Big Data Refiners ETF

Posted on | by Leon Hinde | Leave a Comment on Big Data Refiners ETF

Based on the latest fiscal year and trailing-twelve-month (TTM) results available as of April 30, 2026, here are the top 10 holdings of the ProShares Big Data Refiners ETF (DAT) reordered by their revenue growth rates.
Palantir Technologies Inc. | PLTR | +56.0% | Driven by explosive U.S. commercial AI demand.
Datadog, Inc. | DDOG | +28.0% | Continued cloud monitoring scale (FY25).
Commvault Systems, Inc. | CVLT | +19.0% | Strong transition to subscription & SaaS revenue.
Dynatrace, Inc. | DT | +18.7% | Solid growth in observability and ARR (FY25).
Nutanix, Inc. | NTNX | +18.1% | Benefit from VMware migrations and hybrid cloud.
Zebra Technologies Corp. | ZBRA | +8.3% | Recovery in inventory and warehouse automation.
NICE Ltd. | NICE | +8.0% | Steady growth in cloud-based customer experience.
MicroStrategy | MSTR | +1.9% | Flat core software growth; focus remains on BTC.
InterDigital, Inc. | IDCC | -4.0% | Volatile revenue due to timing of patent licenses.
Teradata Corporation | TDC | -5.0% | Decline in legacy revenue despite cloud growth.

Key Observations:

Hyper-Growth Leader: Palantir (PLTR) remains the outlier in this group, with growth accelerating due to the rapid adoption of its Artificial Intelligence Platform (AIP).

The “Observability” Cluster: Both Datadog and Dynatrace continue to post high double-digit growth, reflecting the sustained enterprise need for data monitoring in complex cloud environments.

Value vs. Growth Divergence: Companies like Teradata and InterDigital show negative or flat top-line growth, as they are either navigating legacy transitions or rely on lumpier, non-recurring licensing cycles.

CSL

Posted on | by Leon Hinde | Leave a Comment on CSL

CSL is navigating a period of significant structural transition and market re-evaluation. The stock recently hit a nine-year low, primarily driven by a sharp earnings reset in its half-year results and broader regulatory headwinds.

Valuation: The price-to-earnings (P/E) ratio has compressed to approximately 15x (TTM) on an underlying basis.

Recent Financial Performance (H1 FY26)
The company’s February 2026 earnings report was a major catalyst for the recent sell-off:

  • Net Profit Plunge: Reported Net Profit After Tax (NPAT) fell 81% to US$401 million, largely due to ~US$1.1 billion in one-off restructuring charges and asset impairments.
  • Underlying Performance: Underlying NPATA fell 7% to US$1.9 billion.
  • Revenue: Declined 4% to US$8.3 billion (constant currency). The core CSL Behring plasma division saw a 7% sales contraction, driven by U.S. Medicare reimbursement reforms and policy changes in China affecting pricing.
  • Impairments: Significant write-downs were taken on CSL Vifor (primarily due to generic competition for its iron therapy, Venofer®) and intellectual property within CSL Seqirus.

Strategic Developments & Recovery Plan
Despite the earnings volatility, management is aggressively deploying capital to stabilize margins:

  • Capacity Expansion: In March 2026, CSL broke ground on a US$1.5 billion expansion of its Kankakee, Illinois facility. This project will utilize “Horizon 2” technology designed to increase protein yield from plasma.
  • Share Buy-back: CSL is currently active in an on-market share buy-back program. As of today, April 27, 2026, the company has repurchased nearly 6 million shares to support shareholder value.
  • Cost Savings: CSL has targeted US$500M+ in annual pre-tax savings by FY28 through organizational simplification.
  • Vaccine Pipeline: CSL Seqirus recently secured new long-term contracts with the Pan American Health Organization (PAHO) and Canada for pandemic influenza preparedness.

Dividends & Guidance

  • Dividends: The interim dividend of US$1.30 per share (unfranked) was paid on April 8, 2026. The current annual yield sits at approximately 3.3%.
  • FY26 Outlook: Management has maintained guidance for the full year 2026, expecting 2–3% revenue growth and 4–7% NPATA growth (excluding one-offs). However, the market remains cautious about the “structural” nature of margin pressures through FY28.

Investor Outlook
The current market sentiment is a battle between value seekers (pointing to “oversold” technical indicators and a 15-year low multiple) and skeptics concerned about the long-term impact of U.S. Medicare drug price negotiations and competition in the iron deficiency market.