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Independent equity research
Every company we cover, and where we stand on it
Independent, standardised equity research on 206 companies — each with a rating, a 12-month fair value derived from the business rather than from the share price, and a falsifiable thesis. Ratings are set independently of the market and of any relationship with the company. Pick a name to see the summary; the full model sits behind the subscription.
Companies covered
206
Buy
54
Hold
89
Sell
63
Rated Buy (54)
Trading below our estimate of what the business is worth.
TEP
Teleperformance
Fair value
€136.33
To fair value
+91%
Rated 2026-09-13
DECK
Deckers Outdoor
Fair value
$130.00
To fair value
+65%
Rated 2026-07-25
MBG
Mercedes-Benz Group AG
Fair value
€67.73
To fair value
+64%
Rated 2026-09-03
INTU
Intuit
Fair value
$445.00
To fair value
+61%
Rated 2026-08-27
BMW
Bayerische Motoren Werke AG
Fair value
€86.00
To fair value
+52%
Rated 2026-09-03
EFX
Equifax Inc.
Fair value
$215.00
To fair value
+44%
Rated 2026-07-24
EXPE
Expedia Group
Fair value
$375.00
To fair value
+43%
Rated 2026-08-13
SAN.PA
Sanofi S.A.
Fair value
€103.00
To fair value
+43%
Rated 2026-09-02
DBK
Deutsche Bank AG
Fair value
€44.00
To fair value
+42%
Rated 2026-09-03
IAG
International Consolidated Airlines Group, S.A.
Fair value
€7.09
To fair value
+42%
Rated 2026-09-19
TRIP
Tripadvisor
Fair value
$11.83
To fair value
+39%
Rated 2026-09-05
BNP
BNP Paribas SA
Fair value
€134.00
To fair value
+36%
Rated 2026-08-22
VOW3
Volkswagen AG (preference)
Fair value
€95.40
To fair value
+35%
Rated 2026-09-03
7203
Toyota Motor Corporation
Fair value
3,950.00
To fair value
+33%
Rated 2026-08-16
GRF
Grifols, S.A.
Fair value
€12.50
To fair value
+33%
Rated 2026-09-14
TEF
Telefónica, S.A.
Fair value
€4.45
To fair value
+32%
Rated 2026-09-15
COL
Inmobiliaria Colonial SOCIMI, S.A.
Fair value
€6.57
To fair value
+31%
Rated 2026-09-14
EL.PA
EssilorLuxottica
Fair value
€189.10
To fair value
+31%
Rated 2026-09-02
CIE
CIE Automotive, S.A.
Fair value
€32.93
To fair value
+30%
Rated 2026-09-20
035420
Naver Corp
Fair value
₩251,000
To fair value
+29%
Rated 2026-09-05
LMT
Lockheed Martin
Fair value
$675.00
To fair value
+29%
Rated 2026-08-14
RHM
Rheinmetall
Fair value
€1,270.00
To fair value
+28%
Rated 2026-09-03
RY4C
Ryanair Holdings
Fair value
€29.00
To fair value
+28%
Rated 2026-07-23
601398
Industrial and Commercial Bank of China
Fair value
¥10.30
To fair value
+27%
Rated 2026-08-31
BX
Blackstone
Fair value
$148.00
To fair value
+26%
Rated 2026-07-25
600519
Kweichow Moutai
Fair value
¥1,560.00
To fair value
+26%
Rated 2026-08-22
601939
China Construction Bank
Fair value
¥13.80
To fair value
+26%
Rated 2026-09-01
SGO
Compagnie de Saint-Gobain S.A.
Fair value
€87.56
To fair value
+25%
Rated 2026-09-03
BKT
Bankinter, S.A.
Fair value
€20.41
To fair value
+24%
Rated 2026-09-19
SCYR
Sacyr, S.A.
Fair value
€4.97
To fair value
+23%
Rated 2026-09-20
DG
VINCI SA
Fair value
€136.00
To fair value
+23%
Rated 2026-09-03
PRX
Prosus N.V.
