Screened 2026-09-07 · the tape above runs as of 17:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markdown label.
Saturna Sustainable Equity Fund ETF holds its Markdown at $49.17. Consolidating, no directional conviction, held for 140 days.
As held on the ledger · 2026-09-07
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 140 days
Price at the screen
$49.17
Valuation
13.11 trailing · 10.57 forward price to earnings
Values screen
PASS· score 50.0
Beta
0.78
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Shariah-screened instrument — compliant by design
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
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.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads FAIR VALUE: it trades at roughly a 12% discount to our $55.00 fair value, 23.50% revenue growth.
Fair value range in USD, drawn from the 2026-09-07 screen. The gold marker is the market price at the same screen. A 11.9% margin of safety to the base estimate.
Third-party analyst targets: 3 covering, consensus Buy. The average target sits +10% 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 2026-09-07 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Shariah-compliant lender at a modest discount
Picture a regional bank built for customers who want their deposits to match their values. Amalgamated clears that test by design, passing our ethical screen while posting a 33 percent profit margin and 14 percent return on equity. At 10.5 times forward earnings the shares sit 11 percent below our 53 fair value, with analysts clustered around a 50 target and only 5 percent revenue growth on show.
That combination keeps the name at fair value rather than a bargain. The low multiple reflects modest expansion and an unknown competitive moat, so the discount is not yet screaming opportunity.
Cyclical earnings in regional banking can flatten quickly when rates or credit conditions turn, and the thin growth rate offers little cushion if those pressures arrive. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
AMAL trades on NASDAQ. 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
2026-08-21Accumulation$49.05+2.9%Entry 6
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.9% since our last review. Ethical screening: PASS with ethical pass with moderate score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 24% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (2 analysts) rates it none, with a mean price target of $46.
2026-07-21Accumulation$47.67+12.4%Entry 5
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 12.4% since our last review. Ethical screening: PASS with ethical pass with moderate score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 24% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (2 analysts) rates it none, with a mean price target of $46.
2026-07-18Accumulation$42.42+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 pass with moderate score. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 24% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (2 analysts) rates it none, with a mean price target of $46.
2026-07-17Accumulation$42.42+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 pass with moderate score. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 24% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 42%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (2 analysts) rates it none, with a mean price target of $46.
2026-07-03Accumulation$42.42+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 pass with moderate score. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Accumulation$42.42Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with ethical pass with moderate score. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
