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35/100
PUMA SE: A Fixable Brand, but the Price Already Pays for Part of the Fix
PUMA SE is the world's number-three athletic footwear and apparel brand, selling through wholesale and direct-to-consumer channels, with 2025 continuing-operations sales of EUR 7.30bn and a EUR 357.2m reported operating loss. Second-quarter 2026 showed a genuine reset, with inventory down 15.3%, gross margin up 180 basis points to 48.0% and EUR 328.8m of free cash flow, yet currency-adjusted sales still fell 9.4% while adidas grew 14% in the same quarter and the same categories. Rating Hold: the brand is probably fixable, but at EUR 27.11 the price already sits two-thirds of the way from the EUR 18.3 conservative value to the EUR 31.1 base value, and the ideal buy zone is EUR 14.0 to EUR 14.5.
44/100
61Buffett
MYR Group: A Record 20.1% Organic Quarter and a 3.16 Billion Backlog, Already Priced at 32 Times Trailing Earnings
MYR Group is a North American specialty electrical contractor that builds utility transmission and distribution networks alongside commercial and industrial electrical systems for data centers, transport and manufacturing, carrying a record USD 3.16 billion backlog at June 2026. Second-quarter revenue rose 20.1% to USD 1.08 billion entirely organically, because the USD 328 million Valley and Comet acquisition closed on July 1, one day after quarter-end, yet 0.9 percentage points of the consolidated gross margin came from favorable project-estimate revisions and 87.7% of the fast-growing C&I segment runs on fixed-price contracts. Rating Hold: the post-2024 execution recovery is genuine, but at USD 337.42 the shares already carry roughly 32 times trailing earnings and sit 35% to 53% above the conservative fair-value range, which leaves no margin of safety.
52/100
Amer Sports: The Brand Transformation Is Real, but Has the Price Already Bought All of It?
Amer Sports owns Arc’teryx, Salomon and Wilson, and has converted a leveraged sporting-goods conglomerate into a premium, increasingly direct-to-consumer softgoods group whose economics are set by two of its three segments. First-quarter 2026 revenue grew 32% with a 60.0% adjusted gross margin, but Greater China is now 33.1% of sales and full-year guidance implies second-half growth slowing to roughly 14% to 18%. Rating Hold: the transformation is real, yet at 30.6 times guided 2026 adjusted earnings the price already sits above the report's US$28.7 to US$33.1 conservative value and leaves no margin of safety.
42/100
SMIC: Strategic Scarcity Is Proven, but Has the Capital Cycle Started Paying Its Way?
SMIC is China's largest pure-play foundry, selling wafer manufacturing capacity across mature and advanced-for-China nodes rather than designing chips of its own. Q1 2026 revenue was US$2.505bn at 93.1% utilization and a 20.1% gross margin, and Q2 revenue is guided up 14 to 16% sequentially, yet US$8.40bn of capex against US$3.19bn of operating cash flow left conventional free cash flow negative for a fifth straight year. Rating Hold: at HK$66.90 the shares sit inside the HK$63 to 85 acceptable-hold band but about 23% above the HK$54 conservative value, leaving no margin of safety before the August 13 Q2 print.
43/100
75Buffett
Li Ning Company: 11 Times Trailing Earnings and Almost RMB20 Billion of Net Cash, Against a Q2 2026 Sell-Through Reversal
Li Ning monetises a single national sportswear brand through franchised distributors, directly operated stores and e-commerce, with FY2025 revenue of RMB29.6 billion. Revenue grew 3.2% but attributable profit fell 2.6%, return on equity has slid from 26.9% in 2021 to 10.9%, and Q2 2026 retail sell-through reversed from first-quarter growth into a low-single-digit decline. Rating Hold: almost RMB20 billion of cash and deposits and about 11 times trailing earnings protect the downside, yet at HK$14.54 the shares sit above the roughly HK$11.8 conservative value with no margin of safety.
47/100
95Buffett
Paycom Software: Has Automation Repaired the Growth Engine, and Is That Already Priced?
