15 Companies Leading in Per Share Growth
Something that’s often overlooked in the business world, but crucial for value creating investments, is per share dilution. You know the drill – companies expanding their share count can dilute value of existing shares, and yet, it’s surprising how many of them brush this under the rug.
Investors would do well to zero in on companies with management teams dedicated to enhancing per-share value. This is very well underscored in Warren Buffett's humorous quote below, highlighting the significance he places on this aspect:
So we decided to search for management teams preferring metrics like free cash flow per share, and earnings per share. Arguably the two best KPIs for creating shareholder value; and what better place to look for these management teams, than in their very own communication? More specifically, in slide presentations, as these offer a direct and easily digestible format for information.
Slide Search in the Quartr Web App is your best friend for quickly discovering different topics and trends. Like in this case, management teams focusing on per-share value creation. It allows you to search through every single slide from public company presentations––literally millions of slides from our global coverage of 8,000 companies––in one search engine.
Thus, using the Slide Search feature, we searched for “FCF per share” and “EPS growth”.
Here are 15 findings that stood out:
1. Casey’s General Stores is widely recognized in the South and Midwest of the U.S. for its chain of convenience stores. Through a simple yet effective model, it provides consumers a convenient shopping experience that caters to everyday needs. From freshly prepared food items to essential groceries and gasoline.
Here’s the slide we found, showcasing Casey’s decade-long 16% compound annual growth rate (CAGR) in earnings per share (EPS):
2. HMS Networks, headquartered in Sweden, operates as a global powerhouse in the field of industrial communication. Specializing in solutions for industrial automation and the Internet of Things (IoT), HMS offers gateways, remote management solutions, and wireless and wired communication devices. The company has essentially carved its own niche in the IoT space with its innovative approach to connecting and digitizing industrial equipment.
The slide we found on HMS? A remarkable showcase of its 29% earnings per share EPS CAGR since 2014:
3. The Toro Company, a renowned player in the design, manufacturing, and marketing of professional and consumer gardening, landscaping, and outdoor equipment. Established in 1914, the company has grown globally known for its state-of-the-art products, synonymous with performance and durability.
They cater to a diverse clientele, including homeowners, professional landscapers, golf course managers, and agriculturalists. As the slide below indicates, shareholders have also been greatly rewarded.
The Toro Company's shares outstanding was cut in half, and its dividend per share skyrocketed over the last 20 years:
4. Based in Houston, Texas, Westlake Corporation is a multinational producer and marketer in the chemicals, plastics, and fabricated building products industries. The company was established in 1986, and has since evolved into a leading global entity.
Its operations are centered around two key segments: Olefins and Vinyls. The Olefins segment is involved in the production of ethylene, polyethylene, styrene, and associated co-products, which are fundamental to manufacturing a wide array of plastics and other chemicals. The Vinyls segment, on the other hand, focuses on producing PVC (polyvinyl chloride) resins, PVC compounds, and building products like pipes, fittings, profiles, trims, and decking.
In this slide, Westlake illustrates its impressive FCF per share growth over the last decade:
5. United Rentals is the largest equipment rental company in the world, with an established presence across the United States and Canada. The company’s expansive portfolio includes over 600 different types of equipment and tools, including heavy machinery like backhoes and forklifts to smaller tools and portable generators. Through its over 1,000 rental stores across North America, the company caters to a broad spectrum of clients from construction and industrial sectors to homeowners.
This equipment rental giant has returned roughly 1,500% excluding dividends to shareholders since 2011:
6. Marsh McLennan, a global professional services firm renowned for its expertise in risk, strategy, and people management. It operates four main subsidiaries: Marsh (insurance broking and risk management), Mercer (health, wealth, and career consulting), Oliver Wyman (management consulting), and Guy Carpenter (risk and reinsurance specialist). In short, Marsh McLennan stands out as a leader in providing comprehensive, data-driven solutions to complex, contemporary challenges in various sectors.
Here, its 13% EPS CAGR since 2010 is showcased:
7. Element Fleet Management is a leading fleet management company, providing world-class services and solutions addressing the needs of a wide range of vehicle fleets globally. Known for its comprehensive suite of fleet services that include financing, vehicle maintenance, telematics, and accident management, Element stands out in its ability to streamline fleet operations, reduce costs, and enhance efficiency.
Their expertise in data analytics and innovative technology solutions positions them as a key partner for businesses looking to optimize their fleet operations in a rapidly evolving transportation landscape.
