Dash Equity Research Note
Macro Catalysts 13F My reports Glossary
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In this report
Each name is analysed on its own. Dash does not size positions or build baskets.
AAPL Established
Apple Inc. / Technology / $4.51T market value
Price today
$309.35
A great business at a fair price, and the chart agrees. The committee says buy.
Apple Inc. appears about 6% undervalued based on our multi-framework valuation. Earnings quality is rated A, very reliable and well-supported by cash flow. 6 out of 7 investment frameworks support buying, with potential upside of +67% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$328.53
+6% above today's price
Trend strength
100/100
Strong and rising

The investment decision

3 Buy4 Hold0 Wait
Greenwald
Value
Hold
67 / 100
Druckenmiller
Momentum
Buy
100 / 100
Laffont
Growth
Buy
78 / 100
Ackman
Catalyst
Buy
76 / 100
Dalio
Macro
Hold
70 / 100
Griffin
Risk
Hold
73 / 100
Cohen
Vs. peers
Hold
51 / 100
What to doBuy
Attractive entry near $309.35, add on any dip.
What would change this: a break below the 200-day average of $281.03, or growth slowing enough to close the gap between the price and the floor.

Where the price sits

6 independent answers to "what is this worth", on one scale.
$83.83Floor price
$324.45Wall Street
$309.35Today
$328.53Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $500

Apple Inc. has modest 6% upside with A-grade earnings.

6 ways of valuing Apple land between $83.83 and $382.32. Our number, $328.53, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$328.53+6% vs price
Wall Street consensusAverage analyst target
$324.45+5%
$286.03-8%
$382.32+24%
$284.38-8%
Floor priceWorth of today's profits if growth stopped
$83.83-73%
$0$125$250$375$500
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what Apple would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 73% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, Apple reads strongest through the momentum lens at 100 out of 100. This is the half of the report that says judge the business on its own merits, separately from what the price is doing.
Return on invested capital87.1%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score78
0How this lens rates the growth100
Debt load0.74×
Debt vs equity, low is safer
Volatility vs the market1.09×
A
Earnings quality
Reported profit is backed by real cash.
What has to go right. Wall Street's $324.45 assumes the current growth rate keeps compounding. Every dollar of the 73% of the price that sits above the floor rests on that continuing. Nothing in the readings above says it will not; they say whether the company is capable of it.
03

What could go wrong

The case against buying today
The risk here is the multiple, not the balance sheet. Most of what you pay is growth that has not happened yet, and that is the part a re-rating takes first.
Downside caseVolatility-based
$182.63-41.0%
TodayMarket price
$309.35 
Our valuePrimary method
$328.53+6.2%
Same $0 to $500 scale as section 01
Read the asymmetry. You are risking a 41% drawdown in a bad tape to earn +6% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
You are paying for growth73% of today's price is the value of growth that has not happened yet. A slowdown removes that part first.
Little margin for error on priceAt +6%, the stock is close to fair. There is no discount absorbing a bad quarter.
04

The committee

3 buy · 4 hold · 0 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
100
LaffontGrowth lens
Buy
Growth and margin together read 34, which is the level where this lens treats a business as exceptional.
78
AckmanCatalyst lens
Buy
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
76
GriffinRisk lens
Hold
Risk-adjusted, this screens well: debt to equity of 0.74x and volatility of 1.09x the market.
73
DalioMacro lens
Hold
Liquidity and credit conditions are supportive of taking risk here.
70
GreenwaldValue lens
Hold
Quality is not the question, price is. The floor price of $83.83 sits well below today, so this lens will not call it cheap.
67
CohenVs. peers lens
Hold
Against comparable companies this prices roughly in line.
51
AXP Established
American Express Company / Financial Services / $226.90B market value
Price today
$336.00
A good business at a fair price. The committee says stay out.
American Express Company appears about 8% undervalued based on our multi-framework valuation. Earnings quality is rated A, very reliable and well-supported by cash flow. 5 out of 7 investment frameworks support buying, with potential upside of +86% in a best-case scenario. The main risk to watch: the stock is below its long-term trend line.
What we think it's worth
$361.31
+8% above today's price
Trend strength
55/100
Mixed

The investment decision

2 Buy4 Hold1 Wait
Greenwald
Value
Hold
55 / 100
Druckenmiller
Momentum
Wait
43 / 100
Laffont
Growth
Buy
90 / 100
Ackman
Catalyst
Buy
87 / 100
Dalio
Macro
Hold
60 / 100
Griffin
Risk
Hold
65 / 100
Cohen
Vs. peers
Hold
68 / 100
What to doAvoid
Wait for a better risk/reward setup before committing capital.
What would change this: either a lower price toward $361.31 or a stronger trend. One of the two has to give before this is a buy.

