Automated model assessment. Assumptions and risks are shown below.
01
Investment view
The assessment, supporting evidence and main risks.
Valuation basis
The central value is above the share price. Loss periods, gaps or differences in the earnings basis make P/E less useful here. This assessment uses operating profit, capital spending and the balance sheet instead. Loss years remain in the margin history. The earnings method could not pass its required checks; the cash-flow method passed its own input checks.
Across 2 completed quarters since 2025-12-31, net income was 114.9m versus 136.0m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Enterprise value / EBITDA is 6.6ร for EEFT, versus a peer median of 27.3ร. Its operating margin is 11.5% versus 6.6%. Business mix and growth expectations can explain the difference.
Over one year, the stock changed -20.5% against -30.7% for Technology (XLK). The gap is +10.2 percentage points. These are price returns, before dividends.
Enterprise value / EBITDA is 6.6ร for EEFT, versus a peer median of 27.3ร. Its operating margin is 11.5% versus 6.6%. Business mix and growth expectations can explain the difference.
Operating cash covers 1.39 times profit, but cash after capital spending covers 0.93 times. Cash generation is stronger before the investment bill is paid.
Over one year, the stock changed -20.5% against -30.7% for Technology (XLK). The gap is +10.2 percentage points. These are price returns, before dividends.
Across 2 completed quarters since 2025-12-31, net income was 114.9m versus 136.0m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Over 1 year (2025-09-12 to 2026-09-11), price changed -20.5% and trailing EPS changed +13.2%. A wider gap changes the earnings multiple; it does not establish fair value.
Valuation comments use the starting assumptions. Related findings can reflect the same underlying change; they are not separate votes or a probability of success.
SM Virtual Analyst is an automated review of stored company results and market data. The views below describe the available evidence and identify what to check next.
02
Business and operations
Revenue, profit, cash generation and the operating measures behind them.
Business assumptions
Follow the operating evidence, compare results with recorded forecasts, and check what funds growth.
The published assessment changes through a formal review. The tests below show how different conditions could affect the business.
Reported results
Separate prices, volumes, costs and investment. A market price relationship alone does not establish a change in company value.
Next results ยท 2026-10-28
Compare what the company reports with the assumptions recorded beforehand. A temporary benefit needs an end date.
Software ยท Business drivers
Business drivers
Start with the measures that affect sales, profit and cash. Each chart shows whether the evidence comes from company disclosures or financial statements.
0 of 4 key company measures recorded
Financial measure
Sales growth
3.17%2026-06-30
Compare matching quarters to reduce seasonal effects.
Quarterly statementsFinancial measure
Operating margin
12.37%2026-06-30
The part of sales left after operating costs. It does not identify the underlying cause of a change.
Quarterly statementsFinancial measure
Cash left from sales
10.10%2026-06-30
Cash after capital spending as a share of revenue. Working capital and seasonal investment can affect one quarter.
Quarterly statements
Company-specific coverage
Not recorded in reviewed disclosures: Annual recurring revenue, Net revenue retention, Remaining contracted sales, Organic sales growth. The financial measures above provide context; they do not substitute for these operating measures or establish their cause.
Understand the business
Profit and cash generation
Sales, profitability and cash after investment, compared with the financial history.
Financial results through 2026-06-30Business description
Euronet Worldwide, Inc. provides payment and transaction processing and distribution solutions to financial institutions, agents, retailers, merchants, content providers and individual consumers globally. The company is headquartered in Leawood, Kansas.
Sales over twelve months$4.37bnTotal sales over twelve months
Operating profit$505.10m11.55% of sales ยท same twelve months
Net income$288.40m6.59% of sales ยท same twelve months
Cash after capital spending$268.90m6.15% of sales ยท same twelve months
Profit and cash flow
Capital spending changes the cash picture. Operating cash covers 1.39 times profit, but cash after capital spending covers 0.93 times. Cash generation is stronger before the investment bill is paid.
The same twelve-month reporting period. Cash after capital spending is before dividends, buybacks and debt repayments.
Operating margin history
Latest reported margin 11.5% ยท Annual-history median 11.7%
Compare annual results with the latest trailing period. The periods may overlap. The median describes the available history; it is not an assumed future margin.
The latest reporting periods, earnings quality and the longer financial record.
The business
Company results and cash generation
Start with the latest quarters, then check whether the longer record supports the same view.
Annual results ยท 2025-12-31
Quarterly results
The current financial year
Compare completed quarters with the same periods a year earlier. Annual year-end: 2025-12-31.
Latest quarter ยท 2026-06-30 Reported 2026-08-04
Revenue6.6%2 matched quarters vs last year
Operating profit-10.6%2 matched quarters vs last year
Net income-15.5%2 matched quarters vs last year
Operating cash-85.9%2 matched quarters vs last year
Cash after capital spending-130.4%2 matched quarters vs last year
Quarterly sales
Same-quarter comparison
Reported revenue in USD. Growth can include acquisitions, exchange-rate changes and price changes.
Quarterly profit
Operating profit shows the business before financing and tax. Net income can also reflect asset sales and other one-off items.
Operating profit changes
Latest quarter against the same quarter last year. The sales effect holds the old margin fixed; the remaining change comes from the margin. These two amounts add up to the change in operating profit.
Quarterly profit and cash
Cash can move sharply between quarters. Check the four-quarter comparison and working-capital changes before drawing a conclusion.
Working capital and sales
Same quarter one year earlier. Receivables and inventory are balances at the reporting date; sales cover the quarter. Faster growth can tie up cash, but acquisitions and payment timing can also explain a change.
Quarterly results and year-to-date figures
2 completed quarters since 2025-12-31
Year-to-date comparisons require every completed quarter since the annual year-end and a matching prior-year period. Missing periods are not treated as zero. Figures may include subsequent restatements.
Annual results commentary
Sales grew
Annual revenue changed +6.4% between the latest two reported years.
Amounts use each statementโs reported currency. Historical figures can include later restatements. Weighted diluted shares are an annual earnings measure, not the current share count used for valuation.
Earnings quality
Earnings quality
Separate the operating result, financing, tax and share count. Compare the same quarter a year apart.
2025-06-30 โ 2026-06-30
Operating profit explains the largest part of the profit change
Its contribution was $-21.50m. The bridge reconciles the two quarters; it does not by itself establish whether the change will repeat.
At the old share count, current profit would produce EPS of $1.80. The changed share count contributes $-0.13 per share. This does not attribute all changes in shares to buybacks.
The latest quarter reported $77.40m net income and $148.00m operating cash. The difference includes non-cash expenses and working capital; one quarter can be seasonal.
USD. Components add up to the total change. Non-operating items can include interest, investment income and other gains or charges.
Profit growth versus the share count
Reported diluted EPS is checked against profit divided by weighted diluted shares. Split periods are excluded. The share-count effect is measured after the profit change.
Cash conversion
USD. Cash timing can differ from profit recognition. Use several quarters to check whether a difference persists.
Recurring earnings and accounting checks
No reviewed schedule of unusual profit items is recorded. Reported profit is not assumed to be recurring profit.
