Earnings Review · 11 November 2026
The print
Results are in but not yet verified against a primary source in our ledger; this review updates the moment the audited figures land. What does not change is our read below.
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.30, five-day price change +4.4%, as of 2026-11-09, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about -9%, net margins near 21%, a weak competitive moat, backed by a 9% return on equity.
Levels that matter
At $64.99 the shares sit 12% below the 52-week high of $74.10 and 33% above the low of $48.71 (64% of the way up the range). The 50-day average is $66.40, above the price. The 200-day average is $65.30, above the price.
The valuation lens
The shares trade close to our fair-value estimate (-9% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $59 against a $64.99 share price, a margin of safety of about -9%. The trailing multiple sits around 12 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Debt ratio. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
If the theme is what draws you, SSE plc (SSEZY) sits in the same industry (None) and clears our principled screen, the place to look instead of chasing a name that does not.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
