THIS MONTH / August-September 2025

When a company generates an excess cash flow (sometimes called Free Cash Flow), the question arises of how it will be used: it can return the funds to shareholders to “create value” or mobilize the funds to strengthen its competitive position, generate economies of scale, consolidate its productivity, develop new business opportunities, and therefore invest. Paying a dividend does not create value, but transfers the value created by the firm’s operating assets… This month’s educational film shows how Doordash has built a remarkable competitive position and used its FCF to make acquisitions that improve the user experience (software) and strengthen its competitive position. Doordash therefore bought Deliveroo, which hastened to buy back its shares with the first Euros generated by the operation… Where is the error?

The vidcast is dedicated to Iberdrola increasing its capital to finance the growth of its investments. But isn’t this champion of sustainable development becoming the champions of smart grids by leaving renewables aside?

Finally, Ivan Cuesta offers us a blog dedicated to Nestlé’s difficulties and highlighting, once again, the dead-end road that constitutes a massive return to shareholders in relation to investment in innovation and business development.