Growth from pricing, volume, acquisitions and currency is identified only when the company provides a matching breakdown. A financial bridge explains the arithmetic, not the business cause. Gains are positive and charges negative in the unusual-item schedule.
Growth and capital
Investment and cash requirements
Compare the cash generated by the business with investment, acquisitions, dividends and buybacks.
Cash generated and cash used
Cash after capital spending
Cash after capital spending is before acquisitions, dividends and buybacks. A full remaining-cash figure is shown only when all those amounts are matched; missing payments are never zero. A shortfall may be met by cash balances, borrowing or asset sales. These figures do not establish the funding source or the return on new investment.
Investment returns and funding
These cash measures show funding needs. They do not calculate the return on new investment. That requires comparable invested capital, after-tax operating profit and a supported required return. Acquisitions, disposals and accounting changes need separate treatment. Check the return-on-capital comparison in Peers & sector where those inputs are available.
Results, guidance and assumptions
Results and expectations
A target is useful only when you can see the business assumptions behind it.
SM assumption
Annual sales growth
Result at review5.0%
โ
Assumed5.0%
Recent median quarterly year-on-year growth; model starting growth. Published model assumptions; target date 2027-09-16.
SM assumption
Operating margin
Result at review11.5%
โ
Assumed11.6%
Trailing result; model longer-run margin. Published model assumptions; target date 2027-09-16.
How these comparisons are matched
Company guidance and consensus are compared only when the fiscal period, measure, currency and earnings basis match. Target assumptions below use their own stated horizon; they are not relabelled as fiscal-year consensus.
No verified, like-for-like management and consensus comparison is available yet. It is omitted rather than combining different periods or earnings definitions.
04
Share price and peers
Performance, earnings and valuation compared with the market and other companies.
Understand the share price
Share-price performance
Separate the companyโs move from the wider market. Then examine the change in earnings and the price paid for them.
EEFT against its market
Both series start at 100 on the same date. Completed weekly prices; dividends are excluded. A sector fund represents its own holdings and weighting, which differ from the equally weighted sector statistics above.
Earnings and valuation contributions
At the old earnings multiple, the latest trailing EPS would imply $102.80. The actual close was $72.18.
2025-09-12 to 2026-09-11. The earnings contribution holds the starting P/E fixed; the remaining change comes from the P/E. This is an accounting comparison, not a fair-value estimate or proof of why investors traded.
Compare reported earnings, the marketโs response and changes in expectations.
Price and trailing earnings
Both start at 100 on the same date
Weekly prices are matched only after a recorded results date. A reporting-week move includes other news. EPS from earnings releases may differ from statutory diluted EPS. Historical revisions can change this comparison; it is not a trading backtest.
Reported earnings and estimates
2 beats and 2 misses across the last 4 comparable quarters. Earnings-release figures may use an adjusted basis and differ from the financial statements.
How price moved after results
From the weekly close before the announcement to the first weekly close after it, and to approximately four weeks later. These are weekly-window returns, not a one-day reaction. Other news also affects price.
Price paid for earnings
P/E is available for 157 of 157 weekly observations. There are no missing earnings observations in this displayed period. Select Trailing EPS to inspect the earnings behind the ratio.
P/E at 2026-09-11: 7.2ร ยท Median across positive-earnings weeks: 11.8ร. Loss-making weeks are excluded from this median.
Uses earnings-release EPS, which can differ from the statement EPS used in peer factors. A low multiple can reflect weaker expected earnings.
Compare the pace over different periods
Price return excludes dividends. Earnings growth and multiple changes require positive EPS at both ends of the comparison.
Share-price history
Weekly closing prices
View price valuesEarnings announcements and price comparisons
Weekly prices are matched only after a recorded results date. A reporting-week move includes other news. EPS from earnings releases may differ from statutory diluted EPS. Historical revisions can change this comparison; it is not a trading backtest.
Peers and sector
Peer and sector comparison
Compare the price of the business with what it earns. Then check whether the wider sector is helping.
Same published week 2026-09-11
Lower valuation, stronger profitability
Enterprise value / EBITDA is 6.6ร for EEFT, versus a peer median of 27.3ร. Its operating margin is 11.5% versus 6.6%. Business mix and growth expectations can explain the difference.
Profitability and valuation, together
EEFT is the larger teal dot. Each other dot is a named peer. Move right for greater profitability; move up for a higher valuation multiple.
Compare the actual figures
EEFT is shown in teal. The comparison uses 12 selected peers out of 132 other covered listings in Software - Infrastructure.
Peer comparison table and financial dates
Active US common listings in the same industry; up to 12 peers nearest in market value. Identified preferred shares, warrants, rights and units are excluded. Matching company names and labelled share classes count once, using the listing with the largest stored market value; the target's other identified classes are excluded. This metadata screen is not a complete issuer-identity check. Medians require at least three companies per measure. All use the same published week and factor universe. Financial periods can differ and are shown below. This is a comparison of current constituents, not a backtest.
The wider Technology sector
Sector performance
These figures cover other active US listings in the same sector and publication week. Sector membership is broader than the selected industry peers.
46%Higher over one year592 listings with adjusted-price changes
56%Reported a profit603 listings with net income
-4.2%Median adjusted-price changeEach listing has equal weight
Company versus sector
Percentage measures from the same published week. Profitability, growth and price performance describe different things; they are not added together.
Sector comparison
Operating marginEEFT 11.5% ยท Sector median 4.2%595 other listings with this measure
Adjusted-price change over one yearEEFT -20.5% ยท Sector median -4.2%592 other listings with this measure
What the peer measures mean
Price / earnings
The share price divided by trailing statement earnings per share. Lower can mean cheaper earnings, weaker growth or greater risk. Loss-making companies have no meaningful P/E.
Enterprise value / EBITDA
Enterprise value includes equity and net debt. EBITDA is earnings before interest, tax, depreciation and amortisation. This multiple does not account for the capital spending needed to keep the business running.
Operating margin
The percentage of revenue left as operating profit, before interest and tax. Product mix and accounting policies affect comparisons.
Cash after capital spending / enterprise value
Cash after capital spending divided by enterprise value. Check whether cash flow is repeatable and how much must cover debt and other commitments.
Cash after capital spending / profit
Cash after capital spending divided by net income over the same trailing period. A value of 1 means one dollar of cash remains for each dollar of profit. Growth investment and working capital can change this ratio.
Net debt / EBITDA
Debt less cash divided by trailing EBITDA. A negative value means cash exceeds debt. Debt maturities and interest costs still need separate checks.
Adjusted-price change over one year
Change across the stored one-year adjusted-price window. These factor histories include dividend adjustments; they are separate from the quoted-price comparisons. Current constituents are used.
Comparisons use stored statement-based factors. Earnings-release EPS can use a different basis from these financial statements. Missing measures and unprofitable earnings multiples are omitted. Financial periods differ across issuers; matching publication weeks does not make their businesses identical.
Consider the alternatives
Alternative companies
Compare the trade-offs across closely sized businesses in the same industry. This list is not an investment ranking.
Same price week. Financial periods no more than 110 days apart.
