PORTFOLIO CLIENTES

Name: Financial Insights Based on S&P Global Market Intelligence
Creator: Simply Wall St Pty Ltd
License: https://www.spglobal.com/content/dam/spglobal/corporate/en/documents/secure/MI-FastTrack-Terms-and-Conditions-July-2023.pdf

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Company	Price & Valuation	My FV & Narrative	Valuation	Growth	Analyst Target
PODD Insulet US$159.6134.5% undervalued intrinsic discount 12.1%7D -33.2%3M AN US$243.78author fair value 02 Junauthor updated this narrative Digital Diabetes Care Will Expand International Market Opportunities
KNR Kontrol Technologies CA$0.0651.3k% overvalued intrinsic discount 8.3%7D -13.3%3M CA$0.0048author fair value 19 Junauthor updated this narrative KNR (CA$0.07) is trading above our estimate of fair value (CA$0.00).
RMD ResMed US$196.9427.2% undervalued intrinsic discount 7.7%7D -18.0%3M AN US$270.6author fair value 05 Junauthor updated this narrative Analyst Commentary Highlights Margin Optimism as ResMed Faces Market Headwinds and Patent Challenge
DUOL Duolingo US$117.8612.3% overvalued intrinsic discount 7.2%7D 19.3%3M AN US$104.97author fair value 01 Mayauthor updated this narrative DUOL: User Growth Concerns Will Fade As Engagement Increases In Key Markets
SKWD Skyward Specialty Insurance Group US$46.7626.4% undervalued intrinsic discount 6.0%7D 3.0%3M AN US$63.5author fair value 06 Janauthor updated this narrative Digital Risks And Specialty Insurance Will Unlock Opportunities
CHEMM ChemoMetec DKK 383.6029.8% undervalued intrinsic discount 4.8%7D -4.5%3M DKK 546.25author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of DKK 546.25 based on 9.7% annual revenue growth forecasts.
FRO Frontline US$36.2712.1% undervalued intrinsic discount 4.6%7D 8.3%3M AN US$41.25author fair value 20 Marauthor updated this narrative FRO: Winter Tanker Market And VLCC Fleet Will Support Earnings Momentum
RTX RTX US$181.5615.7% undervalued intrinsic discount 4.2%7D -12.4%3M AN US$215.27author fair value 03 Junauthor updated this narrative RTX: Missile Demand And Renewed Investment List Inclusion Will Drive Near-Term Performance
MC LVMH Moët Hennessy - Louis Vuitton Société Européenne €492.301.0% undervalued intrinsic discount 3.6%7D -1.6%3M AN €497.47author fair value 01 Junauthor updated this narrative Rising Trade Barriers Will Erode Luxury Prospects
LMT Lockheed Martin US$530.1315.2% undervalued intrinsic discount 3.3%7D -18.4%3M AN US$625.16author fair value 08 Junauthor updated this narrative Analysts Raise Lockheed Martin Target Amid Strong Orders and Sector Challenges
BBY Best Buy US$75.123.6% overvalued intrinsic discount 3.2%7D 19.0%3M AN US$72.5author fair value 10 Mayauthor updated this narrative Retail Media Momentum And E-Commerce Expansion Will Shape Future Results
SYNSAM Synsam SEK 56.5028.5% undervalued intrinsic discount 2.9%7D -12.3%3M AN SEK 79author fair value 04 Junauthor updated this narrative Nordic Expansion And Digital Eye Care Will Achieve Milestones
BSX Boston Scientific US$48.9638.3% undervalued intrinsic discount 2.7%7D -29.7%3M AN US$79.4author fair value 01 Junauthor updated this narrative Future Growth Plans And Acquisitions Will Drive Broader Market Expansion
V Visa US$325.0518.5% undervalued intrinsic discount 2.4%7D 5.2%3M AN US$398.83author fair value 09 Junauthor updated this narrative Global E-Commerce And Remittance Trends Will Transform Digital Payments
SPGI S&P Global US$424.8220.4% undervalued intrinsic discount 1.8%7D -1.0%3M AN US$533.76author fair value 01 Junauthor updated this narrative Navigating Market Dynamics, A Growth Journey Through Innovation And Demand In Ratings And Climate Solutions