Where the price sits

5 independent answers to "what is this worth", on one scale.
$151.76Floor price
$375.96Wall Street
$336.00Today
$361.31Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $2,000

American Express Company has modest 8% upside with A-grade earnings.

5 ways of valuing American Express land between $151.76 and $1,649. Our number, $361.31, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$361.31+8% vs price
Wall Street consensusAverage analyst target
$375.96+12%
$1,649+391%
$1,219+263%
Floor priceWorth of today's profits if growth stopped
$151.76-55%
$0$500$1,000$1,500$2,000
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what American Express would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 55% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, American Express reads strongest through the growth lens at 90 out of 100. This is the half of the report that says judge the business on its own merits, separately from what the price is doing.
Return on invested capital12.3%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score90
0How this lens rates the growth100
Debt load1.85×
Debt vs equity, low is safer
Volatility vs the market1.05×
A
Earnings quality
Reported profit is backed by real cash.
What has to go right. Wall Street's $375.96 assumes the current growth rate keeps compounding. Every dollar of the 55% of the price that sits above the floor rests on that continuing. Nothing in the readings above says it will not; they say whether the company is capable of it.
03

What could go wrong

The case against buying today
The risk here is the balance sheet as much as the multiple. Leverage this size limits how much a bad year can be absorbed.
Downside caseVolatility-based
$216.26-35.6%
TodayMarket price
$336.00 
Our valuePrimary method
$361.31+7.5%
Same $0 to $2,000 scale as section 01
Read the asymmetry. You are risking a 36% drawdown in a bad tape to earn +8% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
You are paying for growth55% of today's price is the value of growth that has not happened yet. A slowdown removes that part first.
The balance sheet is leveredDebt to equity of 1.85x. Leverage that size turns a bad year into a solvency question.
Little margin for error on priceAt +8%, the stock is close to fair. There is no discount absorbing a bad quarter.
04

The committee

2 buy · 4 hold · 1 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
LaffontGrowth lens
Buy
Growth and margin together read 43, which is the level where this lens treats a business as exceptional.
90
AckmanCatalyst lens
Buy
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
87
CohenVs. peers lens
Hold
Against comparable companies this prices roughly in line.
68
GriffinRisk lens
Hold
The risk readings are the constraint: debt to equity of 1.85x and volatility of 1.05x the market.
65
DalioMacro lens
Hold
Conditions are neutral: mildly supportive, not a reason to act on their own.
60
GreenwaldValue lens
Hold
Quality is not the question, price is. The floor price of $151.76 sits well below today, so this lens will not call it cheap.
55
DruckenmillerMomentum lens
Wait
The chart disagrees with the story. Price is below its key averages, and this lens does not buy weakness, however good the company is.
43
BAC Dividend
BAC / Financial Services / $431.38B market value
Price today
$61.69
A good business at a fair price, and the chart agrees. The committee says watch and wait.
BAC appears about 7% undervalued based on our multi-framework valuation. Earnings quality is rated B, solid with decent cash flow backing. 5 out of 7 investment frameworks support buying, with potential upside of +79% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$66.08
+7% above today's price
Trend strength
100/100
Strong and rising

The investment decision

2 Buy4 Hold1 Wait
Greenwald
Value
Wait
48 / 100
Druckenmiller
Momentum
Buy
100 / 100
Laffont
Growth
Hold
73 / 100
Ackman
Catalyst
Buy
82 / 100
Dalio
Macro
Hold
70 / 100
Griffin
Risk
Hold
55 / 100
Cohen
Vs. peers
Hold
62 / 100
What to doWatch
Watch for a pullback below $59.47 to enter.
What would change this: either a lower price toward $66.08 or a stronger trend. One of the two has to give before this is a buy.