EEFT and AVPT
AVPT compares more favourably on net debt / ebitda.
The trade-off is less favourable ev / ebitda, operating margin.
AVPT financial period 2026-06-30. Published prices 2026-09-11. Differences in product mix, geography and accounting can limit comparability.
Loss periods, gaps or differences in the earnings basis make P/E less useful here. This assessment uses operating profit, capital spending and the balance sheet instead. Loss years remain in the margin history. The earnings method could not pass its required checks; the cash-flow method passed its own input checks.
Valuation range
By 2027-09-16
The weaker case combines slower sales, lower margins and a higher required return. The range uses business-specific sensitivity assumptions. Severe stress is shown separately. These are not probabilities or limits on possible losses.
Profit through the cycle
11.5% โ 11.6%
Trailing operating margin to the longer-run assumption. Loss years are included; the model allows three years for the change.
Recorded capital spending to the assumed spending floor. This is not a verified maintenance amount. Spending also funds depreciation and the physical assets needed for sales growth.
Operating value per share less net debt and other ownership claims. Cash is valued at the target date; it is not today's DCF value relabelled as a future target.
The central value uses a 11.6% operating margin and a 7.15% required return. 83% of the absolute discounted cash value comes from after year five. Small changes to these assumptions can move the target substantially.
Target calculation: cash flow per share
Target price components
Value the future operating cash at the target date, subtract net debt and other ownership claims, then divide by current shares.
Historical and assumed profit margins
Operating profit divided by revenue. The central margin is the median of 5 annual results plus the latest trailing result. It includes loss years and is reached over three years.
Cash left after running and investing in the business
Annual model cash before financing payments. The first forecast year ends one year after 2026-06-30. Cash before the target date is excluded from operating value; it is assumed distributed, while a deficit increases debt.
Inputs for each scenario
Scenario
Starting sales growth
Operating margin
Year-5 company cash / share
Required return
Price
Weaker
0.0%
10.5%
$8.99
7.7%
$109.99
Central
5.0%
11.6%
$11.37
7.2%
$165.68
Stronger
10.0%
12.8%
$14.15
6.7%
$241.58
Check the result against assets and peer valuations
Reported common book value
$32.88
Accounting equity less preferred stock. Not liquidation value or a floor under the share price.
Peer enterprise value / EBITDA
$436.71
Current trailing figures at the starting peer multiple. A separate present-value reference; business mix and cycle position can differ.
Peer enterprise value / sales
$247.06
Current trailing figures at the starting peer multiple. A separate present-value reference; business mix and cycle position can differ.
These are separate current-value references, not additional 12-month targets. They are not averaged into the target. The peer comparisons use current trailing profits and sales; the cash-flow model allows profitability to change.
Methods are considered by business suitability and completeness of evidence. The model does not select whichever produces the highest target.
Valuation methods checked
Method
Input checks
Outstanding requirements
Earnings and historical valuation
Incomplete
Release EPS is $9.96; statement-derived EPS is $7.71. The difference exceeds 5%; the earnings basis needs review before a rating is issued.
Cash flow across the cycle ยท Selected
Passed
Required inputs are available. Publication safeguards apply separately.
Cash flow across the cycle
This method keeps both weak and strong years in view. It values cash from the operations after tax, capital spending and working capital, then deducts net debt and other ownership claims.
The central operating margin is the median of up to five annual margins plus the latest four-quarter margin, including losses. It is reached over three years. Sales growth starts at the median of four quarterly year-on-year changes.
Starting sales growth is limited to โ10% to +15% and moves towards 2% by year five. Depreciation must have a matching reported period and exclude impairment charges. An unrelated EBITDA-minus-EBIT difference is not used. The spending floor moves towards the median recorded capital-spending ratio, with a floor at depreciation. This historical total does not identify maintenance separately from expansion spending. Total capital spending must also cover depreciation plus the assets needed for extra sales. Working capital is funded in proportion to extra sales; falling sales do not automatically release cash.
How the discount rate is set
The central rate is 7.15%, a model estimate of the after-tax cost of debt and equity funding. It is separate from the return needed for a Buy rating.
The USD Treasury reference is 4.96% on 2026-09-11. Price-return sensitivity to US stocks is 0.88 over 156 weeks; the model moves it one-third towards 1 to reduce reliance on a noisy historical estimate. A 5% equity risk premium is an explicit SM assumption. This gives an equity funding rate of 9.56%.
Debt uses 6.46% before tax: the higher of the observed annual interest-to-debt ratio and the Treasury rate plus an assumed 1.5 percentage points. That spread is a modelling assumption, not a quoted company bond yield. Debt represents 51.0% of the combined debt and quoted equity value. Debt book value approximates market value.
The ordinary weaker and stronger cases use a half-point discount-rate band and retain 2% continuing growth. Severe stress adds two percentage points and assumes no continuing growth. Price history, assumed risk premiums and accounting debt values have limits; regional risks can differ. Official Treasury observations โ
Tax assumption: 25.0% (25% illustration; a usable current effective rate was unavailable). No immediate tax refund is assumed on losses.
Cash after the target date is discounted to that date. Earlier positive cash is assumed distributed, so it is not added to the target. Any earlier deficit after debt interest increases net debt. The model holds the share count and other ownership claims constant. It does not assume future buybacks, asset sales or a refinancing.
This is a going-concern cash-flow model. It cannot establish asset sale proceeds or restructuring recoveries. A negative equity result is shown as zero, reflecting limited liability rather than a liquidation estimate.
Rating criteria
Buy requires the disclosed return hurdle, at least equal upside to the weaker-case decline, sound cash and borrowing, and evidence of profitable growth, cash value or operating recovery. Hold + Add requires at least three quarters of the Buy hurdle (minimum 10%), upside of at least three quarters of the weaker-case decline, positive cash and acceptable borrowing, without declining growth evidence. Hold + Reduce means at least 10% central price downside without meeting Sell. Sell requires at least 25% downside, or at least 15% with declining growth or both losses and negative cash after investment; central downside must also cover any upside in the stronger ordinary scenario. Hold covers the remaining rated cases. The qualified Hold ratings express direction and do not specify a position size. Moderate borrowing up to 1.0 times above the business limit can support Hold + Add only with interest cover of at least 6 times and cash after investment of at least 10% of net debt. High valuation uncertainty adds five percentage points to the Buy hurdle. Severe stress is separate. Returns are price only; unverified dividends are not added.
Publication safeguards. Model estimates below one quarter or above four times the current price require a separate valuation review. Cash-flow estimates also require review when more than 90% of their absolute present value comes from after year five. These are SM review thresholds; they do not cap the calculated value or move it towards the market price.
This is an automated research assessment. The policy has not yet been validated against subsequent stock returns. It does not account for your portfolio, tax position or investment needs.
New data refreshes the evidence. A formal review determines whether the published assessment changes. Editing the valuation controls below changes your scenario only. Saving your case preserves this dated assessment alongside your assumptions.
Data checks ยท reviewed 2026-09-16
Check
Status
Evidence
Recent price
Passed
Weekly close dated 2026-09-11.