AWK American Water Works Company US$125.537.5% undervalued intrinsic discount 1.5%7D -6.6%3M AN US$135.73author fair value 02 Junauthor updated this narrative Regulatory Reforms And Demand Trends Will Sustain Utilities Sector Momentum
JMT Jerónimo Martins SGPS €17.8228.1% undervalued intrinsic discount 0.5%7D -17.5%3M AN €24.77author fair value 05 Junauthor updated this narrative Store Expansion In Poland And Colombia Will Build Market Influence
TTE TotalEnergies €76.4713.4% undervalued intrinsic discount -0.2%7D 9.2%3M CO €88.29author fair value 22 Marauthor updated this narrative Is This strategic transformation of TTE? Significant re-rating potential
MORN Morningstar US$184.6624.9% undervalued intrinsic discount -0.4%7D 2.9%3M US$246author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of $246.00 based on 6.5% annual revenue growth forecasts.
BZUN Baozun US$2.6461.9% undervalued intrinsic discount -1.5%7D 8.2%3M AN US$6.93author fair value 08 Aprauthor updated this narrative Douyin And Tmall Will Fuel E-Commerce Revolution
UBER Uber Technologies US$70.3832.6% undervalued intrinsic discount -1.7%7D -6.1%3M AN US$104.43author fair value 05 Junauthor updated this narrative UBER: Expanding Driverless Rides Will Accelerate Market Leadership Over Rivals
KTN Kontron €23.0221.8% undervalued intrinsic discount -1.8%7D 2.3%3M €29.45author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of €29.45 based on 8.1% annual revenue growth forecasts.
NTLA Intellia Therapeutics US$12.8951.6% undervalued intrinsic discount -1.8%7D -0.9%3M AN US$26.63author fair value 06 Junauthor updated this narrative Paused Trials Will Drive Rebound After Resolution Of Safety Concerns
BKNG Booking Holdings US$163.9926.9% undervalued intrinsic discount -1.9%7D -5.2%3M AN US$224.41author fair value 29 Mayauthor updated this narrative AI Progress And Cost Efficiency Will Drive Outperformance Amid Sector Tailwinds
REG1V Revenio Group Oyj €12.8628.6% undervalued intrinsic discount -2.0%7D -28.2%3M AN €18author fair value 02 Junauthor updated this narrative Global Ophthalmic Diagnostics Will Expand Through AI Integration
WOR Worley AU$12.756.5% undervalued intrinsic discount -2.0%7D 28.1%3M AN AU$13.64author fair value 07 Junauthor updated this narrative Decarbonisation And Renewables Will Expand Market Opportunities
MNSO MINISO Group Holding US$13.2036.3% undervalued intrinsic discount -2.1%7D -21.8%3M BE US$20.71author fair value 08 Junauthor updated this narrative MINISO's fair value is projected at 26.69 with an anticipated PE ratio shift of 20x
7974 Nintendo JP¥7,215.005.2% undervalued intrinsic discount -3.2%7D -28.9%3M SE JP¥7.61kauthor fair value 30 Novauthor updated this narrative Uncertain/Neutral - 3 Years
LEA Lear US$142.162.6% undervalued intrinsic discount -3.5%7D 20.5%3M AN US$146author fair value 23 Mayauthor updated this narrative LEA: Future Performance Will Reflect Shifting Auto Demand And Competitive Pressures
FISV Fiserv US$54.0322.8% undervalued intrinsic discount -4.3%7D -7.6%3M AN US$69.96author fair value 30 Mayauthor updated this narrative FI: Management Transition And Recurring Revenue Focus Will Support Long-Term Recovery
DSV DSV DKK 1,557.0029.1% undervalued intrinsic discount -4.4%7D -4.0%3M BE DKK 2.19kauthor fair value 18 Aprauthor updated this narrative DSV profits will jump by 7.4% thanks to growth trends
JD JD.com US$28.7336.5% undervalued intrinsic discount -4.7%7D 2.2%3M AN US$45.26author fair value 31 Octauthor updated this narrative JD: Delivery Order Momentum Will Drive Further Business Expansion Ahead
