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50/100 57Buffett Watch Nasdaq Investment Memo Nasdaq has evolved from an exchange into a three-layer platform spanning infrastructure, indexes, and regulatory software. Net revenue reached $5.2 billion in 2025, with Solutions contributing 76%, while the current price near $91 sits in the upper half of fair value and the ideal buy range is $65-75. Rating Watch: a high-quality compounder, but not yet cheap enough. Nasdaq, Inc.NDAQ · 미국Exchanges2026년 5월 27일 41/100 31Buffett Watch Entergy: A Research Report Through a Long-Term Corporate Owner's Lens A vertically integrated utility across four Southern U.S. states, with a 2026-2029 capital plan of $57 billion and adjusted EPS guidance of $4.25-4.45; at $112 the stock sits at the upper edge of fair value and the middle of the optimistic range, leaving no obvious margin of safety. Rating: Watch. Entergy CorporationETR · 미국Electric Utilities2026년 5월 27일 42/100 56Buffett Watch eBay as a Long-Term Business Asset: A Value Analysis A mature marketplace with 2025 net revenue of $11.1 billion and double-digit GMV and revenue growth in Q1 2026. A good company, but at $115 the stock sits at the upper edge of the optimistic range; the ideal buy zone is $50-65. Rating: Watch. eBay Inc.EBAY · 미국Internet Platforms2026년 5월 27일 46/100 73Buffett Watch Teradyne Deep Value Investment Analysis Teradyne is a semiconductor ATE duopoly player that, together with Advantest, controls roughly 80% of the market. The core thesis is that the semiconductor test business is high quality, but the $389 share price already embeds too much AI optimism and a P/E of 72x, while the ideal buy range is 90-130. Research rating Watch: a strong business with insufficient margin of safety at the current price. Teradyne, Inc.TER · 미국Electronic Test & Measurement2026년 5월 27일 47/100 61Buffett Watch TE Connectivity Deep Value Investment Analysis TE Connectivity is a global leader in connectors and sensors, with Transportation at 54% of revenue and Industrial at 46%. The core thesis is that $208 sits above conservative value, while the ideal buy range is $165-185, making this a high-quality asset at a fair-to-full price. Rating Watch: a durable industrial compounder, but the current margin of safety is not yet compelling. TE Connectivity plcTEL · 미국Electronic Connectivity & Sensing2026년 5월 27일 45/100 78Buffett Watch Public Storage: An In-Depth Value-Investing Analysis The largest U.S. self-storage REIT, with 3,176 facilities; at about $305 the market has already priced in its high quality, with an implied cap rate of roughly 4.5%, so the rating is Watch and the ideal buy range is $230–260. Public StoragePSA · 미국REITs2026년 5월 27일 40/100 Watch MetLife: A Deep Value Investing Analysis A globally diversified leader in life insurance and retirement solutions with balanced contributions across six segments; at $83, the stock sits near the upper conservative bound and lower fair-value bound, with an ideal buy range of $70-78 and not enough margin of safety. MetLife, Inc.MET · 미국Insurance2026년 5월 27일 34/100 20Buffett Watch Devon Energy Deep Value Investment Analysis A U.S. onshore independent E&P that just closed its merger with Coterra in May 2026; the new company produces 1.6 million barrels of oil equivalent per day. It is a strong operator in a tough industry rather than a great business in a great industry, with an ideal buy range of 35-40. Rating Watch: a quality cyclical with a clear capital-return framework, but too thin a margin of safety while post-merger consolidated cash flow remains undisclosed. Devon Energy CorporationDVN · 미국Integrated Oil & Gas2026년 5월 27일 44/100 Watch Corteva Deep Value Investment Analysis A dual-engine global seed and crop-protection business, with a deep Pioneer-channel moat on the Seed side. At $79 the stock is not cheap; the ideal buy zone is $55–65, and the company plans to split into two listed companies in Q4 2026. Rating Watch: a quality agriculture-technology franchise that does not yet offer a clear margin of safety. Corteva, Inc.CTVA · 미국Agricultural Technology2026년 5월 27일 42/100 66Buffett Watch Cencora Deep-Dive Value Investment Analysis One of the three dominant U.S. pharmaceutical-distribution oligopolists, with FY2025 revenue of $321.3B. This is a low-margin, high-throughput, heavily regulated healthcare-infrastructure business whose strength is stable cash flow rather than fat margins. Rated Watch: the quality merits long-term tracking, but at roughly $270 the stock sits near the upper end of fair value with an ideal buy at 210-245 and no meaningful margin of safety. Cencora, Inc.COR · 미국Pharmaceutical Distribution2026년 5월 27일 45/100 71Buffett Watch United Rentals: A Deep Value Investment Study The largest equipment rental company in North America, with 2025 revenue of $16.1 billion and a 15% market share that ranks first; at the current $957 the stock already sits against the optimistic range, with an ideal buy at $600-725. United Rentals, Inc.URI · 미국Equipment Rental2026년 5월 27일 34/100 Watch Occidental Petroleum: A Deep Value Study A large U.S. upstream oil and gas producer with the Permian (786,000 boe/d) as its core. By Q1 2026 principal debt had fallen to 13.3 billion, but the margin of safety is not obvious, with an ideal buy range of 42-48 dollars. Rating Watch: a decent package of resource assets at a fair, not cheap, price. Occidental Petroleum CorporationOXY · 미국Integrated Oil & Gas2026년 5월 27일 42/100 51Buffett Cautious Buy ONEOK In-Depth Value Investing Analysis A North American midstream energy platform with 60,000 miles of