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42/100
81Buffett
Revolve Group: 162 of Q2's 250 Basis Points of Gross-Margin Gain Were a Tariff Refund, and Five Years of Cash Converted Only 0.73x Net Income
Revolve Group is a digitally native premium-fashion retailer whose REVOLVE segment sells third-party labels alongside a growing owned-brand portfolio, while the smaller FWRD platform serves the designer-luxury customer. Q2 2026 sales rose 12% to USD 347.4 million and active customers 11% to 3.04 million, but 162 of the 250 basis points of gross-margin expansion came from a one-off IEEPA tariff refund, inventory grew 25% year on year and free cash flow was negative USD 10.9 million. Rating Watch: at USD 21.13 the stock already sits inside its own conservative intrinsic-value range of USD 20–22, so the margin of safety is effectively zero until owner earnings prove they can follow revenue.
42/100
BioNTech SE: Cash Is the Floor, Pumitamig Is the Option
BioNTech is a German biotech spending a pandemic-built reserve of EUR 16.634 billion, held at June 30, 2026, on a late-stage oncology portfolio centred on pumitamig, a PD-L1xVEGF-A bispecific whose worldwide costs and profits are split 50:50 with Bristol Myers Squibb. The August guidance cut took 2026 revenue to EUR 1.6-1.9 billion and the shares rose anyway, because at USD 96.73 financial assets of USD 19.28 billion leave only about USD 5.02 billion of enterprise value for the entire pipeline. Rating Hold: CEO succession is settled and the cash floor is real, but the price sits above the USD 91 conservative rNPV, and Akeso's ivonescimab still holds the better randomised evidence.
38/100
Schrödinger: A 6.0 Million USD Q2 Profit Over a 41.5 Million Operating Loss, and a 20% Rally Driven More by EV/ACV Re-Rating From 3.8 to 4.9 Times Than by ACV Growth
Schrödinger licenses physics-based molecular-modelling software such as FEP+ and LiveDesign to all 20 of the world's top 20 pharmaceutical companies, and runs the same engine over partnered and proprietary drug programs that pay milestones, royalties and equity. Q2 2026 net income of 6.0 million USD came almost entirely from a 10 million USD Ajax milestone and 45.9 million USD of equity fair-value gains, leaving a 41.5 million USD operating loss underneath, while the cleaner demand measure, annual contract value, grew 27% in the quarter against full-year guidance of 218 to 228 million USD. Rating Hold: at 19.02 USD the roughly 1.02 billion USD enterprise value is 4.9 times trailing ACV against about 3.8 times in June, so the software franchise is already fully priced and the ideal buy band sits at 13 to 15 USD.
31/100
Relay Therapeutics: USD 3.22bn of Pipeline Value Above Cash Rests on a Phase 3 Run Against Approved Capivasertib Rather Than Placebo
Relay Therapeutics is a clinical-stage precision-oncology developer with no approved product, whose value is concentrated in zovegalisib, a mutant-selective PI3Kα inhibitor now in Phase 3. At 18.87 USD the 4.14 billion USD market capitalisation leaves about 3.22 billion USD of pipeline value above 910.9 million USD of June cash, and ReDiscover-2 has to beat AstraZeneca's approved capivasertib plus fulvestrant rather than a placebo, while the first-line case still rests on 15 responses among 34 heavily pre-treated patients. Rating Watch: the price already discounts a crowded-market success, and more than 40 million shares issued in 2026 make dilution structural rather than incidental.
47/100
Moore Threads: H1 2026 Revenue Grew 147.4% to 1.736 Billion CNY While Operating Cash Flow Fell to Negative 2.169 Billion, and 357.85 CNY Sits 175% Above the 130 CNY Ideal-Buy Ceiling
Moore Threads is a Chinese full-function GPU designer whose commercial center has moved to KUAE AI-compute clusters, with cloud-computing products supplying 97.5% of H1 2026 revenue. H1 revenue of 1.736 billion CNY grew 147.42% and already exceeded all of 2025 while the deducted net loss narrowed 52.37% to 150.82 million CNY, but operating cash flow fell to negative 2.169 billion CNY on a 2.254 billion CNY inventory build, and roughly 185.91 million shares, 39.55% of the company, leave 12-month IPO lock-ups on 2026-12-07. Rating Watch: at 357.85 CNY the shares trade at about 66.2 times TTM sales, roughly parity with the already profitable Cambricon, and sit 175% above the 95 to 130 CNY ideal-buy band, so there is no margin of safety at this price.
