Monthly Portfolio Update - January 2024

A good month after a strong year

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

Monthly valuation evolution

It has been a good year. The portfolio performed very well over the year, even though it was diversified with a lot of healthcare stocks, many of which had a negative performance.

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

• Past growth: 11.7% / Estimated future growth: 9.4%

• Net profit margin: 24.2%

• ROE: 38%

• Debt leverage: 0.31x EBITDA

• PE: 26.8x / PE Y+2: 20.8x

• FCF yield: 4.0% / FCF yield Y+2: 5.5%

• Dividend yield: 1.55%

• Dividend growth: 9.1%

• Buybacks: 0.78%

Projected Annual Dividend Income

Projected Annual Dividend Income monthly evolution

This month, the PADI decreased following the sale of a high-dividend-paying share, which was replaced by others paying little or no dividends.

Dividend payments by month

Sector and geographical breakdown

Sector breakdown

Geographical breakdown

The sector breakdown has changed slightly. It is decent, even if I would prefer to overweight the health and technology sectors.