Element showcases its 22% FCF per share CAGR since 2018 here:
8. Peoplein is a dynamic player in the very important human capital management sector. The company differentiates itself with comprehensive approaches to talent acquisition, management, and development. Peoplein is recognized for its tailored staffing solutions, employee engagement strategies, and for leveraging technology for enhancing workforce productivity.
By helping businesses optimize their most crucial asset – their people, Peoplein has managed to produce the consistent delivery showcased in this slide:
9. Norwegian Wallenius Wilhelmsen is a global powerhouse in the shipping and logistics sector. More specifically, it specializes in the transportation and handling of cars, trucks, rolling equipment, and breakbulk. Known for an extensive fleet of specialized vessels and advanced logistics solutions, the company plays a critical role in international trade.
In this slide, Wallenius Wilhelmsen illustrates its FCF per share growth:
10. Semiconductor titan Texas Instruments probably needs no further introduction, with its broad portfolio of chips used in everything from the smartphones in our pockets to the cars we drive. Their analog chips play a vital role in converting real-world phenomena like sound, light, and temperature into digital signals, underpinning the functionality of consumer electronics, industrial equipment, and communication infrastructure.
Embedded processors from TI are found at the heart of many smart devices and applications, driving the intelligence and functionality that modern technology demands.
Don’t laugh now, but some of us at Quartr dream of having this framed and hung on our office wall. We really do. Texas Instruments’ iconic company objective slide:
11. Lattice Semiconductor stands out in the tech industry for its specialized focus on programmable logic devices, particularly Field Programmable Gate Arrays (FPGAs). These FPGAs are essential in enabling flexible and adaptable hardware solutions in various applications, ranging from consumer electronics to industrial and automotive systems.
Unlike other semiconductor companies that may cover a wide range of products, Lattice zeroes in on small form-factor, low-power, and cost-effective programmable logic devices. This focus has made them a go-to provider for applications where space and power efficiency are crucial, such as smart home devices, mobile devices, and wearable technology.
In this slide, we get a glimpse of the FCF per share expansion generated by Lattice:
12. Spirax-Sarco Engineering plc distinguishes itself as a global leader in steam and thermal energy solutions, playing a pivotal role in a wide range of industrial and commercial processes. The company specializes in the design, production, and provision of high-quality steam and thermal energy management systems, making it a key player in industries where precise temperature control and efficient energy use are critical.
Their products and services are essential in optimizing thermal energy use, enhancing operational efficiency, and reducing environmental impact. This is particularly significant in sectors like pharmaceuticals, food and beverage, and chemical processing, where consistent and efficient thermal management is vital.
The company showcases its incredible 34-year track record of earnings and dividend per share in this slide:
13. Silgan Holdings carves its niche as a leading supplier of rigid packaging for consumer goods products. The company’s expertise lies in producing and supplying metal containers, closures, and plastic packaging, making it an integral player in the packaging industry.
Silgan’s products primarily serve the food and beverage market, but they also extend their reach to personal care and pharmaceutical sectors, showcasing a diverse range of applications. Their metal containers are a staple in the pantry, housing everything from vegetables and soups to pet food, while their plastic packaging solutions cater to a variety of everyday products.
Silgan is also FCF per share advocates, as evident in this slide:
14. TFI International stands out as a prominent player in the North American transportation and logistics industry. Specializing in freight transportation and logistics services, the company operates a vast network that covers Canada, the United States, and Mexico.
The core of TFI International’s business revolves around package and courier services, less-than-truckload (LTL), truckload (TL), and logistics. They offer a comprehensive suite of services, including freight forwarding, last-mile delivery, and transportation management, catering to a diverse range of industries. This diversity allows them to address various customer needs, from simple package delivery to complex supply chain solutions.
TFI has returned around 2,000% excluding dividends to shareholders since the the first year in these charts:
15. Mettler-Toledo International is a global leader in precision instruments and services for professional use. The company specializes in laboratory instruments, industrial weighing, and product inspection.
At the core of Mettler-Toledo's offering is an extensive range of high-precision instruments for laboratory and industrial use, including balances, pipettes, pH meters, and thermal analysis systems. These products are critical in research, scientific, and quality control labs, as well as in industries like pharmaceutical, chemical, food, and cosmetics.
The company also excels in providing industrial solutions. This includes a range of weighing scales and systems for manufacturing, transportation, and logistics sectors, where precise measurement is vital for efficiency and regulatory compliance.
And to finish things off, take a long good look at this slide illustrating Mettler-Toledo’s impressive EPS growth and shareholder returns since 2011:
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