CTT CTT Systems SEK 132.4053.9% undervalued intrinsic discount -4.7%7D -2.9%3M SEK 287.06author fair value 19 Junauthor updated this narrative CTT (SEK 132.40) is trading below our estimate of fair value (SEK 287.06).
PAGS PagSeguro Digital US$8.7454.5% undervalued intrinsic discount -5.2%7D -13.8%3M BJ US$19.2author fair value 27 Mayauthor updated this narrative PagSeguro: A Cheap Bet on a Bank Hiding Inside a Payments Company, Priced for Failure
ST Sensata Technologies Holding US$49.657.0% overvalued intrinsic discount -6.6%7D 40.3%3M AN US$46.42author fair value 03 Mayauthor updated this narrative ST: Improved Margins And Buybacks Will Drive Long Term Shareholder Returns
NVDA NVIDIA US$208.1929.9% undervalued intrinsic discount -6.6%7D 11.9%3M AN US$296.81author fair value 02 Junauthor updated this narrative NVDA: Expanding AI Demand Will Drive Major Data Center Investments Through 2026
1211 BYD HK$86.601.4% overvalued intrinsic discount -7.1%7D -11.8%3M DD HK$85.4author fair value 02 Mayauthor updated this narrative Why is BYD a company of the future?
SOFI SoFi Technologies US$16.4738.4% undervalued intrinsic discount -7.2%7D -11.1%3M AN US$26.75author fair value 03 Febauthor updated this narrative Lower Rates And Sector Sentiment Will Drive Lending And Profit Margins Forward
CEG Constellation Energy US$251.6532.1% undervalued intrinsic discount -7.7%7D -16.3%3M AN US$370.58author fair value 29 Aprauthor updated this narrative AI Power Demand And Nuclear Momentum Will Unlock New Opportunities Ahead
LMND Lemonade US$53.5817.7% undervalued intrinsic discount -7.7%7D -0.9%3M AN US$65.11author fair value 18 Aprauthor updated this narrative AI Driven Efficiency Will Offset Insurance Risks In Expansion
INTU Intuit US$293.7847.5% undervalued intrinsic discount -8.8%7D -33.3%3M TR US$560author fair value 21 Mayauthor updated this narrative A Wonderful Business at a Not-So-Wonderful Price
DT Dynatrace US$40.777.0% undervalued intrinsic discount -9.3%7D 8.5%3M AN US$43.85author fair value 04 Junauthor updated this narrative Digital Transformation And AI Observability Will Shape Markets With Risks
ACVA ACV Auctions US$5.7238.8% undervalued intrinsic discount -9.5%7D 14.4%3M AN US$9.34author fair value 05 Junauthor updated this narrative ACVA: Expanding Technology Leadership Will Drive Gains By 2026 Amid Uncertainty
COIN Coinbase Global US$155.5037.1% undervalued intrinsic discount -10.6%7D -21.7%3M QU US$247.39author fair value 05 Junauthor updated this narrative Coinbase is your leverage on Crypto
NIC Nickel Industries AU$0.9624.7% undervalued intrinsic discount -11.1%7D 4.3%3M AN AU$1.28author fair value 08 Junauthor updated this narrative Hengjaya Ramp-Up And ENC HPAL Will Fuel Nickel Potential
IPX IperionX AU$5.0638.2% undervalued intrinsic discount -14.5%7D -17.3%3M AU$8.19author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of A$8.19 based on 61.7% annual revenue growth forecasts.
P Everpure US$70.0061.1% undervalued intrinsic discount -15.6%7D 12.7%3M DE US$180author fair value 10 Mayauthor updated this narrative Second order memory play likely to double in a year
FLNC Fluence Energy US$23.4625.0% undervalued intrinsic discount -15.9%7D 37.1%3M AN US$31.28author fair value 17 Febauthor updated this narrative Global Decarbonization Mandates Will Expand Grid Storage Markets
IREN IREN US$54.0256.8% undervalued intrinsic discount -18.9%7D 28.7%3M ZD US$125author fair value 13 Mayauthor updated this narrative IREN's Trump Card: How Federal Policy Could Unlock Massive Value in AI Infrastructure
CRCL Circle Internet Group US$81.1043.9% undervalued intrinsic discount -19.6%7D -28.1%3M AN US$144.67author fair value 11 Decauthor updated this narrative US Dollar Stablecoin Adoption Will Drive Long Term Earnings Power