Where the price sits

5 independent answers to "what is this worth", on one scale.
$26.80Floor price
$68.77Wall Street
$61.69Today
$66.08Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $125

BAC has modest 7% upside with B-grade earnings.

5 ways of valuing BAC land between $26.80 and $103.07. Our number, $66.08, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$66.08+7% vs price
Wall Street consensusAverage analyst target
$68.77+11%
$92.40+50%
$103.07+67%
Floor priceWorth of today's profits if growth stopped
$26.80-57%
$0$31$62$94$125
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what BAC would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 57% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, BAC reads strongest through the momentum lens at 100 out of 100. This is the half of the report that says judge the business on its own merits, separately from what the price is doing.
Return on invested capital6.1%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score73
0How this lens rates the growth100
Debt load0.52×
Debt vs equity, low is safer
Volatility vs the market1.17×
B
Earnings quality
Reported profit is backed by real cash. Not perfect, not a concern.
What has to go right. Wall Street's $68.77 assumes the current growth rate keeps compounding. Every dollar of the 57% of the price that sits above the floor rests on that continuing. Nothing in the readings above says it will not; they say whether the company is capable of it.
03

What could go wrong

The case against buying today
The risk here is the multiple, not the balance sheet. Most of what you pay is growth that has not happened yet, and that is the part a re-rating takes first.
Downside caseVolatility-based
$40.76-33.9%
TodayMarket price
$61.69 
Our valuePrimary method
$66.08+7.1%
Same $0 to $125 scale as section 01
Read the asymmetry. You are risking a 34% drawdown in a bad tape to earn +7% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
You are paying for growth57% of today's price is the value of growth that has not happened yet. A slowdown removes that part first.
Little margin for error on priceAt +7%, the stock is close to fair. There is no discount absorbing a bad quarter.
04

The committee

2 buy · 4 hold · 1 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
100
AckmanCatalyst lens
Buy
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
82
LaffontGrowth lens
Hold
Growth and margin together read 39, respectable but not rare.
73
DalioMacro lens
Hold
Liquidity and credit conditions are supportive of taking risk here.
70
CohenVs. peers lens
Hold
Against comparable companies this prices roughly in line.
62
GriffinRisk lens
Hold
The risk readings are the constraint: debt to equity of 0.52x and volatility of 1.17x the market.
55
GreenwaldValue lens
Wait
Quality is not the question, price is. The floor price of $26.80 sits well below today, so this lens will not call it cheap.
48
KO Dividend
KO / Consumer Defensive / $391.96B market value
Price today
$91.10
A great business at a fair price, and the chart agrees. The committee says buy.
KO is trading near its estimated fair value. Earnings quality is rated A, very reliable and well-supported by cash flow. 6 out of 7 investment frameworks support buying, with potential upside of +47% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$91.74
+1% above today's price
Trend strength
88/100
Strong and rising

The investment decision

4 Buy2 Hold1 Wait
Greenwald
Value
Hold
60 / 100
Druckenmiller
Momentum
Buy
95 / 100
Laffont
Growth
Buy
78 / 100
Ackman
Catalyst
Buy
76 / 100
Dalio
Macro
Hold
60 / 100
Griffin
Risk
Buy
78 / 100
Cohen
Vs. peers
Wait
35 / 100
What to doBuy
Attractive entry near $91.10, add on any dip.
What would change this: a break below the 200-day average of $76.86, or growth slowing enough to close the gap between the price and the floor.

Where the price sits

6 independent answers to "what is this worth", on one scale.
$20.36Floor price
$94.70Wall Street
$91.10Today
$91.74Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $125

KO has modest 1% upside with A-grade earnings.

6 ways of valuing KO land between $18.43 and $94.70. Our number, $91.74, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$91.74+1% vs price
Wall Street consensusAverage analyst target
$94.70+4%
$26.06-71%
$29.28-68%
$18.43-80%
Floor priceWorth of today's profits if growth stopped
$20.36-78%
$0$31$62$94$125
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what KO would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 78% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, KO reads strongest through the momentum lens at 95 out of 100. This is the half of the report that says buy the business, separately from what the price is doing.
Return on invested capital18.4%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score78
0How this lens rates the growth100
Debt load0.99×
Debt vs equity, low is safer
Volatility vs the market0.34×
A
Earnings quality
Reported profit is backed by real cash.
What has to go right. Wall Street's $94.70 assumes the current growth rate keeps compounding. Every dollar of the 78% of the price that sits above the floor rests on that continuing. Nothing in the readings above says it will not; they say whether the company is capable of it.
03

