在庫／株s to watch: Greetings cards and ワイン could be a better play than the Magnificent Seven tech bandwagon
If you weren’t 投資するd in the Magnificent Seven tech 在庫／株s, 投資するing in 公正，普通株主権s in 2023 was a bit like treading water in treacle. 激しい going.?
The Magnificent Seven is up on 普通の／平均（する） over 100 per cent in the last year and in contrast, most other markets have only experienced very modest, if any, returns. Everyone 推定する／予想するd more of a bounce 支援する last year after the annus horribilis that was 2022.
So what about the 未来? Should 投資家s jump on the tech bandwagon? Not やむを得ず. In November we had a glimpse of what the 未来 might 持つ／拘留する, when central banks 削減（する） 率s.?
Richard 支持する／優勝者 (left), co-長，指導者 投資 officer, and Simon McGarry (権利), 長，率いる of 公正，普通株主権 基金 研究, Canaccord Genuity Wealth 管理／経営?
公正，普通株主権s rose と一緒に 社債s and those that were 攻撃する，衝突する hardest by 率 削減（する）s (組織／基盤／下部構造, healthcare and small UK companies) rose most. So for 投資家s, they might want to 耐える in mind the words of the 広大な／多数の／重要な Wayne Gretsky, 'play where the puck is going, not where it’s been'.
Every 投資家 has unique 財政上の circumstances and different levels of 危険 寛容, so the ideas on our レーダ won’t be for everybody. You should speak to a 財政／金融 professional if you’re 自信のない.
CRH?
CRH is a 主要な diversified 製造業者 and distributor of building 構成要素s and 製品s. Its wide 範囲 含むs 固く結び付ける, aggregates, asphalt, ready-mixed 固める／コンクリート, 同様に as other building-関係のある 製品s.
CRH is 井戸／弁護士席 positioned in the US market, where it is:
- The leader in aggregates, with more 石／投石する in the ground (over 90 years’ 供給（する）) than anyone else
- Five times bigger than the number-two player in road construction
- ?Third in 固く結び付ける
It is also the most exposed of its European peers to US 組織／基盤／下部構造 (c.30 per cent of group sales) where the 中央の-称する，呼ぶ／期間／用語 growth 見通し is strong, given Biden’s 2021 組織／基盤／下部構造 法案 目的（とする）ing to 直す／買収する，八百長をする 20,000 miles of road and 10,000 橋（渡しをする）s over five years through a $110billion 投資.
取得／買収s have been a 重要な part of growth over the last few years, with 資産s acquired from LaFarge-Holcim for ?6.5billion in 2015.
Since 2008, 資本／首都 discipline has been at the 最前部 of 決定／判定勝ち（する）-making, with CRH 配置する／処分する／したい気持ちにさせるing of 資産s that don’t 供給する 許容できる long-称する，呼ぶ／期間／用語 growth and 利ざやs. These 含む its European 配当 商売／仕事 (2019, ?1.6billion), Oldcastle (2022, US$3.8billion) and its European lime 商売／仕事 (2023, US$1.1billion).?
In contrast to several of its peers, who have experienced 地位，任命する-合併 利ざや 圧力, CRH has 配達するd ten 連続した years of 利ざや 改良s.
With the company 貿易（する）ing at a large 割引 to US peers, such as ツバメ Marietta 構成要素s and Vulcan 構成要素s Company, CRH moved to a US 最初の／主要な 名簿（に載せる）／表（にあげる）ing last September. Although this 割引 has since 部分的に／不公平に 狭くするd, there is lots to go for, with CRH 貿易（する）ing on 2024 EV/EBITDA* of 7.6x, vs. ツバメ Marietta (14.1x) and Vulcan (14.4x).
While we don’t know when, or even if, CRH will 貿易（する） at a 賞与金 to its US peers, we see 範囲 for the valuation 割引 to 狭くする materially in 2024.