Paycom sells single-database payroll and HCM software whose automation products shift work from payroll administrators to employees, improving the client outcome while removing billable activity. Retention rose from 90% to 91% and recurring revenue grew 11% in the second quarter of 2026, but the company still withholds the seat, price and attach data needed to prove that automation has restored durable double-digit growth. Rating Hold: a 23.55% one-day re-rating to 215.97 USD lifted the price into the 195 to 245 USD acceptable-hold zone, leaving no margin of safety against conservative intrinsic value of 137 to 168 USD.
37/100
Pfizer Inc.: A 6.6% Yield Costing 108% of Free Cash Flow, $17-18 Billion of Revenue Facing the Late-Decade Cliff, and No Margin of Safety at $26.20
Pfizer is a global biopharmaceutical group funding oncology, vaccines and specialty medicines from a large portfolio of patented products. Two consecutive 2026 beats and an August guidance raise show the commercial engine working, but roughly 17-18 billion of Pfizer-recognised annual revenue faces loss of exclusivity across the second half of the decade, and the 1.72 dividend already absorbs 108% of conventional free cash flow. Rating Hold: a 6.6% yield at 9.0 times guided adjusted earnings pays holders to wait, yet at 26.20 the shares sit inside the 25-32 fair range with no margin of safety.
48/100
71Buffett
IES Holdings: Backlog Nearly Doubled to $4.5 Billion While 38% Sits Outside Enforceable RPO, and at $768.43 the Shares Run 79% to 102% Above Conservative Fair Value
IES Holdings is a decentralized electrical contractor and fabricator whose data-center cabling, power-distribution and engineered-enclosure work now drives most incremental growth. Fiscal third-quarter revenue rose 39.6% to $1.243 billion with roughly 85% of the dollar increase organic, and backlog climbed to about $4.5 billion — but $1.70 billion of that, some 38%, lies outside enforceable remaining performance obligations, and the Commercial & Industrial segment's 30.5% June-quarter gross margin is a poor number to capitalize indefinitely. Rating Watch: the operating improvement is real, yet at $768.43 the shares sit 79% to 102% above the $380-430 conservative fair-value range and near 40 times normalized owner earnings, leaving no margin of safety.
46/100
55Buffett
Qualcomm Incorporated: Mispricing, Value Trap, or Transition Discount?
Qualcomm runs two engines on one balance sheet: QCT sells handset, automotive, IoT and now data-centre silicon, while QTL collects royalties on cellular patents attached to the licensed device rather than to the presence of a Qualcomm chip. Fiscal third-quarter revenue fell 4% to 9.95 billion USD as handset revenue dropped 20%, and Apple product revenue of roughly 7.5 billion USD in fiscal 2026 is expected below 2 billion USD in fiscal 2027, while only about 1 billion USD of the 5 billion USD fiscal 2027 data-centre target has been publicly linked to disclosed customer programmes. Rating Hold: the fall from 238.16 to 160.39 USD is 92% multiple compression rather than an earnings collapse, but the conservative fair-value range of 145 to 165 USD sits at the market price, so a holder is paid to wait while a new buyer receives no margin of safety.
40/100
38Buffett
RTX Corporation: A Record Backlog and a Documented GTF Recovery, Already Paid For by a 26% Re-Rating
RTX runs three different economic machines on one balance sheet: Collins Aerospace sells aircraft systems into a broad installed base, Pratt & Whitney accepts thin original-equipment economics to earn decades of engine aftermarket, and Raytheon sells missiles and air defense into government procurement. Second-quarter 2026 sales of 24.708 billion USD rose 16% organically, backlog reached a record 289 billion USD, PW1100 aircraft-on-ground levels fell 25% year to date, and management raised full-year guidance on sales, organic growth, adjusted EPS and the lower bound of free cash flow. Rating Hold: the operating recovery is now documented, but the shares rose 26.1% since May against a 5.5% rise in the adjusted EPS guidance midpoint, leaving 31.1 times forward earnings, a free-cash-flow yield below 3% and no margin of safety against the 150 to 165 USD conservative case.
