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43/100
78Buffett
NEXT plc: 23.9% International Growth, a £16.9 Million Platform, and 19.2 Times Earnings
NEXT plc is a UK omnichannel fashion and home retailer whose profit now runs through four engines: UK online, which earned £524 million of statutory pre-tax profit in the year to 2026-01-31 against £226 million from stores; international online, up 23.9% in the 26 weeks to 2026-08-01; NEXT Finance, contributing £195 million; and a portfolio of distressed brands bought cheaply. Management raised guidance for the year to January 2027 to £1.243 billion, though £10 million of the £25 million upgrade came from investments rather than retail, and Total Platform services earned only £16.9 million. Rating Hold: the international re-rating is real, but £155.75 is 19.2 times guided earnings and a 3.8% owner-cash yield against a 5.15% gilt, leaving no margin of safety above the £100–105 ideal buy range.
44/100
Metso: A 56% Aftermarket Mix, an 18.0% Minerals Margin, and 30 Times Earnings
Metso is a Finnish supplier of mineral-processing and aggregates equipment whose economics rest on the aftermarket: wear parts, mill linings, screening media and service were 56% of first-half 2026 group sales and 65% of Minerals sales. First-half orders rose 12% to EUR 3.017 billion and the backlog reached EUR 3.662 billion, up 13%, while the Minerals adjusted EBITA margin hit 18.0% against 16.4% for the group; operating cash flow nonetheless fell to EUR 131 million from EUR 283 million as working capital absorbed EUR 186 million. Rating Hold: the installed-base quality is real, but at EUR 18.19 the shares carry roughly 30 times trailing earnings and a 3.0% free-cash-flow yield, leaving no margin of safety until the price approaches the EUR 10.0 to 11.2 ideal buy range.
41/100
45Buffett
GoerTek: Stand-Alone Q2 Grew 0.67%, FY2025's Profit Jump Was Largely an Accounting Gain, and CNY 23.51 Already Pays the Base Case
GoerTek is a Chinese acoustic and sensing component supplier that also assembles TWS earbuds and VR/XR smart hardware at very large scale, with roughly four-fifths of revenue sitting in low-margin assembly and the best economics concentrated in precision components. Stand-alone Q2 2026 revenue grew only 0.67% once the first quarter is subtracted from the half year, and FY2025's 47.85% profit jump rested on a CNY 2.14 billion one-off gain from deconsolidating GoerTek Optical, leaving adjusted profit down 38.17%. Rating Hold: at CNY 23.51 the shares already sit on the CNY 24.8 base-case value and 36% above the CNY 17.3 conservative estimate, with no margin of safety ahead of the CNY 13.0 to 13.8 ideal buy range.
39/100
76Buffett
Bunzl: 0.4% Underlying Growth, 237 Acquisitions, and 15.6 Times Earnings
Bunzl is a global outsourced-procurement distributor of not-for-resale consumables, using local service, own brands and bolt-on acquisitions to consolidate fragmented supply chains. FY2025 underlying revenue grew only 0.4% while a botched North American operating-model change cut regional margin from 7.9% to 7.0%, leaving 237 acquisitions since 2004 to carry the growth algorithm. Rating Hold: cash quality and the North America repair are credible, but at 15.6 times adjusted earnings there is no discount to the conservative value.
38/100
40Buffett
Equinor: Q2 Profit of USD 11.48bn Leaves USD 3.44bn After Tax, and NOK 386.40 Already Pays the Base Case
Equinor is Norway's 67% state-controlled integrated energy company, built on Norwegian Continental Shelf oil, European pipeline gas, international upstream and a large trading arm, with power still immaterial to group profit. Second-quarter 2026 adjusted operating income of USD 11.48 billion left USD 3.44 billion after tax because qualifying Norwegian petroleum income carries a 78% marginal rate, and the quarter's realised USD 97.9 a barrel and USD 15.8 per MMBtu sat far above the USD 65 and USD 9 deck management uses for capital allocation. Rating Hold: at NOK 386.40 the shares already trade on the NOK 390 base-case value and 25% above the NOK 308 conservative estimate, leaving no margin of safety ahead of the NOK 230 to 245 ideal buy range.