IG Design Group
IG Design creates, 製造（する）s, and sources a wide 範囲 of 祝賀-関係のある goods, and sells 国祭的な to major retailers. It is the world’s third-largest 生産者 of greetings 製品s (behind Hallmark and American Greetings): a 高度に fragmented market 価値（がある） c.£15billion at 小売.
Major 製品s 含む gift 包む (for which IG design is number one globally), cards, crackers, 略章s, stationery, boxes, and 捕らえる、獲得するs. It sells over 600 million 部隊s per 年 in 80 countries through over 200,000 小売 出口s.?
The group 製造（する）s around a third of the 製品s it sells, with the 残りの人，物 sourced from third parties, predominantly in 中国.
IG Design has a blue-半導体素子 顧客 base 構成するing many of the world’s largest retailers, 含むing Walmart Inc., Costco 卸売 会社／団体, アマゾン.com, Inc., Tesco PLC, ASDA 蓄える／店s 限られた／立憲的な, Carrefour SA, WH Smith PLC, Primark 蓄える／店s 限られた／立憲的な, and TJX Companies, Inc.
In the 2022 財政上の year, 利ざやs and 収入s were 厳しく 減ずるd by 前例のない 供給（する） chain cost 増加するs. Most of these 問題／発行するs have now 緩和するd and the 商売／仕事 is experiencing continued 利益（をあげる） 回復. In the first half of 2023 (the 季節的に stronger half), 利益（をあげる） was up 27 per cent to $35million and good growth is 推定する／予想するd year-on-year.
The 商売／仕事 remains 井戸／弁護士席 capitalised. Medium-称する，呼ぶ／期間／用語 資本／首都 投資 will 焦点（を合わせる） on （軍隊などの）展開，配備 of 科学（工学）技術 to support growth.
With challenges 存在 演説（する）／住所d through pricing and a variety of self-help 率先s, continued 回復 in profitability is 心配するd in FY2024.?
によれば 合意, the 株 現在／一般に 貿易（する） on a 損なう-24 price-to-収入s 割合 (P/E) of 17.8x, 落ちるing to 7.9x in 損なう-25, with a その上の 回復 in 収入s likely in FY26.
IG Design?creates, 製造（する）s, and sources a wide 範囲 of 祝賀-関係のある goods, and sells 国祭的な to major retailers
Pernod Ricard SA
Pernod Ricard is a 主要な ワイン and spirits company, with a diverse 大臣の地位 of whisky, cognac, brandy, vodka, and gin brands 含むing The Glenlivet, Jameson, Martell, Absolut, and Beefeater.
The company’s growth has been driven by two major changes in 消費者 drinking habits. Firstly, general preference has 転換d from beer to spirits.?
Spirits made up 35% of total 全世界の alcohol 支出 in 2015, rising to 41 per cent in 2022, while beer 消費 同時に 減少（する）d from 40 to 38 per cent. This 傾向 has 前向きに／確かに 衝撃d Pernod Ricard’s spirit brands.
Secondly, there has been a preference に向かって 賞与金 spirit brands, which have より勝るd the growth of the broader spirit market.?
This has materially benefitted Pernod Ricard’s 大臣の地位, with 賞与金 spirits 与える／捧げるing to だいたい 80 per cent of the company’s sales growth during the 2023 財政上の year (July 2022 to June 2023).
Pernod Ricard is also benefitting from a strong demographic tailwind. Globally, the number of people of 合法的な drinking age is 事業／計画（する）d to grow by 1.3 per cent from 2020 to 2025, によれば 国際連合 見積（る）s. This 殺到する is 心配するd to bring だいたい 100 million more 消費者s into Pernod Ricard’s 的 market, which should その上の support 歳入 growth.
Pernod Ricard also has an attractive 現れるing market bias, 生成するing だいたい 40 per cent of its 歳入s from developing markets, with 主要な positions in India and 中国.