55/100
92Buffett
ANTA Sports: Other Brands Grew 59.2% While the Core Brand Managed 3.7%, and at HKD 74.50 the Shares Already Sit Above the HKD 68 Conservative Sum-of-the-Parts
ANTA is two assets on one share certificate: a controlled multi-brand sportswear group that earned RMB 80.22 billion of FY2025 revenue, and a 37.77% equity-accounted stake in New York-listed Amer Sports worth far more in the market than on the balance sheet. The mix has shifted underneath the headline: the ANTA core brand grew 3.7% and FILA 6.9% in FY2025 while the other-brand group grew 59.2% to 21.2% of revenue, and second-quarter 2026 retail sales repeated the pattern with low-single-digit core growth against 25 to 30% elsewhere. Rating Hold: cash conversion of 1.49 times over five years and RMB 31.7 billion of net cash are genuine, but the Puma stake was contracted 62% above the unaffected price and at HKD 74.50 the shares sit above the HKD 68 conservative sum-of-the-parts, leaving no margin of safety.
35/100
67Buffett
SCHOTT Pharma: A GLP-1 Boom Priced by the Dose, Not the Drug, and a Capacity Bill That Has Yet to Prove Its Return
SCHOTT Pharma supplies the glass and polymer syringes, cartridges, vials and ampoules that hold injectable medicines, earning a manufacturing price per container rather than a share of the price of the drug inside it. That distinction explains the gap the market misread: management puts injectable-drug market growth at 9 to 10% in 2025 against 1 to 2% for primary packaging, and although high-value sterile formats reached 57% of fiscal 2025 revenue and July guidance was lifted to 5 to 6% growth and a 27 to 28% EBITDA margin, polymer-syringe underutilisation, EUR 140 to 160 million of annual capital expenditure and SCHOTT AG's 77% control keep free cash flow and minority influence thin. Rating Hold: the recovery is credible and the balance sheet is sound, but at 22.15 EUR the shares yield under 2% on consensus free cash flow and sit above the 16 to 18 EUR ideal buy zone.
38/100
57Buffett
Samsung Electronics: Device Solutions Supplied 99.7% of Second-Quarter Operating Profit, and at 230,500 Won the Shares Already Trade Above the 185,000 Won Conservative Value
Samsung Electronics is a diversified electronics group selling phones, televisions, appliances, OLED panels, networks equipment and automotive electronics, yet its present earnings come almost entirely from memory semiconductors. Second-quarter 2026 operating profit reached KRW 89.5 trillion on KRW 171.5 trillion of revenue, of which Device Solutions supplied 99.7% while Device eXperience lost KRW 0.8 trillion; HBM4 passed Nvidia qualification, but independent estimates still leave Samsung near 28% of 2026 HBM bit output against roughly 50% for SK hynix. Rating Hold: at the KRW 230,500 close the shares sit inside the KRW 205,000-275,000 acceptable-hold band but above the KRW 185,000 conservative value, leaving no margin of safety.
48/100
Danaher: Orders and Peers Make the Bioprocessing Recovery Underwritable, but 3-4% Core Growth at 23 Times Earnings Leaves No Margin of Safety
Danaher sells recurring bioprocessing, laboratory and diagnostic workflows through specialised operating companies run on the Danaher Business System, with Cytiva consumables, Cepheid cartridges and Beckman reagents supplying most of the profit pool. Second-quarter core growth was 3.0% while more than 100 million USD of chromatography-resin shipments moved into 2027, and goodwill and intangibles reached 74.5% of assets after the 9.8 billion USD Masimo purchase, against acquisition-inclusive ROIC near 6 to 7%. Rating Hold: peer consumables data make the bioprocessing recovery underwritable, but at 23.4 times guided adjusted EPS the price already pays for a conversion Danaher cannot schedule.