47/100
74Buffett
Alfa Laval: A 35% Order Surge, a 2% Profit Increase, and 29 Times Earnings
Alfa Laval is a Swedish process-equipment maker built on three technologies, heat transfer, centrifugal separation and fluid handling, with 30.4% of 2025 sales coming from service on an installed base spanning energy, food, pharma and marine markets. Second-quarter 2026 order intake jumped 35% to SEK 22.235 billion and the order book reached SEK 53.5 billion, yet adjusted EBITA rose only 2.3% and its margin fell to 17.0% from 17.8%, as negative mix subtracted SEK 313 million and higher costs another SEK 449 million from the earnings bridge. Rating Hold: the order boom is real and spans all three divisions, but at SEK 577.20 the shares carry roughly 29.1 times trailing earnings and a 2.7% free-cash-flow yield, leaving no margin of safety until the price approaches the SEK 360-400 ideal buy range.
44/100
71Buffett
Lamar Advertising: A 6.1% Organic Quarter and 2.9x Leverage, but 17.2x AFFO Leaves No Margin of Safety
Lamar Advertising is an outdoor-advertising REIT that owns about 159,300 billboard displays across the United States and monetizes scarce permitted locations rather than producing creative work, with roughly 77% to 79% of revenue coming from local advertisers. Second-quarter 2026 revenue rose 6.5% to $616.7 million while acquisition-adjusted revenue rose 6.1%, so the acceleration was organic rather than bought; adjusted EBITDA margin reached a company-record 49.2%, management raised 2026 AFFO guidance to $8.75 to $8.90 a share, and net leverage of 2.9x sits well below the stated 3.5 to 4.0x target. Rating Hold: at $151.98 the shares trade at about 17.2x guided AFFO for a 5.81% yield against a 4.66% ten-year Treasury, inside the $145 to $165 acceptable-hold band but far above the $95 to $100 ideal buy range, so no conservative margin of safety exists.
47/100
68Buffett
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
Sunny Optical is a precision-optics manufacturer that ranks first globally in handset lens sets, camera modules and vehicle lens sets, and has spent a decade moving the same process engineering into automotive optics, XR and robotics. In H1 2026 the Other segment grew 88.5% at a 34.4% gross margin, supplying 32.6% of group gross profit on 18.4% of revenue, while handsets gave 60% of revenue for only 37.8% of gross profit as segment margin fell to 12.3%; FY2025's reported 71.9% profit jump also contained a roughly RMB 919 million share-swap gain, leaving about 37.8% underlying growth. Rating Watch: at HKD 62.60 the shares sit below the HKD 71-76 base fair value but well above the HKD 48-52 conservative case, so no margin of safety exists until the HKD 38-40 ideal buy zone.
42/100
67Buffett
Yutong Bus: A 29.62% Overseas Gross Margin Against 19.09% at Home Carried H1 Core Profit Up 15.83%, but 7m+ Share Fell to 28.69% and CNY 30.40 Sits Above the CNY 27 Conservative Value
Yutong Bus is China's largest large-and-medium bus manufacturer, selling 49,518 buses in FY2025 through a mature domestic replacement cycle and a fast-growing export book that earns roughly 2.6 times the domestic revenue per vehicle at a 29.62% gross margin against 19.09% at home. FY2025 revenue rose 11.31% to CNY 41.426 billion and attributable profit 34.94% to CNY 5.554 billion, but H1 2026 headline profit fell 3.52% while ex-non-recurring profit rose 15.83%, and matched 7m+ market share dropped to 28.69% from a derived 34.4% a year earlier. Rating Hold: at CNY 30.40 the stock trades at about 12.3 times trailing earnings with an 8.22% retrospective dividend yield, yet sits roughly 12.5% above the CNY 27 conservative value, so the durability of the export margin is the whole thesis.
41/100
69Buffett
Transsion Holdings: H1 Gross Margin Rebounded to 22.6% on Price Rises and Cheap Inventory, but Operating Cash Flow of Negative CNY 5.861 Billion Leaves CNY 57.82 Above the CNY 44-47 Conservative Value
Transsion Holdings is an emerging-market handset specialist that sells TECNO, Infinix and itel through roughly 3,500 distributors and 2,500 service outlets, shipping 169.0 million handsets in 2025 for third place globally by units but only eighth by handset revenue. FY2025 revenue fell 4.55% while attributable profit dropped 53.49% to CNY 2.581 billion as memory rose to 28.0% of inventory cost; H1 2026 then rebounded 21.85% and 46.22% with gross margin back at 22.6%, but management credits older cheap inventory, stock doubled to CNY 18.935 billion and operating cash flow swung to negative CNY 5.861 billion. Rating Hold: normalized owner earnings of roughly CNY 2.2 billion put the equity near 30 times, and at CNY 57.82 the stock sits 23% above the CNY 44-47 conservative value, so the next leg is a cash-and-volume test rather than an earnings-growth test.