Fair value
€43.60
To fair value
+23%
Rated 2026-09-02
SMCI
Super Micro Computer
Fair value
$51.00
To fair value
+23%
Rated 2026-08-14
AXP
American Express
Fair value
$375.00
To fair value
+23%
Rated 2026-07-24
MC
LVMH
Fair value
€487.00
To fair value
+23%
Rated 2026-08-23
005930
Samsung Electronics Co., Ltd.
Fair value
₩350,000
To fair value
+23%
Rated 2026-08-21
LRN
Stride
Fair value
$98.00
To fair value
+22%
Rated 2026-08-12
FDR
Fluidra, S.A.
Fair value
€21.59
To fair value
+22%
Rated 2026-09-20
BLK
BlackRock
Fair value
$1,300.00
To fair value
+21%
Rated 2026-07-20
MSCI
MSCI Inc.
Fair value
$670.00
To fair value
+20%
Rated 2026-07-24
MRL
Merlin Properties SOCIMI, S.A.
Fair value
€14.60
To fair value
+20%
Rated 2026-09-14
BN
Danone S.A.
Fair value
€72.23
To fair value
+20%
Rated 2026-09-03
SAP
SAP SE
Fair value
€220.00
To fair value
+19%
Rated 2026-08-23
601288
Agricultural Bank of China
Fair value
¥8.20
To fair value
+19%
Rated 2026-09-01
DTE.DE
Deutsche Telekom AG
Fair value
€31.00
To fair value
+15%
Rated 2026-09-05
BAS
BASF SE
Fair value
€60.00
To fair value
+15%
Rated 2026-09-03
SIE
Siemens AG
Fair value
€313.00
To fair value
+14%
Rated 2026-08-23
NESN
Nestlé
Fair value
CHF 88.00
To fair value
+13%
Rated 2026-08-21
VID
Vidrala
Fair value
€100.00
To fair value
+13%
Rated 2026-08-21
NVR
NVR, Inc.
Fair value
$7,000.00
To fair value
+12%
Rated 2026-07-25
AXA
AXA S.A.
Fair value
€49.00
To fair value
+11%
Rated 2026-09-02
C
Citigroup
Fair value
$145.00
To fair value
+10%
Rated 2026-07-20
LOG
Logista Integral
Fair value
€38.90
To fair value
+9%
Rated 2026-09-05
REP
Repsol S.A.
Fair value
€32.00
To fair value
+1%
Rated 2026-09-01
Rated Hold (89)
Fairly priced on our numbers — the thesis is intact, the price is not compelling.
BKNG
Booking Holdings
Fair value
$225.00
To fair value
+43%
Rated 2026-08-12
FLUT
Flutter Entertainment
Fair value
$106.11
To fair value
+30%
Rated 2026-09-05
GSY
goeasy
Fair value
C$51.99
To fair value
+21%
Rated 2026-09-05
EFN
Element Fleet Management
Fair value
C$27.54
To fair value
+16%
Rated 2026-09-05
MEL
Melia Hotels International, S.A.
Fair value
€11.32
To fair value
+16%
Rated 2026-09-14
ACS
ACS, Actividades de Construcción y Servicios, S.A.
Fair value
€107.00
To fair value
+15%
Rated 2026-09-15
ARGX
argenx SE
Fair value
€962.89
To fair value
+15%
Rated 2026-09-03
CIRSA
Cirsa Enterprises, S.A.