Current financials
Passed
Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk
Passed
Risk uses the latest 52 weekly price changes.
Operating history
Passed
5 annual results, retaining operating losses and unusually strong years.
Quarterly operating results
Passed
Four quarters through 2026-06-30.
Cash-flow and ownership inputs
Passed
Capital spending, depreciation estimate, operating capital, debt, cash and other ownership claims are recorded.
Depreciation basis
Passed
Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency
Passed
USD statements and share price.
Operating totals
Passed
Quarterly sales and operating profit agree with the trailing snapshot within 5%.
Operating discount rate
Passed
The operating cash-flow discount rate needs a current USD Treasury rate, at least two years of matching market returns, and dated debt and share inputs. An equity return hurdle is not used as the company's funding cost.
Continuing growth and funding cost
Passed
The funding cost must exceed continuing growth in every valuation scenario.
Scenario consistency
Passed
The weaker, central and stronger assumptions must give an ordered range. When growth costs more capital than it earns, a tailored operating review is required before publishing a target.
Target publication review
Passed
The model estimate is within SM's automatic publication range of one quarter to four times the current price. This is a review threshold, not evidence that the market price is correct.
Cash-flow value dependence
Passed
Cash flows beyond year five account for 82.8% of the absolute present value. This is within SM's 90% automatic publication limit.
Investment assets and operating capital
Passed
No material unvalued investment balance was identified in the available capital inventory. This does not establish that every asset has been independently appraised.
Financial period: 2026-06-30. Margin history includes 5 annual results and the latest four quarters. Model version: sm-assessment-14-operating-capital. Published price: $72.18 on 2026-09-11. The upside above uses the latest close. Review policy and original record โ
Price and valuation assumptions
The central value is above the share price. Buy ยท Cash flow across the cycle
129.5%price return to our target2026-09-11 close โ 2027-09-16 target
Classification sensitivity. The classification is unchanged across the completed assumption tests. View the comparisons โ
Price requirements
Assumptions required by the price
Weekly close $72.18. The figures below make the model's value at 2027-09-16 equal this price.
One assumption changes in each row
Assumption
Our model
To match price
Starting sales growth
5.04%
-18.58%
Operating margin
11.64%
6.72%
These are alternative ways for the target-date value to equal the latest weekly close, before dividends. They imply zero price appreciation to that date, not an investor's required total return. Each changes one assumption while holding the others fixed. Many combinations could fit the price; this does not establish market consensus or the likelihood of an outcome.
Test ranges and limitations
Starting growth is tested from โ20% to 100%, and operating margin from 0% to 100%. Growth still fades, and investment is still funded. These are search bounds, not plausible forecast ranges. Matches are approximate; a scan can miss additional solutions. A value is shown only where the cash-flow calculation is valid.
Interest, funding costs, ownership claims, shares, continuing growth and the target date retain their recorded basis. A price change does not re-estimate the cost of capital in this comparison.
Valuation assumptions
Our valuation assumptions
Target $165.68 for 2027-09-16. Assessment 2026-09-16; financial period through 2026-06-30.
Recorded evidence and the selected model
Measure
Evidence
Assumption
Sales growth
5.04%
5.04%
Operating margin
11.55%
11.64%
Capital spending / sales
3.02%
3.48%
Required return
Model assumption
7.15%
These inputs use the reporting period, profit adjustments and share basis recorded at assessment. Historical averages do not establish sustainable growth or margins.
Assumption definitions
Sales growth. Median of 4 recorded year-on-year comparisons. Starting growth fades to 2.00% by forecast year 5.
Operating margin. Historical reference: 11.64%. Reached in forecast year 3.
Capital spending / sales. Assumed spending floor. Actual model spending also funds depreciation and growth capital, using the larger requirement.
Required return. Annual operating funding cost; continuing growth 2.00%. Lower required returns raise value when future cash flows are positive.
Company evidence recorded with the assessment on 2026-09-16. The detailed financial tables may contain newer results.
Company strengths
The stock is leading its sector. Over one year, the stock changed -20.5% against -30.7% for Technology (XLK). The gap is +10.2 percentage points. These are price returns, before dividends.
Company risks
Capital spending changes the cash picture. Operating cash covers 1.39 times profit, but cash after capital spending covers 0.93 times. Cash generation is stronger before the investment bill is paid.
Strength in the business and an attractive share price are separate judgments. These findings do not independently verify the target.
Model uncertainty: high. A stated assumption test or the difference between checked valuation methods exceeds 25% of the central target.
Assumptions with the largest effect on value
The two assumptions with the largest effect in the sensitivity tests, measured relative to our target. The table shows both ends of each range. Other assumptions stay fixed; these are conditional values, not forecasts or probabilities.
Measure
Changed assumption
Target-date value
Required return
Required return: 6.15%One percentage point below and above the central funding cost; other assumptions fixed.
$215.89
Required return
Required return: 8.15%One percentage point below and above the central funding cost; other assumptions fixed.
$131.78
Starting sales growth
Sales growth: 0.04%Use the ordinary scenario growth assumptions while holding the other central assumptions fixed.
$144.20
Starting sales growth
Sales growth: 10.04%Use the ordinary scenario growth assumptions while holding the other central assumptions fixed.
Rating basis recorded 2026-09-16. Profitable growth supports the valuation. The price clears the return, cash, borrowing and downside requirements.
Thresholds saved at publication ยท crossing a threshold requires review
Measure
At publication
Latest
Improvement threshold
Deterioration threshold
Status
Quarterly sales growth
3.17%
3.17%
โฅ 8.17%
โค -1.83%
Within starting range
Quarterly operating margin
12.37%
12.37%
โฅ 14.37%
โค 10.37%
Within starting range
Operating cash / profit
1.39ร
1.39ร
โฅ 1.59ร
โค 1.19ร
Within starting range
Net debt / EBITDA
2.45ร
2.45ร
โค 1.95ร
โฅ 2.95ร
Within starting range
Company review priorities
Watch whether cash after capital spending closes the gap with profit. It currently covers 0.93 times profit over four quarters.
The latest quarterly margin changed -2.4 percentage points from a year earlier. Check sales volumes, pricing and unusual gains in the next filing.
Recheck the valuation gap alongside profitability and growth after new results. A discount alone does not establish value.
These observations use the stated periods and reporting bases. Reported margins and the valuation's adjusted margin history can differ; reconcile the basis before comparing a new result with the model.
New results, restatements, material disclosures and unresolved share changes require review. A sustained price change can change the rating comparison without changing the target. Company evidence, risk and uncertainty must still support the classification. Dividends are assessed separately where verified.
Growth, cash generation, borrowing and uncertainty behind the rating.
Business modelOperating company
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
Growth evidenceSupported
Annual earnings growth 11.5% per diluted share over two years. Cash after investment changed -5.5% per diluted share per year.
Valuation uncertaintyHigh
A stated assumption test or the difference between checked valuation methods exceeds 25% of the central target. More than 80% of the absolute cash-flow value comes from after year five.
Investment basis
Profitable growth
The published recommendation is Buy. The checks below compare its recorded company assumptions with the latest weekly close. A formal review is required before the recommendation changes.
