👇 Conclusion:

In #tech, high margins attract disruption and expose who’s truly defensible. EBIT alone doesn’t tell the full story.

Next up → #PEGratio and #ROIC to see which companies earn their moat!

Full breakdown ➕ graphs ➡️ thebarnblog.substack.com/p/using-ebit...

(5/5)

#notinvestmentadvice

📊 Tech disruption:

👉 Falling margins rarely happen in isolation. They’re the footprint of disruption.
👉 New entrants are chipping away at legacy models, especially in #ERP, where SAP faces challengers building leaner, modular solutions.

So, adapt fast or fade quietly!

(4/5)

🧑‍🏫 Lesson:

A moat isn’t static: it’s defended or it’s gone!

👉 Softcat shows what defense looks like: shrinking revenue, growing margin.
👉 SAP shows the opposite: steady sales, but profitability slipping.

One cuts costs to survive ↔️ the other risks being out-innovated.

(3/5)

2020–2024 outcomes:

🟢 #Softcat — margins doubled despite falling revenue; pure cost discipline.
🟢 #Vitec — steady revenue growth and expanding margins.
🔴 #SAP — eroding margins, yet share price still rides #Nasdaq ’s wave.
🟡 #SageGroup — profits under siege; moats shrinking fast.

(2/5)

👇 Conclusion:

☑️ In fashion, patterns matter, in profits too.
☑️ Single data points mislead; consistency tells the story.

Next up → #PEG and is luxury overvalued???

Full breakdown ➕ graphs ➡️ thebarnblog.substack.com/p/using-ebit...

#notinvestmentadvice #TheBarnBlog

❕ 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)

🧑‍🏫 Lesson:

☑️ The perfect company doesn’t exist.
☑️ The resilient one does.

Whether #luxury or fast fashion, the winners are those who *recover margins*, not avoid losses!

(3/5)

📊 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)

Conclusion 👇

☑️ Construction margins are earned, not given.
☑️ Every basis point tells a story of execution and risk.

Next up: how do these players rank on #PEG ?

Full breakdown ➕ graphs ➡️ thebarnblog.substack.com/p/using-ebit...

(5/5)

#notinvestmentadvice #TheBarnBlog

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)

Lesson learned 👇

In construction, execution beats diversification every time. Poor cost control and you’re out!

❕Winners grow and protect profitability, because one bad project can wipe out a year’s gains❕

(3/5)

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)

Conclusion:

☝️ Margins reveal who’s efficient, but not who’s winning.
❗ No single metric tells the full story.

Full breakdown ➕ graphs ➡️ thebarnblog.substack.com/p/using-ebit...

(5/5)

#notinvestmentadvice #TheBarnBlog

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)

The lesson? 🧑‍🏫

Margin consistency beats temporary growth.
Novartis looks efficient, but sustainability is unproven.
GSK’s slide shows how hard structural issues are to reverse.
Betting on “turnarounds” is more gambling than investing.

(3/5)

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)

Conclusion:

Tech’s story is about business models as much as innovation.

Revenue growth is one piece of the puzzle. Stay tuned for the full screener analysis! 😊

(5/5)

#notinvestmentadvice #TheBarnBlog

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)