Fair value
€21.29
To fair value
+13%
Rated 2026-09-20
APP
AppLovin
Fair value
$350.00
To fair value
+12%
Rated 2026-08-07
601988
Bank of China
Fair value
¥7.40
To fair value
+12%
Rated 2026-09-01
ANF
Abercrombie & Fitch
Fair value
$150.00
To fair value
+12%
Rated 2026-08-27
DAL
Delta Air Lines
Fair value
$92.00
To fair value
+11%
Rated 2026-07-10
BUD
Anheuser-Busch InBev SA/NV
Fair value
$86.00
To fair value
+11%
Rated 2026-09-01
DIS
Walt Disney
Fair value
$117.00
To fair value
+11%
Rated 2026-08-14
NOC
Northrop Grumman
Fair value
$560.00
To fair value
+10%
Rated 2026-07-26
601857
PetroChina
Fair value
¥12.00
To fair value
+10%
Rated 2026-09-01
NVDA
NVIDIA
Fair value
$245.00
To fair value
+9%
Rated 2026-08-30
AIR
Airbus SE
Fair value
€212.00
To fair value
+9%
Rated 2026-08-27
ALV
Allianz SE
Fair value
€455.00
To fair value
+9%
Rated 2026-08-22
URI
United Rentals
Fair value
$1,100.00
To fair value
+8%
Rated 2026-07-24
ING
ING Groep N.V.
Fair value
€33.86
To fair value
+7%
Rated 2026-09-02
ASML
ASML Holding
Fair value
$1,850.00
To fair value
+7%
Rated 2026-07-20
BAC
Bank of America
Fair value
$60.00
To fair value
+7%
Rated 2026-07-20
UCG
UniCredit S.p.A.
Fair value
€88.00
To fair value
+7%
Rated 2026-08-22
CEG
Constellation Energy
Fair value
$280.00
To fair value
+7%
Rated 2026-08-22
ENEL
Enel S.p.A.
Fair value
€9.40
To fair value
+7%
Rated 2026-09-02
NFLX
Netflix
Fair value
$76.00
To fair value
+6%
Rated 2026-07-19
MS
Morgan Stanley
Fair value
$208.00
To fair value
+6%
Rated 2026-07-26
CRM
Salesforce
Fair value
$252.00
To fair value
+6%
Rated 2026-09-04
BBIO
BridgeBio Pharma
Fair value
$70.00
To fair value
+6%
Rated 2026-09-03
MCD
McDonald's
Fair value
$248.00
To fair value
+5%
Rated 2026-08-14
VRT
Vertiv Holdings
Fair value
$254.00
To fair value
+4%
Rated 2026-08-05
OXY
Occidental Petroleum
Fair value
$60.00
To fair value
+3%
Rated 2026-08-15
MAD
Mader Group
Fair value
A$6.65
To fair value
+3%
Rated 2026-08-26
AMS
Amadeus IT Group, S.A.
Fair value
€55.44
To fair value
+3%
Rated 2026-09-19
NTGY
Naturgy Energy Group, S.A.
Fair value
€30.09
To fair value
+2%
Rated 2026-09-19
NDA
Nordea Bank Abp
Fair value
€18.09
To fair value
+2%
Rated 2026-09-03
FCC
Fomento de Construcciones y Contratas, S.A.
Fair value
€10.74
To fair value
+2%
Rated 2026-09-14
UNI
Unicaja Banco, S.A.
Fair value
€3.61
To fair value
+1%
Rated 2026-09-19
IDR
Indra Sistemas, S.A.
Fair value
€61.42
To fair value
+1%
Rated 2026-09-19
GOOGL
Alphabet
Fair value
$345.00
To fair value
+1%
Rated 2026-07-25
VST
Vistra
Fair value
$139.00
To fair value
+1%
Rated 2026-08-15
MUV2
Muenchener Rueckversicherungs-Gesellschaft AG
Fair value
€514.00
To fair value
0%
Rated 2026-09-03
ANE
Corporación Acciona Energías Renovables, S.A.
Fair value
€21.80
To fair value
0%
Rated 2026-09-14
MAP
MAPFRE, S.A.
Fair value
€4.32
To fair value
0%
Rated 2026-09-19
CAF
Construcciones y Auxiliar de Ferrocarriles, S.A.