Classification at this price
Profitable growth supports the valuation. The price clears the return, cash, borrowing and downside requirements.
Valuation uncertainty is high. The scenario balance does not measure the probability of reaching either value. A Sell can reflect a high price for a sound company; Hold can reflect insufficient support for a positive view despite a higher target.
Rating evidence at the latest close
Classification
Current comparison
Meaning and requirements
Buy
Applies
Positive value with sufficient business and financial support. At least 22.3% central upside, covering the 0.0% weaker-case decline; cash, borrowing and a supported business route must pass.
Hold + Add
Does not apply
Qualified positive value; full Buy requirements are not met. At least 16.7% upside and three quarters of the weaker-case decline, positive cash, acceptable borrowing and no declining growth evidence.
Hold
Does not apply
No directional classification meets its requirements. This can reflect a price near the target, an insufficient return margin or financial evidence that does not support a positive view. It is not a substitute for missing valuation data.
Hold + Reduce
Does not apply
Qualified negative value; full Sell requirements are not met. At least 10% central downside, without both the 25% Sell threshold and its stronger-case balance.
Sell
Does not apply
Substantial negative value, with the stronger scenario checked. At least 25% central downside and at least as much downside as the 234.7% stronger-case upside. Declining evidence: not established.
Business and financial checks for a positive classification
Positive-rating evidence at the latest close
Assessment
Buy requirement
Evidence
Price and return
Met
129.5% price upside against a 22.3% Buy requirement.
Downside balance
Met
The weaker operating case is 0.0% below the price. Severe stress is shown separately.
Cash generation
Met
Positive cash after capital spending and at least 80% cash conversion of positive reported profit are required.
Borrowing
Met
Sound. The operating company policy uses net debt / EBITDA up to 3.0 and interest cover of at least 4.0, unless cash covers debt.
Business evidence
Met
Profitable growth. Growth evidence: supported.
Earnings support
Met
The earnings-growth or cash-value requirement is met. Any assumed P/E change remains explicit in the target bridge.
Price return relative to the requirement: 5.82ร. A value of 1 meets the return hurdle; it does not establish a Buy on its own. The comparison excludes dividends, fees and taxes. Hold + Add means a measured positive research view with less support than Buy. Hold + Reduce means a qualified negative view where the full Sell requirements are not met. These labels do not specify a holding size or assume you already own the stock.
Earnings and cash relative to price
EPS divided by price is earnings yield: $5 of earnings at a $100 price is 5%. Earnings are not a promised distribution. Cash after capital spending is before debt principal repayments. Neither yield is added to earnings growth to calculate a return.
Cash after capital spending / priceOperating cash less capital spending; before debt principal payments and distributions
10.0%
2026-06-30
A recurring-earnings yield needs a reviewed adjustment schedule. Consensus is included only with verified currency, annual period, earnings definition and listed-share basis. Unknown inputs remain excluded.
Capital and growth
Profit relative to the capital employed
After-tax operating return on current capital: 11.2%. Model funding cost: 7.2%.
Reported operating profit after the measured tax rate / current equity, debt and minority interests less cash. Current capital is used, not average capital. Accounting values and acquisitions affect the comparison. This is not the return on new investment.
Growth, borrowing and scenario assumptions
Sales growth uses comparable reported periods. Earnings and cash growth use two years per diluted share, where complete; a comparison spanning a split is excluded until a common basis is verified. Periods with conflicting earnings and share units are excluded from both per-share comparisons. These observations do not establish organic growth or returns on new investment. Projected EPS change covers the financial-period end to the target date.
Growth must be funded. The cash-flow model charges for investment and working capital; an earnings target holds shares constant and is checked against cash generation. Organic growth, acquisition effects and the return on new investment are not inferred from sales growth alone. Missing evidence does not receive a positive score.
Reported per-share history ยท source statement share basis
Year end
Diluted EPS
Cash after capital spending / diluted share
2021-12-31
1.32
5.87
2022-12-31
4.41
12.05
2023-12-31
5.50
10.63
2024-12-31
6.45
12.80
2025-12-31
6.84
9.49
Cash coverage: 1.39ร (reported net profit). Net debt / EBITDA: 2.43ร. Interest cover: 7.11ร. Cash covering debt outright also meets the borrowing requirement. Otherwise the business policy uses a leverage limit of 3.0ร and interest cover of 4.0ร. Borrowing up to 1.0ร above the limit may support Hold + Add only when interest cover is at least 6ร and annual cash after capital spending covers at least 10% of net debt.
The reported debt amount is retained. Lease obligations are not silently removed. Separately identified operating lease liabilities: $152,900,000. Filing source
The ordinary scenarios widen with observed growth and margin dispersion. The minimum sales-growth band is 5 percentage points for this business. The minimum margin band is 10% of the central margin. Earnings cases also use at least a 10% P/E band. Cash-flow cases use a half-point discount-rate band, keeping 2% continuing growth and spending-floor assumptions consistent. These are disclosed sensitivity assumptions, not statistical confidence intervals.
Growing businesses can qualify through persistent reported growth and improving per-share earnings or cash. Established businesses can qualify through cash value. A cash-flow recovery needs supportive operations without additional forecast borrowing. A growth Buy requires at least 5% annual model EPS growth. The target bridge shows the separate effect of any change in P/E.
Severe stress ยท separate from the ordinary valuation range
This combines a sales contraction, weaker profit margins and a two-point increase in the funding rate with no terminal growth. The original severe downside assumptions remain available for assessing vulnerability.
Model value: $27.20 ยท -62.3% relative to the weekly close.
Sales growth -10.0% ยท margin 9.2% ยท discount rate 9.15%. This scenario has no assigned probability and is not a limit on possible losses.
Price and income
Return including declared dividends
The target and classification use price returns. This separate comparison adds only reviewed regular cash dividends with an eligible ex-date and payment by the target date.
Dividend evidence incomplete. No dividend-inclusive figure is shown. Missing or ineligible payments are not treated as zero income, and a historical dividend yield is not used as a forecast.
Assumptions and value
Valuation sensitivity
Sensitive to assumptions. These tests use the assessment recorded on 2026-09-16.
Each test changes only the stated assumptions. These are conditional values, not a confidence interval or the probability of reaching a target. A change above 25% of the central target is flagged for review. The five-year central policy is retained; longer growth is not inferred from recent returns.
Classification under different assumptions
The classification is unchanged across the completed assumption tests.
Main valuation dependencies ยท conditional comparisons
Assumption
Central value
Rating
Required return ยท lower input
$215.89
Buy
Required return ยท higher input
$131.78
Buy
Starting sales growth ยท higher input
$188.85
Buy
Each alternative includes its own weaker and stronger cases. These are conditional comparisons, not probabilities or new recommendations.
Effect of each assumption on value per share
The vertical marker is the central target of $165.68. Each range changes one input or the stated pair of capital ratios. All other assumptions stay fixed.
