COMPANIES
Equity Research
ROIC, FCF, multiples and forensic accounting.
- EQUITY RESEARCH[US]
Berkshire Hathaway: the megacap discount still leaves insurance cash on the table
The conglomerate valuation at 12.68x P/E distorts the reading of underlying operating cash flows. An EV/EBITDA of −1.79x captures the liquidity cushion but obscures core earnings conversion. We analyze capital allocation and balance sheet quality.
- EQUITY RESEARCH[US]
HBM memory demand conditions EBITDA cash conversion in Micron Technology
Capital allocation at Micron Technology reflects an 80.4% EBIT margin alongside a 1.05 trillion market capitalization. We analyze free cash flow conversion and fundamental metrics for the semiconductor manufacturer.
- OPINION[US]
The massive OPEX outflow in Gevo conditions the actual quality of deployed capital
Recent regulatory filings from Gevo reveal internal executive friction and compensation shifts that undermine operational capital allocation. Institutional consensus continues to misinterpret managerial turnover as a sign of commercial maturity rather than cash inefficiency.
- EQUITY RESEARCH[US]
DUK: CapEx intensity and FCF deficit under an 11.42x EV/EBITDA multiple
Duke Energy Corporation reports a negative free cash flow of 4.48 billion dollars driven by heavy capital expenditures in regulated infrastructure. With an EBIT margin of 27.5% and a P/E multiple of 18.31x, the market continues to price in earnings stability despite temporary liquidity strains.
- EQUITY RESEARCH[US]
JPM's 15.27x P/E valuation requires scrutinizing the persistence of its 50.4% EBIT margin
JPMorgan Chase trades at $356.39 per share, commanding a market capitalization of 947.35 billion dollars. Its 17.8% return on equity contrasts with the sustainability of its 50.4% EBIT margin. We examine the structural vectors supporting this valuation multiple against banking liability costs.
- EQUITY RESEARCH[US]
NCNO: Remaining performance obligations deceleration and margin pressure from prolonged banking sales cycles
Institutional analysis of nCino's Form 10-Q filed with SEC EDGAR. Sales cycle friction and banking deposit cost pressures challenge the sustainability of valuation multiples relative to the cost of capital.
