1
Microsoft Corporation
MSFT · USA
Microsoft: Azure Demand Is Real and the Moat Is Intact, but 393 USD Already Prices a Clean Conversion of the 190 Billion USD Capex Wave 29. Juli 2026 Hold
67 /100
Stark
91/100 29. Juli 2026
2
NVIDIA Corporation
NVDA · USA
NVIDIA: Demand Has Broadened Beyond the Hyperscalers, but Its Funding Base Has Not, and 197 USD Already Prices Continued Excellence 29. Juli 2026 Hold
66 /100
Stark
81/100 29. Juli 2026
3
Alphabet Inc.
GOOG · USA
Alphabet: Search and Cloud Are Both Accelerating, but a 200 Billion Dollar Build Has Turned Free Cash Flow Negative and 333.68 Dollars Already Prices In the Base Case 31. Juli 2026 Hold
65 /100
Stark
85/100 31. Juli 2026
4
Amazon.com, Inc.
AMZN · USA
Amazon: AWS Demand and AI Commitments Are Real, but 230.86 USD Still Asks Investors to Fund a 200 Billion USD Capex Cycle Without a Margin of Safety 29. Juli 2026 Hold
62 /100
Mittel
44/100 29. Juli 2026
5
Figma, Inc.
FIG · USA
Figma: The Platform Role Is Real, but Dilution and the Last Unlock Leave No Margin of Safety 28. Juli 2026 Watch
61 /100
Mittel
— 28. Juli 2026
6
Wix.com Ltd.
WIX · USA
Wix.com: The Partner Channel Is Where AI Shows Up First, and 58.55 USD Prices a Permanent Erosion the Disclosed Evidence Does Not Yet Support 29. Juli 2026 Cautious Buy
58 /100
Mittel
— 29. Juli 2026
7
Taiwan Semiconductor Manufacturing Company Limited
2330 · Taiwan
TSMC: Earnings Have Outrun the Share Price to a 28.1x Trailing Multiple, but a Limit-Up Close at NT$2,425 Leaves Only a Limited Margin of Safety 31. Juli 2026 Hold
57 /100
Mittel
82/100 31. Juli 2026
8
Meta Platforms, Inc.
META · USA
Meta Platforms: Revenue Grew 28% While Free Cash Flow Fell to 784 Million Dollars, and 556.71 Dollars Buys the Base Case With No Margin of Safety 1. August 2026 Hold
56 /100
Mittel
84/100 1. August 2026
9
Shopify Inc.
SHOP · USA
Shopify: Eine Plattform für Commerce-Infrastruktur 23. Mai 2026 Beobachten
56 /100
Mittel
44/100 11. Juni 2026
10
Sea Limited
SE · USA
Sea Limited (SE.US) Zen Horizon Bericht 9. Juni 2026 Beobachten
55 /100
Mittel
34/100 10. Juni 2026
11
Hansoh Pharmaceutical Group Company Limited
3692 · Hongkong
Hansoh Pharmaceutical: One Molecule, One Royalty Book, and a Price That Already Pays for Both 17. August 2026 Hold
53 /100
Mittel
94/100 17. August 2026
12
Manhattan Associates, Inc.
MANH · USA
Manhattan Associates: 26% Cloud Growth Sits Inside 9.3% Total Revenue Growth, Existing Customers Supplied 75% of Q2 New Cloud Contract Value, and 40x SBC-Adjusted Owner Earnings Leaves No Margin of Safety 16. August 2026 Hold
53 /100
Mittel
95/100 16. August 2026
13
Innovent Biologics, Inc.
1801 · Hongkong
Innovent Biologics: The China Platform Is Real, but the Price Already Pre-Pays the Obesity Curve 28. Juli 2026 Hold
53 /100
Mittel
— 28. Juli 2026
14
Sika AG
SIKA · SW
Sika AG: Qualitäts-Compounder in einem zyklischen Luftloch 27. Juni 2026 Halten
53 /100
Mittel
80/100 27. Juni 2026
15
Straumann Holding AG
STMN · SW
Straumann Holding AG: Marktführer der Dentalplattform zu einem anspruchsvollen Preis 27. Juni 2026 Halten
53 /100
Mittel
80/100 27. Juni 2026
16
Apollo Global Management, Inc.
