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  • 11 beste dividendaandelen onder $ 20

    11 beste dividendaandelen onder $ 20

    In dit artikel bespreken we 11 beste dividendaandelen onder de $ 20. U kunt onze gedetailleerde analyse van dividendaandelen en hun rendementen in het verleden overslaan en direct naar lezen 5 beste dividendaandelen onder $20.

    Vóór dividendaandelen waren groeibedrijven een ware rage toen ze kapitaal herinvesteerden om hun bedrijf te laten groeien. De trend begon met de opkomst van technologieaandelen in de jaren negentig die gericht waren op groei. De volatiele aandelenmarkt heeft dit jaar echter dividendaandelen in de schijnwerpers gezet. Beleggers zijn op zoek naar een manier om rendement te genereren in deze periode van trage economische groei en wenden zich tot dividendaandelen. Historisch gezien hebben dividendaandelen geweldige prestaties geleverd tijdens inflatieperioden.

    Volgens een rapport door AllianceBernstein beschermen dividenduitkerende aandelen tegen inflatie met een rendementspotentieel op lange termijn. Het rapport vermeldde ook dat aandelen met hoog dividend van 1971 tot 2022 tot en met augustus een voor risico gecorrigeerd rendement van 0,83% opleverden, vergeleken met het voor risico gecorrigeerde rendement van de S&P 500 van 0,71%. Niet alleen presteren dividendaandelen beter tijdens inflatieperioden, maar deze effecten hebben ook historisch gezien de inflatie overtroffen. In de afgelopen 150 jaar stegen de dividenden van Amerikaanse bedrijven met 3,7% per jaar, vergeleken met een inflatiegroei van 2%, volgens een rapport van iShares. Het rapport benadrukte ook dat aandelen van de bedrijven die hun dividenden in de afgelopen 40 jaar hebben geïnitieerd en verhoogd, beter hebben gepresteerd dan niet-dividendbedrijven.

    Kwaliteitsbedrijven die regelmatig dividend aan aandeelhouders uitkeren, zijn minder volatiel dan hun concurrenten omdat ze een sterke balans hebben. Bovendien hebben dividendtelers in het verleden ook sterke rendementen voor aandeelhouders opgeleverd. VanEck verwees naar gegevens van Morningstar in een van zijn rapportenwaaruit bleek dat Amerikaanse dividendgroeiaandelen van januari tot mei dit jaar met 10,07% daalden, vergeleken met een daling van 12,76% in de S&P 500.

    Dividendbedrijven zoals Carlisle Companies Incorporated (NYSE:CSL), Medtronic plc (NYSE:MDT) en The Coca-Cola Company (NYSE:KO) zijn in dit opzicht opmerkelijk omdat ze hun dividenden al lange tijd verhogen en ook gezonde financiële gezondheid.

    Onze Methodologie:

    De hieronder genoemde bedrijven keren dividend uit aan aandeelhouders en hebben aandelenkoersen van minder dan $ 20. Deze aandelen kunnen goede kansen bieden tijdens deze aanhoudende inflatie vanwege hun aandelenkoersen en regelmatige dividenden.

    Beste dividendaandelen onder $ 20

    11. Sterrengroep, LP (NYSE:SGU)

    Aandelenprijs per 30 oktober: $ 8,58

    Star Group, LP (NYSE:SGU) is een Amerikaanse fabrikant van producten en diensten voor huisverwarming en airconditioning voor commerciële en residentiële klanten. Het bedrijf keert sinds 1996 ononderbroken dividend uit aan zijn aandeelhouders. Het heeft ook negen jaar op rij zijn dividenden verhoogd, waardoor het een van de beste dividendaandelen op onze lijst is. Het bedrijf biedt momenteel $ 0,1525 per aandeel aan driemaandelijkse dividenden, met een dividendrendement van 7,11% per 30 oktober.

    In fiscaal Q3 2022 rapporteerde Star Group, LP (NYSE:SGU) een operationele cashflow van $ 74 miljoen, terwijl de vrije cashflow $ 70 miljoen bedroeg. Het bedrijf genereerde $ 440 miljoen aan inkomsten, een groei van 55% ten opzichte van dezelfde periode vorig jaar.

    Aan het einde van het tweede kwartaal van 2022 hadden 9 hedgefondsen, gevolgd door Insider Monkey, belangen in Star Group, LP (NYSE:SGU), een stijging ten opzichte van 8 een kwartaal eerder. De gezamenlijke waarde van deze inzetten is meer dan $ 50,3 miljoen. Met bijna 3,5 miljoen aandelen was Bandera Partners de belangrijkste belanghebbende van het bedrijf in het tweede kwartaal.

    Naast enkele van de beste dividendaandelen zoals Carlisle Companies Incorporated (NYSE:CSL), Medtronic plc (NYSE:MDT) en The Coca-Cola Company (NYSE:KO), kunnen Star Group, LP (NYSE:SGU) ook een goede aanvulling zijn op dividendportefeuilles.

