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Couche-Tard sits inside the top tenth of the TGI watchlist on the primary rank and higher still on dividend growth, with a payout ratio near ten percent. It arrived there in the same three months it agreed to acquire Poland's Żabka Group for approximately US$8.6 billion, the largest acquisition in its history, funded entirely with debt, and the first network it has promised not to absorb.Read more

Business Overview Key Metrics Total: -1.5/17 +2 ✅✅ Projected Operating Margin: 90% +0 ⚠️ Projected 5-Year Revenue CAGR: 4.5% +0 ⚠️ Last 5-Year ROIC: 7.65% +1 ✅ Estimated Cost of Capital: 6.86% (lower than ROIC) -1 ❌ Last 5-Year Shares Outstanding CAGR: +14.77% -2 ❌❌ Projected 5-Year EPS CAGR: -0.61% +0 ⚠️ Projected 5-Year Dividend CAGR: +5.00% +0.5 ✅ Moody's Debt Rating: Baa3 -2 ❌❌ Morningstar Moat: None +0 ⚠️ Morningstar Uncertainty: Medium Business Valuation Before presenting you the final valuation I will show you my assumptions, as well as the historical data and framework its based on. Revenue Growth Below is the last ~8-10 years of revenue growth for VICI.Read more

Meta’s core apps keep throwing off huge cash, and the story says new AI tools are making its ads more useful for businesses—while WhatsApp and Threads open fresh ways to grow beyond the old Facebook model. It also flags a big bet on smart glasses and heavy spending that could pay off, but could just as easily drag on results if adoption takes longer than expected.Read more

Alibaba is often treated as just a Chinese online shopping company, but it also has a cloud business, AI products, a big fintech stake, and a web of tech investments that may not be fully reflected in how the market sees it. If its cloud and AI efforts start paying off and views on China soften, the business could be re-rated as a broader tech ecosystem rather than pure e-commerce.Read more

ResMed (ASX: RMD) – 12-Month Investment Thesis (August 2026) Rating: BUY (close to Strong Buy if shares remain around current levels) 12-month Target Price: A$38–41 Estimated Upside: ~20–30% (depending on current share price) Confidence: High Investment Summary ResMed is one of the highest-quality healthcare companies listed on the ASX. Despite investor concerns around obesity drugs (GLP-1 medications such as Zepbound and Wegovy), the company’s operating performance has remained exceptionally strong.Read more

Eli Lilly’s weight-loss and diabetes drugs are already driving unusually fast growth, but the bigger twist is a next‑generation treatment still in late-stage testing that could expand the company’s reach if results hold up. The upside comes with real pressure from price cuts, tougher reimbursement rules, and the risk that future trial readouts disappoint.Read more

Microsoft is pouring huge amounts into new data centers, and the market is treating it like a reckless gamble—but the business still throws off enormous cash and demand for its cloud services appears to be outrunning supply. The bigger question is whether regulators or a sudden cooling in AI demand could break the momentum before investors get a truly comfortable entry price.Read more

Microsoft keeps leaning harder into cloud software while stepping back from its lower-profit lines, and that mix shift could keep the business getting more efficient over time. The catch is that cloud pricing pressure and uncertainty about how AI changes Office could slow that progress—making today’s pricing a closer call than it first appears.Read more

(This story appeared on my substack page around a week ago - https://piproberts25.substack.com/p/aristocrat-leisure-the-hidden-moat?r=6kjdcg ) Aristocrat Leisure (ASX) is a high-quality, cash-generative business with a durable competitive moat and attractive long-term growth prospects. Once known primarily as a poker machine manufacturer, the company has steadily transformed itself into a global gaming technology business with operations spanning land-based gaming, social casino games, online gaming and iGaming platforms.Read more