Recherche actions · Vision de long terme

La recherche en investissement dans la perspective d'un actionnaire de long terme

Le cadre Zen Horizon qui dissèque la qualité des entreprises, les remparts concurrentiels et la valeur intrinsèque de l'IA, de la technologie et des actions mondiales — avec une lecture claire de la marge de sécurité.

1240 études15 thématiques1186 titres

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54/100 58Buffett Surveiller Eli Lilly: A 43% ROIC Incretin Leader Priced for ≈ 18% a Year EPS Growth, with No Margin of Safety at USD 1,417.54 Eli Lilly is a US innovative drugmaker whose incretins Mounjaro and Zepbound generated 66% of Q3 2026 revenue. Q3 2026 revenue rose 39% to USD 24,397M on 53% volume growth while realized price fell 15%, and 2026 revenue guidance has been raised to USD 91–92B; at USD 1,417.54 the price needs ≈ 18%/yr EPS compounding against falling prices. Rating Watch: the price sits above the USD 970–1,312 hold zone with no margin of safety, and the ideal buy zone is USD 492–547. Eli Lilly and CompanyLLY · États-UnisPharmaceuticals1 novembre 2026 45/100 72Buffett Surveiller Sungrow Power Supply: Q3 Profit Fell 67.67% as Margins Relapsed, and at CNY 65.29 the Shares Still Sit 48% Above Conservative Value Sungrow is a founder-controlled maker of solar inverters and grid-scale battery storage systems, and storage was 50.0% of its H1 2026 revenue. Q3 2026 broke the second-quarter recovery: attributable net income fell 67.67% year on year to CNY 1.34 bn and group gross margin slipped to about 29.4% from 38.6% in Q2, while US and EU market barriers keep widening. Rating Watch: at CNY 65.29 the price is 48% above the CNY 44.2 conservative value, so there is no margin of safety, and the ideal buy zone is CNY 32–35. Sungrow Power Supply Co., Ltd.300274 · ShenzhenPower Equipment31 octobre 2026 48/100 67Buffett Surveiller SG Micro: 42.7% H1 Growth at a 51.84% Gross Margin Proves Share and Content Gains, but the A Share at CNY 120.55 Is 105x Trailing Earnings and Above the CNY 89 Base Value SG Micro is a Beijing fabless-plus analog chip designer whose more than 7,200 saleable products span signal chain, power management and sensors, with about 94% of revenue sold through distributors. H1 2026 revenue rose 42.7% to CNY 2.60 billion and recurring profit 164.6% at a 51.84% gross margin as optical modules lifted network and computing to about 25% of sales, yet CNY 1.68 billion of net inventory, share-based pay of about 24% of attributable profit and an undisclosed distributor channel mean the quality problem has changed rather than disappeared. Rating Watch: the A share at CNY 120.55 trades at about 105 times trailing attributable earnings and above the CNY 89 base-case value with no margin of safety; the ideal buy price is CNY 42–48 and the acceptable hold range CNY 78–100. SG Micro Corp300661 · ShenzhenAnalog Chips28 septembre 2026 39/100 Conserver Kubota Corporation: A ¥70bn Tariff Refund Lifts the FY2026 Margin to 12.2% from 10.1%, and ¥2,751.5 Sits 28–38% Above the ¥2,000–2,150 Conservative Value Kubota is an Osaka-based machinery group built around compact farm equipment, engines and construction machinery: Farm & Industrial Machinery produced 88.6% of H1 2026 revenue, North America supplied 42.1%, and a captive-finance book carried ¥2.23 trillion of finance receivables at June 2026. FY2026 guidance of ¥400 billion operating profit and a 12.2% margin includes about ¥70 billion of non-recurring US tariff refunds, so the company's own ex-refund margin is 10.1%, while operating cash flow over FY2021 to FY2025 was only 0.69 times cumulative parent net income and cumulative reported free cash flow was around negative ¥314 billion. Rating Hold: at ¥2,751.5 the shares trade at 10.8 times guided EPS but closer to 13 times refund-normalized earnings and 28–38% above the ¥2,000–2,150 conservative value, so the margin of safety is none and the ideal buy price is ¥1,550 to ¥1,650. Kubota Corporation6326 · TSEConstruction Machinery28 septembre 2026

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Thématiques en vedette

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La chaîne d'approvisionnement mondiale de la défense

54 titres

Des matériaux de spécialité aux plateformes des maîtres d'œuvre : une cartographie complète de la chaîne d'approvisionnement du cycle de réarmement

Cancer · Maladies rares · Frontières thérapeutiques difficiles

108 titres

Thérapies ciblées / immunothérapies / thérapies cellulaires / géniques / à base d'acides nucléiques / radiopharmaceutiques : une cartographie des thérapies de pointe s'attaquant aux maladies à fort besoin médical non satisfait, et des acteurs mondiaux et chinois qui les développent

Les champions de niche dans chaque secteur

90 titres

Des entreprises qui dominent un créneau étroit, premières ou parmi les trois premières au monde, dotées d'un véritable pouvoir de fixation des prix : des champions de niche sur les maillons critiques de la chaîne. Le cadre s'inspire des « champions cachés » d'Hermann Simon, mais en assouplit les seuils de taille et de discrétion (aucun plafond de taille, aucune obligation de rester dans l'ombre). Ce qui compte, c'est l'étroitesse du créneau et l'ancrage de la position, déployés sur huit domaines fonctionnels.

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