Core Viewpoint - FedEx's stock experienced a 6% decline in after-market trading following its Q4 FY2025 earnings report, despite surpassing consensus estimates, due to a cautious outlook for the upcoming quarter [2][6] Financial Performance - FedEx reported Q4 revenue of $22.2 billion, matching the prior-year quarter and exceeding the consensus estimate of $21.8 billion [3] - The package segment saw a 5% increase in volume, while composite package yield decreased slightly by 0.4% [3] - Freight volume declined significantly by 15%, although composite freight yield rose by 3% [3] - The adjusted operating margin improved by 600 basis points to 9.1%, with adjusted earnings per share increasing to $6.07 from $5.41 in the previous year, surpassing the consensus estimate of $5.86 [5] Guidance and Outlook - FedEx's guidance for Q1 FY2026 indicates revenue growth of flat to 2% year-over-year, slightly better than street estimates of a 0.1% decline [6] - The company forecasts adjusted earnings per share between $3.40 and $4.00, below the consensus estimate of $4.06 [6] - FedEx plans an additional $1 billion in cost-cutting measures for FY2026, building on $4 billion in savings already achieved [6] Valuation Analysis - FedEx's stock is currently trading around $215, with a trailing adjusted P/E ratio of 12x, lower than its five-year average of 16x, suggesting potential for growth [7] - The separation of the freight business is expected to unlock shareholder value and enhance focus on core parcel delivery operations [8] - The stock appears slightly undervalued, presenting a potential opportunity for long-term gains [8]

证券研究报告 全球主要指数估值总览 图表1：全球主要指数PE(TTM) 注：自2010年1月起，截至2025年6月20日 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 资料来源： wind ，华西证券研究所 最新A股、港股、美股估值怎么看？ ——估值周报（0616-0620） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年6月21日 请仔细阅读在本报告尾部的重要法律声明 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 2 目录 资料来源： wind ，华西证券研究所 4 4 5 10 15 20 25 30 35 0 40 50 60 15.17 2010-01 2011-01 2012-01 2 ...

Core Viewpoint - CF Industries stock is considered an attractive investment opportunity at its current price of approximately $100, primarily due to its low valuation compared to its operational performance and financial health [2][3]. Valuation Comparison - CF Industries' stock appears inexpensive when compared to the S&P 500 based on cost per dollar of sales or profit [4]. - The company has a price-to-sales (P/S) ratio of 2.6, a price-to-free cash flow (P/FCF) ratio of 6.6, and a price-to-earnings (P/E) ratio of 11.8, all of which are lower than the S&P 500 averages of 3.0, 20.5, and 26.4 respectively [7]. Revenue Performance - CF Industries has experienced a contraction in revenues at an average rate of 5.6% over the last three years, while the S&P 500 saw an increase of 5.5% [6]. - The company's revenues increased by 0.7% from $6.1 billion to $6.1 billion in the past 12 months, compared to a growth of 5.5% for the S&P 500 [6]. - Quarterly revenues rose by 13.1% to $1.7 billion from $1.5 billion a year prior, outperforming the S&P 500's 4.8% improvement [6]. Profitability Metrics - CF Industries boasts significantly higher profit margins than most companies in the Trefis coverage spectrum [6]. - The company's operating income over the last four quarters was $1.9 billion, with an operating margin of 30.7%, compared to 13.2% for the S&P 500 [8]. - CF Industries' operating cash flow (OCF) was $2.4 billion, indicating a high OCF margin of 39.4%, versus 14.9% for the S&P 500 [8]. - The net income for the last four quarters was $1.3 billion, reflecting a net income margin of 21.8%, compared to 11.6% for the S&P 500 [8]. Financial Stability - CF Industries has a debt figure of $3.3 billion and a market capitalization of $17 billion, resulting in a moderate debt-to-equity ratio of 20.8%, slightly higher than the S&P 500's 19.9% [9]. - The company holds $1.4 billion in cash (including cash equivalents) out of $13 billion in total assets, yielding a cash-to-assets ratio of 10.6%, compared to 13.8% for the S&P 500 [9]. Downturn Resilience - CF stock has underperformed the S&P 500 during several recent downturns, including a 49.1% decline during the inflation shock of 2022 compared to a 25.4% decline for the S&P 500 [11]. - During the COVID pandemic in 2020, CF stock fell 55.7%, while the S&P 500 experienced a 33.9% decline [11]. - In the global financial crisis of 2008, CF stock dropped 76.8%, compared to a 56.8% decline for the S&P 500 [12]. Overall Assessment - CF Industries' performance across various parameters indicates a very low valuation, making the stock an attractive investment choice [12]. - The company is rated as neutral in growth, very strong in profitability, strong in financial stability, and very weak in downturn resilience [14].

