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41/100
70Buffett
Dahua: 10% H1 Growth and a 43% Gross Margin Are Real, but CNY 15.72 Sits Above Conservative Value While FCC Component Rules and a CNY 8.568bn Inventory Build Leave No Margin of Safety
Zhejiang Dahua Technology is the world's No. 2 video-surveillance supplier, a video-centric smart-IoT vendor earning roughly half of its revenue overseas; smart-IoT products and solutions brought in CNY 26.409bn, 80.65% of 2025 revenue, while software was only about 5.6% of sales. H1 2026 revenue rose 10.03% to CNY 16.704bn with gross margin at 43.06% and adjusted profit up 8.26%, yet operating cash flow swung to negative CNY 1.107bn as inventory rose 40.68% to CNY 8.568bn, and FCC 26-50 extends U.S. restrictions to logic-bearing components from October 13, 2026. Rating Hold: at CNY 15.72, around 17.9 times trailing adjusted earnings and above the CNY 14.2 conservative value, the price lacks a margin of safety; the ideal buy zone is CNY 10.6–11.3.
44/100
69Buffett
MSA Safety: Adjusted Operating Margin Reached 24.1% on 3.2% Organic Growth, 744 Million USD Went Into Two Detection Acquisitions in Fourteen Months, and 179.82 USD Sits 50% Above the 120 USD Ideal Buy Ceiling
MSA Safety sells certified gas-detection systems, fire-service equipment such as the G1 SCBA and Globe turnout gear, and industrial protective gear, with Detection now 40% of Q2 2026 sales and the Americas earning a 32.0% adjusted operating margin against 15.5% internationally. Q2 sales rose 6.2% to 503.3 million USD on only 3.2% organic growth, adjusted operating margin reached 24.1% with help from about 4 million USD of tariff refunds that will not recur, and the 555 million USD Autronica purchase at 17.3 times EBITDA lifts pro-forma net leverage to about 1.8 times while Globe faces 21,372 PFAS claims. Rating Hold: at 179.82 USD the shares trade at about 20.6 times trailing adjusted EPS, inside the 175–220 USD acceptable hold zone but roughly 50% above the 115–120 USD ideal buy zone, so the advice is to wait for 120 USD or below.
48/100
78Buffett
CFMOTO: Four-Wheeler Revenue Up 51% but H1 Profit Up Only 6%, and CNY 296.88 at 24-25x Normalized Earnings Leaves No Margin of Safety
Zhejiang CFMOTO Power is a globalizing Chinese powersports manufacturer whose profit engine is high-margin ATV and side-by-side exports: FY2025 ATV/SSV revenue of CNY 9.608bn earned a 32.14% gross margin, petrol motorcycles added CNY 6.471bn at 24.51%, and the ZEEHO electric two-wheeler line sold 551,237 units at a negative 0.03% gross margin. H1 2026 revenue grew 35.82% to CNY 13.386bn with four-wheeler revenue up 51.05%, yet attributable profit rose only 6.26% to CNY 1.065bn as gross margin slipped to 27.26%, a CNY 256m FX loss and CNY 643m of U.S. tariffs weighed, and Polaris's Section 337 case now reaches the Z10 and Z10-4; the USD 92.64m IEEPA refund adds roughly CNY 440m to 2026 profit but does not recur. Rating Hold: at CNY 296.88 the fully converted market cap of CNY 48.24bn is 28.8x FY2025 earnings and about 24-25x normalized 2026 earnings, near base-case rather than the CNY 200-225 conservative value, so the margin of safety is none and the ideal buy price is CNY 168-180.