    10. Hennessy Advisors, Inc. (NASDAQ:HNNA)

    Aandelenprijs per 30 oktober: $ 8,83

    Hennessy Advisors, Inc. (NASDAQ:HNNA) is een Amerikaans bedrijf dat gespecialiseerd is in diensten voor beleggingsfondsen. In zijn fiscale winst voor het derde kwartaal van 2022 rapporteerde het bedrijf groei in het genereren van cash. De operationele cashflow bedroeg $ 2,7 miljoen, vergeleken met $ 2,3 miljoen in het voorgaande kwartaal. Bovendien steeg ook de vrije kasstroom van het bedrijf naar $ 2,65 miljoen, van $ 2,2 miljoen in het voorgaande kwartaal. Tijdens het derde kwartaal breidde het bedrijf ook zijn aandeleninkoopprogramma uit en heeft nu meer dan 1 miljoen aandelen die in aanmerking komen voor inkoop.

    Op 27 oktober kondigde Hennessy Advisors, Inc. (NASDAQ:HNNA) een kwartaaldividend van $ 0,1375 per aandeel aan, in lijn met het eerdere dividend. Per 30 oktober heeft het aandeel een dividendrendement van 6,23%.

    Aan het einde van het tweede kwartaal van 2022 was Renaissance Technologies van Jim Simons de enige belanghebbende van Hennessy Advisors, Inc. (NASDAQ:HNNA), met belangen ter waarde van meer dan $ 1,12 miljoen.

    9. Viatris Inc. (NASDAQ:VTRS)

    Aandelenprijs per 30 oktober: $ 10,07

    Viatris Inc. (NASDAQ:VTRS) is een Amerikaans wereldwijd farmaceutisch en gezondheidsbedrijf. Het ontwikkelt innovatieve medische oplossingen om de gezondheid van patiënten te verbeteren. In oktober handhaafde Barclays een Overwogen rating voor het aandeel met een koersdoel van $ 16, wat een algemeen positief standpunt inhield ten aanzien van gespecialiseerde farmaceutische producten.

    In het tweede kwartaal van 2022 rapporteerde Viatris Inc. (NASDAQ:VTRS) een sterke kaspositie. De operationele cashflow van het bedrijf bedroeg $ 1,9 miljard en de vrije kasstroom bedroeg $ 1,8 miljard. Het heeft in de eerste helft van het jaar ook $ 1,5 miljard aan schulden afgelost.

    Viatris Inc. (NASDAQ:VTRS) startte zijn dividendbeleid in 2021 en heeft sindsdien zijn dividend één keer verhoogd. Het betaalt momenteel een driemaandelijks dividend van $ 0,12 per aandeel en heeft een dividendrendement van 4,77% per 30 oktober.

    Aan het einde van het tweede kwartaal van 2022 hadden 50 hedgefondsen in de database van Insider Monkey belangen in Viatris Inc. (NASDAQ:VTRS), vergeleken met 55 een kwartaal eerder. Deze belangen hebben een gezamenlijke waarde van meer dan $ 1,23 miljard. Camber Capital Management was de belangrijkste stakeholder van het bedrijf in het tweede kwartaal.

    Miller Value Partners noemde Viatris Inc. (NASDAQ:VTRS) in zijn onlangs gepubliceerde beleggersbrief voor het derde kwartaal van 2022. Dit is wat het bedrijf te zeggen heeft:

    “Viatris Inc. (NASDAQ:VTRS) daalde 17,8%2 tijdens het kwartaal. Viatris rapporteerde een omzet in 2Q22 van $ 4,12 miljard, -3% op jaarbasis op operationele basis, onder de consensus van $ 4,19 miljard, en een verwaterde winst per aandeel van $ 0,26, vergeleken met een nettoverlies per aandeel van -$ 0,23 in 2Q21, beter dan de verwachtingen van analisten voor winst per aandeel van $ 0,19. Het bedrijf genereerde 2Q22 FCF van $ 718,6 miljoen, wat TTM FCF op $ 3.082,9 miljoen brengt, of een FCF-rendement van 26,6%. In de eerste helft van 22 jaar heeft Viatris $ 1,5 miljard aan schulden afgelost, waarmee het bedrijf goed op weg is om zijn FY22-doelstelling voor schuldaflossing van $ 2,0 miljard te bereiken. Hoewel het bedrijf de omzetverwachtingen voor FY22 verlaagde tot 16,2-16,7 miljard dollar, vergeleken met eerdere verwachtingen voor een omzet van 17-17,5 miljard dollar, is deze herziening uitsluitend toe te schrijven aan de toenemende impact van tegenwind in de valuta. Het bedrijf herbevestigde de verwachting voor FY22 voor een aangepaste EBITDA van $ 5,8-6,2 miljard (36,5% marge in het midden) en een FCF van $ 2,5-2,9 miljard, of een toekomstig FCF-rendement van 23,3%. Het bedrijf genereerde ongeveer $ 84 miljoen aan inkomsten uit nieuwe producten in 2Q22, wat de inkomsten in het eerste halfjaar van 22 op $ 205 miljoen bracht, voornamelijk dankzij de uitwisselbare Semglee in de VS, en het bedrijf blijft op schema om ~ $ 600 miljoen te behalen (3,7% van de geleide omzet van FY22 in het middelpunt) in de inkomsten van nieuwe producten in FY22.”

    8. Medical Properties Trust, Inc. (NYSE:MPW)

    Aandelenprijs per 30 oktober: $ 11,59

    Medical Properties Trust, Inc. (NYSE:MPW) is een trustmaatschappij voor vastgoedbeleggingen die voornamelijk investeert in zorginstellingen. Het hoofdkantoor van het bedrijf is gevestigd in Alabama, VS.

