Monthly Portfolio Update - February 2024

Strong results for the stocks in the portfolio

Hello fellow investor,

In this section, I present a transparent monthly update of my portfolio. It follows my investment strategy that you can find here.

This presentation is divided into several parts:

• Global view of the valuation and the portfolio’s metrics

• For dividend lovers, presentation of the Projected Annual Dividend Income (PADI) and a monthly calendar

• Sector and geographical breakdown

For paying subscribers, there is also:

• An explanation of the month's movements

• Review of the month's news

• Presentation of current portfolio

Please note that my portfolio is in euros, so I am subject to exchange rate fluctuations, especially the euro-dollar exchange rate.

Valuation and metrics

Montghly valuation evolution

The monthly performance is 5.58%. This is better than most of the indexes (Nasdaq: 3.87% / SP500: 2.06% / CAC40: 1.78% / FTSE100: -1.33% / MSCI World: 2.13%)

Here are the portfolio’s key metrics (weighted average):

• Past growth: 11.7% / Estimated future growth: 9.6%

• Net profit margin: 24.5%

• ROE: 39%

• Debt leverage: 0.28x EBITDA

• PE: 27.9x / PE Y+2: 21.6x

• FCF yield: 3.93% / FCF yield Y+2: 5.27%

• Dividend yield: 1.51%

• Dividend growth: 9.07%

• Buybacks: 0.84%

Projected Annual Dividend Income

Projected Annual Dividend Income monthly evolution

PADI increased due to 2 elements: dividend hikes (MSCI, etc) and positive EUR/USD exchange rate

Dividend payments by month

Sector and geographical breakdown

Sector breakdown

Geographical breakdown

The sector breakdown is decent, even if I would prefer to overweight the healthcare and technology sectors.