42/100
73Buffett
Federal Signal Corporation: 70% of Q2's Incremental Sales Came From Acquisitions, Organic Growth Was 6%, and 115.33 USD Sits 9% Above the 106 USD Conservative Ceiling
Federal Signal builds municipal and industrial specialty vehicles (sewer cleaners, street sweepers, hydro-excavators, refuse bodies) plus public-safety lighting and warning systems, and wraps them in an owned dealer, rental and aftermarket network that now supplies about 25% of ESG sales. Q2 2026 sales rose 19% to 670.2 million, but only about 31 million (6%) was organic while acquisitions added roughly 75 million, and the 81 million backlog decline is almost entirely the deliberate runoff of third-party Labrie refuse units rather than lost demand; adjusted EBITDA margin has climbed from 12.0% in 2016 to 20.7% LTM. Rating Hold: at 115.33 USD the shares trade at 22.1 times the 2026 adjusted EPS midpoint, above the 96-106 USD conservative value, so the margin of safety is none, the acceptable hold zone is 109-147 USD and the ideal buy price is 78-84 USD.
40/100
78Buffett
Sprouts Farmers Market: A 38.7% Gross Margin and USD 3.8m Boxes Against -1.0% Comps, With USD 73.46 at 13.7x Normalized 2026 Earnings
Sprouts Farmers Market is a U.S. small-box specialty grocer built on fresh produce and attribute-driven natural and organic assortment, running 490 stores at a 38.7% Q2 2026 gross margin roughly nine points above Natural Grocers and sixteen above Kroger. Q2 sales rose about 5% to USD 2.33bn while comparable sales fell 1.0%, a headline that management's disclosed 100-150 basis points of new-store cannibalization may account for almost entirely, and the shares have fallen roughly 60% from their June 2025 peak of USD 182. Rating Cautious Buy: at USD 73.46, about 13.7 times the midpoint of normalized 52-week 2026 EPS guidance, the market prices Sprouts as an ordinary supermarket while USD 3.8m new boxes still target low-to-mid-30% year-five cash returns, with the ideal buy zone at USD 50-57.
38/100
69Buffett
InterDigital, Inc.: ARR Hit a Record 625.7 Million but 103.7 Million of Q2 Revenue Was Catch-Up, and 326.08 USD Sits 42% Above the 230 USD Conservative Ceiling
InterDigital is a research-funded patent licensor that turns wireless and video standards contributions into legally enforceable royalty claims on smartphones, consumer electronics and, since Q2 2026, streaming services. Q2 revenue of 260.2 million beat a 139-143 million guide and lifted annualized recurring revenue to a record 625.7 million, but 103.7 million of that quarter was catch-up revenue tied to an Amazon licence whose final price is still in binding arbitration, and six million in-the-money warrants add roughly 4.06 million net shares to a 25.81 million basic count. Rating Hold: at 326.08 USD the stock trades near 38 times trailing earnings and roughly 15 times diluted EV/ARR, about 42% above the 230 USD top of the conservative value case, so the margin of safety is none and the ideal buy price is 165-195 USD.
39/100
68Buffett
ENN Energy: A Lapsed HK$80 Buyout Left 7.1x Core Earnings and a 6.1% Yield, but Every Ancillary Segment Shrank in H1 and HK$49.48 Sits Above the HK$40 Ideal-Buy Ceiling
ENN Energy is a Chinese city-gas concession operator running 264 municipal projects and serving more than 33 million residential households, and it has rebuilt its profit engine from property-linked connection fees, 76.8% of revenue back in 2001, into gas margin, with construction now supplying only 8.4% of H1 2026 group gross profit. The parent's privatisation, HK$24.50 in cash plus 2.9427 ENN Natural Gas H shares for a roughly HK$80 headline, lapsed on 12 June 2026 when HKEX approval-in-principle and the CSRC process never arrived, sending the stock to a HK$40.38 low before it recovered to HK$49.48; underneath, H1 retail gas gross profit rose 10.4% on 0.8% volume growth while smart home fell 13.3%, integrated energy 13.0% and construction 31.8%. Rating Cautious Buy: FY2025 core profit of RMB6.741 billion prices the stock at about 7.1 times core earnings with a 6.1% trailing dividend yield, but the roughly HK$49.6 conservative value sits almost exactly at the market price, so only the HK$36-40 ideal-buy zone supplies a real cushion.
