CrowdStrike, a cybersecurity company founded in 2011, receives a buy rating from the author due to its strong retention metrics, its "Rule of 40" score of 85%, and its current 50%+ discount from its all-time high. CrowdStrike's flagship product, the Falcon platform, provides a modern solution to cybersecurity threats. Despite appearing overvalued compared to the broader IT sector, the company's valuation seems more reasonable when compared to direct competitors. The company has shown strong growth since its IPO in 2019, with an 80% CAGR in revenue and free cash flow margins exceeding 30% in 2021 and 2022. Furthermore, CrowdStrike estimates a $20 billion total addressable market (TAM) for the endpoint security market, indicating significant room for growth. Potential risks include the possibility that the positives are already priced into the current stock price. However, the author believes that with a long-term investment approach, investors could greatly benefit from the company's growth over the next 5 or 10 years.

Salesforce has had a strong year, with increased growth and profitability, and a significant beat against consensus EPS in Q4 2023. The company plans to further increase profitability through headcount reductions, real estate divestment, and the disbandment of its M&A committee. Additionally, Salesforce has doubled its share buyback program from $10B to $20B. The author is optimistic about Salesforce's Q1 2024 earnings, expecting a consensus EPS of $1.61 per share and revenue of $8.17B, representing significant y/y growth. This growth, along with ongoing improvements in Salesforce's margins, may result in a beat against non-GAAP consensus EPS, predicted by the author at $1.67 per share. Salesforce's valuation is currently at a premium on a TTM basis versus a forward basis, but the author expects it to become cheaper over the next year. The author recommends buying Salesforce shares, as they predict near-term appreciation due to the company's lower forward premium for its shares, consistent outperformance against EPS consensus, and ongoing share buyback program.

The author has invested in Sylogist Ltd., a public sector SaaS business providing critical software solutions to almost 2,000 customers worldwide. Despite previous underinvestment, Sylogist's customer retention has remained high due to the integration of their software into clients' workflows. The company's revenue primarily comes from cloud subscriptions, maintenance and support, and professional services. Under new CEO Bill Wood, Sylogist has shifted strategy to prioritize organic growth and M&A. The company's peers typically trade at 20x EBITDA or more, whereas Sylogist trades at less than 9.0x NTM EBITDA due to its history of poor corporate governance and neglect of organic growth. Sylogist has made progress in improving management, launching and acquiring new products, and repairing customer relationships. The company is experiencing growth in bookings, revenues, and cash flows, and there are positive signs for future organic growth. Management has completed four accretive acquisitions and continues to look at potential targets. The author believes that despite it being a "show me" story, Sylogist's shares could significantly increase in value in the future.

Kinder Morgan's Q1 earnings were flat compared to the previous fiscal year, with a slight increase in the dividend. Free cash flow decreased due to increased maintenance capital and industry capacity needs. The company has a conservative dividend and a low debt ratio, allowing financial flexibility for future capital projects. It is expected that Kinder Morgan's growth will average in the single digits, boosted occasionally by acquisitions, providing a total return of about 10% per year. The company is well-diversified and will benefit from the increasing demand for oil and gas transportation facilities. Despite low visibility and fluctuations in the oil and gas industry, the outlook for natural gas is promising due to its high demand in the growing hydrogen and plastic markets. Following the recovery from the 2020 slump, Kinder Morgan is focusing on reducing debt and retaining free cash flow for growth projects. Expansion is expected in industry-friendly states due to increasing midstream capacity demands, mainly in the Haynesville and Permian regions. In the long run, slow growth is expected for Kinder Morgan, with natural gas demand predicted to continue growing, leading to production and transportation growth.

Falling lithium spot prices have triggered a selloff in lithium producer shares, but demand is expected to grow due to increasing EV sales, and supply deficits are expected to remain. Top picks for investors are Albemarle and Lithium Americas due to their cost, risk profile, and potential upside. Livent, planning a merger with Allkem to become a top-four global lithium producer, aims to expand its lithium production capacity and increase lithium hydroxide production. The company's fair value estimate stands at $42 per share, with contract lithium prices predicted to rise in 2023. However, Livent faces uncertainties and risks due to lithium price volatility, potential oversupply, and exposure to Argentine government taxes and regulations. The company's capital allocation strategy is rated as Standard, with solid investments in expanding low-cost lithium capacity. Livent does not pay dividends or repurchase shares as it is focused on growth and capacity expansions.