Pernod Ricard has 強化するd its 主要な position in spirits through complementary 取得／買収s. Gin brand Malfy, for example, was acquired in 2019 and has since trebled in sales.
?Jameson whiskey is の中で?Pernod Ricard's stable of brands?
Walmart
Walmart is one of the world’s largest retailers, operating more than 10,000 蓄える／店s globally. The 商売／仕事 is 分裂（する） into three main segments:
- ? Walmart US - the largest retailer in the 部隊d 明言する／公表するs, selling groceries and general 商品／売買する through Walmart 蓄える／店s and Walmart.com
- ? Walmart International - operating a variety of 蓄える／店s and e-商業 壇・綱領・公約s across 19 countries, 含むing Canada, 中国, India and Mexico
- ? Sam’s Club - a 会員の地位-based retailer 類似の to Costco 卸売 会社／団体, known for its 本体，大部分／ばら積みの-selling.
にもかかわらず its 支配的な 小売 position, Walmart has several 率先s to 改善する 歳入s and operating 利ざやs across its US 商売／仕事. A 重要な driver is the strong growth of Walmart.com which, によれば 見積（る）s, has nearly 二塁打d its market 株 of e-商業 sales in the US since 2020.
Walmart is also 投資するing in robots and automation across its 配当 網状組織, and by 2026 目的（とする）s to have over 50 per cent of its 蓄える／店s serviced by 自動化するd 施設s.
Walmart International is strategically positioned in 重要な developing markets such as 中国, India and Mexico. Its international 足跡 covers 40 per cent of the 全世界の 全住民, which Walmart 見積（る）s should 与える／捧げる to 50 per cent of 全世界の growth outside of the US.
Walmart is the largest retailer in the 部隊d 明言する／公表するs, selling groceries and general 商品／売買する through Walmart 蓄える／店s and Walmart.com
Smith & 甥?
Smith & 甥 is a 医療の 器具／備品 company which develops, 製造（する）s, and markets 医療の 装置s for use in orthopaedic 再建, 外傷／ショック and 臨床の therapies, sports 薬／医学s and 前進するd 負傷させる 管理／経営.
Before the COVID-19 突発／発生, S&N 終始一貫して 配達するd operating 利ざやs of over 20 per cent. The last few years have been いっそう少なく impressive, with 利ざやs 契約ing to 11 per cent in 2020 and only 回復するing to 16.8 per cent in 2022 ? the result of 全世界の 供給（する） chain challenges and インフレーション.?
Growth also 悪化するd, with sales growing at an 普通の／平均（する） 年次の 率 of just 3 per cent from 2019 to 2023 ? 概略で half the 率 between 2012 and 2019.?
This 悪化／低下 in 業績／成果 led to the 新規採用 of a new CEO, Dr Deepak Nath, from Siemens Healthineers AG in April 2022.
After just 18 months in 告発（する），告訴（する）／料金, much changed under his leadership, with a medium-称する，呼ぶ／期間／用語 指導／手引 的 of c.5 per cent underlying 歳入 growth, coupled with a 回復 in 利ざやs to above 20 per cent by 2025. In July 2022, Nath 詳細（に述べる）d a 12-point 計画（する） to 達成する these 的s.
By Q2 2023, we saw some green shoots of 回復, with orthopaedics growing by 5.8 per cent; 顕著に, the largest and most challenging specialisms, hips and 膝s, grew by 3.4 per cent and by 7.8 per cent それぞれ.
With the 株 44 per cent below January 2020 highs, we believe there is 重要な upside if Nath can 達成する his 的s, given that S&N 貿易（する）s on just 15x 2024 推定する／予想するd 収入 vs. Stryker 会社／団体, a US peer, on 26x.
Richard 支持する／優勝者 and Simon McGarry are co-長，指導者 投資 officer and 長，率いる of 公正，普通株主権 基金 研究, それぞれ, at Canaccord Genuity Wealth 管理／経営.
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