44/100
66Buffett
Sterling Infrastructure: A 49% Organic Quarter, a 50% Drawdown, and Still 25 Times 2026 Earnings
Sterling Infrastructure is a U.S. infrastructure contractor that spent a decade escaping low-bid highway work, cutting that exposure from roughly 79% of revenue in 2016 to 9% in 2025 while rebuilding around data-center site development and, since the CEC acquisition, mission-critical electrical construction. Second-quarter 2026 revenue rose 90% to USD 1.168 billion, yet subtracting USD 250.8 million of acquired revenue still leaves roughly 49.3% legacy organic growth, and management raised 2026 guidance to USD 4.00–4.15 billion of revenue and USD 19.70–20.30 of adjusted EPS. Rating Hold: the margin transformation is real and predates AI, but at USD 497.41, already 50% below the June peak, the shares still carry roughly 25 times 2026 adjusted earnings and sit far above the USD 315–335 range where a genuine margin of safety would begin.
38/100
70Buffett
AptarGroup: Pharma Carries the Profit, the Price Leaves No Cushion
AptarGroup supplies regulated drug-delivery components and consumer dispensing systems, and the split defines the equity: Pharma was 46% of 2025 sales but 69% of reportable-segment adjusted EBITDA. Q2 2026 makes the argument concrete. Standard Pharma core sales grew just 1% while management's figure excluding emergency-medicine destocking was about 8%, and Pharma adjusted EBITDA margin fell 180 basis points to 33.6%; Emergent's 16% first-half naloxone decline suggests part of the lost revenue has re-based structurally, so this report normalizes Pharma core growth at 5% to 6% rather than capitalizing 8%. Rating Hold: at $134.72 a sum-of-the-parts implies about 13.7 times Pharma EBITDA while the conservative case is worth roughly $134, leaving no margin of safety above the $100 to $107 ideal buy zone.
31/100
70Buffett
SAIC: Margins and Buybacks Lift Owner Earnings to an 8.7% Yield, but a 1.0x Trailing Book-to-Bill Leaves $127.28 Above Conservative Value
Science Applications International Corporation is a U.S. federal mission and IT integrator that drew 97% of Q1 FY2027 revenue from the government, with cost-reimbursement work at 62% of the mix and Defense and Intelligence at $1.466 billion of the $1.906 billion quarter. The economics have inverted: February 2026 cut FY2027 revenue guidance to $7.0–7.2 billion after Army CASTLE-NET and Air Force Cloud One were lost, yet adjusted EBITDA guidance rose to $720–730 million and Q1 margin reached 11.6% against 8.4% a year earlier, while trailing book-to-bill sat at exactly 1.0 and only $3.736 billion of the $22.860 billion backlog was funded. Rating Hold: normalized owner earnings near $470 million yield 8.7% on a $5.38 billion market capitalization, but $127.28 sits 11–18% above the $108–115 conservative value, so a good cash yield is not a margin of safety.
46/100
46Buffett
Nexans: A Subsea Margin Story the Price Has Largely Absorbed
Nexans is a French electrification cable maker whose PWR-Transmission arm builds and installs the high-voltage submarine systems behind interconnectors and offshore wind, the scarce franchise carrying the investment case. Adjusted EBITDA rose from EUR 325 million in 2018 to EUR 728 million in 2025 while ROCE more than doubled to 21.3%, and H1 2026 Transmission EBITDA grew 21.2% on organically flat sales, but the raised FY2026 guidance of EUR 770 to 840 million is substantially acquired scope from Republic Wire rather than organic acceleration. Rating Hold: at EUR 140.80 the stock sits inside the EUR 130 to 170 acceptable-hold zone but far above the EUR 85 to 91 ideal buy range, with 15.6% of Transmission backlog tied to the delayed Great Sea Interconnector.
