GSK expects to deliver sales growth and adjusted operating profit growth of more than 5% and 10% respectively CAGR at constant exchange rates (with 2021 as the base year). Adjusted operating margins are expected to improve from the current mid-20s level to over 30% by 2026. By 2031, New GSK aims to deliver sales of more than £33 billion (at constant exchange rates). The £33 billion sales ambition is before any significant revenue contribution from early-stage pipeline assets or any contribution from business development. Cash generated from operations is expected to exceed £10 billion by 2026. New GSK is expected to have a stronger balance sheet (net debt / adjusted EBITDA of <2x following separation) and a progressive dividend policy starting at 45p per share in 2023. On 4th February this year, GSK announced its Q4 and full-year results. The pharma reported £32.7bn of revenues, meaning it has very nearly reached its 2031 revenue target already, and by my calculation, the CAGR growth rate between 2021 and 2025 is ~7.5%. Cash generated by operations in 2025 was £8.9bn, close to the £10bn target with one year to go, and core operating profit in 2025 was reported as £9.8bn, up 11% year-on-year. Core operating margin came to 29.9%. In summary, broadly speaking, we can say that GSK...
Ole_CNX/iStock via Getty Images Markets fell during the trading week in front of the holiday weekend. The NASDAQ fell just over two percent on the week. Bitcoin continues to trade below the $70,000 level. A far cry from the over $125,000 threshold it achieved in early October. The market has absorbed some $2 trillion in lost value in cryptocurrencies since their highs in October without too many i...
Ole_CNX/iStock via Getty Images Markets fell during the trading week in front of the holiday weekend. The NASDAQ fell just over two percent on the week. Bitcoin continues to trade below the $70,000 level. A far cry from the over $125,000 threshold it achieved in early October. The market has absorbed some $2 trillion in lost value in cryptocurrencies since their highs in October without too many impacts to the overall market to date. The unwinding of the yen carry trade as Japanese debt yields have moved substantially higher has been one of several key factors behind the plunge in Bitcoin, Ethereum, and other cryptocurrencies. Many investors previously could borrow in yen at ultra-low interest rates to buy risky assets like crypto. Bitcoin prices ( MarketWatch ) Worries about a potential AI Bubble developing have been present in the market for several quarters now. This is understandable given the huge ramp-up in capex spending by the hyperscalers like Amazon ( AMZN ) and Alphabet ( GOOG ). They are projected to invest nearly $700 billion in 2026 building out massive data centers along with their associated AI infrastructure. This is up sharply from the just over $350 billion they spent in 2025. And the Magnificent Seven has been the primary beneficiary of the stock market rally since ChatGPT debuted in late 2022. Bloomberg, Kobeissi Letter February has brought an important change in the market zeitgeist as investors increasingly factor in the major potential disruption coming from evolving AI capabilities across myriad sectors of the U.S. economy and markets. The tornadoes birthed from this storm have started to play whack-a-mole throughout equities almost on a daily basis. This new trend was quite apparent in the markets this week. Here is a quick rundown on this emerging disruption fear action last week. WTW Stock Chart (Seeking Alpha) Monday - Insurer brokers took a hit as a new app called Tuio , targeting personal insurance, was approved and released on ChatGPT...
hapabapa/iStock Editorial via Getty Images Investment Thesis Affirm Holdings, Inc. ( AFRM ) is a tier-1 Buy Now Pay Later solution for online purchases. Presently, Affirm's fundamentals are strong and much stronger than its share price reaction would lead you to believe. Incidentally, you can read my previous bullish analysis here . As succinctly as possible, this is my thesis: Affirm raised its r...
hapabapa/iStock Editorial via Getty Images Investment Thesis Affirm Holdings, Inc. ( AFRM ) is a tier-1 Buy Now Pay Later solution for online purchases. Presently, Affirm's fundamentals are strong and much stronger than its share price reaction would lead you to believe. Incidentally, you can read my previous bullish analysis here . As succinctly as possible, this is my thesis: Affirm raised its revenue growth outlook for fiscal 2026. Solid, but honestly? Nothing mind-blowing. But in this market? Even when it's amazing, investors are still selling. This is a sell-first, ask questions later environment. Further, I won't shy away from highlighting the pesky detractions in this earnings report, namely, that in this quarter, its underlying free cash flow wasn’t that impressive. However, you will see without the need for any hyperbole that Affirm is delivering strong growth rates , and what's more important is that its profitability is clearly improving as they continue to scale. That’s what actually matters. I believe that AFRM is a steal at 20x this year's free cash flow. And that investors who have a time horizon of 12 months will be nicely rewarded here, even as I highlight key risk factors. Investor Sentiment The market has been in a risk-off phase since October, causing four months of pain. In this period, there is now rapidly increasing investor capitulation. Accordingly, I contend that diversification doesn't really provide protection in these periods, as high-beta names nearly always fall together. Instead, having 18 months of cash is the real hedge, not as a source to invest but to provide investor sanity and allow investors to survive downturns and stay holding their stocks for recovery. Indeed, Affirm has been especially difficult to hold due to extreme volatility and persistent price declines, leading many investors to give up on this Buy Now Pay Later company amid the AI panic. However, as we look through objectively, this has left Affirm mispriced. Affirm'...
georgeclerk/iStock via Getty Images Investment Thesis iShares U.S. Regional Banks ETF (NYSEARCA: IAT ) warrants a buy rating due to the qualities of its top holdings, including growth momentum, profitability, and sustainable dividends. Regional bank funds typically experience greater volatility than broader financial ETFs. However, recent U.S. economic data points towards economic strength that wi...
