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40/100 Observar BDX: A Long-Term Business Owner's Investment Analysis Following the Waters spin-off, New BD is more focused, with consumables making up over 90% of revenue and FY2026 adjusted EPS guidance of 12.52-12.72; but ROIC is only 4-5%, Debt/EBITDA sits at 4.28x, and the ideal buy range of $120-135 leaves an insufficient margin of safety. Becton, Dickinson and CompanyBDX · EUAMedical Devices24 de maio de 2026 42/100 Observar Franklin Resources (BEN): A Deep Value Investing Study A global asset-management platform with $1.68 trillion in AUM; traditional active management under pressure, plus the WAM controversy, plus sustained net long-term outflows, are narrowing its moat; at about $31.02 the stock sits near the middle of the neutral range, an ideal buy is $20-26, and the margin of safety is insufficient. Franklin Resources, Inc.BEN · EUAAsset Management24 de maio de 2026 92Buffett Observar Brown-Forman: A Deep Value Investment Analysis A global spirits leader built on the Jack Daniel's family, high gross margins, and a long dividend record. Net sales fell 5% in FY2025 and another 2% over the first nine months of FY2026, with management still guiding to a low-single-digit decline. At roughly $26 the stock sits in the middle of a $24–30 fair-value range, with an ideal buy zone of $20–23. Rating Watch: a high-quality compounder now priced closer to fair value than to a bargain, leaving little margin of safety. Brown-Forman CorporationBF-B · EUABeverages24 de maio de 2026 44/100 Observar BNY Mellon Long-Term Value Investment Research A global financial-infrastructure leader: $59.4 trillion in AUC/A, 26.1% ROTCE, and 72% fee-based revenue. At the current $137.16, roughly 1.97x book value, the stock looks expensive, the ideal buy zone is $95-115, and the margin of safety is not ample. Rating: Watch. The Bank of New York Mellon CorporationBK · EUACustody Banks24 de maio de 2026 49/100 78Buffett Observar BlackRock In-Depth Value Investment Research BlackRock is the global leader in asset management, built around a 27.7% iShares ETF share and the dual platform of Aladdin and Preqin. The core thesis is a high-quality, scalable asset-management and investment-technology franchise, but at USD 1,073 the stock sits inside the optimistic valuation range at roughly 26.9x owner earnings, with an ideal buy price of USD 700 to 850. Research rating Watch: a durable compounder worth tracking, but the current price offers no obvious margin of safety. BlackRock, Inc.BLK · EUAAsset Management24 de maio de 2026 43/100 27Buffett Observar Bristol-Myers Squibb: A Deep Value-Investing Study A global large-cap pharma leader earning from patented, branded, and biologic drugs plus collaboration profit-sharing, with 2025 revenue of $48.19 billion, FCF of $12.85 billion, and a 4.24% dividend yield. At $59.46 the shares screen like a value stock and the ideal buy range is $45–52, but a patent cliff compounded by uncertain pipeline succession leaves the margin of safety too thin. Rating Watch: cheap for a reason, worth tracking rather than buying aggressively. Bristol-Myers Squibb CompanyBMY · EUAPharmaceuticals24 de maio de 2026 43/100 78Buffett Observar Broadridge Financial Solutions Deep-Dive Value Investing Analysis A high-quality financial-infrastructure business. FY2025 free cash flow of $1.056 billion and a 97% recurring-revenue retention rate; but at $150.49 the stock already sits in the mid-to-upper part of the conservative $140-155 range / the low end of the fair range, so the margin of safety is not obvious. Broadridge Financial Solutions, Inc.BR · EUAFinTech24 de maio de 2026 Manter Berkshire Hathaway: A Long-Term Owner's Perspective A global diversified holding-company leader: 176 billion in insurance float, 397.4 billion in cash and short-term Treasuries, and 67 billion in net income. The capital-allocation record is excellent, but the Abel era is still unproven. At the current 486.38 dollars, with an ideal entry of 350 to 410 dollars, the margin of safety is not obvious. Rating Hold: a high-quality compounder priced fairly rather than cheaply. Berkshire Hathaway Inc.BRK-B · EUADiversified Holdings24 de maio de 2026 44/100 Compra cautelosa Brown & Brown: A Deep-Dive Value Investment Analysis A leading U.S. insurance brokerage platform selling property, casualty and employee-benefits products; 2025 revenue reached $5.9 billion (+22.5%) with free cash flow of $1.382 billion. The landmark Accession acquisition is still being integration-tested; the stock trades at $57.82 against an ideal buy range of $45–52. Quality is high but the margin of safety is limited, warranting a Cautious Buy. Brown & Brown, Inc.BRO · EUAInsurance Brokerage24 de maio de 2026 46/100 53Buffett Observar Boston Scientific BSX Investment Research from a Long-Term Business Owner's Perspective Boston Scientific is a global medtech leader with diversified cardiovascular and MedSurg platforms. 