Required return$131.78โ$215.89
Starting sales growth$144.20โ$188.85
Operating margin$143.55โ$187.80
Operating tax rate$150.69โ$180.66
Spending floor$152.88โ$165.68
Capital needed for extra sales$161.77โ$169.58
Comparison of valuation methods
Separate estimates for 2027-09-16
Method
Value / share
Earnings and historical valuation
Not comparable
Cash flow across the cycleSelected method
$165.68
A second method has not passed all the requirements. Agreement between valuation methods has not been established.
Same target date, separate methods. Earnings history uses a historical P/E; operating cash flow models investment and financing. They share company data and are not independent appraisals. No average is used and no method is selected because it gives a higher value.
Method requirements
Earnings and historical valuation ยท Not comparable
Release EPS is $9.96; statement-derived EPS is $7.71. The difference exceeds 5%; the earnings basis needs review before a rating is issued.
Cash flow across the cycle ยท Checks passed
Review price: $72.18. These comparisons do not replace the published target or rating.
Assumption tests and values
Conditional values at the same target date ยท USD per share
Test
Assumption
Value
Change vs target
Starting sales growth ยท lower input
Use the ordinary scenario growth assumptions while holding the other central assumptions fixed.Sales growth: 0.04%
$144.20
-13.0%
Starting sales growth ยท higher input
Use the ordinary scenario growth assumptions while holding the other central assumptions fixed.Sales growth: 10.04%
$188.85
14.0%
Operating margin ยท lower input
Use the ordinary scenario margin assumptions with other central assumptions fixed.Profit margin: 10.47%
$143.55
-13.4%
Operating margin ยท higher input
Use the ordinary scenario margin assumptions with other central assumptions fixed.Profit margin: 12.80%
$187.80
13.4%
Required return ยท lower input
One percentage point below and above the central funding cost; other assumptions fixed.Required return: 6.15%
$215.89
30.3%
Required return ยท higher input
One percentage point below and above the central funding cost; other assumptions fixed.Required return: 8.15%
$131.78
-20.5%
Capital needed for extra sales ยท lower input
Change both physical-capital and working-capital requirements by 25%. The spending floor still applies. This tests a proxy; it does not establish the cost of future projects.Capital requirements: 0.75ร
$169.58
2.4%
Capital needed for extra sales ยท higher input
Change both physical-capital and working-capital requirements by 25%. The spending floor still applies. This tests a proxy; it does not establish the cost of future projects.Capital requirements: 1.25ร
$161.77
-2.4%
Spending floor ยท lower input
Change the assumed spending floor by 20%; depreciation and growth investment remain funded.Spending floor / sales: 2.79%
$165.68
0.0%
Spending floor ยท higher input
Change the assumed spending floor by 20%; depreciation and growth investment remain funded.Spending floor / sales: 4.18%
$152.88
-7.7%
Operating tax rate ยท lower input
Five percentage points either side of the central tax rate; no loss refunds are assumed.Tax rate: 20.00%
$180.66
9.0%
Operating tax rate ยท higher input
Five percentage points either side of the central tax rate; no loss refunds are assumed.Tax rate: 30.00%
$150.69
-9.0%
Growth fades by year 3
The starting growth rate reaches continuing growth in the stated year. Longer transitions extend the explicit cash forecast and fund each year's investment. This is a duration test, not evidence of lasting competitive advantage.Growth reaches continuing rate: 3.00 years ยท Explicit forecast: 5.00 years
$160.78
-3.0%
Growth fades by year 7
The starting growth rate reaches continuing growth in the stated year. Longer transitions extend the explicit cash forecast and fund each year's investment. This is a duration test, not evidence of lasting competitive advantage.Growth reaches continuing rate: 7.00 years ยท Explicit forecast: 7.00 years
$170.40
2.9%
Growth fades by year 10
The starting growth rate reaches continuing growth in the stated year. Longer transitions extend the explicit cash forecast and fund each year's investment. This is a duration test, not evidence of lasting competitive advantage.Growth reaches continuing rate: 10.00 years ยท Explicit forecast: 10.00 years
$177.18
6.9%
Latest margin persists
Retain the latest operating margin instead of converging to the historical reference.Profit margin: 11.55%
$163.93
-1.1%
Latest spending ratio persists
Hold the recorded current spending floor rather than moving it to the historical ratio. Growth still requires capital.Spending floor / sales: 3.02%
$165.68
0.0%
Spending floor at depreciation
Illustrative lower floor only. Still fund physical growth investment and working capital. This does not establish maintenance spending or replacement cost.Spending floor / sales: 3.48%
$165.68
0.0%
Continuing growth and required return
Each cell recalculates the growth path, reinvestment and continuing value together. Rates are annual percentages. An invalid rate combination is left unvalued.
Conditional value per share ยท required return by continuing growth
Required return
0% growth
1% growth
2% growth
3% growth
6.15%
$143.65
$172.77
$215.89
$286.35
7.15%
$117.44
$137.64
$165.68
$207.19
8.15%
$97.66
$112.34
$131.78
$158.76
Business economics
Evidence behind the assumptions
Recorded amounts, model assumptions and unresolved economic questions are shown separately. This inventory does not certify recurring earnings or a competitive advantage.
Growth duration
4 of 4 measured sales comparisons are positive. The median is 5.0%.
Model treatment. Starting sales growth is 5.0%. It fades to 2% by year five; five years is a policy assumption.
Reported growth can include acquisitions, price changes and currency effects. It does not establish organic growth or the duration of a competitive advantage.
Profit margin
Latest margin 11.5%; historical reference 11.6%.
Model treatment. The central operating margin is 11.6%.
Historical results retain losses and unusually strong years. A median does not establish recurring profit; acquisitions and changes in business mix can make earlier years less comparable.
Capital spending
Latest capital spending is 3.0% of sales; depreciation is 3.5%.
Model treatment. The spending floor moves to 3.5% of sales. The model also funds depreciation and the physical assets needed for extra sales, using the larger requirement.
The historical spending floor includes any expansion spending within the reported total. A separate maintenance amount has not been established. The depreciation-floor test is an illustration, not a recovered disclosure.
Capital needed for growth
Net physical assets / sales is 0.08ร; positive net working capital / sales is 0.20ร.
Model treatment. Extra sales require capital at these recorded ratios. Falling sales do not automatically release cash.
Book assets are a proxy for future investment needs. Acquisition prices, research assets, leases and unused capacity can change that relationship. Negative working capital is not treated as free funding.
Other investments
No separate investment value is included in this model.
Model treatment. Recorded cash is already included in net debt. Any separate investment value must avoid counting that cash twice.
No separate value does not mean the company has no investments. Marketable securities, equity stakes, restricted balances and carrying values need a dated ownership and valuation review.
Leases and ownership
The valuation retains the recorded debt and ownership-claim basis.
Model treatment. No lease liability is removed and no corresponding expense is added back by this review.
Any lease adjustment must change profit, assets and debt consistently. Acquired intangibles, minority interests and convertible securities can need company-specific treatment.
Future share count
Current ownership and earnings share bases are reconciled by the publication checks.
Model treatment. The forecast holds the share count constant. It does not assume future buybacks or issue proceeds.
Unvested awards and future capital raising can change value per share. A share-compensation expense and a separate dilution charge must not count the same cost twice.