44/100
55Buffett
VINCI SA: Concessions Turn EUR 12.22bn of Revenue Into EUR 5.94bn of Operating Income, but ASF, Escota and Cofiroute Revert to the State by 2036
VINCI is the Paris-listed infrastructure group that pairs French motorway and airport concessions with two very large contracting networks, VINCI Energies and Cobra IS in energy services and VINCI Construction. The asymmetry is the whole case: 2025 Construction revenue of EUR 33.24bn produced only EUR 1.36bn of ordinary operating income on EUR 1.89bn of capital employed, while Concessions turned EUR 12.22bn of revenue into EUR 5.94bn of operating income on EUR 46.34bn of capital; those French motorways then revert to the state for no consideration when Escota expires in 2032, Cofiroute's intercity network in 2034 and ASF in 2036. Rating Hold: at EUR 110.55 the shares sit at the bottom of the EUR 110-148 acceptable-hold band on a 12.27x trailing P/E and a 4.5% dividend yield, but concession decay plus a 4.344% French 10-year yield mean new money should wait for EUR 84-89.
44/100
47Buffett
Investor AB: Q2 2026 Adjusted NAV of SEK 1,214.7bn or SEK 397 per Share Leaves the SEK 402.75 Quote at a 1.45% Premium Instead of the 7% to 13% Discount Normal in 2021 to 2025
Investor AB is the Wallenberg-controlled Swedish holding company that runs permanent industrial capital through three buckets: a listed portfolio led by ABB and Atlas Copco worth SEK 946.2bn or 76% of adjusted assets, the wholly owned Patricia Industries businesses at SEK 207.9bn excluding cash or 17%, and a SEK 88.4bn position in EQT at 7%. Q2 2026 adjusted net asset value reached SEK 1,214.7bn, or SEK 397 per share, on net debt of only SEK 23.3bn and 1.9% leverage, with the B share returning 15% against 9% for SIXRX. Rating Hold: at SEK 402.75 the shares carry a 1.45% premium to that last reported NAV rather than the 7% to 13% year-end discount normal over 2021 to 2025, so the SEK 350 conservative scenario value leaves no margin of safety and the ideal buy zone sits at SEK 270 to SEK 280.
37/100
Arkema S.A.: Q2 2026 EBITDA of EUR 390.9m Beat Consensus by About 8% at a 16.1% Margin, but 2.9-Times Leverage Leaves EUR 58.05 Far Above the EUR 32 to EUR 36 Conservative Buy Zone
Arkema S.A. is the French specialty-materials group that has taken Specialty Materials from 36% of sales at its 2006 carve-out from Total to about 85% today, spanning Bostik adhesives, advanced polymers such as PA11 and PVDF, coating technologies and a smaller cyclical Primary Materials portfolio. Q2 2026 company-defined EBITDA of EUR 390.9 million rose 7.4% and lifted the margin to 16.1% from 15.2%, beating the roughly EUR 362 million consensus by about 8%, yet sales of EUR 2,427.8 million fell about 1% short of consensus and the 3.2% organic growth was carried by a 5.1% price effect against a negative 1.8% volume effect, while net debt plus hybrid bonds of EUR 3.605 billion still equals 2.9 times LTM EBITDA. Rating Watch: at EUR 58.05 the shares sit far above the EUR 32 to EUR 36 conservative buy zone and below the EUR 64 to EUR 85 acceptable-hold band, so the margin recovery is real but the balance sheet leaves no margin of safety.
