JPMorgan Names New Heads in Europe Equity Capital Markets
London-based de Grivel Nigam will also become head of equity-linked for EMEA, replacing Ismail Iraqi, who is leaving the firm to pursue an opportunity in the government in Morocco, according to a memo reviewed by Bloomberg News. Will Holyoak is taking over as head of ECM for the UK and Ireland.
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Yahoo
40 minutes ago
- Yahoo
Meta Platforms Stock Looks Cheap - Short OTM Puts for a 2% One-Month Yield
Meta Platforms (META) stock is near its recent peak, but strong free cash flow (FCF) projections could push it higher. This article will show how it could be worth more using FCF margin and FCF yield metrics. Nevertheless, in the near term, it might falter after the upcoming Q2 results. As a result, selling short out-of-the-money (OTM) META put options here might work. That way, an investor can set a lower buy-in target price and get paid a 2.0% monthly yield doing so. Unusual Options Activity: Is the iShares Russell 2000 ETF the Best Way to Play Small Caps? IBIT Covered Calls: 2 Smart Strategies for Crypto-Linked Income Conagra Brands Is Down 24% This Year. Why Applied Game Theory Suggests CAG Stock Is Worth Another Look. Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. META closed at $719.01 on Wednesday, July 3, near its recent $738.09 on June 30. But it could be worth over+18.8% more at $854 per share, based on my free cash flow margin and FCF yield analysis. In my May 9 Barchart article, I showed that Meta Platforms generated a strong 57% operating cash flow (OCF) margin in Q1. However, its free cash flow (FCF) margin, after higher capex spending on AI-driven activities and investments, was just 24.4%. Moreover, Meta has raised its capex spending outlook. The range is between $64 and 72 billion, or $68 billion on average for this year. That could potentially lower its FCF margin next year. Let's look at that. First, let's project revenue and OCF margins for 2026. Analysts have been raising their revenue projections. In my last article, I showed that analysts had projected $211.68 billion for 2026. But now, Yahoo! Finance reports that 64 analysts are projecting $213.41 billion. Here is how that affects projections for operating cash flow (OCF). Let's assume that its OCF margin rises slightly to 57.5%: 57.5% x $213.41 billion 2026 revenue est. = $122.71 billion in operating cash flow (OCF) So, if Meta Platforms spends $70 billion on capex (higher than the $68 billion midpoint expected for 2025): $122.71b - $70b capex = $52.71 billion in free cash flow (FCF) That is close to the $52.311 billion in FCF it generated in the trailing 12 months (TTM) (as shown by Stock after spending just $43.7 billion on capex during that period. So, to summarize, if we slightly increase Meta's operating cash flow margin from 57% to 57.5%, but significantly increase its TTM capex spending from $43.7 billion to $70 billion, Meta Platforms should still generate the same amount of FCF next year. That means any improvement in its revenue and/or OCF margins, or a lower or stable capex spending, despite its huge AI-driven initiatives, could push META stock higher. For example, if revenue rises to $215 billion and its OCF margins rise to 58%, FCF could be almost $55 billion: $215b x 0.58 = $124.7 OCF - $70b capex = $54.7 billion FCF That could lead to a much higher price target for META stock. One way to value Meta stock is to use a FCF yield metric. For example, let's assume that the market will give META stock a 2.50% yield if Meta Platforms paid out 100% of its FCF. Here's how that works: $54.7b FCF 2026 / 0.025 = $2,188 billion market cap (i.e., $2.188 trillion) That is 21% higher than its closing market cap on July 3 of $1.808 trillion, according to Yahoo! Finance. In other words, META could be worth 21% or $870 over the next 12 months: $719.01 p/sh x 1.21 = $870 per share However, even using the lower $52.7 billion FCF estimate, META is still worth 16.6% more: $52.7b FCF / 0.025 = $2,108 b mkt cap $2,108b est. 2026 mkt cap / $1,808b mkt today = 1.166 -1 = +16.6% 1.166 x $719.01 p/ sh = $838.37 per share So, using analysts' revenue estimate and a 57.5% OCF margin, the price target is $838.37, and using a slightly higher revenue and OCF margin, it's $870. The average of these two is $854.19, or +18.8% higher than today: $854.19 / $719.01 = 1.188 -1 = +18.8% Analysts surveyed by Yahoo! Finance now have an average