Earnings Review · 04 November 2026
The print
Revenue $3.08B. EPS $1.15 vs $1.13 expected.
What changed versus going in
Earnings came in at $1.15 a share against $1.13 expected, a beat of 2% (+$0.02 a share). Revenue of $3.08B compares with $3.40B expected, 9.4% below consensus.
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.23, five-day price change +1.7%, as of 2026-10-30, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 11%, net margins near 39%, a narrow competitive moat, backed by a 34% return on equity.
Levels that matter
At $58.94 the shares sit 3% below the 52-week high of $60.95 and 17% above the low of $50.22 (81% of the way up the range). The 50-day average is $58.36, below the price. The 200-day average is $55.98, below the price.
The valuation lens
The shares trade close to our fair-value estimate (-10% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $52 against a $57.50 share price, a margin of safety of about -10%. 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, DHT Holdings, Inc. (DHT) sits in the same industry (Oil & Gas Midstream) 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.