31/100
Nikon Corporation: Impairment Was 88.2% of the JPY 112.448 Billion Fiscal 2026 Operating Loss, the Impairment-Excluded Loss Was Still JPY 13.307 Billion, and JPY 1,740 Sits Above the JPY 1,375-1,500 Conservative Value
Nikon is a Japanese optics-and-precision group whose profits still come mainly from Imaging and Industry while semiconductor lithography and digital manufacturing are being rebuilt; Imaging Products supplied 42.8% of fiscal 2026 revenue and JPY 16.715 billion of operating profit. Fiscal 2026, ended 2026-03-31, brought revenue of JPY 677.163 billion, down 5.3%, and a JPY 112.448 billion operating loss, of which JPY 99.141 billion was impairment and JPY 90.627 billion sat in Digital Manufacturing on the SLM Solutions goodwill and intangibles, yet the impairment-excluded operating loss was still JPY 13.307 billion and the segment lost JPY 15.655 billion before impairment. Rating Hold: at JPY 1,740 the shares trade at about 0.97 times book and above the JPY 1,375-1,500 conservative fair value, so a margin-of-safety entry only appears at JPY 1,100 to 1,200.
43/100
89Buffett
Epiroc AB: Q2 2026 Equipment Orders Grew 30% Organically While Large Orders Above MSEK 150 Jumped to MSEK 720 From MSEK 230, and Class A at SEK 263.30 Sits Inside the SEK 250-275 Base Range
Epiroc is the Swedish mining-equipment maker whose aftermarket of service, parts, tools and automation supplied 64% of Q2 2026 revenue and cushions a still-cyclical equipment franchise. Q2 orders rose 13% organically to MSEK 17,305 with equipment up 30% and adjusted operating margin back to 20.1%, though large orders above MSEK 150 jumped to MSEK 720 from MSEK 230 a year earlier, and 2025 ROCE of 18.9% still trails the 24.1% 2016-2025 average. Rating Hold: at SEK 263.30 Class A trades near 35.9x TTM earnings and roughly 39x owner earnings, inside the SEK 250-275 base range and at about a 20% premium to economically equivalent Class B, so the ideal buy zone is SEK 156 to SEK 168.
43/100
64Buffett
CACI International: Fiscal 2026 Revenue Grew 7.2% Organically With Technology at 58.4% of Mix, and 606.85 USD Sits 6% Above the 570 USD Conservative Ceiling
CACI International is a U.S. national-security contractor that blends security-cleared expertise with software-defined defense technology; Technology was 58.4% of fiscal 2026 revenue and defense plus the Intelligence Community together accounted for 78.2%. Fiscal 2026 revenue of 9.568 billion USD grew 10.9% on a reported basis but 7.2% organically, fiscal Q4 organic growth reached 11.6% and EBITDA margin rose to 12.3% from 11.2%, while the 2.64 billion USD ARKA acquisition that closed on March 9, 2026 took pro-forma net leverage to 3.7 times and left more than 8.5 billion USD of goodwill and acquired intangibles on the balance sheet. Rating Hold: at 606.85 USD the shares trade at 20.3 times fiscal 2026 adjusted diluted EPS and roughly 6% above the 540 to 570 USD conservative fair value, so a margin-of-safety purchase only appears at 432 to 455 USD.
41/100
Kering SA: Flat H1 Recurring Operating Income of EUR 921m Was Bought With EUR 240m of Cost Cuts Against EUR 239m of Lost Gross Profit, and EUR 244.40 Sits Above the EUR 232 Conservative Value
Kering SA is the French family-controlled multi-brand luxury group built around Gucci, which still supplied 38.2% of H1 2026 revenue, alongside Saint Laurent, Bottega Veneta, Kering Jewelry and Kering Eyewear. H1 revenue of EUR 7.220bn rose 1% comparable but fell 3% reported, and recurring operating income of EUR 921m held flat against EUR 920m only because roughly EUR 240m of cost reductions offset a EUR 239m fall in gross profit, while net financial debt dropped from EUR 8.039bn to EUR 3.324bn mainly on the EUR 4bn sale of Kering Beauté to L'Oréal rather than on recurring cash generation. Rating Watch: at EUR 244.40 the shares sit above the EUR 232 conservative value and below the EUR 314 base value, so the conservative case carries no margin of safety and the ideal buy range is EUR 175 to EUR 185.