price target of $729.37, up from $703.41 as seen in my last Barchart article two months ago. Similarly, Barchart's mean survey price is now $724.98, higher than the prior target of $685.75. Moreover, which tracks sell-side analysts' price targets, shows that 54 analysts have an average price target of $801.36. That is much closer to my FCF-based target price of $838.37 shown above. It's also higher than the prior average of $681.45. The bottom line is that sell-side analysts agree that META stock still looks significantly undervalued. The only problem is that the stock is near its peak. It could falter after earnings come out, as many stocks do on a 'sell-on-the-news' type reaction. Therefore, one way for new investors in META stock to play this is to set a lower potential buy-in price. This can be done by selling short out-of-the-money (OTM) put options. For example, look at the August 1, 2025, expiration period, 29 days from now, and after Meta's upcoming July 30, 2025, Q2 earnings release date. It shows that a 6% lower put option strike price at $675.00 has a midpoint premium of $13.55 per put contract. That means that an investor who enters an order to 'Sell to Open' this put contract, makes an immediate 2.0% yield (i.e., $13.55/$675.00 = 0.020). That means the investor's secured cash investment of $67,500 per put contract sold short makes immediate income of $1,355. So, $1,355/$67,500 = 2.0% yield over the next 29 days. So, there is room here for META stock to fall, and the investor can still make a profit. For example, the breakeven point is 8% lower than today's price: $675-$13.55 = $661.45 breakeven point $661.45 / $719.01 price July 3 -1 = -.08 = 8% downside protection Moreover, note that the delta ratio for the strike price (as seen in the table above) is just -26%. That means that there is only a 26% chance that META stock will fall to this strike price in the next month. That is based on prior trading volatility patterns. This means that existing investors can short these puts and generate extra income without much concern that their account will be assigned to buy more shares at $675.00. That could lead to an expected return of 6% in the next 3 months, if the investor can repeat this trade every month. The bottom line here is this: (1) META stock still looks cheap today. This is based on its FCF outlook and analysts' price targets, and (2) One way to set a lower buy-in target price and get paid 2.0% every month is to short 6% out-of-the-money puts one month out in expiration. On the date of publication, Mark R. Hake, CFA did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Entrepreneur
an hour ago
- Entrepreneur
5 Things I Wish Someone Had Told Me Before I Became a CEO
Being a CEO isn't all corner offices and high-stakes decisions — it's mostly pressure, people and pretending you know what you're doing ... until, eventually, you kind of do. Opinions expressed by Entrepreneur contributors are their own. From the outside, becoming a CEO can look like reaching the top of the mountain — a final, triumphant chapter after a long climb. But here's the real story: It's not the end. It's a new beginning. One filled with curveballs, late-night worry sessions and more lessons than any business school could ever cram into a syllabus. As CEO of BELFOR, the world's largest property restoration company, I've had the incredible privilege (and, let's be honest, the intense pressure) of helping grow our team from 19 people to more than 13,000 across the globe. That journey has taught me a lot — about leadership, about people and about what it really means to carry the weight of the word "CEO." So, if you're stepping into leadership (or dreaming about the day you do), here are five things I wish someone had pulled me aside and told me sooner: Related: 4 Critical Business Lessons I've Learned as a CEO 1. The pressure never lets up — and that's not a bad thing When your choices affect others, the pressure doesn't take a day off. What surprised me most? How personal it gets. Being a leader isn't just about strategy; it's about heart. It's about caring deeply. Sometimes too deeply. DDI reports that one in six leaders feel burned out in 2025. A study from Deloitte found that 41% of executives experience high stress, and 36% are completely exhausted. Here's the truth: Pressure comes with the job. And once I stopped trying to dodge it, I learned to carry it like a badge of honor. That pressure builds resilience. It grounds you. It reminds you that your work matters. If you're looking for comfort, leadership may not be your path. But if you're looking for meaning? Pressure just might be your compass. 