APO · USA
Apollo Global Management: A Study of a Compounding Alternative-Asset Platform 23. Mai 2026 Watch
53 /100
Mittel
— 11. Juni 2026
17
Kaspi.kz JSC
KSPI · USA
Kaspi.kz: A Deep-Value Investment Study 18. Mai 2026 Watch
53 /100
Mittel
78/100 11. Juni 2026
18
Hermès International SCA
RMS · Paris
Hermès International SCA: A 41% Operating Margin Meets 6.1% Constant-Currency Growth, and EUR 1,475 Sits 18-31% Above the Conservative Value 8. September 2026 Hold
52 /100
Mittel
93/100 8. September 2026
19
Hyosung Heavy Industries Co., Ltd.
298040 · Korea
Hyosung Heavy Industries: A KRW 17.5 Trillion Grid Backlog, 94% of Segment Profit from Power Equipment, and No Margin of Safety at KRW 2.79 Million 24. August 2026 Hold
52 /100
Mittel
34/100 24. August 2026
20
Marvell Technology, Inc.
MRVL · USA
Marvell Technology: A Real AI Franchise, but the Price Already Pays for Fiscal 2029 9. August 2026 Hold
52 /100
Mittel
35/100 9. August 2026
21
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
300760 · Shenzhen
Mindray Bio-Medical: The Transition Is Real, But So Is the Price Tag 19. Juli 2026 Hold
52 /100
Mittel
95/100 19. Juli 2026
22
GSK plc
GSK · USA
GSK plc: Neu aufgebaute Biopharma, im Wettlauf mit der Patentklippe 27. Juni 2026 Halten
52 /100
Mittel
84/100 27. Juni 2026
23
Constellation Software Inc.
CSU · Tokio
Constellation Software: Eine Compounding-Maschine zu einem vollen Preis 17. Juni 2026 Halten
52 /100
Mittel
— 18. Juni 2026
24
Reddit, Inc.
RDDT · USA
Reddit im Tiefenblick 15. Juni 2026 Halten
52 /100
Mittel
— 15. Juni 2026
25
Tokyo Electron
8035 · TSE
Tokyo Electron Deep Dive 3. Juni 2026 Hold
52 /100
Mittel
— 10. Juni 2026
26
Corpay, Inc.
CPAY · USA
Corpay: A Value Investing Deep Dive 29. Mai 2026 Watch
52 /100
Mittel
93/100 10. Juni 2026
27
KKR & Co. Inc.
KKR · USA
KKR: A Value-Investing Deep Dive 26. Mai 2026 Watch
52 /100
Mittel
— 11. Juni 2026
28
Ares Management Corporation
ARES · USA
Ares Management: A Deep Dive into the Alternative Asset Management Platform 23. Mai 2026 Watch
52 /100
Mittel
45/100 11. Juni 2026
29
Synopsys, Inc.
SNPS · USA
Synopsys: A Long-Term Owner's Perspective 23. Mai 2026 Watch
52 /100
Mittel
— 11. Juni 2026
30
Pop Mart International Group
9992 · Hongkong
Pop Mart: A Deep Long-Term Value Study 19. Mai 2026 Watch
52 /100
Mittel
68/100 11. Juni 2026
31
Novo Nordisk A/S
NVO · USA
Novo Nordisk: A Long-Term Owner's Perspective 17. Mai 2026 Watch
52 /100
Mittel
88/100 11. Juni 2026
32
WuXi AppTec Co., Ltd.
