리포트 아카이브
전체 리서치
52페이지 중 28페이지 · 리포트 1235건
26/100
Sphere Corp: A Value Study of Aerospace Specialty Alloys
From a Buffett lens, the verdict is Avoid. Sphere has reinvented itself as an aerospace specialty-alloy supply-chain operator (99.8% of revenue from aerospace alloys), but 2025 operating cash flow was -KRW 14.67 billion, and the KRW 1.65 trillion market cap already exceeds the KRW 1.544 trillion headline of the ten-year SpaceX contract. At the current KRW 32,500, the stock sits well above an optimistic intrinsic-value range of KRW 19,000–28,000, leaving no margin of safety. Rating Avoid: a good industry attached to a price that prices in too much.
29/100
Filtronic: A Long-Term Value Study
Filtronic is a technically capable, financially healthy small-cap RF/mmWave supplier whose single greatest weakness is extreme customer concentration. At roughly 391.25p the stock sits far above our fair intrinsic-value range (120-180p) and even our optimistic ceiling (300p). Rating Watch: a decent niche technology company priced for many years of flawless, diversified, high-speed growth rather than a value stock with a real margin of safety; ideal buy zone 90-150p.
31/100
37Buffett
Constellium: A Long-Term Value Investing Study
We maintain a Watch rating. Constellium is an aluminum processor whose technical depth is underappreciated yet whose cyclicality is inescapable. At the current price of $36.07 the stock looks clearly expensive against a conservative intrinsic value of $19–25 and sits near the top of a fair value of $28–35, leaving too little margin of safety. Rating Watch: a capable, cycle-bound aluminum fabricator worth tracking, with an ideal buy range of $24–30.
26/100
STMicroelectronics: A Long-Term Owner's Perspective
A genuinely capable global semiconductor IDM in automotive, industrial, MCUs, power devices, and MEMS, but one whose business quality remains highly cyclical rather than that of a steady cash cow. At the close of 2026-06-02, the stock at $79.51 already sits near the floor of the $80–100 optimistic range and above the top of the $55–70 fair range, leaving no margin of safety. Rating Watch: a decent company at an optimistic price, with an ideal buy zone of $45–55.
23/100
Velo3D: A Long-Term Owner's Perspective
Velo3D still has not proven it can generate positive Owner Earnings, and its growth depends on continuous dilutive financing. At $22.13, the share price sits far above an intrinsic value range of $0 to $18. Rating Avoid: an ideal entry zone of $3 to $6.
52/100
Tokyo Electron Deep Dive
A high-quality equipment leader at a rich price. A near-monopoly in coat/develop and an installed base of 96,000 tools underpin its service cash flow; but FY2026 operating margin slipped to 25.6%, the record net profit was flattered by selling strategic holdings, and at the current 60,840 yen the static PE is near 50x with an owner-earnings yield of only 1.2%-1.7%. Rating Hold: ideal buy below 40,000 yen.
57/100
63Buffett
브로드컴: 심층 리서치 보고서
훌륭한 기업, 나쁜 가격. AI 매출은 여전히 가속 중이며(Q1 84억 달러, Q2 가이던스 107억 달러) FCF 마진은 42% 안팎이지만, 현재 주가 481.57달러는 TTM 잉여현금흐름 수익률이 약 1.3%(10년물 국채 4.46%를 크게 밑돔)에 불과해, Q2 발표 전까지 검증되지 않은 AI 낙관론을 이미 가격에 반영하고 있다. 평가 회피: 가격이 아직 입증해야 할 촉매를 앞질러 달려 나간 고품질 복리 성장주이므로, 관찰에서 회피로 하향한다.
U.S. Market Close Daily | 2026-06-02
AI semiconductors kept pushing the indexes to fresh highs on the 2026-06-02 U.S. close, but divergence across megacap tech, software, and breadth shows the market remains a high-level, structural risk-on rather than a broad-based advance. The main engine is the AI infrastructure chain, where Marvell and HPE drove a re-rating of chips, servers, and networking gear, offsetting Alphabet's financing dilution, higher oil prices, and Middle East risk. Rating Watch: the trend is strong and capital is willing to chase hardware backed by orders and compute capex, but the indexes sit at elevated levels and chasing strength on a new high alone is not worthwhile.
49/100
44Buffett
PDD Holdings Deep-Dive Research Report
PDD is a cash-rich, asset-light platform company whose domestic business is easier to underwrite than Temu. The core debate is whether Temu's profit, fulfillment, and compliance costs can become verifiable enough to support a higher multiple. Research rating Watch: strong cash flow, but insufficient visibility on Temu and a limited margin of safety for new capital.
27/100
Bio-Techne Corporation: A Deep Value Investing Study
A high-quality life-science tools company trading at a rich price. At $51.68 the stock carries a trailing P/E of roughly 74.9x while three-year revenue has compounded at only 3.3%, so the margin of safety is thin. Rating Watch: ideal entry sits at $28-35, with the roughly $1 billion Wilson Wolf follow-on acquisition as the key risk to monitor.
29/100
Molson Coors (TAP): A Long-Term Business-Owner View
At the current price of $39.53, we rate TAP a Watch. The cash flow is real (underlying FCF of roughly $1.1 billion) and the valuation is cheap (EV/EBITDA of 6.31x), yet beer demand is in structural decline and the moat is narrowing. Rating Watch: a genuine cash generator without a growth engine, with a fair buy range of $28–34.
