EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Company Research

10Q / 10K filings analysis

280First

Utilising AI, NLP, data analytics and qualitative analyst oversight, 280First can rapidly glean material / actionable insights from a company's financial reports. Recent alerts include:

Guidewire Software (GWRE) - Contract modifications and customer in-sourcing concerns.
Thor Industries (THO) - Takeover target? More benign competition. Acquisitions outside RV business.
United Natural Foods (UNFI) - Customer retention concerns. Increased margin pressure. Activist shareholders. Less acquisitive.
Walgreens Boots Alliance (WBA) - Dividends at risk. Business model changes. Strategic opportunities.

Edition: 172

- 27 October, 2023


Walgreens Boots Alliance (WBA)

Consumer Staples

Paragon Intel

WBA’s strategy is stale and increasingly disintermediated. It requires a complete pivot to maintain relevancy, but new CEO Roz Brewer’s lack of strategic vision and relevant experience positions her poorly to implement such a change. She will continue the strategy set by domineering Chairman Stefano Pessina and multiple overly tenured executives/directors averse to change. WBA's stock has rallied 15% since the announcement of Brewer’s appointment and trades above CVS Health on both a PE and EV/EBITDA basis, despite slower growth, similar leverage and worse competitive positioning.

Edition: 113

- 25 June, 2021