{"contract": "sm-investment-case-1", "found": true, "available": true, "as_of": "2026-09-11", "checked_on": "2026-09-18", "listing": {"uuid": "a1ca425f-38dc-42b8-b7df-07523876df7f", "symbol": "TJX", "name": "The TJX Companies Inc", "exchange": "NYSE", "country": "US", "sector": "Consumer Cyclical", "industry": "Apparel Retail"}, "business_type": "Operating company", "price": {"value": 126.02, "currency": "USD", "as_of": "2026-09-11", "basis": "Completed weekly quoted close; before dividends"}, "assessment": {"available": true, "rating": "Hold + Add", "target_price": 153.78, "target_date": "2027-09-11", "price_change_to_target_pct": 22.02, "currency": "USD", "reviewed_on": "2026-09-16", "explanation": "The valuation supports a measured positive view, but the full Buy requirements are not met. Review business evidence, earnings support.", "assumptions": [{"name": "Starting annual sales growth", "value": 8.01, "unit": "percent"}, {"name": "Net profit margin", "value": 8.99, "unit": "percent"}]}, "review": {"status": "Published assessment", "last_checked": "2026-09-18T02:55:29.747258+00:00", "next_scheduled": "2026-12-16", "published_at": "2026-09-16T15:39:56.688501+00:00", "environment": "live", "publication_url": "https://sharemaestro.com/investment-case/record/1977/"}, "business_view": {"headline": "A higher valuation comes with stronger profitability.", "summary": "Year-to-date profit has improved, but capital spending changes the cash picture.", "case_for": [{"headline": "Year-to-date profit has improved", "explanation": "Across 2 completed quarters since 2026-01-31, net income was 2,852.0m versus 2,279.0m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/a1ca425f-38dc-42b8-b7df-07523876df7f/#ic-quarter-profit"}, {"headline": "Borrowing is lower relative to earnings", "explanation": "Net debt / EBITDA: 0.9\u00d7 for TJX, against 1.6\u00d7 across 12 comparable peers.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/a1ca425f-38dc-42b8-b7df-07523876df7f/#ic-peer-measures"}], "case_against": [{"headline": "Capital spending changes the cash picture", "explanation": "Operating cash covers 1.32 times profit, but cash after capital spending covers 0.97 times. Cash generation is stronger before the investment bill is paid.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/a1ca425f-38dc-42b8-b7df-07523876df7f/#ic-cash-quality"}, {"headline": "Working capital is growing faster than sales", "explanation": "Receivables changed +107.5%, against sales of +5.4%, from the same quarter last year. This can tie up cash. Acquisitions, payment timing and seasonality also need checking.", "evidence_url": "https://sharemaestro.com/investment-case/ticker/a1ca425f-38dc-42b8-b7df-07523876df7f/#ic-quarter-working"}]}, "watch_points": [], "financial_period": "2026-07-31", "next_results": null, "data_notes": ["Financial totals have been checked against their reporting periods. Only matching twelve-month figures are used; unsupported measures remain blank.", "Preferred stock or minority-interest amounts are missing. Enterprise-to-common-equity valuations are withheld until these claims are known.", "Revenue, operating profit, debt, cash and ownership claims are needed for this model."], "canonical_url": "https://sharemaestro.com/investment-case/ticker/a1ca425f-38dc-42b8-b7df-07523876df7f/", "pdf_url": "https://sharemaestro.com/investment-case/ticker/a1ca425f-38dc-42b8-b7df-07523876df7f/download.pdf", "limitations": ["The published assessment stays fixed between governed reviews. Scenarios edited in the browser do not change it.", "Each financial period and price date is separate. Company coverage varies.", "Targets exclude dividends, fees and tax. A missing target is unavailable, not zero.", "Preview assessments are identified and do not establish a live performance record."], "disclaimer": "Automated model research, not personal investment advice. Targets depend on assumptions; returns are not guaranteed.", "revision": "65b4e27e8dcd7dfaacbc63ac2e82cf3bd83cbeffa7bced8b246113ec5f06a0cf"}