Earnings Review · 16 October 2026
The print
Revenue $2.28B. EPS $1.41 vs $1.39 expected.
What changed versus going in
Earnings came in at $1.41 a share against $1.39 expected, a beat of 1% (+$0.02 a share). Revenue of $2.28B compares with $2.30B expected, 0.7% below consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.03, five-day price change -1.0%, as of 2026-10-15, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 15%, net margins near 26%, a narrow competitive moat, backed by a 8% return on equity.
Levels that matter
At $63.43 the shares sit 16% below the 52-week high of $75.33 and 31% above the low of $48.30 (56% of the way up the range).
The valuation lens
Our fair-value work puts the shares about 38% below what the business is worth: value on offer. Fair value lands near $88 against a $63.36 share price, a margin of safety of about 38%. 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 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, Qatar Islamic Bank (Q.P.S.C.) (QIBK.QA) sits in the same industry (Banks – Regional) 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.