Fair value
€76.08
To fair value
−1%
Rated 2026-09-14
BAYN
Bayer AG
Fair value
€48.83
To fair value
−1%
Rated 2026-09-03
PUIG
Puig Brands
Fair value
€17.52
To fair value
−1%
Rated 2026-09-14
ENI
Eni S.p.A.
Fair value
€23.89
To fair value
−2%
Rated 2026-09-03
CABK
CaixaBank, S.A.
Fair value
€12.59
To fair value
−2%
Rated 2026-09-20
JPM
JPMorgan Chase
Fair value
$330.00
To fair value
−3%
Rated 2026-07-14
MAR
Marriott International
Fair value
$342.00
To fair value
−3%
Rated 2026-08-14
CLNX
Cellnex Telecom, S.A.
Fair value
€23.60
To fair value
−3%
Rated 2026-09-15
IBE
Iberdrola, S.A.
Fair value
€19.64
To fair value
−3%
Rated 2026-09-05
TDW
Tidewater
Fair value
$84.00
To fair value
−3%
Rated 2026-08-12
COST
Costco Wholesale
Fair value
$864.00
To fair value
−4%
Rated 2026-08-14
FIVE
Five Below
Fair value
$214.00
To fair value
−4%
Rated 2026-09-04
ENG
Enagas, S.A.
Fair value
€15.86
To fair value
−5%
Rated 2026-09-14
JNJ
Johnson & Johnson
Fair value
$258.00
To fair value
−5%
Rated 2026-07-24
FII
Foxconn Industrial Internet
Fair value
¥58.00
To fair value
−5%
Rated 2026-08-27
TTD
The Trade Desk
Fair value
$12.00
To fair value
−5%
Rated 2026-08-10
OR
L'Oréal
Fair value
€365.00
To fair value
−5%
Rated 2026-08-23
SU
Schneider Electric SE
Fair value
€274.00
To fair value
−5%
Rated 2026-08-26
INSW
International Seaways, Inc.
Fair value
$99.00
To fair value
−6%
Rated 2026-08-15
DB1
Deutsche Boerse AG
Fair value
€266.00
To fair value
−6%
Rated 2026-09-03
BA
BAE Systems
Fair value
1,870 p
To fair value
−6%
Rated 2026-08-21
RED
Redeia Corporación, S.A.
Fair value
€14.16
To fair value
−6%
Rated 2026-09-14
SAB
Banco de Sabadell, S.A.
Fair value
€3.44
To fair value
−7%
Rated 2026-09-15
SAF
Safran S.A.
Fair value
€310.00
To fair value
−7%
Rated 2026-08-27
DGE
Diageo
Fair value
1,515 p
To fair value
−8%
Rated 2026-09-05
ISP
Intesa Sanpaolo S.p.A.
Fair value
€6.20
To fair value
−8%
Rated 2026-09-02
TTE
TotalEnergies SE
Fair value
€74.50
To fair value
−8%
Rated 2026-08-26
ACX
Acerinox, S.A.
Fair value
€15.90
To fair value
−8%
Rated 2026-09-20
ANA
ACCIONA, S.A.
Fair value
€191.00
To fair value
−9%
Rated 2026-09-15
ROVI
Laboratorios Farmacéuticos Rovi, S.A.
Fair value
€53.96
To fair value
−9%
Rated 2026-09-20
AI
Air Liquide
Fair value
€152.00
To fair value
−10%
Rated 2026-09-02
000660
SK hynix Inc.
Fair value
₩1,670,000
To fair value
−10%
Rated 2026-08-21
DIA
Distribuidora Internacional de Alimentacion, S.A.
Fair value
€40.00
To fair value
−10%
Rated 2026-09-14
BBVA
Banco Bilbao Vizcaya Argentaria, S.A.