    In het derde kwartaal van 2022 rapporteerde Medical Properties Trust, Inc. (NYSE:MPW) een FFO van $ 0,45, wat in lijn was met de schattingen van Street. Eind september had het bedrijf ongeveer $ 300 miljoen aan geldmiddelen en kasequivalenten, terwijl de totale activa meer dan $ 19 miljard bedroegen.

    Medical Properties Trust, Inc. (NYSE:MPW) keert een driemaandelijks dividend uit van $ 0,29 per aandeel. Het bedrijf heeft zijn dividenden de afgelopen negen jaar consequent verhoogd, waardoor het een van de beste dividendaandelen op onze lijst is. Bovendien bedraagt ​​de uitbetaling van AFFO per aandeel in het derde kwartaal 81%. Per 30 oktober heeft het aandeel een dividendrendement van 10,01%.

    Barclays handhaafde een Overwogen rating op Medical Properties Trust, Inc. (NYSE:MPW) met een prijsdoel van $ 19, en verwachtte een opeenvolgende verbetering in de gezondheidszorg in de komende kwartalen.

    Aan het einde van het tweede kwartaal van 2022 hadden 15 hedgefondsen, gevolgd door Insider Monkey, belangen in Medical Properties Trust, Inc. (NYSE:MPW), vergeleken met 16 in het voorgaande kwartaal. Deze inzetten hebben een totale waarde van meer dan $ 238,5 miljoen. Cardinal Capital was de grootste aandeelhouder van het bedrijf met meer dan 5 miljoen aandelen.

    7. Amcor plc (NYSE:AMCR)

    Aandelenprijs per 30 oktober: $ 11,75

    Amcor plc (NYSE:AMCR) is een Australisch wereldwijd verpakkingsbedrijf dat flexibele verpakkingen, containers en dozen ontwikkelt en produceert voor een breed scala aan bedrijven. De dividendgroei van het bedrijf gaat sterk na 39 jaar. Het betaalt momenteel een driemaandelijks dividend van $ 0,12 per aandeel en heeft een dividendrendement van 4,09% per 30 oktober.

    Amcor plc (NYSE:AMCR), een van de beste dividendaandelen op onze lijst, rapporteerde een sterke kaspositie in het tweede kwartaal van 2022. De aangepaste vrije kasstroom van het bedrijf bleef in lijn met de verwachting van $ 1,06 miljard en de operationele kasstroom kwam uit op $ 937 miljoen. Tijdens het kwartaal keerde het bedrijf meer dan $ 600 miljoen terug aan aandeelhouders in de vorm van inkoop van eigen aandelen.

    In oktober heeft BofA Amcor plc (NYSE:AMCR) dubbel geüpgraded naar Buy met een koersdoel van $13. Het bedrijf noemde de verpakkingssector een goedkope groep en raadt beleggers aan deze defensieve aandelen te kopen.

    Aan het einde van het tweede kwartaal van 2022 hadden 20 hedgefondsen, gevolgd door Insider Monkey, belangen in Amcor plc (NYSE:AMCR), hetzelfde als in het voorgaande kwartaal. De gezamenlijke waarde van deze inzetten is meer dan $ 252,4 miljoen. Polaris Capital Management was de belangrijkste belanghebbende van het bedrijf in het tweede kwartaal, met belangen ter waarde van ongeveer $ 200 miljoen.

    6. Ford Motor Company (NYSE:F)

    Aandelenprijs per 30 oktober: $ 13,26

    Ford Motor Company (NYSE:F) is een Amerikaans multinationaal autoproductiebedrijf dat ook auto’s en bedrijfsvoertuigen verkoopt. In het derde kwartaal van 2022 rapporteerde het bedrijf een omzet van $ 37,2 miljard, een stijging van 12% ten opzichte van dezelfde periode vorig jaar. De operationele cashflow van het bedrijf bedroeg $ 3,8 miljard en de aangepaste vrije cashflow bedroeg $ 3,6 miljard.

    In het derde kwartaal van 2021 heeft Ford Motor Company (NYSE:F) zijn dividenden hersteld nadat de dividendbetalingen gedurende twee kwartalen waren stopgezet als erkenning van de pandemie. Het betaalt momenteel een driemaandelijks dividend van $ 0,15 per aandeel en heeft een dividendrendement van 4,52% per 30 oktober. Het bedrijf kan een goede aanvulling zijn op dividendportefeuilles naast Carlisle Companies Incorporated (NYSE:CSL), Medtronic plc (NYSE:MDT ), en The Coca-Cola Company (NYSE:KO).

    In oktober handhaafde Morgan Stanley zijn Overweight-rating op Ford Motor Company (NYSE:F) met een koersdoel van $ 14. Het bedrijf vermeldde dat autobedrijven solide geldgeneratoren zijn die geweldige investeringsmogelijkheden in deze markt bieden.

    Aan het einde van het tweede kwartaal van 2022 hadden 46 hedgefondsen in de database van Insider Monkey belangen in Ford Motor Company (NYSE:F), hetzelfde als in het voorgaande kwartaal. De gezamenlijke waarde van deze inzetten is meer dan $ 608,7 miljoen.