Investment implied by continuing growth
Continuing growth: 2.0%. Net reinvestment: 6.3% of after-tax operating profit. Implied return on new capital: 31.7%, against a 7.15% model funding cost.
Continuing growth divided by the model's net reinvestment share of after-tax operating profit. This is the return on incremental capital implied by the assumptions, not an observed project return. It is unavailable when profit or net reinvestment is non-positive.
Research, acquisitions and share compensation
Latest usable annual evidence through 2025-12-31
Item
Annual amount ยท USD
% of sales
Treatment and limitations
Share compensation
$55,100,000
1.3%
The operating-profit model does not add back share compensation separately. Reported operating cash can include an add-back. A fixed future share count is an assumption; awards and repurchases need separate review.
Acquisitions
Not established
โ
Acquisitions are shown separately from capital spending. Reported sales growth is not assumed organic. The central forecast does not establish funding for future acquisitions. The filing records net cash received with an acquisition; it is not treated as acquisition spending.
Research spending
Not established
โ
Reported research expense is retained in profit. It is not capitalised or added back without an explicit asset life and amortisation schedule.
Research excluding acquired projects
Not established
โ
This excludes acquired research. It is shown separately and is not substituted for total research spending.
Acquired research expense
Not established
โ
This is the reported expense for acquired research, not necessarily the cash paid in this period. It is not added back to profit.
An annual amount is not a trailing-quarter total. Missing amounts are not treated as zero, and no adjustment to reported profit is made by this table.
Check the valuation
Valuation differences
The effect of changing growth, margins and valuation assumptions.
Change the margin alone until the model value at 2027-09-16 equals the latest close of $72.18. Financial period 2026-06-30. All other published assumptions remain fixed. This is a conditional test, not a claim about what the market expects.
Sensitivity to assumptions
USD per share at the published target date. Each test changes one assumption, holding the others fixed. Dots mark the published target; the dashed line marks the latest close. Ranges are not probabilities.
Sensitivity of the published target
Required return ยฑ1 point
Required return ยฑ1 point creates the largest change in this one-assumption test. 0 of 4 tests cross the latest share price. These ranges are sensitivity checks, not probabilities.
Lower result$131.78
Higher result$215.89
A large range means the conclusion depends heavily on the selected inputs. More methods agreeing does not prove those shared inputs are correct.
Discounts cash after tax and investment. Growth, capital needs and the required return all matter.
$86.60
Peer price / earnings
Uses current positive statement earnings and peer P/E. Different earnings definitions or growth prospects can explain the gap.
$315.64
Peer enterprise value / EBITDA
Values operating earnings before depreciation. High maintenance spending can make this look more generous than cash-flow value. Keeping the same peer multiple but using the target model's longer-run operating margin changes this reference from $436.71 to $439.64. Capital spending, the required return and the valuation date still differ from the target model.
$436.71
Peer enterprise value / sales
Applies the peer price of sales. It does not require this company to earn the same margin as its peers.
$247.06
Steady operating profit
Uses a longer-run operating margin with no sales growth. Maintenance investment is assumed to match depreciation.
$59.43
Peer price / common book
Uses recorded common equity. Book value can differ considerably from realisable asset value.
$95.99
Current-value references using the starting inputs. The published target has a future date and its own assumptions. These references are not averaged into it. User edits in the valuation section remain separate.
Price and value
Valuation methods
Use different methods to test the price. Compare their assumptions and results before drawing a conclusion.
Each method answers a different question. There is no combined target price.
Value under your assumptions$86.60
Compare several scenarios before drawing a conclusion.
Growth and value
Each cell shows a value per share
Green values are above the current share price; red values are below it. Colours describe this model comparison, not the chance of a return.
Model components
Value components
Five-year assumptions
These are modelled amounts, not company guidance or analyst forecasts. โLater valueโ covers the period after year five.
Value under your assumptions
Compare the methods
Valuation comparison
Latest close ยท $72.18
Method
Starting value
Basis
Discounted cash flow
$86.60
Five-year forecasts and a continuing value; uses your growth, profitability and discount assumptions.
Peer price / earnings
$315.64
Trailing statement EPS of $7.7105 ร the selected P/E. The starting multiple is the median of 10 same-industry peers.
Peer enterprise value / EBITDA
$436.71
Apply the median of 10 industry peers to trailing EBITDA, then deduct net debt and other ownership claims to reach a value per common share.
Peer enterprise value / sales
$247.06
Apply the median of 12 industry peers to trailing revenue, then deduct net debt and other ownership claims to reach a value per common share.
Steady operating profit
$59.43
Hold sales flat, start with the median operating margin from 5 annual results, tax the profit and value it as a continuing annual amount.
Peer price / common book
$95.99
Reported equity less preferred stock, per current share, multiplied by the median common-book multiple of 7 peers.
Dots mark the selected values; bars show the lower and higher illustrations. The dashed line marks the latest close. These ranges are not confidence intervals. Several methods use the same financial inputs and peers; agreement is not independent confirmation. All are shown per common share in USD.
Unavailable methods
Cash-yield reference
Positive cash after capital spending, a current share count and reported zero preferred/minority claims are required. Industrial cash measures are omitted for banks and REITs.
06
Risk and portfolio
Funding needs, adverse conditions and the effect of a holding on your portfolio.
Business risks
Business and financing risks
Review borrowing and company disclosures alongside interest rates and commodity markets.
Debt and cash
Balance-sheet figures from 2026-09-11. Cash may be needed to run the business.
If borrowing costs rise
Illustration: interest rates rise by 1 percentage point on the stated portion of debt. Existing fixed rates and hedges may delay or reduce the effect. This is not a debt-maturity schedule.
Observed market relationships
Each dot is one shared week. Bond and commodity funds are price proxies; their returns also reflect fund construction and expenses.
Relationship summary
Correlation ranges from โ1 to +1. A relationship can change and may reflect broader market movements. It does not prove a customer, currency or commodity exposure.
Company disclosure ยท 2026-02-26
Customers
No individual customer of the EFT Processing Segment makes up greater than 10% of total consolidated revenues. EFT maintains contract relationships with a number of banks, financial institutions, telecommunications companies, and clients whose ownership includes the government.
Our EFT Processing Segment provides comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit, debit and prepaid card outsourcing, card issuing and merchant acquiring services. In addition to our core business, we offer a variety of value-added services, including ATM and POS DCC, domestic and international surcharge, foreign currency dispensing, advertising, digital content sales at ATMs, Customer Relationship Management ("CRM"), prepaid mobile top-up, bill payment, money trโฆ
๏ท because a portion of our debt bears interest at a variable rate of interest, our actual debt service obligations could increase as a result of adverse changes in interest rates.
Understand the business. Review sales, profit and cash generation. Open the evidence link beneath each conclusion.
Test the assumptions. A valuation is a scenario. Change growth, margins and the discount rate to see how much the result depends on them.
Keep track. Save your own reasons and conditions. Revisit them after results. Figures show their observation dates. Data notes explain unavailable information.
Data notes ยท 2 to review
Financial totals have been checked against their reporting periods. Only matching twelve-month figures are used; unsupported measures remain blank.