2025 revenue reached $20.074 billion, up 19.9%, with a 69% gross margin and $3.658 billion of FCF, but intensifying competition in electrophysiology and WATCHMAN, plus the large pending Penumbra acquisition, make the current $57.78 price look only fair to somewhat expensive versus an ideal buy range of $38 to $45. Research rating Watch: a high-quality business worth following closely, but not yet a clear margin-of-safety opportunity. Boston Scientific CorporationBSX · EUAMedical Devices24 de maio de 2026 52/100 71Buffett Observar Blackstone: A Deep Value Investment Analysis A global alternative asset management platform with $1.304 trillion in AUM and $539.7 billion in perpetual capital. At $118.51, the stock trades at roughly 19.5x economic-interest P/DE, with its quality premium already fully priced in. Rating Watch: a top-tier franchise worth owning, but only at a price that offers a real margin of safety, so wait for a better entry point as fundraising, exits, or valuation multiples reset. Blackstone Inc.BX · EUAAsset Management24 de maio de 2026 35/100 Observar BXP: A Deep Value Investment Analysis A gateway-city Class A office REIT. At $60.29, the stock trades at 8.87x Price/FFO, 1.86x PB, and a 4.64% dividend yield. Asset quality is better than the industry average, but a demand re-rating plus heavy capex still pressure free cash flow. Rating Watch: a high-quality asset base in a headwind industry, priced fairly rather than cheaply; ideal buy price $40–48. BXP, Inc.BXP · EUAREITs24 de maio de 2026 41/100 Observar Citigroup Deep Value Investment Analysis Global institutional banking's Services franchise is Citigroup's most valuable business. 2026 Q1 RoTCE rose to 13.1%, CET1 to 12.7%, and TBVPS to $99.01. At $125.09, the stock sits near the lower end of the $120-145 fair-value range — Rating Watch: regulatory remediation and a sustained 11-15% consolidated RoTCE remain unproven. Citigroup Inc.C · EUACommercial Banks24 de maio de 2026 33/100 Observar Conagra Brands: A Deep-Value Investment Analysis A packaged-food company with mid-tier brands and a mid-tier moat. At $13.56, the stock trades at roughly 5x FY2025 P/FCF, and it is cheap for good reasons: high leverage, volume pressure, and a new CEO, John Brase, taking over in June. Rating Watch: a cheap cash-flow asset rather than a high-quality compounder, with an ideal buy range of $11 to $13. Conagra Brands, Inc.CAG · EUAPackaged Foods24 de maio de 2026 41/100 40Buffett Observar Cardinal Health Deep Value Investment Analysis A dominant U.S. pharmaceutical distribution oligopolist with cash flow that holds up well across the cycle, gaining extra credit for its pivot toward Specialty, MSO, and home care. But at $200.68, it trades at a trailing P/E of 31.9x and P/FCF of 25.6x — already in the middle of the $175-215 fair-value range, with an insufficient margin of safety. Cardinal Health, Inc.CAH · EUAPharmaceutical Distribution24 de maio de 2026 44/100 Observar Carrier Global: A Deep Value Investing Analysis A global climate-control platform focused on HVAC and refrigeration after divesting fire and security. At $72.51 and a $61.17 billion market cap, the price already reflects the optimistic scenario, with Viessmann integration and data-center cooling as upside catalysts. Rated Watch, with a conservative value range of $36–45 and roughly 38–52% downside. Carrier Global CorporationCARR · EUADiversified Industrials24 de maio de 2026 42/100 66Buffett Observar Casey's General Stores In-Depth Value Investing Analysis The champion of rural, small-town convenience stores. Store density, in-house distribution, and food capability are real structural advantages, yet at $825.02 the stock already trades at 39x