Insights
Commentary on the companies we cover and what to watch next. Each piece is short, sourced from our published notes, company filings and earnings calls, and changes no rating or fair value.
Latest insights
The Fed holds with two votes for a hike, and Microsoft and Alphabet double their capex
On October 28 the Fed held at 3.75% to 4.00% with two votes to raise, and Microsoft and Alphabet reported quarters in which capital spending roughly doubled. What the primary documents say.
Anthropic’s S-1: what the filing says, and what it leaves blank
A reading of Anthropic’s October 26 S-1: the audited and interim numbers, the share structure and the risks, and the items still blank before there is a price range.
Donaldson (DCI): what a HOLD at the base case means
Donaldson trades within 1.4% of our $88.79 base case. Why that is a HOLD, what the price implies about cash flow, and which FY2027 guidance numbers decide it.
Earnings watch: what we are looking for next
What the next reports and announcements will tell us about CHH, GABC and MZTI, and which line in our valuation each one touches.
When the DCF and the peers disagree
Two of our notes show a large gap between the DCF and the closest peer, in opposite directions. Why we report the gap instead of averaging it away.
How we value a bank: GABC on tangible equity
Why free cash flow does not work for a bank, and how an excess-return model on tangible equity gives GABC a HOLD.
Reading returns after an acquisition: MZTI
How the Bachan’s acquisition changes reported return on invested capital, and what the price implies about future returns.
Shareholder returns against free cash flow
Total shareholder yield, payout against free cash flow and dividend cover for CHH, GABC and MZTI, side by side.
Insights are commentary drawn from our published notes and the filings behind them. They are not research notes, do not change any rating, and are not personalized investment advice. Not marketed or offered to residents of India. See the research disclaimer.
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