Watching

Company	Price & Valuation	My FV & Narrative	Valuation	Growth	Analyst Target
PODD Insulet 12.1%7D -33.2%3M	US$159.61 34.5% undervalued intrinsic discount	AN US$243.78author fair value 02 Junauthor updated this narrative Digital Diabetes Care Will Expand International Market Opportunities	PE 36.5x	E 21.3%	US$243.78
KNR Kontrol Technologies 8.3%7D -13.3%3M	CA$0.065 1.3k% overvalued intrinsic discount	CA$0.0048author fair value 19 Junauthor updated this narrative KNR (CA$0.07) is trading above our estimate of fair value (CA$0.00).	PS 0.7x	S n/a	n/a
RMD ResMed 7.7%7D -18.0%3M	US$196.94 27.2% undervalued intrinsic discount	AN US$270.6author fair value 05 Junauthor updated this narrative Analyst Commentary Highlights Margin Optimism as ResMed Faces Market Headwinds and Patent Challenge	PE 18.7x	E 9.0%	US$270.60
DUOL Duolingo 7.2%7D 19.3%3M	US$117.86 12.3% overvalued intrinsic discount	AN US$104.97author fair value 01 Mayauthor updated this narrative DUOL: User Growth Concerns Will Fade As Engagement Increases In Key Markets	PE 13x	E -31.1%	US$106.31
SKWD Skyward Specialty Insurance Group 6.0%7D 3.0%3M	US$46.76 26.4% undervalued intrinsic discount	AN US$63.5author fair value 06 Janauthor updated this narrative Digital Risks And Specialty Insurance Will Unlock Opportunities	PE 10.7x	E 13.1%	US$60.64
CHEMM ChemoMetec 4.8%7D -4.5%3M	DKK 383.60 29.8% undervalued intrinsic discount	DKK 546.25author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of DKK 546.25 based on 9.7% annual revenue growth forecasts.	PE 37.7x	E 18.0%	DKK 546.25
FRO Frontline 4.6%7D 8.3%3M	US$36.27 12.1% undervalued intrinsic discount	AN US$41.25author fair value 20 Marauthor updated this narrative FRO: Winter Tanker Market And VLCC Fleet Will Support Earnings Momentum	PE 8.9x	E -18.0%	US$41.50
RTX RTX 4.2%7D -12.4%3M	US$181.56 15.7% undervalued intrinsic discount	AN US$215.27author fair value 03 Junauthor updated this narrative RTX: Missile Demand And Renewed Investment List Inclusion Will Drive Near-Term Performance	PE 33.7x	E 9.9%	US$215.73
MC LVMH Moët Hennessy - Louis Vuitton Société Européenne 3.6%7D -1.6%3M	€492.30 1.0% undervalued intrinsic discount	AN €497.47author fair value 01 Junauthor updated this narrative Rising Trade Barriers Will Erode Luxury Prospects	PE 22.5x	E 9.5%	€590.08
LMT Lockheed Martin 3.3%7D -18.4%3M	US$530.13 15.2% undervalued intrinsic discount	AN US$625.16author fair value 08 Junauthor updated this narrative Analysts Raise Lockheed Martin Target Amid Strong Orders and Sector Challenges	PE 25.5x	E 12.1%	US$625.16
BBY Best Buy 3.2%7D 19.0%3M	US$75.12 3.6% overvalued intrinsic discount	AN US$72.5author fair value 10 Mayauthor updated this narrative Retail Media Momentum And E-Commerce Expansion Will Shape Future Results	PE 13.9x	E 8.6%	US$78.65
SYNSAM Synsam 2.9%7D -12.3%3M	SEK 56.50 28.5% undervalued intrinsic discount	AN SEK 79author fair value 04 Junauthor updated this narrative Nordic Expansion And Digital Eye Care Will Achieve Milestones	PE 15.8x	E 16.1%	SEK 79.00
BSX Boston Scientific 2.7%7D -29.7%3M	US$48.96 38.3% undervalued intrinsic discount	AN US$79.4author fair value 01 Junauthor updated this narrative Future Growth Plans And Acquisitions Will Drive Broader Market Expansion	PE 20.4x	E 9.9%	US$78.17
V Visa 2.4%7D 5.2%3M	US$325.05 18.5% undervalued intrinsic discount	AN US$398.83author fair value 09 Junauthor updated this narrative Global E-Commerce And Remittance Trends Will Transform Digital Payments	PE 27.8x	E 11.0%	US$398.83
SPGI S&P Global 1.8%7D -1.0%3M	US$424.82 20.4% undervalued intrinsic discount	AN US$533.76author fair value 01 Junauthor updated this narrative Navigating Market Dynamics, A Growth Journey Through Innovation And Demand In Ratings And Climate Solutions	PE 26.3x	E 9.1%	US$533.76
AWK American Water Works Company 1.5%7D -6.6%3M	US$125.53 7.5% undervalued intrinsic discount	AN US$135.73author fair value 02 Junauthor updated this narrative Regulatory Reforms And Demand Trends Will Sustain Utilities Sector Momentum	PE 22.2x	E 9.5%	US$135.64