Core Viewpoint - MP Materials stock is currently considered unattractive due to high valuation and weak operational performance [2][11] Valuation Comparison - MP Materials has a price-to-sales (P/S) ratio of 20.9, significantly higher than the S&P 500's ratio of 3.0 [4] Revenue Performance - MP Materials' revenues have contracted at an average rate of 15.3% over the last three years, while the S&P 500 increased by 5.5% [5] - Revenues rose by 4.6% from $206 million to $216 million in the past 12 months, compared to a 5.5% increase for the S&P 500 [5] - Quarterly revenues increased by 24.9% to $61 million from $49 million a year prior, while the S&P 500 saw a 4.8% improvement [5] Profitability Metrics - MP Materials reported an operating income of $-166 million, resulting in an operating margin of -77.0%, compared to 13.2% for the S&P 500 [6] - The operating cash flow (OCF) was $-8.7 million, indicating an OCF margin of -4.0%, against 14.9% for the S&P 500 [6] - Net income was $-105 million, leading to a net income margin of -48.4%, compared to 11.6% for the S&P 500 [7] Financial Stability - MP Materials had a debt of $916 million with a market capitalization of $4.5 billion, resulting in a debt-to-equity ratio of 20.3%, slightly higher than the S&P 500's 19.9% [8] - Cash and cash equivalents accounted for $759 million of total assets of $2.4 billion, yielding a cash-to-assets ratio of 32.1%, compared to 13.8% for the S&P 500 [8] Downturn Resilience - MP stock has underperformed the S&P 500 during recent downturns, with a notable drop of 50.2% from a high of $49.44 on March 2, 2021, to $24.61 on May 13, 2021, while the S&P 500 dropped 25.4% [10] - The stock fully recovered to its pre-crisis peak by January 4, 2022, but currently trades at approximately $27 [10][11] Overall Assessment - MP Materials is assessed as follows: Growth - Neutral, Profitability - Extremely Weak, Financial Stability - Very Strong, Downturn Resilience - Very Weak, Overall - Weak [13]

SAN DIEGO, CALIFORNIA - APRIL 4: An United Parcel Service Inc. (UPS) truck is parked at a ... More distribution center on April 4, 2025 in San Diego, California. (Photo by Kevin Carter/Getty Images)Getty Images United Parcel Service (NYSE:UPS) has notably underperformed against the broader S&P 500 index over the past year, falling nearly 30% compared to the S&P 500's 12% increase. This drop occurs despite UPS's strategic move to minimize lower-margin Amazon deliveries, aimed at boosting profitability. Never ...

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0603-0606） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年6月7日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 资料来源： wind ，华西证券研究所 2 图表1：全球主要指数PE(TTM) 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 注：自2010年1月起，截至2025年6月6日 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 图表4、5：上证指数、沪深300、创业板指等指数PE(TTM，剔除负值) 12.68 11.88 5 10 15 20 25 2010-01 2012-01 2014-01 2 ...

BLOOMSBURG, PENNSYLVANIA, UNITED STATES - 2025/06/01: The logo of Ollie's Bargain Outlet is seen on ... More the exterior of its store at the former Columbia Mall. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty Images Note: Ollie’s FY 2024 ended Feb 2025.Ollie’s Bargain Outlet Holdings’ stock (NASDAQ: OLLI) may be known for selling closeout merchandise, but its stock is priced anything but low. Trading at approximately $114 per share, OLLI appears significan ...

Core Viewpoint - Caterpillar's stock has underperformed the S&P 500 index, declining by 12% over the past six months, attributed to low dealer inventory levels and weak demand due to high interest rates and inflation [2][3] Financial Performance - Caterpillar's revenues have decreased from $67 billion to $63 billion over the past 12 months, a drop of 5.6%, while the S&P 500 has seen a growth of 5.5% [7] - Quarterly revenues fell by 9.8% to $14 billion compared to $16 billion the previous year, contrasting with a 4.8% improvement for the S&P 500 [7] - Operating income for the last four quarters totaled $12 billion, with an operating margin of 19.2%, higher than the S&P 500's 13.2% [14] - Net income for the last four quarters was $9.9 billion, resulting in a net income margin of 15.7%, compared to 11.6% for the S&P 500 [14] Valuation Metrics - Caterpillar's price-to-sales (P/S) ratio is 2.6, lower than the S&P 500's 3.0, and its price-to-earnings (P/E) ratio is 16.7 compared to the benchmark's 26.4 [7] - The company has a price-to-free cash flow (P/FCF) ratio of 14.7, against 20.5 for the S&P 500 [7] - Current valuation suggests that CAT stock is reasonably priced, trading at 17 times trailing earnings, below its five-year average P/E ratio of 19 [10] Demand Outlook - A temporary dip in demand is anticipated, with revenues expected to shrink in the low single digits in 2025, followed by a return to mid-single-digit growth in the subsequent year [11] Financial Stability - Caterpillar's balance sheet is characterized as weak, with a debt amounting to $39 billion and a debt-to-equity ratio of 23.2%, compared to 19.9% for the S&P 500 [14] - Cash and cash equivalents account for $3.6 billion of the total assets of $85 billion, resulting in a cash-to-assets ratio of 4.2%, significantly lower than the S&P 500's 13.8% [14] Downturn Resilience - CAT stock has shown a performance that was somewhat worse than the S&P 500 during recent downturns, indicating potential vulnerability in adverse market conditions [9][12]

