The market has marked down a franchise for a threat it cannot yet feel, and at 37 times forward earnings Howmet is worth owning — not for a re-rating to $328, but because the business is compounding faster than the multiple needs to expand.
Read Article ›The earnings that justify the multiple are largely ordered rather than hoped for, lithography intensity in memory is rising in a way that shows up in revenue per tool rather than only in management's framing, and the next disclosure that matters is more likely to lift 2028 est...
Read Article ›The market is pricing Skyward Specialty as though the soft market will eventually find it. The division table says it looked, and moved. At under 10x FY27 operating earnings that is a mispriced security, with the harvest quarters as the honest place it could go wrong.
Read Article ›The market is not underpricing Enterprise Products Partners so much as pricing it correctly as a spread product and then marking it against a Treasury curve that has moved violently.
Read Article ›The argument of this piece is that the market has priced the inventory risk and under-priced the reason the inventory exists.
Read Article ›The market spent July repricing Taiwan Semiconductor's capital intensity and has not finished re-rating the returns that capital generates.
Read Article ›A bank that spent seven years unable to grow has spent fifteen months deploying a balance sheet into markets financing, commercial relationships, and an investment bank taking measurable share, paid for it with a ratio rather than with dollars, and is now at the point where th...
Read Article ›At $51.58 the market is paying roughly 22x forward adjusted EBITDA for a concept growing revenue at twice Chipotle's rate, with net cash equal to 7% of its market value and a unit base on track to double by 2032.
Read Article ›At 10.7x forward Adjusted EBITDA, FTAI Aviation is mispriced to the upside — not because consensus will be met, because it won't, but because the franchise implied by today's price is materially worse than the one the second-quarter segment disclosures describe.
Read Article ›The most underappreciated line in the second-quarter filing is the net interest margin table where average interest-earning assets grew 37% to $228.6 billion.
Read Article ›Strip the war out and what remains is the question that decides the stock.
Read Article ›The market spent a week repricing Lam for a demand shock that the guide, the deferred revenue and the clean-room schedule all contradict, and fiscal 2027 earnings are close to banked at a level the last eight quarters suggest is a floor rather than a target.
Read Article ›At 16x guided 2026 adjusted operating profit and 34x the guided cash floor, with clean margin lower than a year ago and the 2027 step resting on suppliers, Embraer's equity is fully valued — a franchise worth owning at a price the market is no longer offering.
Read Article ›SharkNinja's operating problem this year was making enough product, and the market's residual habit of grouping it with builders and big-ticket retailers understates what the holiday quarter can deliver.
Read Article ›The unusual thing about IMAX today is that the bull case and the bear case are both right and they run on different clocks.
Read Article ›At 16 times forward earnings, this price embeds no margin expansion, no buyback, and a backlog that converts on the market's timetable rather than the contract's.
Read Article ›What kills single-asset biotechs is not usually the science; it is being forced to sell equity into bad news and AbCellera has removed that mechanism for the window in question.
Read Article ›Matador's reported earnings and its cash earnings have been separated by a contract with a termination date, and the market has been pricing the former.
Read Article ›The market is now valuing AppLovin below a diversified mega-cap advertising platform on forward earnings while it grows two to three times as fast, generates over 60% net margins, carries essentially no net debt, and retires stock.
Read Article ›At eleven times forward earnings against a mid-thirties return on equity and a client cohort deepening at 34% per relationship, the risk-reward is skewed to the upside, and the stock is worth owning even after the run.
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