What could go wrong

The case against buying today
The risk here is the multiple, not the balance sheet. Most of what you pay is growth that has not happened yet, and that is the part a re-rating takes first.
Downside caseVolatility-based
$64.16-29.6%
TodayMarket price
$91.10 
Our valuePrimary method
$91.74+0.7%
Same $0 to $125 scale as section 01
Read the asymmetry. You are risking a 30% drawdown in a bad tape to earn +1% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
You are paying for growth78% of today's price is the value of growth that has not happened yet. A slowdown removes that part first.
Little margin for error on priceAt +1%, the stock is close to fair. There is no discount absorbing a bad quarter.
04

The committee

4 buy · 2 hold · 1 wait
Seven investing styles, run over the same numbers. They are meant to disagree. The split is the signal: most of the lenses that look at the business say buy, and the ones that look at price and trend say not yet.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
95
LaffontGrowth lens
Buy
Growth and margin together read 31, which is the level where this lens treats a business as exceptional.
78
GriffinRisk lens
Buy
Risk-adjusted, this screens well: debt to equity of 0.99x and volatility of 0.34x the market.
78
AckmanCatalyst lens
Buy
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
76
GreenwaldValue lens
Hold
Quality is not the question, price is. The floor price of $20.36 sits well below today, so this lens will not call it cheap.
60
DalioMacro lens
Hold
Conditions are neutral: mildly supportive, not a reason to act on their own.
60
CohenVs. peers lens
Wait
Against comparable companies the multiples here are rich.
35
CVX Dividend
Chevron Corporation / Energy / $402.66B market value
Price today
$205.27
A good business at a fair price, and the chart agrees. The committee says buy.
Chevron Corporation is trading near its estimated fair value. Earnings quality is rated B, solid with decent cash flow backing. 7 out of 7 investment frameworks support buying, with potential upside of +59% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$207.37
+1% above today's price
Trend strength
88/100
Strong and rising

The investment decision

3 Buy4 Hold0 Wait
Greenwald
Value
Hold
71 / 100
Druckenmiller
Momentum
Buy
100 / 100
Laffont
Growth
Hold
73 / 100
Ackman
Catalyst
Buy
82 / 100
Dalio
Macro
Hold
60 / 100
Griffin
Risk
Buy
81 / 100
Cohen
Vs. peers
Hold
69 / 100
What to doBuy
Attractive entry near $205.27, add on any dip.
What would change this: a break below the 200-day average of $175.40, or growth slowing enough to close the gap between the price and the floor.

Where the price sits

6 independent answers to "what is this worth", on one scale.
$92.42Floor price
$217.88Wall Street
$205.27Today
$207.37Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $250

Chevron Corporation has modest 1% upside with B-grade earnings.

6 ways of valuing Chevron land between $64.56 and $225.59. Our number, $207.37, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$207.37+1% vs price
Wall Street consensusAverage analyst target
$217.88+6%
$225.59+10%
$190.39-7%
$64.56-69%
Floor priceWorth of today's profits if growth stopped
$92.42-55%
$0$62$125$188$250
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what Chevron would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 55% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, Chevron reads strongest through the momentum lens at 100 out of 100. This is the half of the report that says judge the business on its own merits, separately from what the price is doing.
Return on invested capital7.7%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score73
0How this lens rates the growth100
Debt load0.17×
Debt vs equity, low is safer
Volatility vs the market0.49×
B
Earnings quality
Reported profit is backed by real cash. Not perfect, not a concern.
What has to go right. Wall Street's $217.88 assumes the current growth rate keeps compounding. Every dollar of the 55% of the price that sits above the floor rests on that continuing. Nothing in the readings above says it will not; they say whether the company is capable of it.
03