Owner Earnings / 46x FCF, a premium that has pre-paid years of excellent execution. Rating Watch: ideal buy-in $350-450. Casey's General Stores, Inc.CASY · EUARetail24 de maio de 2026 52/100 Neutro cauteloso Tesla Through the Zen Horizon Framework: A High-Beta Transition Story of Hardware Cash Flow Plus an AI/Robotics Option Market cap of 1.51 trillion dollars and a trailing P/E near 391x mean the current 426 dollar price already pays for a long-dated Physical AI option; the core auto business is slowing while energy storage gross margin has climbed to 39.5% to become a second profit center. Rating Cautious Neutral: a high-beta transition story that is richly priced today, while a high-convexity upside option on autonomy and robotics stays alive. Tesla, Inc.TSLA · EUAElectric Vehicles24 de maio de 2026 54/100 Observar SpaceX: A Deep-Dive Research Report A three-part asset: a best-in-class commercial space business, the Starlink cash engine, and an xAI platform option. 2025 revenue reached $18.67 billion, but AI lost $6.36 billion and Q1 capex hit $10.1 billion; the $1.75 trillion IPO target prices the future far too early, so we watch the $0.95–1.20 trillion range. Rating Watch: a top-tier asset saddled with excessive expectations and extremely weak governance. SpaceX (post-xAI merger entity)SPCX · EUASpace & Satellite Communications24 de maio de 2026 44Buffett Observar PDD Holdings In-Depth Research Report A highly efficient global value e-commerce platform: a 2025 operating margin of 21.6% and roughly 9.6x PE are not expensive. But Temu has lost its small-parcel policy windfall, while domestic price wars and instant retail squeeze the profit center; with a fair buy range of $70–82 and insufficient margin of safety, Rating Watch: high cash flow and low valuation coexist, but Temu's policy regime and profit center await repricing. PDD Holdings Inc.PDD · EUAInternet Platforms24 de maio de 2026 49/100 50Buffett Observar Futu Holdings In-Depth Research Report Futu is a high-ROE Asian digital broker with 2025 revenue up 68% and net profit up 108% to record highs, while the current price implies a cheap 8.7x TTM PE. The core debate is that a proposed RMB 1.85 billion CSRC penalty on 2026-05-22 and undisclosed mainland China client asset/revenue exposure create a regulatory tail risk that compresses valuation. Research rating Watch: a reasonable buy range is USD 55 to 70 per ADS until the regulatory boundary becomes clearer. Futu Holdings LimitedFUTU · EUAFinTech24 de maio de 2026 43/100 Observar Cooper Companies: A Long-Term Value Investing Analysis A dual-platform medical-device company spanning contact lenses (CooperVision, home to MiSight pediatric myopia management) and obstetric/fertility consumables (CooperSurgical); FY2025 revenue reached $4.092 billion, but at $62.55 the stock trades at roughly 25x P/FCF with no clear margin of safety. Rating: Watch. The Cooper Companies, Inc.COO · EUAMedical Devices24 de maio de 2026 46/100 Observar Long-Term Value Investment Analysis of Coinbase Coinbase is the leading U.S. compliant platform for crypto-asset trading, custody, and infrastructure. The core thesis is that 2025 revenue of $7.181 billion and a Q1 2026 swing to a $394 million loss show a real platform franchise, but one still governed by crypto cycles and regulatory uncertainty, while the current $184.99 share price implies a roughly $48.98 billion market cap with limited margin of safety. Report rating Watch: a high-quality platform in a volatile industry, but not yet a conservative value-investing buy. Coinbase Global, Inc.COIN · EUADigital Assets24 de maio de 2026 44/100 Observar Capital One: A Long-Term Value Investment Analysis Capital One is a U.S. credit-card issuer plus direct-to-consumer deposit bank plus Discover payment-network complex, with over 100 million customers after the acquisition. 2025 adjusted net income was $10.615 billion and the Q1 net interest margin was 7.87%, while at the current $187.79 the price already partly prices in integration gains, leaving no obvious margin of safety. Rating Watch: a financial platform whose quality has risen and whose complexity has risen with it, worth studying and tracking, but not yet cheap enough for conservative long-term capital to buy now. Capital One Financial CorporationCOF · EUAConsumer Finance24 de maio de 2026