2. The journey is more important than the destination When I was starting out, I had my eyes locked on the next big goal: the promotion, the win, the title. I was so focused on climbing the ladder that I nearly missed what was happening on the ladder. Leadership isn't a finish line. It's a road trip, complete with pit stops, scenic detours and the occasional flat tire. The best leaders I know aren't obsessed with arriving; they're dialed in to the ride. There's a reason the windshield is wider than the rearview mirror. Sure, we glance back, but we move forward. Every challenge, every small win, every hard lesson shapes who we become. So, if you're feeling behind or unsure, remember this: Done is done. Keep growing. Keep moving. Be the CEO of your own life — the Cheerleader, Enthusiast and Optimist who sees potential, even on the tough days. Related: 3 Reasons Why 'The Journey Is the Reward' 3. Lead by doing, not just by deciding I'll never forget my time on Undercover Boss. Working shoulder-to-shoulder with our team — cleaning, lifting, listening — changed the way I think about leadership. It wasn't just eye-opening. It was heart-opening. At BELFOR, we don't print titles on our business cards. Why? Because when someone needs help, it doesn't matter what your title is. It matters what you do. Real leadership isn't about barking orders from a corner office. It's about showing up. Rolling up your sleeves. Listening twice as much as you talk (there's a reason we've got two ears and one mouth) and leading by example. A Harvard Business Review study backs this up: Leaders who match actions to words build trust. And I'll add this — they also build family. Everyone on your team has a story. A struggle. A spark. When you lead with trust, compassion and listening, you light the path for others to lead, too. 4. Trust is your most powerful tool CEO life can be overwhelming. So, here's the lifeline: You don't have to do it alone. Some of my best decisions started with someone else's idea. That's the power of trust. When you believe in your team and show it, you unlock something extraordinary. Delegating isn't giving up control. It's sharing belief. It's letting people know, "I see what you can do. Go for it." A culture built on trust creates a ripple effect: more engagement, more ownership, more magic. When your team feels trusted, they rise — not just to the occasion, but beyond it. One person CAN make a difference. Sometimes, that one person is the one you empowered. Related: Strong Leaders Use These 4 Strategies to Build Trust in Their Workplace 5. Vulnerability isn't weakness — it's strength Somewhere along the line, we picked up this idea that strong leaders are tough, silent, unshakeable. I say this with all my heart: Let that go. The most powerful moments in my career have come when I let down the walls. When I asked for help. When I cried. When I let people see the real Sheldon — flaws, fears and all. We spend most of our lives at work. If we can't be ourselves there, where can we? Vulnerability doesn't make you soft. It makes you human. And humanity is the heartbeat of leadership. When your team sees that you're not perfect — but you care deeply, try hard and show up anyway, they feel safe to do the same. That's where trust begins. That's where innovation is born. That's where everybody's little hero within them comes out. If I could hop in a time machine and talk to my younger self, stepping into that CEO seat for the first time, I'd say this: "The title doesn't make you a leader. Your actions do. You're going to mess up. You're going to feel overwhelmed. But if you stay rooted in empathy and passion; look at, walk with, feel and live compassion; believe in and trust your people; and keep your eyes on the road ahead ... you won't just grow. You'll lead with purpose, with passion and with heart." Because leadership isn't about having all the answers. It's about walking with your team while you guide, follow and truly care for each and every member of the family you're now honored to be part of. Together.
Yahoo
an hour ago
- Yahoo
Lennar's Fiscal Q2 EPS Miss Driven by Softer Home Sales Revenue, Margins, UBS Says
Lennar (LEN) reported fiscal Q2 adjusted EPS that came in below expectations, driven by softer-than-