45/100
79Buffett
Hongfa Technology: 3.464bn Relays, a 32% Top Line That Yielded CNY 114m of Cash, and CNY 34.73 at the Hold-Band Floor
Hongfa Technology is the world's largest relay manufacturer, shipping 3.464bn relays for CNY 15.703bn of 2025 relay revenue, about 91% of group sales and an inferred 26% to 29% of the global relay market. H1 2026 revenue grew 32.05% to CNY 11.022bn, but group gross margin fell 1.56 points to 32.68% as raw materials reached 78.06% of relay production cost, and operating cash flow collapsed 86.33% to CNY 114m against CNY 1.156bn of attributable profit. Rating Hold: at CNY 34.73 and about 29.6x clean trailing earnings the shares sit at the floor of the CNY 34-49 acceptable-hold band and above the CNY 30-32 conservative value, so the margin of safety belongs to buyers at CNY 23-25, not to buyers today.
41/100
72Buffett
ITT Inc.: SPX FLOW Adds 1.2x ITT's Pre-Deal Revenue and 15.25% More Shares, but 197.99 USD Sits 20% Above the 165 USD Conservative Value
ITT Inc. is an engineered-industrials group spanning flow equipment, automotive braking and motion components, and aerospace and defense connectors, reshaped by the 4.775 billion USD SPX FLOW acquisition that closed on 2 March 2026. The deal was worth about 1.2 times ITT's entire 3.94 billion USD pre-deal annual revenue and was funded partly with 11.89 million new shares, 15.25% of the pre-offering count, so aggregate earnings must rise roughly 14.6% just to hold per-share earnings flat; Q2 2026 revenue grew 51.5% but only 12.7% organically, and net debt near 3.24 billion USD now faces a 2028 refinancing window. Rating Hold: at 197.99 USD the stock trades at 24.1 times adjusted and 43.3 times GAAP earnings, inside the 180-220 USD base range but 20% above the 165 USD conservative value, so the margin of safety is none.
43/100
57Buffett
StoneX Group: Two 3-for-2 Splits in One Fiscal Year Break the EPS Series, RJO Lifts Q3 Net Income 102%, and 200bp of Rate Cuts Would Take $0.76 Off $4.19 Trailing EPS
StoneX Group is a global financial intermediary spanning hedging, clearing, securities, payments and FX, and the July 2025 purchase of R.J. O'Brien made it the largest non-bank U.S. futures commission merchant. Fiscal Q3 2026 net operating revenue rose 47% to $719.7 million and net income 102% to $127.9 million, yet StoneX's own disclosure says a 200-basis-point rate decline removes $0.76 of its $4.19 trailing EPS, and two 3-for-2 splits in one fiscal year have left vendor EPS series inconsistent. Rating Hold: at $66.86 the stock trades at 15.96 times trailing earnings and 2.82 times book, inside the $58 to $76 fair band but far above the $39 to $42 ideal buy zone, so there is no margin of safety.
38/100
75Buffett
DHL AG: Express Supplies 60% of H1 Group EBIT on 31% of Revenue and German Mail Volume Falls 15%, but EUR 55.02 Sits 30% Above the EUR 42.2 Conservative Value
DHL AG, renamed from Deutsche Post AG on 1 September 2026, runs five different logistics economics under one balance sheet: global Express, freight forwarding, contract logistics, eCommerce parcels and Germany's regulated postal network. Express supplied roughly 60% of H1 2026 group EBIT of EUR 3.335bn from only about 31% of revenue, with divisional EBIT up 43.5% to EUR 1.999bn at a 15.2% margin, while German mail volumes fell 15.0% and letters alone 8.5%, and 2025 dividends plus buybacks of EUR 3.569bn exceeded EUR 2.295bn of reported free cash flow. Rating Hold: a lease-inclusive sum-of-the-parts puts base value at EUR 61.5 per share against a conservative EUR 42.2, so EUR 55.02 sits 30% above the conservative case and the margin of safety is none.
