Earnings Review · 13 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.
How the market took it
On 2026-11-12 the shares closed at $52.05, +0.4% against the prior close of $51.84 (opening +1.1% from the prior close). Across the last 16 reports the shares have moved an average of +1.2% over the five sessions after the print, so the +0.4% on the day sits behind that average.
Did the flow confirm the move?
Price has run up but the money has been quietly leaving: distribution into strength. For a holder that is a trim-or-take-profit signal, not an add; the crowd sees the strength, the flow sees the exit. (21-day Chaikin Money Flow -0.05, five-day price change +5.5%, as of 2026-11-10, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 12%, net margins near 10%, a moderate competitive moat, backed by a 20% return on equity.
Levels that matter
At $52.05 the shares sit 1% below the 52-week high of $52.82 and 32% above the low of $39.44 (94% of the way up the range). The 50-day average is $49.25, below the price. The 200-day average is $45.23, below the price.
The valuation lens
The shares trade about 14% below our fair-value estimate: a modest cushion. Fair value lands near $60 against a $52.05 share price, a margin of safety of about 14%. The trailing multiple sits around 14 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity. 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, Qatar Islamic Insurance Group Q.P.S.C. (QISI.QA) sits in the same industry (Insurance – Diversified) 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.