What could go wrong

The case against buying today
The risk here is the multiple, not the balance sheet. Most of what you pay is growth that has not happened yet, and that is the part a re-rating takes first.
Downside caseVolatility-based
$122.51-40.3%
TodayMarket price
$205.27 
Our valuePrimary method
$207.37+1.0%
Same $0 to $250 scale as section 01
Read the asymmetry. You are risking a 40% drawdown in a bad tape to earn +1% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
You are paying for growth55% of today's price is the value of growth that has not happened yet. A slowdown removes that part first.
Little margin for error on priceAt +1%, the stock is close to fair. There is no discount absorbing a bad quarter.
Balance sheet is not the problemDebt to equity of 0.17x. Solvency is not a live risk in any scenario here.
04

The committee

3 buy · 4 hold · 0 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
100
AckmanCatalyst lens
Buy
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
82
GriffinRisk lens
Buy
Risk-adjusted, this screens well: debt to equity of 0.17x and volatility of 0.49x the market.
81
LaffontGrowth lens
Hold
Growth and margin together read 26, respectable but not rare.
73
GreenwaldValue lens
Hold
Quality is not the question, price is. The floor price of $92.42 sits well below today, so this lens will not call it cheap.
71
CohenVs. peers lens
Hold
Against comparable companies this prices roughly in line.
69
DalioMacro lens
Hold
Conditions are neutral: mildly supportive, not a reason to act on their own.
60
KHC Dividend
The Kraft Heinz Company / Consumer Defensive / $30.33B market value
Price today
$25.58
A mixed business at a fair price, and the chart agrees. The committee says stay out.
The Kraft Heinz Company is trading near its estimated fair value. Earnings quality is rated A, very reliable and well-supported by cash flow. 3 out of 7 investment frameworks support buying, with potential upside of +26% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$24.64
-4% below today's price
Trend strength
100/100
Strong and rising

The investment decision

2 Buy3 Hold2 Wait
Greenwald
Value
Hold
58 / 100
Druckenmiller
Momentum
Buy
85 / 100
Laffont
Growth
Wait
35 / 100
Ackman
Catalyst
Wait
40 / 100
Dalio
Macro
Hold
50 / 100
Griffin
Risk
Hold
68 / 100
Cohen
Vs. peers
Buy
84 / 100
What to doAvoid
Wait for a better risk/reward setup before committing capital.
What would change this: either a lower price toward $24.64 or a stronger trend. One of the two has to give before this is a buy.

Where the price sits

6 independent answers to "what is this worth", on one scale.
$17.97Floor price
$25.09Wall Street
$25.58Today
$24.64Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $300

The Kraft Heinz Company is near fair value with A-grade earnings.

6 ways of valuing The Kraft Heinz land between $17.97 and $244.68. Our number, $24.64, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$24.64-4% vs price
Wall Street consensusAverage analyst target
$25.09-2%
$46.15+80%
$95.18+272%
$244.68+857%
Floor priceWorth of today's profits if growth stopped
$17.97-30%
$0$75$150$225$300
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what The Kraft Heinz would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 30% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, The Kraft Heinz reads strongest through the momentum lens at 85 out of 100. This is the half of the report that says judge the business on its own merits, separately from what the price is doing.
Return on invested capital3.1%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score35
0How this lens rates the growth100
Debt load0.40×
Debt vs equity, low is safer
Volatility vs the market0.08×
A
Earnings quality
Reported profit is backed by real cash.
What has to go right. Wall Street's $25.09 assumes the current growth rate keeps compounding. Every dollar of the 30% of the price that sits above the floor rests on that continuing. Nothing in the readings above says it will not; they say whether the company is capable of it.
03

What could go wrong

The case against buying today
The risk here is mostly about price and timing, not about whether the business survives.
Downside caseVolatility-based
$17.97-29.8%
TodayMarket price
$25.58 
Our valuePrimary method
$24.64-3.7%
Same $0 to $300 scale as section 01
Read the asymmetry. You are risking a 30% drawdown in a bad tape to earn -4% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
Part of the price is growth30% of today's price sits above what the current profits alone are worth.
Little margin for error on priceAt -4%, the stock is close to fair. There is no discount absorbing a bad quarter.
Short sellers are positioned against it10% of the float is sold short.
Balance sheet is not the problemDebt to equity of 0.40x. Solvency is not a live risk in any scenario here.
04