Fair value
€22.00
To fair value
−12%
Rated 2026-08-22
SAN
Banco Santander
Fair value
€11.00
To fair value
−12%
Rated 2026-07-23
LLY
Eli Lilly
Fair value
$1,035.00
To fair value
−13%
Rated 2026-08-05
V
Visa
Fair value
$320.00
To fair value
−13%
Rated 2026-08-14
DHL
DHL Group
Fair value
€49.00
To fair value
−13%
Rated 2026-09-03
TSM
TSMC (ADR)
Fair value
$390.00
To fair value
−14%
Rated 2026-08-02
9984
SoftBank Group Corp.
Fair value
5,290.00
To fair value
−17%
Rated 2026-08-25
QCOM
Qualcomm
Fair value
$160.00
To fair value
−18%
Rated 2026-09-05
ACN
Accenture
Fair value
$140.00
To fair value
−21%
Rated 2026-07-31
SPOT
Spotify Technology
Fair value
$400.00
To fair value
−22%
Rated 2026-08-12
LITE
Lumentum
Fair value
$725.00
To fair value
−22%
Rated 2026-08-12
Rated Sell (63)
Trading above our estimate of intrinsic value.
GD
General Dynamics
Fair value
$345.00
To fair value
+3%
Rated 2026-08-19
RTX
RTX Corp
Fair value
$178.00
To fair value
−6%
Rated 2026-08-14
AMZN
Amazon
Fair value
$230.00
To fair value
−8%
Rated 2026-08-02
EXPN
Experian
Fair value
2,430 p
To fair value
−8%
Rated 2026-08-21
ABNB
Airbnb
Fair value
$139.00
To fair value
−8%
Rated 2026-08-13
KO
Coca-Cola
Fair value
$76.50
To fair value
−13%
Rated 2026-09-05
GS
Goldman Sachs
Fair value
$800.00
To fair value
−13%
Rated 2026-07-14
XOM
Exxon Mobil Corporation
Fair value
$140.00
To fair value
−14%
Rated 2026-08-22
RL
Ralph Lauren
Fair value
$300.00
To fair value
−15%
Rated 2026-08-14
RMS
Hermès
Fair value
€1,150.00
To fair value
−15%
Rated 2026-08-13
CELH
Celsius Holdings
Fair value
$24.00
To fair value
−16%
Rated 2026-08-13
HD
Home Depot
Fair value
$245.00
To fair value
−16%
Rated 2026-08-19
IFX
Infineon Technologies AG
Fair value
€47.00
To fair value
−16%
Rated 2026-09-03
8306
Mitsubishi UFJ Financial Group, Inc.
Fair value
2,975.00
To fair value
−17%
Rated 2026-08-22
SPGI
S&P Global
Fair value
$335.00
To fair value
−17%
Rated 2026-08-02
GALD
Galderma Group
Fair value
CHF 134.00
To fair value
−17%
Rated 2026-09-05
SDZ
Sandoz Group
Fair value
CHF 58.00
To fair value
−18%
Rated 2026-09-04
FICO
Fair Isaac
Fair value
$700.00
To fair value
−18%
Rated 2026-08-13
AENA
Aena S.M.E., S.A.
Fair value
€21.00
To fair value
−19%
Rated 2026-09-15
6857
Advantest Corporation
Fair value
26,500.00
To fair value
−20%
Rated 2026-08-27
AVGO
Broadcom
Fair value
$280.00
To fair value
−20%
Rated 2026-09-04
LRCX
Lam Research Corporation
Fair value
$242.00
To fair value
−21%
Rated 2026-08-15
FER
Ferrovial N.V.
Fair value
€38.10
To fair value
−21%
Rated 2026-09-15
ELE
Endesa, S.A.
Fair value
€33.00
To fair value
−22%
Rated 2026-09-15
CMG
Chipotle Mexican Grill
Fair value
$25.00
To fair value
−22%
Rated 2026-08-13
WMT
Walmart
Fair value
$84.00
To fair value
−22%
Rated 2026-08-20
MNST
Monster Beverage
Fair value
$33.00
To fair value
−23%
Rated 2026-08-13
ABBN
ABB Ltd
Fair value
CHF 62.00
To fair value
−23%
Rated 2026-07-20
MSFT
Microsoft
Fair value
$380.00
To fair value
−24%
Rated 2026-08-09
CSCO
Cisco Systems, Inc.
