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Q2 2024 Investor Audibles: Legacy Ridge Capital, Kathmandu Capital, Alluvial Capital
Value Hive Podcast
Investing Requires Caution Amid Changing Market Trends
Management anticipates deploying nearly $15 billion for share repurchases over the next decade, influencing projections of free cash flow per share, which could reach $14 by 2030. This presents a stock valuation potential of $70 at the current yield, or $140 at a more favorable free cash flow yield of 10%. Although the sentiment around investment has shifted dramatically, evolving from uninvestable to more favorable perceptions, the volatility highlights the risks involved. Following years of trading within a narrow range, a recent surge to $107 reflects speculative interest driven by artificial intelligence impacts on electricity demand. However, concerns about the supply of baseload energy for upcoming data centers and uncertainty around technological advancements suggest that investment decisions should be approached with caution, as the margin for safety has diminished.
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