47/100
87Buffett
Atlas Copco AB: Q2 2026 Group Orders Grew 26% Organically at a 1.13x Book-to-Bill, and SEK 208.80 Sits 34% Above the SEK 156 Conservative Value
Atlas Copco AB is a Swedish industrial group that sells compressors, vacuum equipment, industrial tools and power equipment through four separately reporting business areas, with service at 38% of 2025 revenue sitting under the equipment cycle as a recurring installed-base layer. Q2 2026 marked a broad inflection: orders reached MSEK 50,951, up 26% organically, against MSEK 44,974 of revenue at a 20.6% operating margin, a 1.13x book-to-bill in which all four areas grew orders double digits and Vacuum Technique rose 59%, yet Atlas discloses no consolidated backlog balance, so the MSEK 5,977 order-over-revenue gap cannot be converted into a dated 2027 revenue bridge. Rating Hold: at SEK 208.80 the A share trades near 38x trailing earnings against about 31.5x for Ingersoll Rand and 25.8x for Ebara, roughly 34% above the SEK 156 conservative value, so a margin-of-safety purchase only appears at SEK 117 to 124.
44/100
83Buffett
LVMH Moet Hennessy Louis Vuitton SE: Fashion & Leather Goods Supplies 71% of H1 2026 Recurring Operating Profit, and EUR 426.55 Sits 33% Above the EUR 320 Conservative Value
LVMH Moët Hennessy Louis Vuitton SE is the world's largest diversified luxury group, spanning more than 75 Maisons across five business groups, but its profit is far more concentrated than that list suggests: in H1 2026 Fashion & Leather Goods produced EUR 18.15bn of revenue, about 47% of the Group total, yet roughly 71% of its EUR 8.69bn of recurring operating profit. FY2025 revenue was EUR 80.8bn with EUR 17.76bn of recurring operating profit, but that profit has fallen about 22% from the 2023 peak; H1 2026 revenue of EUR 38.64bn slipped 3% as reported while rising 2% organically, and Fashion & Leather Goods returned to +1% organic growth in Q2 after roughly two years of contraction. Rating Hold: at EUR 426.55 the shares trade on about 19.4x trailing earnings against Hermès at 33.6x, inside the EUR 385-515 acceptable-hold band but still about 33% above the EUR 320 conservative value, so a margin-of-safety purchase only appears near EUR 240-255.
48/100
67Buffett
Compagnie Financière Richemont SA: Jewellery Earns EUR 5.04bn of Operating Profit While Watchmakers Earn EUR 107m, and CHF 183.65 Sits 18% Above the Conservative Value
Compagnie Financière Richemont SA is the Swiss hard-luxury group behind Cartier and Van Cleef & Arpels, where Jewellery Maisons supplied EUR 16.54bn of FY2026's EUR 22.42bn of sales and EUR 5.04bn of operating profit while Specialist Watchmakers earned only EUR 107m on EUR 3.15bn, leaving jewellery as effectively the source of all group economic profit. Q1 FY2027 sales rose 20% at constant currency with Jewellery up 24%, yet group gross margin has fallen from 68.7% in FY2023 to 64.4% in FY2026 and Jewellery's own margin from 34.9% to 30.5%, while Compagnie Financière Rupert controls 50.60% of the votes on 10.18% of the economic capital. Rating Hold: at CHF183.65 the shares trade on roughly 33x trailing and 26x forward earnings, inside the CHF166-224 acceptable-hold band but about 18% above the CHF156 conservative value, so a margin-of-safety purchase only appears near CHF117-125.