    Leaven Partners noemde Ford Motor Company (NYSE:F) in zijn investeerdersbrief over het derde kwartaal van 2022. Dit is wat het bedrijf zei:

    “In onze laatste driemaandelijkse brief heb ik kort gezegd dat de consensusramingen voor bedrijfswinsten iets te optimistisch leken. Ik verwees naar een artikel in Reuters dat meldde dat Wall Street op 17 juni verwachtte dat de winst van de S&P 500 in 2022 met 9,6% zou groeien, wat een stijging was van 8,8% in april en van 8,4% in januari. Dat deuntje begon eind juli te veranderen en versnelde in augustus en september, toen grote spelers, zoals Ford (NYSE:F), heeft onlangs winstwaarschuwingen afgegeven en/of heeft richtlijnen ingetrokken. Als reactie hierop heeft Wall Street zijn vooruitzichten gewijzigd: de winstgroei in het derde kwartaal verlaagd tot 4,6%[2] van 7,2% begin augustus en een verlaging van de winstgroei over het hele jaar naar 4,5%.”

    Klik om verder te lezen en bekijk de 5 beste dividendaandelen onder $20.

    Voorgestelde artikelen:

    Openbaring. Geen. 11 beste dividendaandelen onder $ 20 is oorspronkelijk gepubliceerd op Insider Monkey.

  • Digitale activa waarderen met TradFi Tools: drie methoden

    Digitale activa waarderen met TradFi Tools: drie methoden

    Introduction

    Digital assets form a new and distinct asset class that despite considerable volatility is rapidly maturing. Bitcoin, the first and largest cryptoasset, laid the foundation for enormous innovation across decentralized finance (DeFi), the metaverse, and various other crypto sectors.

    To analyze this nascent asset class, we apply the lens of traditional finance, or what some in the crypto space call “TradFi.” By combining this framework — informed by decades of experience in equities, bonds, hedge funds, and capital markets — with a deep understanding of token technologies and structures, we hope to identify attractive opportunities.

    Here we’ll walk through three approaches to crypto analysis: sector classification, valuation methodologies, and risk management techniques.

    1. Organize Crypto into Sectors

    According to CoinMarketCap, there are 9,749 liquid tokens as of this writing. That’s quite a large universe. To capture the breadth, depth, and evolution of equity market sectors, MSCI and S&P Dow Jones Indices developed the Global Industry Classification Standard (GICS). Digital asset markets have yet to coalesce around a GICS equivalent.

    CoinDesk and Wilshire, among other players, are developing what may become industry standard crypto sector classifications, and we have constructed our own proprietary framework. Let us explain.

    There is a common misconception that every liquid token is a “cryptocurrency” and thus a competitor to bitcoin. While that might once have been the case, the crypto space has expanded beyond just digital currency. We have identified six investable crypto sectors:

    1. Currencies are digital forms of money used for peer-to-peer (P2P) transactions without the need for a trusted third party.
    2. Protocols are assets native to “smart contract”-enabled blockchains.
    3. Decentralized Finance (DeFi) applications are built on smart contract platforms that perform P2P transactions without a bank or other trusted third party.
    4. Utilities are used in the service and infrastructure networks that are constructing the middleware layer of blockchain economies.
    5. Gaming/Metaverse applications are built on smart contract platforms that are disrupting the entertainment sector, including gaming, metaverse, social networking, and fan-related applications.
    6. Stablecoins have values pegged to other assets, most commonly the US dollar.

    These sectors each have subsectors within them. For example, DeFi can be further broken down into decentralized exchanges, borrowing and lending, yield aggregators, insurance, liquid staking, on-chain asset management, and more. Stablecoins are fiat-backed, crypto-backed, and algorithmic.

    Why use a sector approach to cryptoassets? First, sector diversification can bring value to long-only crypto investing strategies. Market capitalization in crypto markets is concentrated in Currencies and Protocols. (As of 30 March 2022, 58% and 38% of the top 100 digital assets were either Currencies or Protocols, respectively, though Stablecoins, centralized exchange tokens, and certain other assets were not included in this analysis.) Indeed, many major digital asset indices have little exposure beyond these two sectors. For example, as of 31 March 2022, the Bloomberg Galaxy Crypto Index had no exposure to the Gaming/Metaverse sector and less than 2% each to DeFi and Utilities.

    But exposure to some of the smaller, more “up-and-coming,” sectors can be worthwhile. The following table shows that sector correlations in 2021 ran as low as 55%, with Gaming/Metaverse exhibiting the lowest relative to other sectors. (Correlations in 2022 are higher amid a crypto bear market.)

    Crypto Sector Correlations, 31 Dec. 2020 to 31 Dec. 2021

    This sector approach brings several benefits. First, as the crypto space matures and is driven more by fundamentals than narratives, and as investors better understand the differences among the various sectors, these correlations should decline.

    Second, cross-sectional analysis across different projects within the same sector yields more “apples-to-apples” comparisons. For example, the same fundamental metrics can be deployed to evaluate DeFi exchanges like Uniswap and Sushiswap. But they may not work as well for Utilities like the distributed file storage networks Arweave and Filecoin. The economic sensitivities and the drivers of risk, revenues, and customer demand just vary too much between crypto sectors. Indeed, the preferred tools an equity analyst deploys to value financial companies like JP Morgan or Goldman Sachs are not likely to work as well for automobile manufacturers like General Motors and Ford.