38/100
71Buffett
Carlisle Companies: Second-Quarter Sales Rose 8.3% While Adjusted EBITDA Margin Fell 70 Basis Points, and Full-Year Guidance Went Up on Revenue and Down on Margin
Carlisle Companies is a North American building-envelope manufacturer whose earnings are led by Carlisle Construction Materials, which supplies complete low-slope commercial roof systems and produced 74% of 2025 revenue. Second-quarter 2026 sales rose 8.3% to 1.570 billion USD with both segments growing organically, yet consolidated adjusted EBITDA margin fell 70 basis points to 26.2% as petroleum-derived raw materials and freight outran realized price, and management raised full-year revenue guidance while cutting margin guidance from roughly 50 basis points of expansion to flat. Rating Hold: at the August 5 close of 385.32 USD the shares sit inside the 365 to 455 USD acceptable-hold band but far above the 260 to 280 USD ideal buy range, at about 18.1 times 2026 consensus earnings and with no margin of safety against the conservative case.
44/100
78Buffett
Crane Company: Aerospace Compounds on Its Own, but Four-Fifths of the Headline Growth Was Bought and 32 Times Earnings Leaves No Cushion
Crane Company is a focused aerospace-and-process-equipment manufacturer created by the 2023 separation of the old Crane Holdings, running two franchises on one operating system. Second-quarter 2026 sales rose 25.6% to 724.7 million USD at a 21.3% adjusted operating margin, but 19.8 of those 25.6 points came from acquisitions while process-flow core sales fell 1.4%, and the three sensing businesses bought from Baker Hughes in January cost 1.179 billion USD against roughly 60 million USD of pre-deal EBITDA. Rating Hold: at about 32 times forward adjusted earnings and a free-cash-flow yield below the Treasury, the price already pays for acquisition returns that are six months proven and five years promised.
48/100
40Buffett
Vertiv Holdings Co: Deferred Revenue Doubled to 3.63 Billion USD After a 110 Million USD Second-Quarter Revenue Miss, While Full-Year Guidance Implies 4.33 Billion USD of Fourth-Quarter Sales
Vertiv Holdings Co supplies power, thermal-management, prefabricated-module and lifecycle-service systems for data centres, and supports the installed base through more than 300 service centres and around 5,000 field engineers. Revenue grew 27.7% to 10.23 billion USD in 2025 and 26.7% to 5.92 billion USD in the first half of 2026, but second-quarter sales landed about 110 million USD short while deferred revenue doubled to 3.63 billion USD and inventory rose to 2.52 billion USD, so the full-year guide now implies roughly 4.33 billion USD of fourth-quarter sales. Rating Hold: at the August 5 close of 277.94 USD the shares sit inside the 245 to 325 USD acceptable-hold range and far above the 165 to 190 USD ideal-buy range, at about 41.5 times guided earnings with no margin of safety.
46/100
69Buffett
Eaton: Record Orders and a Cleaner Post-Mobility Portfolio, but 42 Times Free Cash Flow Leaves No Conservative-Case Margin of Safety
Eaton is an intelligent power management company selling electrical distribution, power quality and aerospace systems into utility, data-centre, commercial and aircraft markets, with Electrical Americas alone supplying about 59% of 2025 segment profit. Record second-quarter sales of 8.53 billion USD on 14% organic growth, rolling Electrical Americas order growth of 41% and an agreement to separate the 13%-margin Mobility business into Dana all strengthened the operating case, but group segment margin still fell 80 basis points year on year and net debt reached about 19.9 billion USD after the 9.55 billion USD Boyd purchase. Rating Hold: at roughly 42 times guided free cash flow the price sits inside the 390-505 USD base fair-value range and about 31% above the 340 USD conservative value, leaving no conservative-case margin of safety.
45/100
NIO Inc.: Vehicle Margin Reached 18.8% and Adjusted Operating Profit Turned Positive in the First Quarter of 2026 While GAAP Operating Income Stayed Negative
NIO Inc. is a Chinese smart-electric-vehicle maker spanning the premium NIO marque, the family-oriented ONVO and the compact FIREFLY, supported by a proprietary battery-swap and user-service network. Vehicle sales produced RMB 76.9 billion of the RMB 87.5 billion of 2025 revenue, and the first quarter of 2026 lifted vehicle margin to 18.8% and adjusted operating profit to RMB 66.8 million, although GAAP operating income stayed negative at a RMB 309 million loss on 83,465 deliveries. Rating Watch: at the August 4 close of $4.76 the shares sit above the $2.4 to $2.8 conservative range and below the $5.6 to $7.6 base range, leaving no margin of safety and no owner-earnings support.