52/100
93Buffett
Hermès International SCA: A 41% Operating Margin Meets 6.1% Constant-Currency Growth, and EUR 1,475 Sits 18-31% Above the Conservative Value
Hermès International SCA is a family-controlled French luxury house that makes much of its output in its own workshops and sells it through an exclusive network of 294 stores in 45 countries, with more than 92% of revenue running through directly operated retail and Leather Goods & Saddlery alone supplying 46.1% of H1 2026 revenue. FY2025 revenue of EUR 16.002bn carried a 41.0% recurring operating margin, and restated net cash reached EUR 12.926bn by June 2026, but growth has normalised: H1 2026 rose 6.1% at constant exchange rates and only 1.6% as reported after a EUR 361m currency drag, with Asia-Pacific excluding Japan up just 2.4%. Rating Hold: at EUR 1,475 the shares trade on 34.2x FY2025 EPS of EUR 43.15, inside the EUR 1,280-1,720 acceptable-hold band but 18-31% above the EUR 1,130-1,250 conservative value, so a margin-of-safety purchase only appears near EUR 900-1,000.
42/100
85Buffett
Inditex: A Productivity Compounder Meets Its Valuation Test
Inditex is the Zara-centred global fashion retailer that runs design, sourcing, stores and online inventory as a single operating system, and FY2025 sales were €39.864bn. Growth now comes from productivity rather than store count: the estate shrank to 5,460 stores from 5,563 a year earlier, yet sales still rose 3.2% as reported and 7.0% in constant currencies, EBIT margin reached 20.1%, and the group closed the year with €10.958bn of net financial cash and a 40% ROCE. Rating Hold: at €57.56 the shares trade near 28.5 times trailing earnings on a 2.6% FY2025 free-cash-flow yield against a Spanish 10-year yield around 3.8%, sitting inside the €52 to €58 base intrinsic range but above the €44 to €48 conservative case, so the ideal buy range is €35 to €38.
43/100
43Buffett
Weir PLC: 82% Aftermarket Revenue Meets 2.2x Leverage and a 15.2% ROCE, and £27.24 Already Prices the H2 Recovery
Weir PLC is a mining-focused engineering group whose Warman pumps, Cavex cyclones and ESCO ground-engaging tools earn most of their money from replacing worn components rather than from selling new machines, with aftermarket at 82.5% of H1 2026 revenue. First-half orders rose 8% at constant currency to £1.426bn and book-to-bill reached 1.12x, yet adjusted operating margin fell 100bp to 18.8%, ROCE fell 250bp to 15.2% and net debt/EBITDA climbed from 0.7x at end-2024 to 2.2x after the £624m Micromine purchase and three smaller deals. Rating Hold: at £27.24 the shares sit on about 20.6x FY2026 consensus adjusted EPS of £1.324 and inside the £26–£34 acceptable-hold band, but they offer no margin of safety against the £23–£25 conservative value, so a new purchase only becomes compelling around £18.50–£20.00.
27/100
J Sainsbury plc: The Value of the Post-Argos Food Retailer
J Sainsbury is the UK's number-two grocer, and the agreed sale of Argos to Swift Partners leaves a food retailer with Nectar loyalty and Nectar360 retail-media economics attached. The simplification removes £4.125bn of FY2025/26 Argos sales that carried only £9m of underlying operating profit, while the retained business earned £1.025bn of Retail underlying operating profit on £33.551bn of Retail sales, a 3.06% margin at which 10 basis points are worth roughly £33.6m. Rating Hold: grocery spend share reached 15.2% with food volume share at a ten-year high and Retail free cash flow was £574m, but at £3.415 the shares sit only about 9% below the £3.72 base intrinsic value and above the roughly £3.01 conservative case, so the ideal buy range is £2.30-£2.40.
41/100
HOCHTIEF: Data Centers Are 21% of Backlog and 32% of FY2025 Orders, and EUR 426 Prices the Boom Against a EUR 358 Base SOTP
HOCHTIEF is an Essen-based infrastructure group whose US construction manager Turner supplies most of the earnings, alongside CIMIC's Australian contracting and Thiess mining services, European civil engineering, and equity-accounted stakes of 38.2% in FlatironDragados and 20% in Abertis. FY2025 sales rose 14.8% to EUR 38.24bn and operational net profit 26.3% to EUR 789m, while EUR 16.8bn of data-center orders were 32% of group intake and left data centers at 21% of the EUR 72.5bn year-end backlog; the first half of 2026 then lifted backlog to EUR 84.8bn and 2026 operational-net-profit guidance to EUR 1.025bn to EUR 1.100bn. Rating Watch: at EUR 426 the shares are roughly 31 times midpoint 2026 guidance and 19% above the EUR 358 base sum-of-the-parts, with the conservative case only EUR 238 and an ideal buy range of EUR 180–190.