Core Viewpoint - Tronox (NYSE:TROX) stock is deemed unattractive at its current price of approximately $5.70 due to multiple significant issues affecting its operational performance and financial health [2][10]. Financial Performance - Tronox's revenues have declined over the past few years, with an average annual decrease of 5.6% over the last three years, contrasting with a 5.5% increase for the S&P 500 [5][6]. - The company's revenues increased by 4.2% from $2.9 billion to $3.1 billion in the last 12 months, while the S&P 500 experienced a growth of 5.5% [6]. - Quarterly revenues decreased by 4.7% to $676 million in the latest quarter from $686 million a year prior, compared to a 4.8% increase for the S&P 500 [6]. Profitability Metrics - Tronox's operating income over the last four quarters was $203 million, resulting in a poor operating margin of 6.7%, compared to 13.2% for the S&P 500 [6]. - The operating cash flow (OCF) during this period was $297 million, indicating an OCF margin of 9.8%, versus 14.9% for the S&P 500 [6]. - The company's price-to-sales (P/S) ratio is 0.3, significantly lower than the S&P 500's ratio of 3.0, and the price-to-free cash flow (P/FCF) ratio stands at 2.7 compared to 20.5 for the S&P 500 [6]. Financial Stability - Tronox's debt amounted to $3.1 billion at the end of the most recent quarter, with a market capitalization of $898 million, leading to a debt-to-equity ratio of 384.7%, in stark contrast to the S&P 500's 19.9% [7]. - The cash (including cash equivalents) of $138 million represents only 2.3% of total assets of $6.1 billion, compared to 13.8% for the S&P 500 [7]. Downturn Resilience - TROX stock has underperformed significantly compared to the S&P 500 during recent downturns, including a 61.2% drop from a peak of $26.24 on October 25, 2021, to $10.19 on October 27, 2023, while the S&P 500 saw a peak-to-trough decline of 25.4% [9]. - During the COVID-19 pandemic, TROX stock fell 66.7% from a high of $12.11 on January 14, 2020, to $4.03 on April 1, 2020, compared to a 33.9% decline for the S&P 500 [9]. Overall Assessment - Tronox's performance across various parameters is summarized as very weak, indicating that despite its low valuation, the stock remains unattractive for investment [10][12].

Group 1 - CrowdStrike reported Q1 earnings of $0.73 per share on sales of $1.10 billion, exceeding consensus estimates of $0.65 earnings per share on the same sales figure [1] - The company's Q1 revenue increased nearly 20%, but the adjusted operating margin fell 500 basis points year-over-year to 18% due to rising costs in professional services and higher R&D spending [3] - Despite the positive Q1 results, CrowdStrike's stock fell about 7% in extended trading, attributed to a weaker-than-expected Q2 outlook [1][2] Group 2 - CrowdStrike anticipates Q2 earnings of $0.82 per share on revenue of around $1.14 billion, which is below street expectations of $0.81 earnings per share and $1.16 billion in revenue [2] - The company raised its full-year earnings guidance to $3.44 to $3.56 in adjusted earnings per share, above the consensus of $3.43, while maintaining its sales outlook of $4.74 billion to $4.81 billion, aligning with the consensus of $4.77 billion [4] - A $1 billion share buyback program was announced, which may indicate confidence in the company's long-term prospects [4] Group 3 - CrowdStrike's stock has surged 40% this year, significantly outperforming the S&P 500 index's 2% rise, but the stock's lofty valuations may have contributed to investor unease following the minor Q2 revenue forecast miss [5] - The critical question remains whether CRWD stock is overvalued at current levels of $460, necessitating a comparison of its valuation with recent operating performance and financial condition [6]