❕ Deeper dive:

Margins are only one thread in the fabric. In fashion, every company passed the EBIT-margin test, none disqualified.

But add #ROIC and #revenuegrowth, and you’ll start to see who’s truly tailoring long-term value.

PS! All puns intended! 🤡

(4/5)

📊 2020–2024 recap:

🟢 All fashion houses improved EBIT-margins since the COVID low.
📉 2020 was brutal; most saw margins collapse 30–45%.
💎 #Richemont ? Only a -3.7% drop; quiet resilience when others bled.

(2/5)

Peer comparison 👇

High growth ≠ high quality.

In 2020, Acciona led the pack. By 2024, its margin slip cost it that position, while Vinci quietly climbed to best-in-class.

❕Sustained value isn’t about winning one project … it’s about winning five years in a row❕

(4/5)

2020–2024 insights 👇

It’s a mixed bag:
🟢 #Vinci: clear leader with revenue and margins up; a rare combo in this sector.
🟡 #BalfourBeatty: improved efficiency, but razor-thin margins leave no safety net.
🔴 #Acciona: margins slipping, renewables volatility hitting hard.

(2/5)

Cross-metric view:

When you layer #revenuegrowth with margin trends, clarity emerges:

🏃 Novo Nordisk and AstraZeneca lead the pack.
📈 Sanofi and Ipsen show growth, but at the cost of profitability.

Next steps ➡️ testing if #ROIC and #PEG can explain (or redeem) those gaps.

(4/5)

2020–2024 results:

The picture splits sharply:
🟢 #Novartis: strong margin gains, signaling real efficiency wins.
🟡 #NovoNordisk: rare balance of high growth and stable margins.
🔴 #Sanofi, #GSK, #Ipsen: margin erosion despite growth.
⚪ #AstraZeneca & #Merck: steady on both fronts.

(2/5)

And the screener plot thickens ... 🔎

This week on #thebarnblog we add #EBITmargin to our screener series: open.substack.com/pub/thebarnb...

Remember: we're all about consistency in performance rather than short bursts of growth!

#valueinvesting #financialanalysis #markets

2015-2019 performance 📊:

#Temenos thrived in the earlier period, but growth slowed or reversed for many in 2020-2024. Vitec, however, has sustained strong performance throughout.

(4/5)

2020-2024 performance 📊:

#Vitec ’s standout #CAGR is fueled by acquiring and running software companies, essentially “buying growth.”

Other tech companies lagged behind the eye-popping rates seen in media headlines.

(2/5)

2015-2019 performance 📊:

#Moncler maintained strong growth across both periods.

#LVMH and Hermès accelerated recently, while Adidas and H&M performed better in the earlier years—before fast fashion’s dominance.

Check out the graph.

(4/5)

2020-2024 performance 📊:

#Hermes leads, using supply scarcity and brand control to its advantage.

#H&M and #Adidas face a tougher market, where defending margins matters as much as topline growth.

The graph says it all.

(2/5)

2015-2019 performance:

Before diversification, Acciona’s revenue growth was a modest 2.4%.

Meanwhile, #Strabag delivered stable, low growth in both periods, showing that consistency can also yield solid share price gains over time.

(4/5)

2020-2024 performance:

#Acciona stands out with a remarkable 31.2% CAGR, benefiting from its pivot to renewable assets.

In contrast, #NCC and #RoyalBAM lagged, reflecting limited diversification.

The graph makes Acciona’s leap clear.

(2/5)

2015-2019 performance:

Looking back, GSK led the pack, and AstraZeneca actually had negative growth.

This reversal highlights how past performance isn’t always predictive, but spotting trend shifts early can be very powerful.

(4/5)

2020-2024 performance:

In this period, #NovoNordisk and #AstraZeneca clearly outpaced their peers.

#GSK and #Novartis, meanwhile, struggled to expand their toplines.

The graph shows a sharp divide, with only a couple of true standouts.

(2/5)

#Pharma builds moats. #Construction rides cycles. #Fashion refines quality. #Tech fuels growth.

📢 The screener series is here: 4 industries, numerous companies, 4 metrics, beautiful graphs!

Meet the industries: open.substack.com/pub/thebarnb...

#investing #valueinvesting #FindItFinancials

Check out Part 3 of Understanding Company Financials: thebarnblog.substack.com/p/understand...

We look into #investment cash flow and complete the metrics for our screener. Plus, more on the #AstraZeneca case study using our very own #FindItFinancials extractor for #financialstatements!