Earnings Review · 19 October 2026
The print
Revenue $3.71B vs $1.16 expected.
What changed versus going in
Revenue of $3.71B compares with $3.20B expected, 16.1% above consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow +0.02, five-day price change +5.8%, as of 2026-10-14, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 1%, net margins near 13%, a moderate competitive moat, backed by a 20% return on equity.
Levels that matter
At $73.80 the shares sit 7% below the 52-week high of $78.96 and 17% above the low of $62.87 (68% of the way up the range). The 50-day average is $69.71, below the price. The 200-day average is $69.46, below the price.
The valuation lens
The shares trade about 24% above our fair-value estimate: priced for things to go right. Fair value lands near $57 against a $75.42 share price, a margin of safety of about -24%. The trailing multiple sits around 15 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.
