Valuation. Business analysis. Investing. Finance meets curiosity, creativity, and skepticism.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 213 | Founded | 4 years ago | Last Issue | 7 days ago |
| Active | |||||
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The Only Thing That Matters
“Time flies over us, but leaves its shadow behind.” - Nathaniel Hawthorne
This piece marks the 4-year anniversary of Invariant. I sincerely thank you and all other readers for helping make this publication something unique. I am more ener...
Maker of Men
“The need of the world, he declared, to which all other needs are subservient, is men—real men, upright, downright, all-right men. It was not as merchant, manufacturer, or industrial developer that Mr. Duke preferred to be remembered, but a...
British American Tobacco: Affirmed
H1'26 Pre-close note.
“Our financial flexibility continues to improve, and we are on track to deliver more than GBP 50 billion in free cash flow by the end of 2030. We continue to focus on the deleveraging, and we expect to be within our t...
Scandinavian Tobacco Group: What If?
Q1'26 note.
“We have set a clear direction of prioritizing our investments, putting more emphasis on our power brands. We’ve taken steps to reduce complexity in our organization and in our portfolios, and we started to execute on our plans...
Imperial Brands: Solemn
H1'26 note.
“We’ve announced a 4% increase in our ordinary dividend, and we’re on track with our GBP 1.45 billion share buyback. Now this is our fourth consecutive year of share buybacks and brings the total capital returned to investors s...
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