Earnings Review · 27 October 2026
The print
Revenue n/a. EPS $2.86 vs $2.11 expected.
What changed versus going in
Earnings came in at $2.86 a share against $2.11 expected, a beat of 36% (+$0.75 a share).
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.03, five-day price change +2.9%, as of 2026-10-23, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 32%, net margins near 24%, a moderate competitive moat, backed by a 21% return on equity.
Levels that matter
At $176.30 the shares sit 10% below the 52-week high of $194.81 and 18% above the low of $150.00 (59% of the way up the range). The 50-day average is $168.35, below the price. The 200-day average is $165.83, below the price.
The valuation lens
The shares trade close to our fair-value estimate (-4% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $164 against a $171.25 share price, a margin of safety of about -4%. The trailing multiple sits around 8 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Business activity screen. 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, Al Rajhi Takaful (8030.SR) sits in the same industry (Insurance – Life) 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.