pipeline plus ~90% fee-based revenue; at the current $90 the dividend yield is 4.7%, with an ideal buy zone of $75-85 and an acceptable hold range of $85-95. ONEOK, Inc.OKE · 미국Energy Infrastructure2026년 5월 27일 44/100 Watch L3Harris Technologies: A Deep-Dive Value Investing Analysis A mid-to-large U.S. defense contractor whose backlog has climbed to $40.7 billion with a book-to-bill of 1.4x; at a current PE of 34x it is pricier than most peers, so the rating is Watch with an ideal buy range of $230-250. L3Harris Technologies, Inc.LHX · 미국Aerospace & Defense2026년 5월 27일 49/100 72Buffett Watch Keysight Technologies Investment Value Deep-Dive Keysight Technologies is a high-end electronic test and measurement platform leader with fiscal 2025 revenue of $5.375 billion and a near net-cash balance sheet. The core thesis is that the business quality is strong, but the current $355 price implies about 45x P/FCF while my ideal buy range is $120-160. Report rating Watch: a high-quality compounder worth tracking, but current valuation leaves too little margin of safety. Keysight Technologies, Inc.KEYS · 미국Electronic Test & Measurement2026년 5월 27일 46/100 85Buffett Watch W.W. Grainger Deep Value Investment Analysis One of North America's largest industrial MRO distributors, with extremely strong 2025 adjusted ROIC of 39.1%. The core thesis is that Grainger is a high-quality compounder, but the $1,249 price already reflects the upper end of an optimistic scenario, while the ideal buy range is $700 to $850. Research rating Watch: a durable business worth following closely, but not yet priced with enough margin of safety. W.W. Grainger, Inc.GWW · 미국Industrial Distribution2026년 5월 27일 Watch U.S. Market Close Daily | 2026-05-26 On the 2026-05-26 U.S. close, AI semiconductors pushed the S&P 500 and Nasdaq to fresh records, with small-caps and breadth improving in tandem, yet oil prices, consumer sentiment, and Fed disagreement still cap the risk-reward of chasing strength. Rating Watch: the trend is strong and breadth is healthy, but oil, inflation expectations, and a heavy earnings slate demand stricter confirmation before adding. U.S. MarketMARKET · 미국US Market Close Daily2026년 5월 26일 43/100 58Buffett Cautious Buy CRH plc: An Investment Study Through the Lens of a Long-Term Business Owner A leading North American and international building-materials company whose connected portfolio spans aggregates, cement, roads, water, and landscaping. At the current US$100.37 the stock sits close to its conservative intrinsic value, with an ideal buy range of 85-100; the margin of safety is thin and rests on continued execution rather than on a low price. Rating: Cautious Buy. CRH plcCRH · 미국Building Materials Distribution2026년 5월 26일 44/100 Watch Travelers Companies Deep Value Investment Research A large U.S. property-casualty insurer with 2025 ROE of 21% and core ROE of 19.4%, as underwriting discipline and investment income rise together; at the current $306.46 a quality premium is already priced in, and only an ideal buy of $250-280 leaves a margin of safety. The Travelers Companies, Inc.TRV · 미국Insurance2026년 5월 26일 47/100 14Buffett Watch In-Depth Value Analysis of Targa Resources Targa Resources is an integrated Permian and Mont Belvieu midstream leader with roughly 90% fee-based earnings exposure. The core thesis is that fair value is around USD 300-360 per share, while the current USD 276.75 price sits between conservative and fair value and only the USD 220-245 range would offer clear undervaluation. Report rating Watch: a high-quality midstream compounder worth tracking closely, but without enough margin of safety at the current price. Targa Resources Corp.TRGP · 미국Energy Infrastructure2026년 5월 26일 40/100 79Buffett Watch TransDigm Group: A Deep Value Investing Study Aircraft proprietary-parts and aviation aftermarket giant with 90% proprietary-product sales, 55% aftermarket revenue, and a 53.9% EBITDA margin; at $1,213.51 the stock trades above our bullish upper bound, with an ideal buy range of $650-800. Rating Watch: exceptional business quality, but the current price offers no margin of safety. TransDigm Group IncorporatedTDG · 미국Aerospace & Defense2026년 5월 26일 43/100 Watch Sempra: A Long-Term Owner's Research Report A three-legged energy-infrastructure platform: California's SDG&E and SoCalGas, Texas's Oncor, and LNG infrastructure. At about $92.8 the stock sits at the upper edge of fair value, slightly above; the ideal buy zone is $65-80. Rating: Watch. SempraSRE · 미국Electric Utilities2026년 5월 26일 45/100 67Buffett Watch Republic Services: An In-Depth Value Study North America's second-largest integrated environmental services provider, with 2025 revenue of $16.59 billion and an adjusted EBITDA margin of 32.0%. Its economic moat rests on hard-to-replicate landfill permits, route density, and terminal-disposal internalization rather than trucks. At roughly $208.93 the stock already sits above the conservative upper bound, with an ideal buy range of $160–180, so the rating is Watch. Republic Services, Inc.RSG · 미국Environmental Services2026년 5월 26일 43/100 92Buffett Watch NIKE In-Depth Value Investing Analysis A great brand in a turnaround phase: FY2025 revenue fell 10% and EBIT fell 42%, and at roughly $44.65 today the stock sits between the upper end of the base-case fair value and the lower end of the optimistic case. The ideal buy range is $26-32. Rating Watch, because at the current price NIKE looks more like a high-quality watchlist candidate than a cheap stock already carrying an adequate margin of safety. NIKE, Inc.NKE · 미국Retail2026년 5월 26일