47/100
45Buffett
NKT: A EUR 13bn Transmission Backlog and Rising Margins, but DKK 930 Already Pays for the 2027 Factories That Are Still Being Built
NKT A/S is a Danish power-cable maker centred on high-voltage subsea and land transmission, carrying a EUR 13.0bn Transmission backlog at market prices at end-Q2 2026. H1 2026 revenue at standard metal prices fell 6.4% to EUR 1,267m while operational EBITDA rose 8.1% to EUR 201m and the margin widened from 13.8% to 15.8%, a pattern that points to project phasing rather than weak demand, yet free cash flow was still negative EUR 341m as a roughly EUR 2bn capacity build runs to 2027. Rating Hold: at DKK 930 the shares trade near 14.7x 2026 EV/EBITDA and just above the DKK 902 base-case value, leaving no discount at all to the DKK 691 conservative case.
35/100
Uni-President China: A 7% Yield Backed by a 100% Payout, but the Beverage Arm That Is Almost Two-Thirds of Sales Has Stopped Growing
Uni-President China Holdings is a mainland packaged-food and beverage group pairing premium instant noodles such as Soup Daren and The King of Tomato with tea, milk tea and juice brands; beverages alone were 62% of H1 2026 revenue. That larger half has stopped growing, with tea down 3.5% and juice down 5.5% while food revenue rose 4.7% and food segment profit rose about 34%, and Nongfu Spring's 29% tea growth to RMB21.596bn points at mix and positioning rather than a dead category. Rating Hold: at HK$7.78 the shares yield 7.1% on a 100% payout backed by RMB9.19bn of net cash, but they sit about 18% above the HK$6.58 conservative value, so the conservative margin of safety is zero.
47/100
Camtek: Record Advanced-Packaging Orders Meet a Price That Already Discounts Them
Camtek sells semiconductor inspection and metrology systems, and roughly three quarters of its revenue now comes from advanced packaging, the capacity build-out behind AI chips. Revenue grew from $155.9 million in 2020 to $496.1 million in 2025 and more than $600 million of orders arrived between January and July 2026, but second-quarter non-GAAP operating margin of 27% sat below the 30.3% of a year earlier and China alone was 49% of 2025 revenue. Rating Hold: at $146.66 the stock trades near 52 times normalized 2025 owner earnings, inside the $130 to $170 acceptable-hold zone but far above the $86 to $96 ideal buy range, so there is no margin of safety.
33/100
77Buffett
Tingyi: A Mature Cash Cow Whose Profit Growth Comes From Margin, Not Sales
Tingyi is a China-focused packaged-food and beverage group whose Master Kong instant noodles sit alongside a beverage arm that combines its own tea, water and juice brands with PepsiCo-licensed bottling; that beverage arm alone is 65.5% of H1 2026 revenue. Group revenue has barely moved since 2022, from RMB 78.717 billion to RMB 79.068 billion in 2025, yet attributable profit rose 71% as gross margin climbed from 29.09% to 35.8% in H1 2026, and beverages contribute only about half of owner earnings once minority interests are stripped out. Rating Hold: at HKD 13.16 the shares trade near 13.8 times reconstructed trailing earnings with a roughly 7% distribution yield, inside the HKD 12.0 to 15.5 acceptable-hold zone but about 25% above the HKD 10.5 conservative value, so the conservative margin of safety is zero.
51/100
72Buffett
Nova: Record Q2 Revenue of $255 Million and 26% Guided Growth, but 45x Trailing GAAP Earnings Leave No Margin of Safety
Nova Ltd. supplies optical, materials and chemical metrology hardware plus modelling software for semiconductor process control, with service around one-fifth of revenue and a portfolio assembled through ReVera, ancosys and Sentronics rather than built on a single measurement principle. Q2 2026 set records across gate-all-around logic, advanced packaging and chemical metrology, lifting quarterly revenue to $255.0 million, and Q3 guidance of $277-287 million implies about 26% year-over-year growth at the midpoint; yet H1 operating cash flow converted only 0.56x of GAAP net income, China is still 33% of sales and one customer is 23%. Rating Hold: at $362.75 the shares trade near 45x trailing GAAP earnings and roughly 21% above the $300 conservative scenario value, so the growth is real but the price already capitalizes much of the next leg.