    Of course, unlike equity markets, digital assets are novel, immature, and evolving quickly. After all, DeFi wasn’t much of a sector until the DeFi Summer of 2020, and the Gaming/Metaverse sector became much more important with the rising popularity of non-fungible tokens (NFTs). Digital asset sectors are not something that investors and analysts can “set and forget.” As new sectors emerge, sector frameworks need to adapt with the asset class.

    2. Identify Value in Crypto

    There is meaningful turnover in the top ranks of digital assets. Additionally, there is real “go-to-zero” risk. Projects can and do fail, sometimes with a bang but often with a whimper, fading in value over time. For example, of the top 300 crypto assets by market cap at year-end 2016, only 25 remained in the top 300 five years later, according to CoinGecko.

    So, how can we identify those tokens that will stand the test of time? In equity markets, the Gordon Growth Model, a variant of the dividend discount model, is a textbook valuation method that determines a stock’s price based on the company’s future dividend growth.

    g = y rearranging the formula and solving for r, the rate of return, we get:

    The first term in the formula is current dividend yield, and the second is growth potential. We can adapt the concept behind this model to evaluate a crypto token’s value: The current dividend yield is the economics of the project today, and growth represents the project’s potential. We can quantify the former by using traditional asset valuation principles and techniques. The latter term is more intangible, but there are two ways to think about it: optionality and network effects.

    Runa’s Token Valuation Framework

    Value of a Token Today = Value of Its Existing Business + Value of Its Potential

    Let’s apply this framework to value a digital asset from our Utilities sector. The Ethereum Name Service (ENS) is a domain name registry protocol built on top of the Ethereum blockchain. It allows anyone to register a domain, such as alex.eth, that has various use cases, such as a human-readable wallet address, decentralized website, and email address, among others.

    The first term in the framework is the value of the protocol’s existing business. To calculate this for ENS, we use two methods: discounted cash flow (DCF) modeling and price multiples.

    The DCF model simply adds up the present value of the company’s future cash flows and works well with certain revenue-generating digital assets. ENS charges an annual fee to register domains. This is our proxy for ENS’s revenues. By applying growth expectations to the number of domains registered for the next 10 years — based either on historical trends for Web2 email addresses or the expected growth rate from total registrations today — we can calculate expected ENS revenue by year. We can also factor in the costs of further developing the ENS protocol, which is financed through grants from the ENS treasury. These are ENS’s expenses. Revenues minus expenses equals ENS’s expected profit in each of the next 10 years as well as a terminal value — all of which we can discount back to the present to come up with a fair value estimate of ENS, both its fully diluted market capitalization and token price.

    Ethereum Name Service DCF Model: Screenshot

    So, what about price multiples? How can they inform our ENS valuation? Price-to-sales and price-to-equity ratios help analysts determine whether a stock is over- or undervalued relative to its peers. Similar metrics can work for crypto.

    Since the ENS protocol generates revenue, we can compare its price-to-sales multiples with those of other protocols through the website Token Terminal. In other cases, the multiple’s denominator may be more crypto-specific. Tokens within the Protocol sector have a Total Value Locked (TVL) metric, for example, that values all the assets held in the protocol in US dollars or the protocol’s native coin. TVLs and price-to-TVL multiples for various protocols are available on DefiLlama.

    The project’s potential value is the second term in our framework. Digital asset valuations today are determined by what the future could hold for each protocol. As such, they are call options on innovation and are rather difficult to value. But considering optionality and network effects can yield insight.

    Optionality

    What role does optionality play? Imagine valuing Amazon in the late 1990s when it was an online book retailer. We could have built a DCF model estimating future book sales and discounting those cash flows back to the present to come up with a valuation. But that would have completely missed Amazon’s true potential. It wouldn’t have anticipated the company’s eventual dominance of online retail or its entry into cloud computing, the streaming wars, etc.

    Ethereum offers similar lessons. The first blockchain to enable smart contracts, Ethereum has rapidly evolved since its 2015 launch. Now, Ethereum has DeFi applications — exchanges, lenders, and insurance providers — built on top of it as well as NFT-related apps such as marketplaces, games, and metaverses. These developments could hardly have been predicted at Ethereum’s initial release.

    The principal use case of ENS domain names today is to make Web3 wallet addresses human-readable. But they could also be used for decentralized websites and email addresses, or to provide on-chain identity. Two promises of Web3 are personal data ownership and interoperability. The ability to own our online identities and control our data is extremely powerful — and valuable. What if we could carry that data around the web in a “digital backpack”? That would give us more control and make applications vying for our business more competitive. Imagine being able to move our social media data from one Web2 platform to another, say Twitter to Instagram. Our online identities are not entirely portable today: We need to build them more or less from scratch on each platform. But our ENS domain name could store all that information for us and allow us to share it and transport it how we like. These considerations suggest that ENS’s potential value may be more than its price multiples indicate.

    Network Value

    Network value is another way to think about a crypto project’s potential. The success of Web3 projects hinges on network effects. The concept is simple: The more users in a network, the more valuable the network. Web2 companies leveraged network effects too, but the benefits tended to accrue to the companies themselves. Web3 value creation is primarily retained by participants: the miners, validators, governance providers, customers, and other token-specific roles.

    The engineer and entrepreneur Robert Metcalfe formulated what came to be known as Metcalfe’s law to quantitatively describe network effects. We believe it explains much of the stock price movement of Web2 leaders like Meta as well as digital asset leaders like bitcoin.