44/100
78Buffett
Pool Corporation Value Investment Deep-Dive Report
Pool Corporation is a high-quality, low-capex pool distribution leader, with 64% of revenue coming from non-discretionary maintenance. The core thesis is that its installed-base maintenance engine and strong cash generation make it a durable business, but the current price of about $181 is close to neutral fair value while conservative intrinsic value is only $140-155. Report Rating Watch: a strong company, but conservative investors should wait for a $130-150 entry range with a clearer margin of safety.
30/100
73Buffett
EPAM Systems: A Value Investing Deep Dive
A high-end digital engineering services firm with steady cash flow, roughly $876 million in net cash, and a no-longer-expensive valuation at about 14.7x earnings. The moat is moderate-to-weak and operating margin has slipped to 9.5%, leaving AI substitution and Ukraine exposure as the swing variables. Rating Cautious Buy: a financially resilient compounder priced near its conservative floor, with an ideal entry of $80–95.
38/100
Charles River Laboratories Deep Value Investment Research
Charles River Laboratories is a real non-clinical R&D outsourcing platform now moving through portfolio restructuring and regulatory migration. The core thesis is that the current price of about $180.71 sits only near the lower end of neutral value ($180-195), with too little margin of safety, while an ideal entry would require a pullback to $130-150. Report Rating Watch: a credible cash-generative platform, but the recovery and regulatory transition are not yet proven enough for a Buy.
33/100
74Buffett
The Campbell's Company: A Value-Investing Deep Dive
An understandable, decently cash-generative legacy packaged-food name whose ~$21 share price implies roughly 9–10x conservative owner earnings, but the margin of safety is too thin. Snacks remains weak and leverage runs high. Rating Watch: a company you can understand at a fair-to-cheap price rather than an outstanding business at a clear discount, with an ideal buy range of $16–19.
37/100
Viper Energy Deep-Dive Research
Viper Energy is a Permian-focused pure-play minerals and royalty cash-flow vehicle, spun out from and still deeply tied to Diamondback. The company has very low fixed costs, strong cash flow, and a mature dividend and buyback framework, but the current price already reflects much of that quality. Rating Hold: a solid business with insufficient margin of safety, best approached at a cheaper entry point.
49/100
45Buffett
Wheaton Precious Metals In-Depth Research
Wheaton Precious Metals is a global top-tier pure-play precious-metals streaming company that locks in low purchase costs through contracts and earns leveraged cash flow from spot gold and silver prices. The business is high quality, but the current price of USD 132.6 already largely reflects strong gold and silver prices and the Antamina upside, leaving limited margin of safety. Research rating Hold: a durable precious-metals streaming platform with clear growth, but the current valuation already prices in much of the good news.
45/100
95Buffett
Jack Henry & Associates Deep Value Investment Analysis
JKHY is a high-quality core systems and payments provider for U.S. community banks and credit unions. High switching costs, recurring revenue, and long-term ROIC above 20% make it a durable compounder, but the current price near $136.32 sits around the middle of a reasonable intrinsic value range with limited margin of safety. Rating Watch: a good company, but not yet a good enough price, with an ideal buy range of $100-115.
38/100
Henry Schein Investment Research from a Long-Term Business Owner's Perspective
Henry Schein is a dental and medical consumables distribution platform with added specialty products and technology services. The core thesis is that the business is understandable and cash-generative, while its moat is moderate, GAAP operating margin is only about 5%, and the current price of $76.58 offers no obvious margin of safety. Rating Watch: a credible business that should be tracked, with a better entry point or clearer evidence of margin improvement needed before a conservative long-term investor should act.
42/100
40Buffett
Federal Realty Investment Trust: A Deep-Dive Research Report from a Long-Term Business Owner's Perspective
Federal Realty Investment Trust is a high-quality U.S. open-air retail REIT with scarce locations, disciplined dividends, and a long operating record. Its asset quality and leasing momentum are strong, but at about 15.9x forward FFO and a 3.8% dividend yield below Treasuries, the current price leaves limited margin of safety, with a fair buy range of USD 85-100. Report rating Watch: a durable compounder worth tracking, but not yet cheap enough for a conservative new position.
45/100
92Buffett
FactSet Research Systems Deep Value Investment Research
FactSet is a high-retention, asset-light financial data and workflow software company with strong cash generation. At about $245, or roughly 15.8x PE, it trades at a clear discount to peers such as MSCI, Moody's, and S&P Global, although AI substitution risk and execution under the new CEO keep the margin of safety from being thick. Research rating Cautious Buy: a quality compounder at a reasonable discount, not a deeply mispriced asset.
42/100
74Buffett
Universal Health Services Value-Investing Deep-Dive
Universal Health Services is the second-largest private hospital operator in the United States, with a high-quality behavioral health segment and a discounted valuation. The core thesis is that its cash flows are real and its PE of about 6.1x is low, but the company is heavily exposed to government reimbursement and litigation risk. Research rating Cautious Buy: a durable but imperfect value opportunity, best bought with discipline around the $125 to $140 fair buy range.
38/100
Applied Optoelectronics Deep-Dive Research
A high-beta small-cap optical module and optical component name, with data center revenue at 53.9% in 2026Q1 and initial 800G shipments, but also customer concentration, negative cash flow, and ATM-funded growth. The core thesis is that the $158.41 share price already discounts a neutral-to-optimistic scenario and leaves no margin of safety. Research rating Hold: real demand, difficult execution, and an expensive entry point.
32/100
The Mosaic Company: A Long-Term Business Owner's Research Report
An understandable fertilizer cycle stock with decent assets and a cheap-looking balance sheet, yet lacking a wide moat and stable free cash flow. Rating Watch: at the current 23.89 dollars it holds some value but is not cheap enough; the ideal entry sits at 16 to 20 dollars.