2359 · Hongkong
WuXi AppTec Co., Ltd.: Chemistry Resets the Earnings Base, the U.S. Question Stays Open, and HK$199.10 Leaves No Conservative Discount 12. August 2026 Hold
51 /100
Mittel
62/100 12. August 2026
33
FUJIMI INCORPORATED
5384 · TSE
Fujimi: The Hidden Champion of CMP and Silicon-Wafer Polishing Materials, but 3,680 Yen Already Prepays a Good Deal of the Next Few Years 29. Juli 2026 Watch
51 /100
Mittel
— 29. Juli 2026
34
Meituan
3690 · Hongkong
Meituan: A High-Quality Franchise With Temporarily Broken Earnings 1. Juli 2026 Hold
51 /100
Mittel
— 1. Juli 2026
35
NARI Technology Co., Ltd.
600406 · Shanghai
NARI Technology: Grid-Control Franchise, Quality Already Priced 27. Juni 2026 Hold
51 /100
Mittel
81/100 27. Juni 2026
36
Sartorius AG
SRT3 · XETRA
Sartorius AG: Eine hochwertige Bioprozess-Erholung ist bereits eingepreist 19. Juni 2026 Halten
51 /100
Mittel
— 19. Juni 2026
37
Hitachi, Ltd.
6501 · TSE
Hitachi: Eine Tiefenanalyse 14. Juni 2026 Halten
51 /100
Mittel
— 14. Juni 2026
38
KEYENCE Corporation
6861 · TSE
KEYENCE: In-Depth Research 12. Juni 2026 Hold
51 /100
Mittel
— 13. Juni 2026
39
Eurofins Scientific SE
ERF · Paris
Eurofins Scientific (Eurofins Scientific SE, ERF.PA) — Zen Horizon Report 8. Juni 2026 Watch
51 /100
Mittel
50/100 10. Juni 2026
40
Safran SA
SAF · Paris
Safran SA (SAF.PA) — Zen Horizon Report 8. Juni 2026 Watch
51 /100
Mittel
49/100 10. Juni 2026
41
Luckin Coffee, Inc.
LKNCY · USA
Luckin Coffee Zen Horizon Analysis: China's Coffee Leader in the Middle of a Valuation Reset 4. Juni 2026 Hold
51 /100
Mittel
28/100 10. Juni 2026
42
Insulet Corporation
PODD · USA
Insulet Corporation: A Long-Term Owner's Perspective 31. Mai 2026 Watch
51 /100
Mittel
53/100 10. Juni 2026
43
ResMed Inc.
RMD · USA
ResMed: A Long-Term Owner's Perspective 28. Mai 2026 Watch
51 /100
Mittel
99/100 10. Juni 2026
44
S&P Global Inc.
SPGI · USA
S&P Global: A Long-Term Owner's View 25. Mai 2026 Watch
51 /100
Mittel
75/100 11. Juni 2026
45
Procore Technologies, Inc.
PCOR · USA
Procore Technologies: Operating Leverage Finally Shows, but a 16%-of-Revenue Stock-Compensation Bill Leaves 48.82 USD Fairly Priced Rather Than Cheap 30. Juli 2026 Hold
50 /100
Mittel
— 30. Juli 2026
46
Akeso, Inc.
9926 · Hongkong
Akeso, Inc.: A Commercial-Stage Antibody Innovator Still Priced on Ivonescimab's Global Option Value 24. Juni 2026 Hold
50 /100
Mittel
— 24. Juni 2026
47
The New York Times Company
NYT · USA
The New York Times: Bündelökonomik zum vollen Preis 17. Juni 2026 Halten
50 /100
Mittel
69/100 18. Juni 2026
48
NAURA Technology Group
002371 · Shenzhen
NAURA Technology Group SUN-R Investmentanalyse 16. Juni 2026 Beobachten
50 /100
Mittel
50/100 16. Juni 2026
49
HubSpot, Inc.
HUBS · USA
HubSpot Tiefenanalyse 15. Juni 2026 Halten
50 /100
Mittel
— 15. Juni 2026
50
NetEase, Inc.
NTES · USA
NetEase, Inc. Deep-Dive-Research 15. Juni 2026 Halten
50 /100
Mittel
92/100 15. Juni 2026
51
Roblox Corporation
RBLX · USA
Roblox Corporation Tiefgehende Analyse 15. Juni 2026 Beobachten
50 /100
Mittel
— 15. Juni 2026
52
Nintendo Co., Ltd.