38/100
78Buffett
Rio Tinto: Copper EBITDA Rose 84% on 1% More Production, and £73.74 Sits Inside a £62–82 Hold Band
Rio Tinto is a global iron ore, copper, aluminium and lithium miner whose profit mix is shifting from Pilbara iron ore toward copper, with H1 2026 underlying EBITDA of US$6.77bn from iron ore against US$5.71bn from copper and US$3.31bn from Aluminium & Lithium. Group underlying EBITDA rose 28% to US$14.8bn and the interim dividend 43% to US$2.11 a share, but consolidated copper production was only 1% higher at 442kt while copper EBITDA rose 84%, so price rather than volume did most of the work, and net debt has climbed from US$5.49bn at the end of 2024 to US$14.06bn while Pilbara replacement mines, Simandou, copper and lithium are all funded at once. Rating Hold: at £73.74 the shares sit inside the £62–82 acceptable-hold band and about 19% below May's £91.17 high, yet still well above the £44–47 ideal buy zone, so the copper transition is real while the conservative margin of safety is not.
49/100
Moncler S.p.A.: Luxury-Grade 29% Margins and EUR 1.11bn of Net Cash, but Only 38-40% of Revenue Lands in H1 and EUR 44.69 Sits 31% Above the EUR 34 Ideal Buy Ceiling
Moncler S.p.A. is an Italian luxury group built on two brands, Moncler and Stone Island, with the Moncler brand supplying 84.5% of H1 2026 revenue and 85.6% of that brand's sales running through its own stores and site. The economics are luxury-grade, with a 77.2% H1 gross margin, a 29.2% FY2025 EBIT margin and EUR 1.11bn of net cash, but the product stays concentrated and seasonal: only 38-40% of annual revenue and 24-28% of annual EBIT land in the first half, and Moncler-brand growth slowed to 3% at constant currencies in Q2 2026 while Stone Island held 11%. Rating Hold: at EUR 44.69 the shares trade near 19.1x trailing earnings, inside the EUR 44-60 acceptable-hold band but roughly 31% above the EUR 31-34 ideal buy zone, so the balance sheet and the margins are intact while the conservative-scenario margin of safety is not.
37/100
67Buffett
Gaming and Leisure Properties: AFFO Rose 10.1% While the Stock De-Rated to 9.8x, and PENN Still Writes 54.7% of the Rent
Gaming and Leisure Properties is a triple-net gaming REIT that owns and finances 71 regional U.S. casino and related facilities, collecting contractually senior rent while the operators carry almost every property-level cost. Q2 2026 AFFO rose 10.1% to USD 304.0m and management raised full-year guidance to USD 4.10–4.12 per share and unit, yet the stock fell to USD 40.24, a 9.79x P/AFFO and an 8.15% dividend yield far outside its 2023–25 valuation center. Rating Hold: the yield is paying for genuine duration and tenant-concentration risk, with PENN alone writing 54.7% of cash rent, and USD 40.24 still sits above the conservative value range of USD 36–39.
41/100
86Buffett
Xiamen Faratronic: 95% Film-Capacitor Purity, a 38.6%-to-32.1% Margin Reset, and CNY 123.01 Inside the Hold Band
Xiamen Faratronic is China's largest listed pure-play film-capacitor maker; its 2025 film-capacitor revenue of CNY 5.07bn was 95% of group sales, sold into EV inverters, renewables, grids and industrial power electronics. Revenue grew from CNY 2.81bn in 2021 to CNY 5.33bn in 2025, but attributable profit compounded at only about 9.5% a year as consolidated gross margin reset from 38.6% in 2023 to 32.1% in 2025 and the top five customers rose to 42.74% of sales. Rating Hold: at CNY 123.01 the shares already sit inside the CNY 116–158 acceptable-hold band and 31% above the CNY 94 conservative value, so the margin of safety belongs to buyers at CNY 70–75, not to buyers today.