JMT Jerónimo Martins SGPS 0.5%7D -17.5%3M	€17.82 28.1% undervalued intrinsic discount	AN €24.77author fair value 05 Junauthor updated this narrative Store Expansion In Poland And Colombia Will Build Market Influence	PE 17.6x	E 13.6%	€24.77
TTE TotalEnergies -0.2%7D 9.2%3M	€76.47 13.4% undervalued intrinsic discount	CO €88.29author fair value 22 Marauthor updated this narrative Is This strategic transformation of TTE? Significant re-rating potential	PE 13x	E 3.6%	€85.82
MORN Morningstar -0.4%7D 2.9%3M	US$184.66 24.9% undervalued intrinsic discount	US$246author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of $246.00 based on 6.5% annual revenue growth forecasts.	PE 17.4x	E 12.5%	US$246.00
BZUN Baozun -1.5%7D 8.2%3M	US$2.64 61.9% undervalued intrinsic discount	AN US$6.93author fair value 08 Aprauthor updated this narrative Douyin And Tmall Will Fuel E-Commerce Revolution	PS 0.1x	E 63.7%	US$4.23
UBER Uber Technologies -1.7%7D -6.1%3M	US$70.38 32.6% undervalued intrinsic discount	AN US$104.43author fair value 05 Junauthor updated this narrative UBER: Expanding Driverless Rides Will Accelerate Market Leadership Over Rivals	PE 16.8x	E 13.0%	US$104.43
KTN Kontron -1.8%7D 2.3%3M	€23.02 21.8% undervalued intrinsic discount	€29.45author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of €29.45 based on 8.1% annual revenue growth forecasts.	PE 10.8x	E 4.4%	€29.45
NTLA Intellia Therapeutics -1.8%7D -0.9%3M	US$12.89 51.6% undervalued intrinsic discount	AN US$26.63author fair value 06 Junauthor updated this narrative Paused Trials Will Drive Rebound After Resolution Of Safety Concerns	PS 27.3x	E 65.8%	US$26.63
BKNG Booking Holdings -1.9%7D -5.2%3M	US$163.99 26.9% undervalued intrinsic discount	AN US$224.41author fair value 29 Mayauthor updated this narrative AI Progress And Cost Efficiency Will Drive Outperformance Amid Sector Tailwinds	PE 20.6x	E 13.6%	US$224.41
REG1V Revenio Group Oyj -2.0%7D -28.2%3M	€12.86 28.6% undervalued intrinsic discount	AN €18author fair value 02 Junauthor updated this narrative Global Ophthalmic Diagnostics Will Expand Through AI Integration	PE 21.8x	E 23.2%	€18.00
WOR Worley -2.0%7D 28.1%3M	AU$12.75 6.5% undervalued intrinsic discount	AN AU$13.64author fair value 07 Junauthor updated this narrative Decarbonisation And Renewables Will Expand Market Opportunities	PE 18.1x	E 15.0%	AU$13.64
MNSO MINISO Group Holding -2.1%7D -21.8%3M	US$13.20 36.3% undervalued intrinsic discount	BE US$20.71author fair value 08 Junauthor updated this narrative MINISO's fair value is projected at 26.69 with an anticipated PE ratio shift of 20x	PE 13.3x	E 19.6%	US$20.76
7974 Nintendo -3.2%7D -28.9%3M	JP¥7,215.00 5.2% undervalued intrinsic discount	SE JP¥7.61kauthor fair value 30 Novauthor updated this narrative Uncertain/Neutral - 3 Years	PE 19.6x	E 7.0%	JP¥10,364.28
LEA Lear -3.5%7D 20.5%3M	US$142.16 2.6% undervalued intrinsic discount	AN US$146author fair value 23 Mayauthor updated this narrative LEA: Future Performance Will Reflect Shifting Auto Demand And Competitive Pressures	PE 13.5x	E 21.8%	US$147.93
FISV Fiserv -4.3%7D -7.6%3M	US$54.03 22.8% undervalued intrinsic discount	AN US$69.96author fair value 30 Mayauthor updated this narrative FI: Management Transition And Recurring Revenue Focus Will Support Long-Term Recovery	PE 9x	E 5.7%	US$69.63
DSV DSV -4.4%7D -4.0%3M	DKK 1,557.00 29.1% undervalued intrinsic discount	BE DKK 2.19kauthor fair value 18 Aprauthor updated this narrative DSV profits will jump by 7.4% thanks to growth trends	PE 51.5x	E 26.2%	DKK 2,051.30
JD JD.com -4.7%7D 2.2%3M	US$28.73 36.5% undervalued intrinsic discount	AN US$45.26author fair value 31 Octauthor updated this narrative JD: Delivery Order Momentum Will Drive Further Business Expansion Ahead	PE 19x	E 29.4%	US$41.24
CTT CTT Systems -4.7%7D -2.9%3M	SEK 132.40 53.9% undervalued intrinsic discount	SEK 287.06author fair value 19 Junauthor updated this narrative CTT (SEK 132.40) is trading below our estimate of fair value (SEK 287.06).	PE 39.9x	E 47.1%	n/a