7974 · TSE
Nintendo (7974.T / NTDOY) Zen Horizon Framework Deep Research 9. Juni 2026 Buy
50 /100
Mittel
— 10. Juni 2026
53
Hexagon AB (publ)
HEXA-B · ST
Hexagon AB (HEXA-B.ST) Zen Horizon Deep-Dive Research Report 9. Juni 2026 Watch
50 /100
Mittel
67/100 10. Juni 2026
54
Delta Electronics, Inc.
2308 · Taiwan
Delta Electronics Zen Horizon Framework Deep Dive 4. Juni 2026 Watch
50 /100
Mittel
81/100 10. Juni 2026
55
Nasdaq, Inc.
NDAQ · USA
Nasdaq Investment Memo 27. Mai 2026 Watch
50 /100
Mittel
57/100 11. Juni 2026
56
Uber Technologies, Inc.
UBER · USA
Uber Technologies Deep Value Research 25. Mai 2026 Watch
50 /100
Mittel
33/100 11. Juni 2026
57
Ferrovial NV
FER · USA
Ferrovial NV In-Depth Value Research Report 22. Mai 2026 Watch
50 /100
Mittel
34/100 11. Juni 2026
58
AppLovin Corporation
APP · USA
AppLovin Corporation In-Depth Value Investment Research 21. Mai 2026 Watch
50 /100
Mittel
49/100 10. Juni 2026
59
Moncler S.p.A.
MONC · MI
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 14. September 2026 Hold
49 /100
Eher schwach
— 14. September 2026
60
AJ Bell plc
AJB · LSE
AJ Bell: Reconstructed FY2025 Client-Cash Interest of £136.5m Nearly Equals £137.8m Group PBT, H1 Revenue Margin Expanded to 33.4 Basis Points Instead of Compressing, and £6.18 Leaves No Margin of Safety 16. August 2026 Hold
49 /100
Eher schwach
97/100 16. August 2026
61
Watsco, Inc.
WSO · USA
Watsco: Q2 Gross Margin Fell 180 Basis Points but 130 of Them Were Last Year's A2L-Transition Pricing Benefit, and a $13.20 Dividend Now Exceeds Trailing EPS 15. August 2026 Hold
49 /100
Eher schwach
87/100 15. August 2026
62
Zymeworks Inc.
ZYME · USA
Zymeworks: The Molecule Is Proven, the Allocator Is Not 29. Juli 2026 Hold
49 /100
Eher schwach
— 29. Juli 2026
63
Rheinmetall AG
RHM · XETRA
Rheinmetall: Respect Without Urgency for a Re-Rated Defence Prime 23. Juli 2026 Hold
49 /100
Eher schwach
63/100 23. Juli 2026
64
Saab AB (publ)
SAAB-B · ST
Saab: Europe's Sovereign Defense Franchise Is Real, but the Margin of Safety Is Gone 10. Juli 2026 Hold
49 /100
Eher schwach
58/100 10. Juli 2026
65
Bentley Systems, Incorporated
BSY · USA
Bentley Systems: Durable Infrastructure Compounder, Thin Margin of Safety 28. Juni 2026 Hold
49 /100
Eher schwach
85/100 28. Juni 2026
66
XtalPi Holdings Limited
2228 · Hongkong
XtalPi Holdings: An AI-for-Science Platform Climbing from Fee-for-Service Work to Milestone Economics, Still Priced Ahead of Proof 24. Juni 2026 Hold
49 /100
Eher schwach
— 24. Juni 2026
67
Merck KGaA, Darmstadt, Deutschland
MRK · XETRA
Merck KGaA: Eine diversifizierte Wissenschaftsplattform im Übergang 19. Juni 2026 Halten
49 /100
Eher schwach
— 19. Juni 2026
68
Everpure, Inc. (formerly Pure Storage, Inc.)
PSTG · USA
Pure Storage: An All-Flash Foundation and the Hyperscaler Narrative 14. Juni 2026 Hold
49 /100
Eher schwach
51/100 15. Juni 2026
69
Gartner, Inc.
