Sublime

KLA looks like AMAT, but smaller and better. 74% 10Y cash on cash returns, including their '19 acq. of Orbotech for $1.9Bmm, vs. AMAT's 52% w/o any big acq. Orbotech was funded 1/2 with newly issued shares but KLAC increased their buyback such that FDSO out actually went down in... See more

Ignoring large acquisitions after their failed merger with Tokyo Electron in 2015 and their successful 2011 acquisition of Varian for $4,200mm acquisition, Applied Materials is now in capital return mode; ~$24,000mm last 6 years, mostly repurchases with FDSO <70% vs. 10 years ago $AMAT

* RaaS: Offering resale-as-a-service for brands like Everlane and Madewell. They helps merchants monetize returns. As e-commerce grows, so will this channel.

Copart lives up to it's billing as a compounder; 37% cash on cash returns and 59% of CFO reinvested, both over ten years Capex has more than 4x in most recent 3Yr. period vs. oldest Secret is out. Trades for 22.6x EV / NTM EBITDA vs. 10Yr. mean of 16.5x $CPRT... See more

Alibaba share repurchase program in the last 3 years: - reduced the share count by 9.5%!!!(considering SBC too); - 30 bln $ spend; - average price paid 102$/share; - It spend around 10 bln $ / year on buybacks; In 2023, $BABA reduced share count by... See more

GS base case for Uber has no share repurchases and ending 2027 with $26B in net cash. They show 3 scenarios for capital return, the most “aggressive” of which maintains constant gross leverage at 1.6x, resulting in $14B buybacks by 25 and $37B by 27 (40% of current mkt cap) https://t.co/NASlRENweM

$PHM doing best at what all builders are trying to do: more options, less land, more buybacks: the $NVR plan Share count down ~50% in 10 yrs; and with its cheaper P/E, the buybacks went further for PHM's owners: 32% total CAGR last 5 yrs vs 22% NVR 20% last 10 yrs vs 19% NVR https://t.co/8KmlKraGij