44/100
74Buffett
Ningbo Deye: H1 Operating Cash Flow Was 1.54x Net Income, but CNY 4.071bn of It Came from Expanding Supplier Credit
Ningbo Deye is a global power-electronics manufacturer centered on residential and commercial-and-industrial storage inverters and battery packs, with about 80% of 2025 main-business revenue earned overseas. H1 2026 revenue rose 92.23% to CNY 10.641bn and attributable net profit 78.53% to CNY 2.717bn, but the CNY 4.195bn of operating cash flow leaned on CNY 4.071bn contributed by expanding operating payables, and distributor channel inventory is nowhere disclosed. Rating Hold: at CNY 85.50 the stock sits inside its own acceptable-hold band of CNY 74-108 and roughly 38%-50% above the conservative CNY 57-62 value, so there is no margin of safety.
42/100
Komatsu Ltd.: A 51.8% Aftermarket Mix Meets ¥88.3bn of Tariffs, and ¥7,114 Already Prices the Mining Upcycle
Komatsu is a century-old construction and mining equipment maker whose earnings are anchored by an installed base: parts and service reached ¥1.965 trillion in the year ended March 2026, or 51.8% of construction, mining and utility external sales, and the 1,000th FrontRunner autonomous haul truck was commissioned in April 2026. That annuity did not stop the operating margin falling from 16.0% to 13.7% or net income dropping 14.4% to ¥376.4 billion, and management still guides the year ending March 2027 to operating income of ¥555 billion, down 2.2%, while tariff expense rises to roughly ¥88.3 billion. Rating Hold: at ¥7,114 the shares sit 36.1% above a year ago and inside the ¥5,950–¥8,050 acceptable-hold band, so the aftermarket quality is already paid for and a new purchase only becomes compelling around ¥4,000–¥4,450.
42/100
81Buffett
Revolve Group: 162 of Q2's 250 Basis Points of Gross-Margin Gain Were a Tariff Refund, and Five Years of Cash Converted Only 0.73x Net Income
Revolve Group is a digitally native premium-fashion retailer whose REVOLVE segment sells third-party labels alongside a growing owned-brand portfolio, while the smaller FWRD platform serves the designer-luxury customer. Q2 2026 sales rose 12% to USD 347.4 million and active customers 11% to 3.04 million, but 162 of the 250 basis points of gross-margin expansion came from a one-off IEEPA tariff refund, inventory grew 25% year on year and free cash flow was negative USD 10.9 million. Rating Watch: at USD 21.13 the stock already sits inside its own conservative intrinsic-value range of USD 20–22, so the margin of safety is effectively zero until owner earnings prove they can follow revenue.
42/100
BioNTech SE: Cash Is the Floor, Pumitamig Is the Option
BioNTech is a German biotech spending a pandemic-built reserve of EUR 16.634 billion, held at June 30, 2026, on a late-stage oncology portfolio centred on pumitamig, a PD-L1xVEGF-A bispecific whose worldwide costs and profits are split 50:50 with Bristol Myers Squibb. The August guidance cut took 2026 revenue to EUR 1.6-1.9 billion and the shares rose anyway, because at USD 96.73 financial assets of USD 19.28 billion leave only about USD 5.02 billion of enterprise value for the entire pipeline. Rating Hold: CEO succession is settled and the cash floor is real, but the price sits above the USD 91 conservative rNPV, and Akeso's ivonescimab still holds the better randomised evidence.
38/100
Schrödinger: A 6.0 Million USD Q2 Profit Over a 41.5 Million Operating Loss, and a 20% Rally Driven More by EV/ACV Re-Rating From 3.8 to 4.9 Times Than by ACV Growth
Schrödinger licenses physics-based molecular-modelling software such as FEP+ and LiveDesign to all 20 of the world's top 20 pharmaceutical companies, and runs the same engine over partnered and proprietary drug programs that pay milestones, royalties and equity. Q2 2026 net income of 6.0 million USD came almost entirely from a 10 million USD Ajax milestone and 45.9 million USD of equity fair-value gains, leaving a 41.5 million USD operating loss underneath, while the cleaner demand measure, annual contract value, grew 27% in the quarter against full-year guidance of 218 to 228 million USD. Rating Hold: at 19.02 USD the roughly 1.02 billion USD enterprise value is 4.9 times trailing ACV against about 3.8 times in June, so the software franchise is already fully priced and the ideal buy band sits at 13 to 15 USD.