IT · USA
Gartner Long-Term Value Investment Research 31. Mai 2026 Cautious Buy
49 /100
Eher schwach
66/100 10. Juni 2026
70
Wheaton Precious Metals Corp.
WPM · USA
Wheaton Precious Metals In-Depth Research 31. Mai 2026 Hold
49 /100
Eher schwach
45/100 10. Juni 2026
71
Stryker Corporation
SYK · USA
Stryker In-Depth Value Investment Research 25. Mai 2026 Watch
49 /100
Eher schwach
83/100 11. Juni 2026
72
Copart, Inc.
CPRT · USA
Copart Deep Value Investment Analysis 21. Mai 2026 Watch
49 /100
Eher schwach
91/100 10. Juni 2026
73
Compagnie Financière Richemont SA
CFR · SW
Compagnie Financière Richemont SA: Jewellery Earns EUR 5.04bn of Operating Profit While Watchmakers Earn EUR 107m, and CHF 183.65 Sits 18% Above the Conservative Value 9. September 2026 Hold
48 /100
Eher schwach
67/100 9. September 2026
74
SoFi Technologies, Inc.
SOFI · USA
SoFi Technologies: 2.48 Times Tangible Book Prices a 20% Sustainable ROTCE Against the 9% Its Own 2026 Guidance Implies, and the Personal-Loan Book Has Never Met a Recession 7. September 2026 Hold
48 /100
Eher schwach
— 7. September 2026
75
Zhejiang Hithink RoyalFlush Information Network Co., Ltd.
300033 · Shenzhen
Hithink RoyalFlush: Advertising Supplied 78% of 2025 Incremental Revenue, and CNY230.26 Already Sits at the CNY228 Base-Case Value 15. August 2026 Hold
48 /100
Eher schwach
87/100 15. August 2026
76
Micron Technology, Inc.
MU · USA
Micron Technology Re-coverage: From Memory Cycle to Contracted AI-Memory Oligopoly? 12. August 2026 Hold
48 /100
Eher schwach
23/100 12. August 2026
77
Danaher Corporation
DHR · USA
Danaher: Orders and Peers Make the Bioprocessing Recovery Underwritable, but 3-4% Core Growth at 23 Times Earnings Leaves No Margin of Safety 6. August 2026 Hold
48 /100
Eher schwach
— 6. August 2026
78
TransUnion
TRU · USA
TransUnion: Strip Out the Zero-Margin FICO Royalty and the 12% to 13% Reported Growth Outlook Becomes 5% to 6%, While 78.62 Dollars Sits Above the Conservative Range 2. August 2026 Hold
48 /100
Eher schwach
47/100 2. August 2026
79
Hanwha Aerospace Co., Ltd.
012450 · Korea
Hanwha Aerospace: The K9 Export Franchise Is Genuine, but at 865,000 KRW the Price Still Rides on Backlog Conversion and Capital Discipline 31. Juli 2026 Hold
48 /100
Eher schwach
— 31. Juli 2026
80
Compagnie de Saint-Gobain S.A.
SGO · Paris
Saint-Gobain: A Higher Margin Floor Is Proven, but at 74.16 EUR the Price Sits Above the 64 EUR Conservative Value 29. Juli 2026 Hold
48 /100
Eher schwach
57/100 30. Juli 2026
81
Asana, Inc.
ASAN · USA
Asana: Optisch günstig, strategisch noch nicht bewiesen 20. Juni 2026 Beobachten
48 /100
Eher schwach
— 20. Juni 2026
82
Triple Flag Precious Metals Corp.
TFPM · USA
Triple Flag Precious Metals: Qualitäts-Compounder, vollständig eingepreist 20. Juni 2026 Beobachten
48 /100
Eher schwach
24/100 20. Juni 2026
83
Iridium Communications Inc.
IRDM · USA
Iridium: Eine globale Cash-Maschine mit Optionsprämie 17. Juni 2026 Halten
48 /100
Eher schwach
24/100 18. Juni 2026
84
Beijing Kingsoft Office Software, Inc.