The committee

2 buy · 3 hold · 2 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
85
CohenVs. peers lens
Buy
Against comparable companies this is not expensive on the multiples that matter for a business like this.
84
GriffinRisk lens
Hold
The risk readings are the constraint: debt to equity of 0.40x and volatility of 0.08x the market.
68
GreenwaldValue lens
Hold
Quality is not the question, price is. The floor price of $17.97 sits well below today, so this lens will not call it cheap.
58
DalioMacro lens
Hold
Conditions are neutral: mildly supportive, not a reason to act on their own.
50
AckmanCatalyst lens
Wait
No clear near-term event to force a re-rating. This lens needs a catalyst it can name.
40
LaffontGrowth lens
Wait
Growth is too slow for this lens to get interested.
35
CB Established
Chubb Limited / Financial Services / $131.55B market value
Price today
$340.99
A mixed business at a fair price, and the chart agrees. The committee says watch and wait.
Chubb Limited is trading near its estimated fair value. Earnings quality is rated A, very reliable and well-supported by cash flow. 6 out of 7 investment frameworks support buying, with potential upside of +35% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$356.49
+4% above today's price
Trend strength
90/100
Strong and rising

The investment decision

3 Buy4 Hold0 Wait
Greenwald
Value
Buy
81 / 100
Druckenmiller
Momentum
Buy
95 / 100
Laffont
Growth
Hold
63 / 100
Ackman
Catalyst
Hold
70 / 100
Dalio
Macro
Hold
50 / 100
Griffin
Risk
Buy
86 / 100
Cohen
Vs. peers
Hold
71 / 100
What to doWatch
Watch for a pullback below $320.84 to enter.
What would change this: either a lower price toward $356.49 or a stronger trend. One of the two has to give before this is a buy.

Where the price sits

6 independent answers to "what is this worth", on one scale.
$292.09Floor price
$366.13Wall Street
$340.99Today
$356.49Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $800

Chubb Limited has modest 4% upside with A-grade earnings.

6 ways of valuing Chubb land between $164.00 and $588.91. Our number, $356.49, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$356.49+5% vs price
Wall Street consensusAverage analyst target
$366.13+7%
$588.91+73%
$287.37-16%
$164.00-52%
Floor priceWorth of today's profits if growth stopped
$292.09-14%
$0$200$400$600$800
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price is not a target and not a prediction of a crash: it is what Chubb would be worth if it stopped growing tomorrow. The gap between the floor and today's price, 14% of what you pay, is the growth you are paying for, and it is the part that disappears fastest if growth slows.
02

The business

What the quality readings say
On quality, Chubb reads strongest through the momentum lens at 95 out of 100. This is the half of the report that says judge the business on its own merits, separately from what the price is doing.
Return on invested capital9.4%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score63
0How this lens rates the growth100
Debt load0.19×
Debt vs equity, low is safer
Volatility vs the market0.39×
A
Earnings quality
Reported profit is backed by real cash.
What has to go right. The readings above say what the business is capable of, not what the market will pay for it. Hold them against the price in section 01.
03

What could go wrong

The case against buying today
The risk here is mostly about price and timing, not about whether the business survives.
Downside caseVolatility-based
$292.09-14.3%
TodayMarket price
$340.99 
Our valuePrimary method
$356.49+4.5%
Same $0 to $800 scale as section 01
Read the asymmetry. You are risking a 14% drawdown in a bad tape to earn +4% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
Little margin for error on priceAt +4%, the stock is close to fair. There is no discount absorbing a bad quarter.
Balance sheet is not the problemDebt to equity of 0.19x. Solvency is not a live risk in any scenario here.
04

The committee

3 buy · 4 hold · 0 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
95
GriffinRisk lens
Buy
Risk-adjusted, this screens well: debt to equity of 0.19x and volatility of 0.39x the market.
86
GreenwaldValue lens
Buy
Quality is not the question, price is. The floor price of $292.09 sits well below today, so this lens will not call it cheap.
81
CohenVs. peers lens
Hold
Against comparable companies this is not expensive on the multiples that matter for a business like this.
71
AckmanCatalyst lens
Hold
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
70
LaffontGrowth lens
Hold
Growth and margin together read 30, respectable but not rare.
63
DalioMacro lens
Hold
Conditions are neutral: mildly supportive, not a reason to act on their own.
50
OXY Established
Occidental Petroleum Corporation / Energy / $61.28B market value
Price today
$61.30
A mixed business at a discount, and the chart agrees. The committee says watch and wait.
Occidental Petroleum Corporation appears about 21% undervalued based on our multi-framework valuation. Earnings quality is rated B, solid with decent cash flow backing. 6 out of 7 investment frameworks support buying, with potential upside of +62% in a best-case scenario. The main risk to watch: no major red flags stand out.
What we think it's worth
$74.30
+21% above today's price
Trend strength
100/100
Strong and rising

