Research topic
5 articles tagged “Valuation”
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Apollo posted record $728M Fee Related Earnings and crossed $1 trillion in AUM in Q1 2026. A 40-60% valuation discount to peers versus 30% FRE growth makes no fundamental sense.
AT&T's 45% fiber-to-wireless attach rate and a quantified $6.5-8.0B OBBBA tax tailwind are accelerating deleveraging — while the market still prices T as a debt-overhang story.
Citigroup's Q1 RoTCE of 13.1% already cleared its 2026 target, and the bank is buying back stock near tangible book value of $99.01 — yet it still trades like an unfinished turnaround.
BMY trades at 9.3x P/E and a 4.5% yield while three forensic mispricings sit in plain sight: the Eliquis IRA cliff that didn't happen, a growth/legacy crossover already cleared in 2025, and a $14B Cobenfy option the Street is valuing at zero. Rating: BUY. 12-month target $78, multi-year intrinsic $95+.
Hershey trades at 19x forward earnings versus a 10-year median of 26x, while consensus prices in three demonstrably wrong assumptions about cocoa, GLP-1s, and Salty Snacks. The forensic case points to $235 in 12 months and $275+ longer term. Option 2 — Contrarian hook The market thinks GLP-1s will hurt chocolate demand — peer-reviewed Cornell data shows the opposite. Combined with the cocoa hedge lag and an unmodeled Salty Snacks asset, Hershey's mispricing is measurable, falsifiable, and worth 25%+ upside.
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