37/100
73Buffett
Encompass Health: A Proven Bed-Building Compounder Priced With No Margin of Safety
Encompass Health is the largest U.S. inpatient rehabilitation hospital operator, running 176 hospitals and, since the 2022 Enhabit separation, drawing about 97% of revenue from a single medically intensive post-acute setting paid mainly by Medicare. Second-quarter 2026 discharges rose 5.6% and revenue per discharge 3.9%, lifting inpatient revenue 9.8%, while 2026 capex guidance of 920 million to 995 million USD against only 232 million USD of maintenance shows how capital-intensive the growth has become. Rating Hold: the de novo machine and the discharge growth are real, but at 120.92 USD the shares trade near 19.7 times guidance EPS, inside the 115 to 145 USD hold zone and above the 111 to 118 USD conservative value, leaving no margin of safety.
35/100
75Buffett
Orkla: Zero Organic Growth in the Controlled Portfolio, Jotun Operating Profit Up 21%, and a 21% NAV Discount at NOK 97.10
Orkla ASA is a Norwegian industrial investment company that owns independently run Nordic branded-consumer businesses plus a 42.7% equity-accounted stake in the unlisted coatings producer Jotun, whose revenue never enters Orkla's consolidated accounts. Q2 2026 split the company in two: organic growth in the controlled portfolio companies was zero and underlying EBIT grew only 2.5%, while Jotun's underlying sales and operating profit rose 11% and 21% and carried group adjusted EPS on their own. The 2025 listing of Orkla India, still roughly 75% owned, now supplies an external price for one portfolio company. Rating Hold: base sum-of-the-parts of NOK 123.4 per share leaves a 21% raw NAV discount at NOK 97.10, but the price still sits 23% above the conservative investable value of NOK 79.1, so there is no margin of safety.
41/100
56Buffett
Nextpower Inc: Tracker Leadership Is Real, the Platform Premium Still Has to Be Earned
Nextpower Inc., renamed from Nextracker in November 2025, is the world's largest utility-scale solar tracker supplier, with roughly 88% of FY2026 revenue still tracker-derived while it expands into electrical balance of system, inverters and battery storage. FY2026 revenue grew 20.3% to 3.56 billion USD, but Section 45X manufacturing credits contributed 379.9 million USD, or 10.7% of revenue, and FY2027 guidance pairs 19.4% midpoint revenue growth with just 1.7% adjusted EPS growth as adjusted EBITDA margin falls from 24.0% to about 21.2%. Rating Hold: the tracker franchise and its cash generation are real, but at 84.72 USD the shares sit inside the 79 to 105 USD acceptable-hold zone at roughly 23 times owner earnings, with no margin of safety against the 72 USD conservative anchor.
42/100
71Buffett
Restaurant Brands International: Burger King US Comps at 8.5%, Popeyes US at -5.2%, and No Margin of Safety at $81.57
Restaurant Brands International is the Canadian-domiciled franchisor behind Tim Hortons, Burger King, Popeyes and Firehouse Subs, with more than 95% of its 33,156-restaurant system franchised and most of its economics sitting in royalty and property income rather than restaurant sales. The Q2 2026 headline of 3.8% comparable sales conceals two opposite businesses: Burger King US comps ran 8.5% and International grew comps and units at roughly 5% each, while Popeyes US fell 5.2% and Tim Hortons Canada managed 0.1%. Rating Hold: the operating turn is real, but at $81.57 the stock trades at 20.8 times TTM adjusted EPS on 4.1 times net leverage, about 13% above the conservative fair-value midpoint, leaving no margin of safety.
52/100
34Buffett
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
Hyosung Heavy Industries is a Korean maker of ultra-high-voltage grid equipment whose transformer and switchgear franchise now sits alongside a large, low-margin domestic construction business. The profit mix has shifted decisively: heavy industry earned KRW 698.8 billion of 2025 operating profit at a 16.8% margin against construction's KRW 47.7 billion at 2.6%, roughly 94% of the two segments' combined profit, while the heavy-industry order backlog reached about KRW 17.5 trillion by mid-2026 on a 3.72x first-half book-to-bill. Rating Hold: the 765 kV franchise and U.S. local production are genuinely scarce, but at KRW 2.79 million the price already underwrites most of that improvement, leaving realised construction PF losses and 2027-29 industry capacity additions as unpaid risks.