Dan Lysik on LNC and QUAD Q4 2024 (6:44)

By: Dan Lysik, CFA

January 28, 2025

Daniel Lysik, CFA is a portfolio manager for Miller Value Partners.

Miller Value Partners, LLC (“MVP”) is a registered investment adviser. More information is available at https://adviserinfo.sec.gov/firm/summary/110632

Statements and opinions expressed in the above commentary are based upon information considered to be reasonably reliable but should not be relied upon without additional information that is particular to your objectives and suitability. Any statements or opinions are subject to change without notice. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Any opinions, projections, or forward-looking statements expressed herein are solely those of the individual speaking, may differ from the views or opinions expressed by other employees of MVP.

Information and opinions presented are market commentary for educational and informational purposes only intended for a broad audience. The information does not intend to make an offer or solicitation for the sale or purchase of any speciﬁc securities, investments, or investment strategies. Investments involve risk of loss and are not guaranteed. MVP has a reasonable belief that this commentary does not include any false or material misleading statements or omissions of facts. Any third-party information and hyperlinks used are deemed to be reasonably reliable.

Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Readers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.

The views expressed are those of the portfolio managers as of the date indicated, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Discussions of individual securities are intended to inform shareholders as to the basis (in whole or in part) for previously made decisions by a portfolio manager to buy, sell or hold a security in a portfolio. References to specific securities are not intended and should not be relied upon as the basis for anyone to buy, sell or hold any security. Portfolio holdings and sector allocations may not be representative of the portfolio manager’s current or future investment and are subject to change at any time. Dividends are not guaranteed and a company’s future ability to pay dividends may be limited.

Valuation multiples are financial tools that compare a company’s value to a key financial metric and are used to evaluate companies to make them more comparable. Forward Earnings Yield is the projected earnings yield for the current fiscal year. EBITDA is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. A share buyback, also known as a share repurchase, is when a company buys back its own shares from the public market. This reduces the total number of shares outstanding and increases the value of the remaining shares. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures. Forward Price-to-Earnings (P/E) divides the current share price of a company by its estimated future earnings per share. Earnings Yield is a valuation metric that refers to the earnings per share for the most recent 12-month period divided by the current price per share. Dividend yield is the ratio of a company’s annual dividend compared to its share price. Price to earnings is the market price per share divided by earnings per share. Price to book multiple is used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.