PAGS PagSeguro Digital -5.2%7D -13.8%3M	US$8.74 54.5% undervalued intrinsic discount	BJ US$19.2author fair value 27 Mayauthor updated this narrative PagSeguro: A Cheap Bet on a Bank Hiding Inside a Payments Company, Priced for Failure	PE 5.9x	E 8.6%	US$12.17
ST Sensata Technologies Holding -6.6%7D 40.3%3M	US$49.65 7.0% overvalued intrinsic discount	AN US$46.42author fair value 03 Mayauthor updated this narrative ST: Improved Margins And Buybacks Will Drive Long Term Shareholder Returns	PE 148.9x	E 26.4%	US$51.00
NVDA NVIDIA -6.6%7D 11.9%3M	US$208.19 29.9% undervalued intrinsic discount	AN US$296.81author fair value 02 Junauthor updated this narrative NVDA: Expanding AI Demand Will Drive Major Data Center Investments Through 2026	PE 31.6x	E 21.6%	US$298.42
1211 BYD -7.1%7D -11.8%3M	HK$86.60 1.4% overvalued intrinsic discount	DD HK$85.4author fair value 02 Mayauthor updated this narrative Why is BYD a company of the future?	PE 25x	E 20.7%	HK$124.52
SOFI SoFi Technologies -7.2%7D -11.1%3M	US$16.47 38.4% undervalued intrinsic discount	AN US$26.75author fair value 03 Febauthor updated this narrative Lower Rates And Sector Sentiment Will Drive Lending And Profit Margins Forward	PE 36.6x	E 24.1%	US$21.00
CEG Constellation Energy -7.7%7D -16.3%3M	US$251.65 32.1% undervalued intrinsic discount	AN US$370.58author fair value 29 Aprauthor updated this narrative AI Power Demand And Nuclear Momentum Will Unlock New Opportunities Ahead	PE 23.7x	E 12.9%	US$368.43
LMND Lemonade -7.7%7D -0.9%3M	US$53.58 17.7% undervalued intrinsic discount	AN US$65.11author fair value 18 Aprauthor updated this narrative AI Driven Efficiency Will Offset Insurance Risks In Expansion	PS 4.9x	E 59.3%	US$62.00
INTU Intuit -8.8%7D -33.3%3M	US$293.78 47.5% undervalued intrinsic discount	TR US$560author fair value 21 Mayauthor updated this narrative A Wonderful Business at a Not-So-Wonderful Price	PE 17.5x	E 13.8%	US$491.30
DT Dynatrace -9.3%7D 8.5%3M	US$40.77 7.0% undervalued intrinsic discount	AN US$43.85author fair value 04 Junauthor updated this narrative Digital Transformation And AI Observability Will Shape Markets With Risks	PE 73.1x	E 23.9%	US$43.85
ACVA ACV Auctions -9.5%7D 14.4%3M	US$5.72 38.8% undervalued intrinsic discount	AN US$9.34author fair value 05 Junauthor updated this narrative ACVA: Expanding Technology Leadership Will Drive Gains By 2026 Amid Uncertainty	PS 1.3x	E 61.7%	US$9.34
COIN Coinbase Global -10.6%7D -21.7%3M	US$155.50 37.1% undervalued intrinsic discount	QU US$247.39author fair value 05 Junauthor updated this narrative Coinbase is your leverage on Crypto	PE 51.2x	E 31.7%	US$229.74
NIC Nickel Industries -11.1%7D 4.3%3M	AU$0.96 24.7% undervalued intrinsic discount	AN AU$1.28author fair value 08 Junauthor updated this narrative Hengjaya Ramp-Up And ENC HPAL Will Fuel Nickel Potential	PS 1.8x	E 37.0%	AU$1.24
IPX IperionX -14.5%7D -17.3%3M	AU$5.06 38.2% undervalued intrinsic discount	AU$8.19author fair value 19 Junauthor updated this narrative Analysts are bullish with a Price Target of A$8.19 based on 61.7% annual revenue growth forecasts.	PB 11.1x	E 82.6%	AU$8.19
P Everpure -15.6%7D 12.7%3M	US$70.00 61.1% undervalued intrinsic discount	DE US$180author fair value 10 Mayauthor updated this narrative Second order memory play likely to double in a year	PE 102.8x	E 28.4%	US$93.74
FLNC Fluence Energy -15.9%7D 37.1%3M	US$23.46 25.0% undervalued intrinsic discount	AN US$31.28author fair value 17 Febauthor updated this narrative Global Decarbonization Mandates Will Expand Grid Storage Markets	PS 1.2x	E 58.2%	US$18.59
IREN IREN -18.9%7D 28.7%3M	US$54.02 56.8% undervalued intrinsic discount	ZD US$125author fair value 13 Mayauthor updated this narrative IREN's Trump Card: How Federal Policy Could Unlock Massive Value in AI Infrastructure	PE 122.1x	E 44.5%	US$81.07
CRCL Circle Internet Group -19.6%7D -28.1%3M	US$81.10 43.9% undervalued intrinsic discount	AN US$144.67author fair value 11 Decauthor updated this narrative US Dollar Stablecoin Adoption Will Drive Long Term Earnings Power	PS 7x	E 49.4%	US$143.48

