Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price881.10 USD
Fair value1,187.50
Our investment reviews on this name
2026-10-02Read Markdown881.10+0.0% to today
2026-09-18Read Accumulation906.50-2.8% to today
2026-08-19Read Markup879.50+0.2% to today ✓
2026-07-02Read Accumulation685.20+28.6% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
SHIFT Inc. holds its Markdown at $881.10. Consolidating, no directional conviction, held for 36 days.
As held on the ledger · 2026-09-23
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 36 days
Price at the screen
$881.10
Valuation
27.40 trailing · 1.20 forward price to earnings
Values screen
FAIL
Beta
1.15
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
15.63%
Below 33%
Interest-bearing debt is just 15.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
12.45%
Below 33%
Cash held in interest-bearing accounts and securities is 12.4% of assets, under the one-third limit.
Pass
Receivables
50.81%
Below 49%
Money owed to the company is 50.8% of assets, above the 49% limit.
Fail
Revenue purity
0.02%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
SHIFT's business is fine, but its receivables are about 51% of its assets, just over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-23 screen. The gold marker is the market price at the same screen. A 34.8% margin of safety to the base estimate.
Third-party analyst targets: 7 covering, consensus Buy. The average target sits +8% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to Japan and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
3697.T trades on JPX (the company is based in Japan). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$881.10-2.8%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 61%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (6 analysts) rates it buy, with a mean price target of $1158.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 61%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (6 analysts) rates it buy, with a mean price target of $1158.
2026-08-19Markup · changed$879.50+18.3%Entry 6
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 18.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 61%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (6 analysts) rates it buy, with a mean price target of $1158.
2026-07-19Accumulation$743.40+8.5%Entry 5
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.5% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 61%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (6 analysts) rates it buy, with a mean price target of $1158.
2026-07-18Accumulation$685.20+0.0%Entry 4
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 61%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (6 analysts) rates it buy, with a mean price target of $1158.
2026-07-15Accumulation$685.20+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-03Accumulation$685.20+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Accumulation$685.20Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.