    Adoption and user growth are among the key fundamental indicators we track for existing and prospective investments. As digital assets are increasingly adopted, their network effects are growing.

    To be sure, optionality and network effect considerations may not deliver a perfect valuation to base our trades, but analyzing investments from these angles can help us triangulate toward what a potential long-term fair value might be.

    3. Manage Portfolio Risks

    Constructing digital asset portfolios is not much different from building stock portfolios. How the assets and their weightings influence each other and constitute a whole portfolio are key considerations. Though diversified across several assets, there could be shared risks. Knowing what those risks are and whether they are acceptable is critical, especially for a volatile asset class like crypto. Here are three TradFi investment risk management techniques that can help assess digital assets.

    Correlations are one of the primary building blocks of portfolio construction. They describe the relationships among all portfolio assets and whether there is potential exposure to a single sector, ecosystem, or theme.

    Risk factor models can also help quantify a portfolio’s elemental risk drivers. In equity markets, the capital asset pricing model (CAPM) includes a single factor — the market — to explain a particular stock’s systematic vs. idiosyncratic risk. The latter can be diversified away, the former cannot.

    Can a similar model be applied to digital assets? We found compelling evidence for a shared risk factor in digital assets that might form the foundation of a digital asset-specific risk model as well as the core of a digital asset portfolio allocation, similar to equity beta’s role in equity risk models and portfolio allocations.

    We have expanded that initial factor model research to include two macro factors — equities and inflation — in addition to a crypto market factor. This three-factor model can determine which factors — macro or crypto-specific — are responsible for portfolio risk. Why is this important? Because crypto markets periodically become entangled with macro markets, and this model measures and monitors that shared exposure over time.

    Finally, we tend to think of a token’s portfolio weight in dollar terms. In the classic 60/40 portfolio, 60% of the dollars are held in stocks and the rest in bonds. But given their higher volatility, stocks account for much more than 60% of portfolio risk. It is probably closer to 90%.

    Digital assets’ risk profiles have enormous variation. Bitcoin has the least volatility, with an annualized rate in the 70% to 90% range. Other tokens, even some in the top 100 by market cap, have exhibited annualized volatilities in excess of 200%. Imagine we allocate half our dollars to low-volatility assets like bitcoin and the rest to higher risk tokens like Filecoin. The risk allocation is not even close to 50/50.

    Bitcoin-Filecoin Portfolio: Dollar vs. Risk Allocation

    Of course, while traditional finance’s risk metrics can help us better understand the risk profile of cryptoassets and our larger portfolio, they do not reveal the full picture. These metrics must be deployed alongside qualitative, token-specific, and crypto-native risks, including smart contract and regulatory risks.

    Conclusion

    While not all traditional investment management techniques are applicable to digital assets, sector breakdowns, DCF models, and risk factor modeling, among other timeless investment principles, are solid starting points. There is tremendous value in bringing these tools to bear on this emerging asset class. They can help construct digital asset portfolios with the best chance of surviving and thriving over the long-term.

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    All posts are the opinion of the author. As such, they should not be construed as investment advice, nor do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.

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    Professional Learning for CFA Institute Members

    CFA Institute members are empowered to self-determine and self-report professional learning (PL) credits earned, including content on Enterprising Investor. Members can record credits easily using their.

    Alex Botte, CFA

    Alex Botte, CFA, CAIA, is the Head of Client and Portfolio Solutions at Runa Digital Assets, an investment firm specializing in digital asset portfolios. In this role, she is responsible for the investment risk framework, chairs the Risk Committee, and contributes to content, portfolio analytics, research, and client engagement. Botte was previously a Vice President at Two Sigma, where she produced investment management-related content and helped with the development of the firm’s factor-based risk analytics platform, Venn. Prior to Two Sigma, she was at AQR Capital Management, where she most recently served as a Product Specialist for the firm’s Global Asset Allocation strategies. Prior to AQR, she worked in Prime Services at Barclays. Botte holds a bachelor’s of science in applied economics and management from Cornell University.

    Jennifer Murphy, CFA

    Jennifer Murphy, CFA, brings over 30 years of experience in asset management, including a practical focus over the past five years on the enormous potential for blockchain and digital assets. As part of her prior role as chief operating officer of Western Asset Management, a global investment firm with $475-plus billion in AUM, Murphy sponsored the firm’s research and development of blockchain-based applications and other innovation initiatives, such as the Western team’s purchase of the first fixed-income security issued on blockchain infrastructure in 2018. Before Western, Murphy worked at Legg Mason as chief administrative pfficer and as president and CEO of Legg Mason Capital Management, the investment firm founded by legendary investor Bill Miller. She began her career as a securities analyst and is a chartered financial analyst (CFA). She has an MBA from the Wharton School at the University of Pennsylvania and a BA in economics from Brown University. She serves on Brown’s Presidential Advisory Council on Economics.

  • Top 12 ESG-bedrijven in 2022

    Top 12 ESG-bedrijven in 2022

    In this article, we discuss the top 12 ESG companies in 2022. If you want to skip our detailed introduction of the ESG investing dynamics and challenges in the industry, you can go directly to read Top 5 ESG Companies in 2022. 

    Over the past few years the concept of ESG has evolved dramatically. Environmental, Social, and Governance principles no longer belong to the vague realm of fancy words but rather play a key role in investing circles. Environmentally-conscious investors and activist hedge funds now pay serious attention to ESG metrics of companies before making investment decisions. Data from Bloomberg Intelligence shows that global ESG assets are expected to surpass a whopping $50 trillion by 2025.