48/100
SoFi Technologies: 2.48 Times Tangible Book Prices a 20% Sustainable ROTCE Against the 9% Its Own 2026 Guidance Implies, and the Personal-Loan Book Has Never Met a Recession
SoFi Technologies is a U.S. digital bank that funds lending with deposits, distributes loans capital-light through its Loan Platform Business, and sells banking infrastructure through Galileo and Technisys. Q2 2026 set records, with adjusted net revenue of $1.206bn, 15.8 million members up 35% and $45.5bn of deposits, yet net interest income of $788.2m still outweighed fee-based revenue of $472.3m, so bank economics remain decisive. At $18.22 the shares trade at 2.48 times tangible book, which under a Gordon framework implies roughly a 20% sustainable return on tangible equity against the 9% adjusted ROTE embedded in 2026 guidance. Rating Hold: fee growth and cheap deposits are real, but the price already pays for returns to double while the personal-loan book has never been tested by a U.S. recession.
36/100
Associated British Foods plc: Primark, FoodCo and the Value of the Split
Associated British Foods is a family-controlled consumer group pairing Primark value-fashion retail with grocery, sugar, agriculture and ingredients, and Primark produced £1.126bn, or 64.9%, of the £1.734bn FY2025 group adjusted operating profit. The April 2026 decision to demerge Primark from FoodCo converts the conglomerate discount into an execution question, but the FY2026 downgrade cycle runs wider than the July Sugar warning: continental European like-for-like sales were down 3.6% in Q3, Primark’s margin guide has slipped from an underlying FY2025 level of roughly 12% to about 10%, and Sugar has moved from an expected small profit to a £25m-£60m loss. Rating Hold: at £20.72 the shares sit inside the £20.40-27.60 acceptable-hold band but above the roughly £18 conservative SOTP value, so margin-of-safety sufficiency is none and the ideal buy range is £13.50-14.40.
36/100
Eni: One-Third of Pro Forma EBIT Now Sits Outside the Consolidated Perimeter, and EUR 23 Already Pays for Both the Satellite Rerating and USD 104 Brent
Eni is Italy's state-influenced integrated energy major, running exploration-led upstream growth alongside gas and LNG trading, refining and chemicals, and the partly sold transition businesses Enilive and Plenitude. Its distinguishing feature is the satellite model: in H1 2026, EUR 2.977bn of EUR 8.911bn pro forma adjusted EBIT, or 33%, came from JVs and associates outside the consolidated perimeter, while Q2 adjusted net profit doubling to EUR 2.333bn rested on Brent at USD 104.52/bbl against a USD 70 through-cycle deck. A through-cycle sum-of-the-parts gives about EUR 24.9 per share against the EUR 23.075 close, with a conservative case near EUR 19.1. Rating Hold: a strong operator at a fair-to-full cyclical price, worth owning for the distribution but offering a new buyer no margin of safety.
44/100
HENSOLDT AG: Can the Order Flood Pass Through the Narrow Gate of Capacity, Margin and Cash?
HENSOLDT is a German pure-play defence sensor company that embeds radar, electronic warfare and optronics into fighter jets, warships and armoured platforms, and it earns its living from the rising electronic content of each weapon system. First-half 2026 order intake doubled and the order backlog reached a record 10.356 billion EUR, yet the first-half adjusted EBITDA margin was only 11.8%, and full-year guidance requires 23.5% to 24.4% in the second half, higher than any second half of the past four years. Rating Hold: the structural growth on the order side is real, but at 79.70 EUR the share price already sits almost exactly on the base-case valuation, leaving no margin of safety.