Fair value
$81.00
To fair value
−24%
Rated 2026-08-15
IBKR
Interactive Brokers
Fair value
$68.00
To fair value
−24%
Rated 2026-08-02
AAPL
Apple
Fair value
$250.00
To fair value
−26%
Rated 2026-08-05
ITX
Industria de Diseño Textil, S.A. (Inditex)
Fair value
€38.30
To fair value
−28%
Rated 2026-09-14
HIMS
Hims & Hers Health
Fair value
$21.00
To fair value
−28%
Rated 2026-08-11
SOL
SOL SpA
Fair value
€39.64
To fair value
−28%
Rated 2026-09-13
FN
Fabrinet
Fair value
$285.00
To fair value
−28%
Rated 2026-08-18
USAR
USA Rare Earth
Fair value
$11.00
To fair value
−28%
Rated 2026-08-11
RACE
Ferrari N.V.
Fair value
€247.00
To fair value
−32%
Rated 2026-09-03
TSLA
Tesla, Inc.
Fair value
$255.00
To fair value
−33%
Rated 2026-07-24
CDNS
Cadence Design Systems
Fair value
$217.00
To fair value
−33%
Rated 2026-08-14
NOKIA
Nokia Oyj
Fair value
€6.10
To fair value
−33%
Rated 2026-08-04
PLTR
Palantir
Fair value
$127.00
To fair value
−34%
Rated 2026-08-11
MU
Micron Technology
Fair value
$700.00
To fair value
−35%
Rated 2026-08-09
300308
Zhongji Innolight
Fair value
¥580.00
To fair value
−35%
Rated 2026-08-30
MGNI
Magnite, Inc.
Fair value
$15.00
To fair value
−38%
Rated 2026-08-21
ANET
Arista Networks
Fair value
$125.00
To fair value
−39%
Rated 2026-08-14
IONQ
IonQ
Fair value
$27.00
To fair value
−40%
Rated 2026-08-11
AVAV
AeroVironment
Fair value
$94.00
To fair value
−41%
Rated 2026-09-14
MTS
ArcelorMittal S.A.
Fair value
€36.34
To fair value
−41%
Rated 2026-09-19
EL
Estée Lauder
Fair value
$55.00
To fair value
−42%
Rated 2026-09-03
AMD
Advanced Micro Devices
Fair value
$343.00
To fair value
−45%
Rated 2026-08-09
ORCL
Oracle
Fair value
$75.00
To fair value
−46%
Rated 2026-09-14
NBIS
Nebius Group
Fair value
$130.00
To fair value
−47%
Rated 2026-08-13
CRDO
Credo Technology
Fair value
$97.00
To fair value
−51%
Rated 2026-09-04
ARM
Arm Holdings
Fair value
$140.00
To fair value
−54%
Rated 2026-08-02
MRVL
Marvell Technology
Fair value
$118.00
To fair value
−54%
Rated 2026-08-31
SNDK
SanDisk
Fair value
$770.00
To fair value
−56%
Rated 2026-08-11
ASTS
AST SpaceMobile
Fair value
$24.00
To fair value
−61%
Rated 2026-09-05
META
Meta Platforms
Fair value
$285.00
To fair value
−63%
Rated 2026-08-10
SPCX
SpaceX (Space Exploration)
Fair value
$50.00
To fair value
−66%
Rated 2026-08-09
CIEN
Ciena
Fair value
$120.96
To fair value
−66%
Rated 2026-09-13
INTC
Intel Corporation
Fair value
$42.00
To fair value
−67%
Rated 2026-08-10
688256
Cambricon Technologies
Fair value
¥330.00
To fair value
−70%
Rated 2026-08-16
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