The investment decision

4 Buy3 Hold0 Wait
Greenwald
Value
Buy
86 / 100
Druckenmiller
Momentum
Buy
100 / 100
Laffont
Growth
Hold
55 / 100
Ackman
Catalyst
Buy
76 / 100
Dalio
Macro
Hold
70 / 100
Griffin
Risk
Hold
68 / 100
Cohen
Vs. peers
Buy
89 / 100
What to doWatch
Watch for a pullback below $66.87 to enter.
What would change this: either a lower price toward $74.30 or a stronger trend. One of the two has to give before this is a buy.

Where the price sits

6 independent answers to "what is this worth", on one scale.
$81.05Floor price
$66.48Wall Street
$61.30Today
$74.30Our value
See the full analysis
Same page, keep scrolling. Valuation, the business, the risks, and what each investor said.
01

What it's worth

Every method, one scale, $0 to $400

Occidental Petroleum Corporation looks 21% undervalued with B-grade earnings.

6 ways of valuing Occidental Petroleum land between $66.48 and $337.14. Our number, $74.30, comes from earnings power plus franchise value, the right primary method for a company of this profile.
Our fair valueEarnings power plus franchise, primary
$74.30+21% vs price
Wall Street consensusAverage analyst target
$66.48+8%
$337.14+450%
$278.24+354%
$290.39+374%
Floor priceWorth of today's profits if growth stopped
$81.05+32%
$0$100$200$300$400
How to read this. Each bar runs from that method's answer to today's price, so the length of the bar is the disagreement. The floor price sits at or above today's price, which means the market is paying nothing for future growth. That is rare, and it is either an opportunity or a warning that the current profits are not expected to last.
02

The business

What the quality readings say
On quality, Occidental Petroleum reads strongest through the momentum lens at 100 out of 100. This is the half of the report that says buy the business, separately from what the price is doing.
Return on invested capital9.2%
0%How much profit each dollar invested returns30%
0revenue growth + profit margin, above 40 is strong80
Growth score55
0How this lens rates the growth100
Debt load0.52×
Debt vs equity, low is safer
Volatility vs the market0.16×
B
Earnings quality
Reported profit is backed by real cash. Not perfect, not a concern.
What has to go right. The readings above say what the business is capable of, not what the market will pay for it. Hold them against the price in section 01.
03

What could go wrong

The case against buying today
The risk here is mostly about price and timing, not about whether the business survives.
Downside caseVolatility-based
$33.72-45.0%
TodayMarket price
$61.30 
Our valuePrimary method
$74.30+21.2%
Same $0 to $400 scale as section 01
Read the asymmetry. You are risking a 45% drawdown in a bad tape to earn +21% of headroom to our value. That ratio, not the quality of the company, is what the call above is about.
Ranked risks
No single dominant riskNothing in the readings above stands out as the one thing that breaks this. That is not the same as no risk.
04

The committee

4 buy · 3 hold · 0 wait
Seven investing styles, run over the same numbers. They are meant to disagree, and where they disagree is where the decision lives.
DruckenmillerMomentum lens
Buy
The chart confirms the story. Price is above its key averages and the trend is intact.
100
CohenVs. peers lens
Buy
Against comparable companies this is not expensive on the multiples that matter for a business like this.
89
GreenwaldValue lens
Buy
The floor price of $81.05 is at or above today's price, which is as close to a value case as this lens gets.
86
AckmanCatalyst lens
Buy
There is an identifiable driver here rather than a hope for a re-rating, which is what this lens wants to see.
76
DalioMacro lens
Hold
Liquidity and credit conditions are supportive of taking risk here.
70
GriffinRisk lens
Hold
The risk readings are the constraint: debt to equity of 0.52x and volatility of 0.16x the market.
68
LaffontGrowth lens
Hold
Growth and margin together read 10, respectable but not rare.
55