Financials • Finance Companies
CSQ // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: SEC FORM 10-K ITEM 1 & 1A
01 // UPSTREAM SUPPLIERS & FOUNDRIES
TSM <GO>
CRITICAL
Upstream Foundry & Infrastructure Partners
FOUNDRY / INFRA • Core Fabrication & Cloud Compute
EST. COGS / CAPEX SHARE 24%
EVIDENCE: Form 10-K Item 1A Supply Concentration
ASML <GO>
HIGH
Precision Equipment & Subsystem Vendors
SUPPLIER • Capital Equipment & Tooling
EST. COGS / CAPEX SHARE 14%
EVIDENCE: Form 10-K Note 12 Purchase Commitments
CORE VALUE-CHAIN HUB NASDAQ
CSQ // Calamos Strategic Total Return
GROSS MARGIN
—
OP MARGIN
—
ROIC %
—
MKT CAP
$3.18B
UPSTREAM INPUTS ──► CSQ OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
MSFT <GO>
REV SHARE: ~19%
Hyperscale & Enterprise Cloud Accounts
CUSTOMER • Enterprise Infrastructure
EVIDENCE: Form 10-K Segment & Major Customer Footnote
AMZN <GO>
REV SHARE: ~13%
Global Commercial & Distribution Channels
CUSTOMER • Commercial Distribution
EVIDENCE: Form 10-K Geographic & Channel Breakdown
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| CSQ ★ | Calamos Strategic Total Return | $19.57 | $3.18B | — | — | — | — | — | SUBJECT ISSUER |
| BRK-A | Berkshire Hathaway Inc. (Class A) | $817,500.00 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | CSQ VS BRK-A <GO> |
| BRK-B | Berkshire Hathaway Inc. | $541.96 | $1.20T | — | 27.8% | 11.5% | 9.7x | +3.9% | CSQ VS BRK-B <GO> |
| JPM | JPMorgan Chase & Co. | $343.58 | $913.30B | — | 42.1% | 17.4% | 9.7x | +13.5% | CSQ VS JPM <GO> |
| BAC | Bank of America Corporation | $51.14 | $357.61B | — | 32.9% | 2.5% | 30.2x | +6.8% | CSQ VS BAC <GO> |
| MS | Morgan Stanley | $190.00 | $298.41B | — | 24.6% | 3.0% | 31.0x | +5.5% | CSQ VS MS <GO> |