    Regulatory pressure from governments around the world is also causing the companies to take ESG seriously. The Securities and Exchange Commission is working to develop a common benchmark on how sustainable products are assessed and reported. However, as outlined in the whitepaper titled in detail, this pressure is resulting in a backlash from several circles.  Many fund managers believe these ESG regulations sometimes tend to be too harsh, and can affect their ability to perform to ensure maximum returns for their clients.

    A Key Challenge in ESG Investing

    It’s also becoming increasingly difficult for average investors as well as fund managers and asset owners to assess ESG risks of companies they want to invest in. Apparently, ESG rating agencies solve this problem. They evaluate companies and provide ESG risk scores and ratings based on their analysis. However, these ratings could further confuse the investor. This is the problem highlighted in the whitepaper we referred to above, authored by Steve Glass, the co-CEO of Abel Noser Holdings, a New York-based firm that provides Transaction Cost Analysis (TCA) and trade surveillance for investment managers and consultants.

    The whitepaper argues that because of the lack of standardization and benchmarking in the industry, each ESG ratings agency uses different data sources, methodologies and processes to assess a company. This results in huge variance and subjectivity in ESG scores.

    The whitepaper recommends using machine learning and AI to resolve this problem. The paper mentions an interesting example of OWL ESG, a California-based ESG analysis company that uses machine learning to process millions of data points from a plethora of sources to come up with consensus ESG ratings. These consensus ratings minimize divergence and discrepancies in ESG ratings.

    Our Methodology

    For this article we used the latest datasets of Just Capital. Just Capital, a not-for-profit founded in 2013 by popular individuals like billionaire Paul Tudor Jones, Deepak Chopra, Rinaldo Brutoco, Arianna Huffington, Paul Scialla, Alan Fleischmann, among others, is striving to solve major problems related to environment, gender, racial justice and equality.

    Just Capital ranks the largest US companies based on their performance related to issues concerning environment, workers, customers, communities and shareholders. The company comprehensively surveys the American public based on its 241 individual ESG data points to reach its rankings.

    We focused more on the environmental aspect of the ESG matrix of these companies and talked about the projects and investments these companies have committed to in order to tackle the existential crisis of climate change.

    Top 12 ESG Companies in 2022

    12. Exelon Corporation (NASDAQ:EXC)

    Exelon Corporation (NASDAQ:EXC) is an Illinois-based utilities services company that owns nuclear, fossil, wind, hydroelectric, biomass, and solar generating facilities. According to its ESG report published in June last year, Exelon Corporation (NASDAQ:EXC) claims to be the largest producer of zero-carbon electricity in the U.S.  In February this year, Exelon completed its split of power generation and competitive energy business.  Exelon’s power generation and retail energy business, now known as Constellation Energy Corp., started trading publicly on February 2. Exelon Corporation (NASDAQ:EXC)’s CFO Joseph Nigro thinks that the new, simplified structure will make the company more attractive for ESG investors.

    Investment firm UBS agreed with that notion in a report published after the split, saying:

    “Exelon post-spin has a clean profile that fits into most ESG funds metrics, even if an exclusionary, already clean approach is used versus a rate of change approach.”

    11. PepsiCo, Inc. (NYSE:PEP)

    PepsiCo, Inc. (NASDAQ:PEP) in January last year announced that it plans to achieve net-zero greenhouse gas emissions across its supply chain by 2040. PepsiCo, Inc. (NASDAQ:PEP) said in its ESG report that it’s working to promote regenerative agricultural practices, which make soil healthier and reduce carbon from the environment. In 2021, the company spread these agricultural practices to 345,000 acres. Pepsi has also set an ambitious goal of making 100% of its packaging recyclable, compostable, biodegradable or reusable.

    PepsiCo, Inc. (NASDAQ:PEP) produced about 57 million metric tonnes of greenhouse gas emissions (GHQ) all over the world in 2019. Over the next nine years, it is hoping to reduce this figure to just 26 million metric tonnes.

    10. Cisco Systems Inc. (NASDAQ:CSCO)

    Digital communications giant Cisco Systems Inc (NASDAQ:CSCO) is one of the top 12 ESG companies, with an ESG risk score of just 12 and several ESG-related projects under its belt. In September last year, Cisco Systems Inc (NASDAQ:CSCO) announced plans to reach net-zero emissions across all scopes by 2040. Cisco Systems Inc (NASDAQ:CSCO) has set a short-term goal to reach net zero for all global Scope 1 and Scope 2 emissions by 2025.  Scope 1 emissions are defined as emissions from owned or controlled sources, while Scope 2 emissions are indirect emissions from the generation of purchased energy. In its Purpose report, Cisco highlighted some of its achievements related to ESG. The company has made $477 million worth of contributions for community programs. In 2021, the company also met its goal to source 85% of electricity needs through renewable energy sources.

    9. Verizon Communications Inc. (NYSE:VZ)

    American telecom giant Verizon Communications Inc. (NYSE:VZ) is making strong progress on the ESG-related front. In 2019, it became the first US telecom company to issue a green bond. The offering raised about $1 billion in net proceeds. Verizon Communications Inc. (NYSE:VZ) has announced plans to generate renewable energy equivalent to 50% of its annual electricity consumption by 2025. 