PORTFOLIO CLIENTES

Watching

Digital Diabetes Care Will Expand International Market Opportunities

KNR (CA$0.07) is trading above our estimate of fair value (CA$0.00).

Analyst Commentary Highlights Margin Optimism as ResMed Faces Market Headwinds and Patent Challenge

DUOL: User Growth Concerns Will Fade As Engagement Increases In Key Markets

Digital Risks And Specialty Insurance Will Unlock Opportunities

Analysts are bullish with a Price Target of DKK 546.25 based on 9.7% annual revenue growth forecasts.

FRO: Winter Tanker Market And VLCC Fleet Will Support Earnings Momentum

RTX: Missile Demand And Renewed Investment List Inclusion Will Drive Near-Term Performance

Rising Trade Barriers Will Erode Luxury Prospects

Analysts Raise Lockheed Martin Target Amid Strong Orders and Sector Challenges

Retail Media Momentum And E-Commerce Expansion Will Shape Future Results

Nordic Expansion And Digital Eye Care Will Achieve Milestones

Future Growth Plans And Acquisitions Will Drive Broader Market Expansion

Global E-Commerce And Remittance Trends Will Transform Digital Payments

Navigating Market Dynamics, A Growth Journey Through Innovation And Demand In Ratings And Climate Solutions

Regulatory Reforms And Demand Trends Will Sustain Utilities Sector Momentum

Store Expansion In Poland And Colombia Will Build Market Influence

Is This strategic transformation of TTE? Significant re-rating potential

Analysts are bullish with a Price Target of $246.00 based on 6.5% annual revenue growth forecasts.

Douyin And Tmall Will Fuel E-Commerce Revolution

UBER: Expanding Driverless Rides Will Accelerate Market Leadership Over Rivals

Analysts are bullish with a Price Target of €29.45 based on 8.1% annual revenue growth forecasts.