688111 · Shanghai
Kingsoft Office In-Depth Research 14. Juni 2026 Hold
48 /100
Eher schwach
76/100 14. Juni 2026
85
Prysmian Group
PRY · MI
Prysmian Group (PRY.MI) Zen Horizon Research Report 9. Juni 2026 Watch
48 /100
Eher schwach
— 10. Juni 2026
86
Siemens AG / Siemens AG
SIE · XETRA
Siemens AG (SIE.XETRA) Zen Horizon Research Report 9. Juni 2026 Watch
48 /100
Eher schwach
63/100 10. Juni 2026
87
Cheniere Energy, Inc.
LNG · USA
Cheniere Energy Zen Horizon Framework Deep-Dive Research 8. Juni 2026 Hold
48 /100
Eher schwach
27/100 10. Juni 2026
88
Lonza Group AG
LONN · SW
Lonza Group AG (LONN.SW) Zen Horizon Research Report 8. Juni 2026 Hold
48 /100
Eher schwach
— 10. Juni 2026
89
Lattice Semiconductor Corporation
LSCC · USA
Lattice Semiconductor (LSCC.US) Zen Horizon Research Report 8. Juni 2026 Watch
48 /100
Eher schwach
— 10. Juni 2026
90
PTC Inc.
PTC · USA
PTC Deep Value Investment Research 30. Mai 2026 Watch
48 /100
Eher schwach
51/100 10. Juni 2026
91
Block, Inc.
XYZ · USA
Block Investment Research Report 27. Mai 2026 Watch
48 /100
Eher schwach
— 10. Juni 2026
92
Roper Technologies, Inc.
ROP · USA
Roper Technologies Research from a Long-Term Owner's Perspective 23. Mai 2026 Cautious Buy
48 /100
Eher schwach
66/100 11. Juni 2026
93
O'Reilly Automotive, Inc.
ORLY · USA
O'Reilly Automotive: A Long-Term Business Owner's Research Report 22. Mai 2026 Watch
48 /100
Eher schwach
88/100 10. Juni 2026
94
Kweichow Moutai Co., Ltd.
600519 · Shanghai
Kweichow Moutai: A Long-Term Business Owner's Perspective 21. Mai 2026 Watch
48 /100
Eher schwach
93/100 10. Juni 2026
95
Xiaomi Group (Xiaomi Corp.)
1810 · Hongkong
Xiaomi Group Long-Term Owner-Oriented Research 17. Mai 2026 Watch
48 /100
Eher schwach
56/100 10. Juni 2026
96
Atlas Copco AB
ATCO-A · ST
Atlas Copco AB: Q2 2026 Group Orders Grew 26% Organically at a 1.13x Book-to-Bill, and SEK 208.80 Sits 34% Above the SEK 156 Conservative Value 9. September 2026 Hold
47 /100
Eher schwach
87/100 9. September 2026
97
Sunny Optical Technology (Group) Company Limited
2382 · Hongkong
Sunny Optical: Other Products Supply a Third of Gross Profit on 18.4% of Revenue, but Handset Margin at 12.3% Leaves No Safety Margin at HKD 62.60 27. August 2026 Watch
47 /100
Eher schwach
68/100 27. August 2026
98
Alfa Laval AB (publ)
ALFA · ST
Alfa Laval: A 35% Order Surge, a 2% Profit Increase, and 29 Times Earnings 27. August 2026 Hold
47 /100
Eher schwach
74/100 29. August 2026
99
Camtek Ltd.
CAMT · USA
Camtek: Record Advanced-Packaging Orders Meet a Price That Already Discounts Them 26. August 2026 Hold
47 /100
Eher schwach
— 26. August 2026
100
NKT A/S
NKT · CO
NKT: A EUR 13bn Transmission Backlog and Rising Margins, but DKK 930 Already Pays for the 2027 Factories That Are Still Being Built 26. August 2026 Hold
47 /100
Eher schwach
45/100 26. August 2026