georgeclerk/iStock via Getty Images Investment Thesis iShares U.S. Regional Banks ETF (NYSEARCA: IAT ) warrants a buy rating due to the qualities of its top holdings, including growth momentum, profitability, and sustainable dividends. Regional bank funds typically experience greater volatility than broader financial ETFs. However, recent U.S. economic data points towards economic strength that will result in IAT’s outperformance. Furthermore, the fund’s current valuation will drive strong capital appreciation for the remainder of 2026. iShares U.S. Regional Banks ETF—Overview and Compared ETFs IAT is an ETF that seeks to capture small and mid-size banks in the United States. With its inception in 2006, the fund has 31 holdings and $635M in AUM. As a banking ETF, IAT is inherently less diversified than broader financial sector funds. This concentration involves greater risk but can also drive stronger returns in certain economic conditions, as I will discuss later. For comparison purposes, other funds examined are First Trust NASDAQ ABA Community Bank Index Fund ( QABA ), Invesco KBW Bank ETF ( KBWB ), and Vanguard Financials ETF ( VFH ). QABA includes Nasdaq-listed banks but excludes the 50 largest banks and any banks classified with international or credit card specializations. KBWB differs from IAT and QABA in that it uses a modified market-cap weighted strategy to capture the largest banks and money centers. VFH broadly seeks to capture the financial sector and includes banks, insurance companies, and payment processing companies. IAT Compared: Performance, Expense Ratio, and Dividend Yield IAT has underperformed the broader market as measured by the S&P 500 Index, with a 10-year average annual return of 7.60%. By comparison, QABA, which also excludes the largest banks, has seen a 10-year average return of 7.74%. KBWB and VFH, which capture the largest banks and the broader financial sector, saw 10-year average annual returns of 12.98% and 13.77%, respectively. ...
In the past 25 years, software capabilities have advanced at a breakneck pace. The sheer amount of information that businesses, government agencies, and other entities have gathered encompasses the personal and professional lives of billions of people around the world. Despite the volume of data one has to go through in order to come up with valuable insights, computing technology has demonstrated...
In the past 25 years, software capabilities have advanced at a breakneck pace. The sheer amount of information that businesses, government agencies, and other entities have gathered encompasses the personal and professional lives of billions of people around the world. Despite the volume of data one has to go through in order to come up with valuable insights, computing technology has demonstrated an uncanny ability to stay one step ahead of the flood of data. Palantir Technologies (NASDAQ: PLTR) is a much-misunderstood company. Some of that is by design, given the fact that the technology company works closely with parts of the federal government that require the highest levels of secrecy in their operations. Yet by unearthing new applications for data analytics and artificial intelligence, Palantir has captured the attention of the investing world. That makes it a good candidate for consideration in my Voyager Portfolio , and this three-part series will look more closely at Palantir's business, financials, and future prospects. In this first installment, you'll learn more about how Palantir got to where it is today and what it has achieved in more than 20 years since its founding. Image source: Getty Images. Continue reading
The civil rights campaigner has died aged 84. Jackson was a protege of Martin Luther King Jr and ran twice for the Democratic presidential nomination. He remained a prominent figure in US politics for more than 50 years, championing the rights of Black, poor and working-class people with his ‘rainbow coalition’. Lucy Hough speaks to columnist and host of Over the top, Under the Radar podcast Carys...
The civil rights campaigner has died aged 84. Jackson was a protege of Martin Luther King Jr and ran twice for the Democratic presidential nomination. He remained a prominent figure in US politics for more than 50 years, championing the rights of Black, poor and working-class people with his ‘rainbow coalition’. Lucy Hough speaks to columnist and host of Over the top, Under the Radar podcast Carys Afoko. Continue reading...
Eoneren Shares of Twist Bioscience ( TWST ) spiked on Tuesday after the company announced a cash-and-stock transaction to obtain licensing rights to an antibody discovery platform developed by Invenra, a Madison, Wisconsin-based biotech firm. As part of the agreement, Twist ( TWST ), along with Invenra, becomes a co-exclusive provider of Invenra’s B-Body bispecific antibody platform, broadening th...
Eoneren Shares of Twist Bioscience ( TWST ) spiked on Tuesday after the company announced a cash-and-stock transaction to obtain licensing rights to an antibody discovery platform developed by Invenra, a Madison, Wisconsin-based biotech firm. As part of the agreement, Twist ( TWST ), along with Invenra, becomes a co-exclusive provider of Invenra’s B-Body bispecific antibody platform, broadening the company’s existing antibody discovery services. Per the terms, Invenra will receive $5M upfront in cash and $15M worth of Twist’s ( TWST ) common stock in addition to a 20% royalty on all license revenue related to the B-Body platform. In a secondary transaction, Twist ( TWST ) will purchase preferred stock from existing Invenra stockholders to hold roughly 6% ownership in its partner company in exchange for $13.8M of its common stock. More on Twist Bioscience Twist Bioscience: Liquid Biopsy And AI Tailwinds Twist Bioscience: Ingenious Product Still Lacks Compelling Use Cases Twist Bioscience Corporation (TWST) Q1 2026 Earnings Call Transcript Twist Bioscience outlines $435M–$440M 2026 revenue target while accelerating AI-enabled discovery investments Twist Bioscience rises as fiscal 2026 revenue guidance raised