    The telecom industry is one of the biggest polluters in the world. Verizon says it’s taking steps to lead from the front in solving this problem. The company claims that in 2021 alone, it recycled about 35.5 million pounds of e-waste, including 1.79 million pounds of plastic and 3.4 million pounds of lead-acid batteries. Earlier this year, Verizon Communications Inc. (NYSE:VZ) struck 15 new deals related to renewable energy. Among the companies it signed these deals with include Duke Energy, Leeward Renewable Energy and Lightsource BP.

    8. NVIDIA Corporation (NASDAQ:NVDA)

    GPU company NVIDIA Corporation (NASDAQ:NVDA) is fighting climate change in a unique, innovative way. The company says it’s building a digital version of our planet on which it’ll apply its AI and Omniverse technologies to predict weather changes and their effects over a span of several decades. NVIDIA Corporation (NASDAQ:NVDA) GPUs will also be used to power the Department of Energy’s supercomputer called “Kestrel” which is dedicated to advanced energy solutions.

    NVIDIA Corporation (NASDAQ:NVDA) is also striving to cut its carbon emissions. In 2014, the company started asking its manufacturing suppliers to report their greenhouse gas (GHQ) emissions. In its latest Corporate Sustainability report, NVIDIA Corporation (NASDAQ:NVDA) said that its bulk carton packing operations use corrugated material that is 100% recycled fibers.

    NVIDIA Corporation (NASDAQ:NVDA) has also partnered with Lockheed Martin AI Centre to solve the problem of wildfires. The companies plan to use machine learning and AI to decrease the response time to wildfires and make wildfire predictions.

    7. Apple Inc. (NASDAQ:AAPL)

    Apple Inc (NASDAQ:AAPL) has an ambitious goal to become carbon neutral by 2030 and the company is making significant progress towards this goal. Apple Inc (NASDAQ:AAPL) claims about 20% of the materials used in its products are made from recycled content and that it’s working to increase this figure. Last year, it announced that 175 suppliers have committed to completely shift to renewable energy. 

    According to Apple Inc (NASDAQ:AAPL)’s latest ESG report, the company avoided 23 million metric tons of emissions across all scopes. Apple Inc (NASDAQ:AAPL) also said it reduced its carbon footprint by 40 percent in 2021 as compared to fiscal year 2015.  Apple is also trying to reduce its carbon emissions by coming up with an environment-friendly design. For example, Apple says switching to the Apple M1 chip in its 13-inch MacBook Pro reduced the product’s carbon footprint by 8%.

    6. PayPal Holdings Inc. (NASDAQ:PYPL)

    Payments giant PayPal Holdings Inc (NASDAQ:PYPL) announced last year that it plans to reach net-zero emissions by 2040. The company also pledged to use renewable energy to power all its data centers by 2023. PayPal has 13 data centers and 22 points of presence (POPs). Currently, about 50% of the energy used to power its data centers comes from renewable sources. PayPal Holdings Inc (NASDAQ:PYPL) is also eyeing to cut its operational greenhouse gas emissions by 25% by 2025.

    PayPal Holdings Inc (NASDAQ:PYPL) is also exploring different horizons in the financial technology segment to solve the climate change problem. It funded the development of Digital Finance for Climate Resilience (DF4CR) Framework for Action which is working on developing climate resilience among financially underserved populations. The company also supports Catalyst Fund, which helps startups working to improve the livelihoods of underserved customers.

    Here is what RiverPark Large Growth Fund has to say about PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q3 2022 investor letter:

    “PayPal, announced better-than-expected 2Q results, positive guidance (including more than $1.3 billion of 2023 cost savings leading to operating margin expansion), a $15 billion stock repurchase program, and the appointment of Blake Jorgensen as CFO, who was previously the well-regarded CFO at Electronic Arts. The company reported 9% revenue growth, in-line with guidance, and $0.93 EPS, exceeding guidance due to robust operating leverage. Management narrowed its 2022 revenue guidance from 11%-13% growth to about 11% growth due to the macro environment but raised its EPS guidance due to greater operating margin leverage and share buybacks. The stock also reacted to the news that activist investor Elliott Management had taken a stake in the company. PYPL operates at significantly lower margins than its payment competitors Visa and Mastercard, and sources suggest that Elliott intends, among other things, to push for the company to improve its margins and drive higher cash flow growth in the near term.

    PayPal provides direct exposure to the secular growth in ecommerce-driven digital payments as it is the most accepted digital wallet on-line. More than 3/4 of the 1,500 largest online retailers across North America and Europe accept PayPal, which is almost triple the acceptance of Apple Pay, the number two digital wallet. PayPal is also a key beneficiary of the current dramatic shift in consumer buying habits brought on by the pandemic, as well as the relatively newer consumer-to-consumer payment trends through its Venmo peer-to-peer (P2P) payment service. With a 2Q non-GAAP operating margin of 19%, PYPL also has significant margin expansion potential given that competitors Adyen, Visa and Mastercard have 50%-65% operating margins. We believe the combination of the secular growth of eCommerce and P2P payments, along with expanding operating leverage and the strategic use of the company’s significant and growing cash balance should fuel a mid-20% earnings growth rate over the next five years. This, to us, presents an excellent risk/reward profile given that PYPL trades at a modest premium to the market multiple and a 6% 2023 FCF yield.”