Research

Colgate-Palmolive delivered higher revenue, gross margin and free cash flow, but operating margin and EPS remained below last year. Fair value starts at $102 per share.

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.

Q2 revenue held near the prior-year level, but margins, EPS and free cash flow declined sharply. Higher net debt makes recovery in profitability and cash conversion more important.

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.

Adobe's revenue and AI metrics accelerated, but free cash flow and GAAP operating margin weakened. Raised guidance supports a $287.20 fair value, only modestly above the market price.

Amgen delivered faster growth, sharply higher margins and stronger cash flow. The print improves operating confidence, but $382.61 already exceeds our $370 base value.

Revenue advanced and EPS more than doubled, but cash flow and pre-tax margin weakened. At $172.61, American Tower already trades near our $173.60 base value.

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.