Bottom Up Equity

@qcapital2020 I’d rather compare NTM multiples than LTM.

Coca Cola is currently trading at more than double the P/FCF than Ferrari while having the same EBITDA Margins but nearly half the expected growth rate. This safe trade is getting stupid

$MRVL Marvell Technology | Meaningfully Raised LT Model as MRVL Stands to Benefit from Secular Tailwinds Across Its DC Product Portfolio; Reiterate Buy

$GWRE Guidewire Software | Business Momentum and Demand Accelerating; Positioned Well In An AI World

$MTN Vail Resorts | U.S. Ski Visitation Tracker: Conditions Remain Challenging in CO/UT; Lowering MTN Estimates

$COO Cooper Companies | F1Q26 Results: Tug of War - EPS/Margins Lead the Way, Revenue a Bit Light

$SYK Stryker | AAOS Meetings Highlight Ongoing SYK Focus On Being A Broad, Solution-Oriented Company…Positive For Continued HSD+ Growth

$CIEN Ciena | Review; Solid F1Q Beat, Healthy F2Q Guide, And Seemingly Conservative FY26 Raise; We Remain Positive

$CRWD CrowdStrike | A Competitive Moat Becoming an Opportunity Ocean

$NKE Nike | Read-Throughs from Stifel's All-Star 2026 Athletic Footwear Survey

$MRVL Marvell Technology Group | F4Q26E Preview: Optical DSP Leadership Anchors Q4 Upside; Custom ASIC Reacceleration to Provide Support

$TREE LendingTree | 4Q Wrap: Raising 2026/'27E EBITDA by 7-8%; Maintain Outperform

$VIK Viking Holdings | 4Q25 First Take: Demand Remains Healthy; Booking Curves Look Very “Normal” Again; Expect Upside To Our Yield Forecast

$ONON On Holding | 4Q25 Quick Look

$LIF Life360 | Investing to Start the Year; Growth is 2H Weighted -- Expect 20% MAU Growth and Accelerating PC Growth in FY26

$MDB MongoDB | Good But Not Recent Greatness; LT Thesis Remains Very Much Intact; TP to $330

$CRDO Credo Technology Group | ZF Optics Rollout Timeline Accelerated by Customer Demand, Even as Persistent AEC Strength Drives NT Outperformance; Buy

$DKNG DraftKings | Takeaways from Investor Day: 30%+ L-T Margin Intact; Shifting to All-in-One App Strategy to Drive Leverage

$PGR The Progressive Corporation | 4Q25 10-K Review: Still Looks Like Decelerating Auto Growth

25/38 Obesity market model for AIPAC, LatAm, and China

22/38 Developments expected for new mechanisms as well. $WVE $ARWR

21/38 Several earlier-stage catalysts in 2026 for incretins and new mechanisms. $PFE $AZN $VKTX