Paused Trials Will Drive Rebound After Resolution Of Safety Concerns

AI Progress And Cost Efficiency Will Drive Outperformance Amid Sector Tailwinds

Global Ophthalmic Diagnostics Will Expand Through AI Integration

Decarbonisation And Renewables Will Expand Market Opportunities

MINISO's fair value is projected at 26.69 with an anticipated PE ratio shift of 20x

Uncertain/Neutral - 3 Years

LEA: Future Performance Will Reflect Shifting Auto Demand And Competitive Pressures

FI: Management Transition And Recurring Revenue Focus Will Support Long-Term Recovery

DSV profits will jump by 7.4% thanks to growth trends

JD: Delivery Order Momentum Will Drive Further Business Expansion Ahead

CTT (SEK 132.40) is trading below our estimate of fair value (SEK 287.06).

PagSeguro: A Cheap Bet on a Bank Hiding Inside a Payments Company, Priced for Failure

ST: Improved Margins And Buybacks Will Drive Long Term Shareholder Returns

NVDA: Expanding AI Demand Will Drive Major Data Center Investments Through 2026

Why is BYD a company of the future?

Lower Rates And Sector Sentiment Will Drive Lending And Profit Margins Forward

AI Power Demand And Nuclear Momentum Will Unlock New Opportunities Ahead

AI Driven Efficiency Will Offset Insurance Risks In Expansion

A Wonderful Business at a Not-So-Wonderful Price

Digital Transformation And AI Observability Will Shape Markets With Risks

ACVA: Expanding Technology Leadership Will Drive Gains By 2026 Amid Uncertainty

Coinbase is your leverage on Crypto

Hengjaya Ramp-Up And ENC HPAL Will Fuel Nickel Potential

Analysts are bullish with a Price Target of A$8.19 based on 61.7% annual revenue growth forecasts.

Second order memory play likely to double in a year

Global Decarbonization Mandates Will Expand Grid Storage Markets

IREN's Trump Card: How Federal Policy Could Unlock Massive Value in AI Infrastructure

US Dollar Stablecoin Adoption Will Drive Long Term Earnings Power

Watching

Digital Diabetes Care Will Expand International Market Opportunities

KNR (CA$0.07) is trading above our estimate of fair value (CA$0.00).

Analyst Commentary Highlights Margin Optimism as ResMed Faces Market Headwinds and Patent Challenge

DUOL: User Growth Concerns Will Fade As Engagement Increases In Key Markets

Digital Risks And Specialty Insurance Will Unlock Opportunities

Analysts are bullish with a Price Target of DKK 546.25 based on 9.7% annual revenue growth forecasts.

FRO: Winter Tanker Market And VLCC Fleet Will Support Earnings Momentum

RTX: Missile Demand And Renewed Investment List Inclusion Will Drive Near-Term Performance

Rising Trade Barriers Will Erode Luxury Prospects

Analysts Raise Lockheed Martin Target Amid Strong Orders and Sector Challenges

Retail Media Momentum And E-Commerce Expansion Will Shape Future Results

Nordic Expansion And Digital Eye Care Will Achieve Milestones

Future Growth Plans And Acquisitions Will Drive Broader Market Expansion

Global E-Commerce And Remittance Trends Will Transform Digital Payments

Navigating Market Dynamics, A Growth Journey Through Innovation And Demand In Ratings And Climate Solutions

Regulatory Reforms And Demand Trends Will Sustain Utilities Sector Momentum

Store Expansion In Poland And Colombia Will Build Market Influence

Is This strategic transformation of TTE? Significant re-rating potential

Analysts are bullish with a Price Target of $246.00 based on 6.5% annual revenue growth forecasts.

Douyin And Tmall Will Fuel E-Commerce Revolution

UBER: Expanding Driverless Rides Will Accelerate Market Leadership Over Rivals

Analysts are bullish with a Price Target of €29.45 based on 8.1% annual revenue growth forecasts.

Paused Trials Will Drive Rebound After Resolution Of Safety Concerns

AI Progress And Cost Efficiency Will Drive Outperformance Amid Sector Tailwinds

Global Ophthalmic Diagnostics Will Expand Through AI Integration

Decarbonisation And Renewables Will Expand Market Opportunities

MINISO's fair value is projected at 26.69 with an anticipated PE ratio shift of 20x