46/100
88Buffett
L’Oréal: Record First-Half Margins and a Broad-Based Recovery, but 30 Times Earnings Already Prices In the China and Gucci Upside
L’Oréal is the world’s largest beauty pure-play, turning cosmetic science and marketing spend into brands sold across mass, luxury, professional and dermatological channels. First-half 2026 sales reached a record €23.776 billion at a record 21.3% operating margin with every division and region growing, but more than €8 billion committed to Kering Beauté and Galderma lifted net debt including leases to €12.664 billion while the acquired earnings remain undisclosed. Rating Hold: at about 30 times adjusted earnings, with an owner-earnings yield below the French ten-year bond, the price already pays for a China recovery and Gucci economics that have not yet been established.
46/100
71Buffett
Merck & Co.: KEYTRUDA and QLEX Generated 50.4% of Second-Quarter Revenue While Subcutaneous Sales Rose to 463 Million Dollars Before the 2028 Patent Cliff
Merck & Co., known as MSD outside the United States and Canada, is a global innovative-pharmaceutical company whose earnings are dominated by the KEYTRUDA oncology franchise, supported by vaccines, specialty medicines and animal health. KEYTRUDA and its subcutaneous companion QLEX produced $8.366 billion of the $16.607 billion of second-quarter 2026 revenue, or 50.4%, and that concentration must be replaced before U.S. exclusivity begins eroding after 2028, with about $16 billion already spent on Cidara and Terns for assets that still carry substantial clinical risk. Rating Hold: at the August 4 close of $128 the shares sit close to the $130 base value and 16% above the $110 conservative value, leaving little margin of safety.
45/100
Phancy Group: Revenue Rose 35.6% to 7.135 Billion Yuan While Gross Margin Fell to 34.8% and Operating Cash Flow Stayed Negative for a Sixth Straight Year
Phancy Group, formerly 4Paradigm, is a Chinese enterprise-AI vendor whose Sage platform combines model deployment, computing infrastructure, token-based APIs and industry agents for large regulated organisations. FY2025 revenue rose 35.6% to RMB7.135 billion, but gross margin fell from 47.1% in 2023 to 34.8%, 99.8% of revenue was recognised at a point in time, and operating cash flow was an outflow of RMB681 million against adjusted net profit of just RMB6.3 million. Rating Watch: at HK$29.28 the shares sit outside all three valuation bands, above the ideal buy zone of HK$21 to 24 and below the acceptable hold band of HK$31 to 44, and the margin-of-safety verdict is recorded as none.
37/100
Boeing: Second-Quarter Free Cash Flow Turned Positive, but 45–50 Times Owner Earnings Already Prices the Recovery
Boeing builds commercial aircraft, defence and space systems and sells parts, maintenance and training around a large installed fleet, supported by a 715 billion USD backlog. Second-quarter free cash flow turned positive at 631 million USD on 171 deliveries, the most since 2018, but first-half free cash flow was still negative by 823 million USD and commercial margins sat at negative 2.7%. Rating Hold: at 45–50 times transitional owner earnings, roughly 35% above the 160 USD conservative value, the price already pays for a multi-year production and margin recovery.
48/100
46Buffett
BYD: Exports Reached 43.8% of First-Half Volume While Group Sales Fell 15.7% and First-Quarter Free Cash Flow Ran 19.3 Billion Yuan Negative
BYD is a vertically integrated Chinese new-energy vehicle group that builds its own batteries, motors, power semiconductors and vehicles, with automotive and related products supplying 80.7% of 2025 revenue alongside a large handset-assembly business. First-half 2026 group sales fell 15.7% to 1,808,511 vehicles while exports reached 792,256, or 43.8% of volume, but 2025 profit had already fallen 19.0% to RMB 32.62 billion and first-quarter 2026 free cash flow ran RMB 19.27 billion negative. Rating Hold: at HKD 94.90 the H share trades near 22.8 times 2025 earnings inside the acceptable hold band of HKD 92 to 124, well above the ideal buy range of HKD 62 to 66, and the margin-of-safety verdict is recorded as none.