31/100
Relay Therapeutics: USD 3.22bn of Pipeline Value Above Cash Rests on a Phase 3 Run Against Approved Capivasertib Rather Than Placebo
Relay Therapeutics is a clinical-stage precision-oncology developer with no approved product, whose value is concentrated in zovegalisib, a mutant-selective PI3Kα inhibitor now in Phase 3. At 18.87 USD the 4.14 billion USD market capitalisation leaves about 3.22 billion USD of pipeline value above 910.9 million USD of June cash, and ReDiscover-2 has to beat AstraZeneca's approved capivasertib plus fulvestrant rather than a placebo, while the first-line case still rests on 15 responses among 34 heavily pre-treated patients. Rating Watch: the price already discounts a crowded-market success, and more than 40 million shares issued in 2026 make dilution structural rather than incidental.
47/100
Moore Threads: H1 2026 Revenue Grew 147.4% to 1.736 Billion CNY While Operating Cash Flow Fell to Negative 2.169 Billion, and 357.85 CNY Sits 175% Above the 130 CNY Ideal-Buy Ceiling
Moore Threads is a Chinese full-function GPU designer whose commercial center has moved to KUAE AI-compute clusters, with cloud-computing products supplying 97.5% of H1 2026 revenue. H1 revenue of 1.736 billion CNY grew 147.42% and already exceeded all of 2025 while the deducted net loss narrowed 52.37% to 150.82 million CNY, but operating cash flow fell to negative 2.169 billion CNY on a 2.254 billion CNY inventory build, and roughly 185.91 million shares, 39.55% of the company, leave 12-month IPO lock-ups on 2026-12-07. Rating Watch: at 357.85 CNY the shares trade at about 66.2 times TTM sales, roughly parity with the already profitable Cambricon, and sit 175% above the 95 to 130 CNY ideal-buy band, so there is no margin of safety at this price.
44/100
55Buffett
VINCI SA: Concessions Turn EUR 12.22bn of Revenue Into EUR 5.94bn of Operating Income, but ASF, Escota and Cofiroute Revert to the State by 2036
VINCI is the Paris-listed infrastructure group that pairs French motorway and airport concessions with two very large contracting networks, VINCI Energies and Cobra IS in energy services and VINCI Construction. The asymmetry is the whole case: 2025 Construction revenue of EUR 33.24bn produced only EUR 1.36bn of ordinary operating income on EUR 1.89bn of capital employed, while Concessions turned EUR 12.22bn of revenue into EUR 5.94bn of operating income on EUR 46.34bn of capital; those French motorways then revert to the state for no consideration when Escota expires in 2032, Cofiroute's intercity network in 2034 and ASF in 2036. Rating Hold: at EUR 110.55 the shares sit at the bottom of the EUR 110-148 acceptable-hold band on a 12.27x trailing P/E and a 4.5% dividend yield, but concession decay plus a 4.344% French 10-year yield mean new money should wait for EUR 84-89.
44/100
47Buffett
Investor AB: Q2 2026 Adjusted NAV of SEK 1,214.7bn or SEK 397 per Share Leaves the SEK 402.75 Quote at a 1.45% Premium Instead of the 7% to 13% Discount Normal in 2021 to 2025
Investor AB is the Wallenberg-controlled Swedish holding company that runs permanent industrial capital through three buckets: a listed portfolio led by ABB and Atlas Copco worth SEK 946.2bn or 76% of adjusted assets, the wholly owned Patricia Industries businesses at SEK 207.9bn excluding cash or 17%, and a SEK 88.4bn position in EQT at 7%. Q2 2026 adjusted net asset value reached SEK 1,214.7bn, or SEK 397 per share, on net debt of only SEK 23.3bn and 1.9% leverage, with the B share returning 15% against 9% for SIXRX. Rating Hold: at SEK 402.75 the shares carry a 1.45% premium to that last reported NAV rather than the 7% to 13% year-end discount normal over 2021 to 2025, so the SEK 350 conservative scenario value leaves no margin of safety and the ideal buy zone sits at SEK 270 to SEK 280.