Research

Apple posted broad-based growth and record June-quarter results, partly helped by tariff refunds. The operating case improved, but $270 fair value leaves the shares overvalued.

AbbVie delivered stronger revenue, EPS and operating margin in Q2 FY2026, but free cash flow declined. At $254.03, the shares are close to our $246.70 base value.

Accenture delivered double-digit revenue growth and a 100-basis-point pre-tax margin expansion. At $177.89, the shares trade below our $200.32 fair value but lack a 15% margin of safety.

AMD delivered 50.3% revenue growth and a 17.3% operating margin. Free cash flow weakened, however, and even a generous valuation remains below the market price.

AWS growth reached an 18-quarter high and lifted Amazon's operating margin to 13.7%. The trade-off is a sharp AI spending increase that pushed company-defined trailing free cash flow negative.

No quarterly release or financial table was supplied, so the reported change cannot be verified. FY2025 quality remains evident, but the current price already capitalizes an unusually demanding outcome.

Revenue reached $31.5 million and backlog rose to $1.30 billion. But H1 free cash flow fell to -$1.00 billion, leaving execution—not demand—the central valuation test.

Revenue reached $31.5 million and backlog rose to $1.30 billion. But H1 free cash flow fell to -$1.00 billion, leaving commercialization progress balanced by execution risk.

Revenue and backlog advanced as deployment accelerated, but first-half free cash flow reached negative $1.00 billion. The print supports the operating thesis without raising fair value.