PLYA, the only publicly traded all-inclusive resort owner-operator, has a portfolio of 25 resorts across Mexico, Jamaica, and the Dominican Republic. Despite a promising trajectory towards $300 million in EBITDA by 2021, COVID restrictions forced the shutdown of all PLYA's resorts, reducing occupancy to 0%. Purchasing PLYA at the same enterprise value as 2018 was considered a bargain due to the potential cash flow from investments made in 2018 and 2019 and the predicted boom in consumer travel in 2023, particularly towards Mexico and PLYA’s budget-friendly resorts. Strong passenger traffic growth is observed at PLYA's key locations. Management is exploring sale opportunities for lower to mid-tier assets to buy back stock. A base case assumption is made of an 11x 2023 EBITDA multiple on $288 million EBITDA for a $3.1 billion EV. The price target is $15.20/share, implying a 70% upside from the current price of ~$8.90 per share.

The article discusses the ongoing competition between Ford and Tesla in the evolving auto industry, focusing on the Electric Vehicle (EV) segment. The author argues that despite Tesla's current dominance, Ford, under the leadership of CEO Jim Farley, is steadily positioning itself to compete strongly in the market. Noting Ford's significant free cash flow, competent management, and its developing strength in self-driving technology and software safety features, the article suggests that Ford is likely to have a stronger competitive position in the future. While Tesla is viewed as having monetization challenges in certain markets, Ford's approach is said to be more centered on monetizing data through software. The author encourages investors to diversify their portfolio by investing in both companies to benefit from the EV market growth. Ford's risks, like geopolitical issues, recalls, reputational concerns, economic weakness, and consumer-related issues are acknowledged, but the company's resilience and strategy are praised. The bear case for Ford includes economic slowdown and supply chain risk, but the author sees Ford's strategy as sound and competitive over a longer period. The author concludes that investing in both Tesla and Ford can provide substantial exposure to the EV revolution.

Clearway Energy's stock has remained flat for the last two years, even experiencing a 6.5% decrease since the start of the year. Despite this, Clearway has consistently raised its dividend, with a growth rate of 7.61% over the last 12 months. The company's business model relies on leveraging long-term income derived from power purchase agreements to support dividend payments. Clearway's portfolio is diversified, including utility-scale solar, distributed solar, wind, and conventional power-generating assets. Despite a negative Cash Available for Distribution (CAFD) in the first quarter due to an outage and weak renewable energy generation, Clearway announced a new investment and expects its CAFD outlook for 2023 to potentially increase to $2.15 per share. The company's investment case is considered strong with a well-covered dividend and a path to the upper end of its dividend growth target. Clearway is also considered to be in a healthy position within the US renewables ecosystem. The author recommends buying Clearway Energy shares.

ECN, a financial services company, primarily generates revenue by originating loans for banks, credit unions, insurance companies, and other institutional investors. The company operates two segments: Triad, focusing on the manufactured housing industry, and IFG & Source One, focusing on the RV & Marine industry. Triad is the second largest manufactured home loan originator in the US and is expected to generate over $1.5B in loans in 2023. It has grown by broadening the types of loans it can originate and enjoys strong operating margins. The IFG & Source One unit was acquired by ECN in 2021 and 2022 to develop another niche origination platform using expertise from Triad. It is expected to originate about $1.3B in loans for customers in 2023. ECN has recently begun offering inventory financing loans, which have had low losses and generate attractive earnings. ECN has received unsolicited interests and has hired Goldman Sachs to initiate a strategic review process. If there's a full buyout of ECN, it could be around CAD$4.50/share (currently CAD$2.90). If not, ECN is expected to see strong earnings growth in the coming years.

ASO, a sports and outdoor retailer based in Houston, Texas, aims to reach $10 billion in revenue, 13.5% operating margins, and 10% net margins by 2027, with a 30% return on invested capital. This plan includes opening 120-140 new stores and achieving 3% average same-store sales for existing ones. Even in a potential recession, the company expects to meet these targets due to its successful track record of expansion and profitability. Its distribution centers are only 50% operational, providing room for growth without significant capital needs. If ASO meets its targets, it will generate $3.5 billion in free cash flow cumulatively from 2023 - 2027. Assuming no buybacks or dividends, ASO's enterprise value in 2027 would be $1.8 billion or 1.1x 2027 EBIT. Even if ASO is valued at the current median EV/EBIT multiple of the peer group (8.5x) in 2026, it would result in an enterprise value of $11.5 billion, or $184/share, indicating a 207% upside from the current price. This assumes the management team can meet the targets set at their 2023 investor day.