Analyst forecast history is not yet available. Earnings-release history and reported financial results are shown where recorded.
Forecasts and results
Forecasts and reported results
Follow the forecasts behind the current assessment. Earlier versions remain in the full record. Price movements alone do not settle the business case.
Waiting for resultsRecorded 2026-09-16 ยท Live ยท Reporting period had begun
Operating profit2027-06-30
$531,973,200
Awaiting full-year result
โ
Waiting for resultsRecorded 2026-09-16 ยท Live ยท Reporting period had begun
Cash after capital spending2027-06-30
$283,301,284
Awaiting full-year result
โ
Waiting for resultsRecorded 2026-09-16 ยท Live ยท Reporting period had begun
Sales2028-06-30
$4,791,891,898
Awaiting full-year result
โ
Waiting for resultsRecorded 2026-09-16 ยท Live
Operating profit2028-06-30
$556,216,168
Awaiting full-year result
โ
Waiting for resultsRecorded 2026-09-16 ยท Live
Cash after capital spending2028-06-30
$308,178,151
Awaiting full-year result
โ
Waiting for resultsRecorded 2026-09-16 ยท Live
Forecasts are frozen when recorded. Actuals use the matching full financial year or four reported quarters, on the forecast's stated profit basis. Dated results are retained; restatements are recorded separately. Forecasts made after the period began are identified. Revisions, overlapping periods and preview records are not independent evidence of forecasting skill.
Next results
Next results and saved research
Set measurable conditions for your investment case, then compare them with new company data.
Expected 2026-10-28
Check 1
Cash available to shareholders
Watch whether cash after capital spending closes the gap with profit. It currently covers 0.93 times profit over four quarters.
Margin and cash conditions use the latest trailing statements where available. Revenue growth compares reported annual years. Factor figures through 2026-09-11.
Quarterly sales growth+3.2%
Through 2026-06-30. Compare the next quarter with the same period a year earlier. Check whether growth speeds up or slows down.
Quarterly operating margin+12.4%
Through 2026-06-30. Check whether the next results retain the latest margin. Separate recurring improvements from one-off gains.
Sales growth this financial year+6.6%
Through 2026-06-30. Check the cumulative result as each new quarter is added. Compare the same number of quarters last year.
Revenue+6.4%
Compare growth with the previous year and the current forecast.
Operating margin+11.5%
Check whether operating profit keeps pace with sales.
Cash generation1.39ร
Check whether profit is turning into operating cash.
Borrowing2.45ร
Check whether debt is falling relative to earnings.
Save your investment case
Keep a dated copy of your reasoning, valuation assumptions and conditions. New saves preserve earlier versions.
Your saved versions
Conditions are checked against the latest available figures when you open this report. This does not place trades or send email alerts.
Sign in to keep your research and review changes over time.
Conditions saved with the published assessment. Thresholds are review prompts, not forecasts.
Measure
At publication
Latest
Change
Quarterly sales growth
3.17%
3.17%
Within starting range
Quarterly operating margin
12.37%
12.37%
Within starting range
Operating cash / profit
1.39ร
1.39ร
Within starting range
Net debt / EBITDA
2.45ร
2.45ร
Within starting range
When we review a rating
Regular review
Every 90 days
Recheck the business, assumptions and valuation. The target keeps its original end date until that horizon expires. A routine data refresh does not issue a new rating.
Earlier review
When the evidence changes
New results, revised financial statements, a material company disclosure, a change in the valuation method or failing cash and debt checks trigger a review. Same-period guidance revisions require at least 5% for EPS or 10% for other measures. Consensus EPS revisions require 10% and at least three analysts.
Price movements
Wait for a sustained change
A price-only signal must persist for 14 days across separate completed weeks. Rating changes normally wait at least 30 days and must clear five-percentage-point entry and exit bands. A direct Buy-to-Sell or Sell-to-Buy change requires material company evidence.
Data and events
Suspend an unreliable call
Missing essential data, an unresolved material event or a share-basis change can suspend a call immediately. An expired target or data check more than three days overdue is not shown as an active rating. Original assessments remain in the record.
A reviewed target normally changes only by 5% or more; a rating change or an expired horizon can also require a new assessment. These are explicit research-policy thresholds, not statistically proven trading rules. Policy sm-review-2-research.
Forecast errors in sales, operating profit and cash are recorded separately from share-price outcomes. Preview records never enter live accuracy figures.
There are no completed live operating forecasts to assess yet. A useful record takes time; historical fits and preview scenarios are not substituted for it.
Every recorded forecast and available outcome
Recorded / model
Period ending
Measure
Forecast (USD)
Actual (USD)
Status
2026-09-16business-forecasts-2-period-basis ยท live
2027-06-30
Sales
4,595,157,760
โ
Waiting for results
2026-09-16business-forecasts-2-period-basis ยท live
2027-06-30
Operating profit
531,973,200
โ
Waiting for results
2026-09-16business-forecasts-2-period-basis ยท live
2027-06-30
Cash after capital spending
283,301,284
โ
Waiting for results
2026-09-16business-forecasts-2-period-basis ยท live
2028-06-30
Sales
4,791,891,898
โ
Waiting for results
2026-09-16business-forecasts-2-period-basis ยท live
2028-06-30
Operating profit
556,216,168
โ
Waiting for results
2026-09-16business-forecasts-2-period-basis ยท live
2028-06-30
Cash after capital spending
308,178,151
โ
Waiting for results
Forecasts are frozen when recorded. Actuals use the matching full financial year or four reported quarters, on the forecast's stated profit basis. Dated results are retained; restatements are recorded separately. Forecasts made after the period began are identified. Revisions, overlapping periods and preview records are not independent evidence of forecasting skill. Read the share-price assessment record โ
Data and model checks
Data validation
Automated checks cover dates, units and accounting relationships. A matched filing fact confirms that reported amount and basis; it does not establish recurring earnings or validate a forecast.
Operating company
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
17 of 18 checks passed. 117 financial cells have a matched filing basis; 0 other recorded cells have not been matched to a standard filing fact here. Missing company-specific measures and forecast coverage are explained in their sections.
Dates, accounting checks and input reconciliation
Check
Status
What it checks
Price observations
Passed
Prices must be positive, finite, in date order and have no duplicate weeks.
Historical price basis
Passed
No material split or distribution discontinuity was found between the two price histories.
Price date
Passed
The latest completed close must be no more than 14 days old.
Business model
Passed
Value operating cash flow or comparable earnings; deduct debt and other ownership claims where appropriate.
Earnings and share units
Passed
Earnings, profit and weighted shares are reconciled before per-share growth is used. No conflicting per-share comparisons were found.
Balance-sheet totals
Passed
Assets must reconcile to liabilities and equity, allowing separately reported minority interests and 1% rounding tolerance. No conflicting complete balance sheets were found.
Consolidated depreciation
Passed
Depreciation from a cash-flow reconciliation is distinguished from expense components. Conflicting amounts are excluded until the statement establishes their scope. No unresolved component-versus-total conflict was found.
Statement currency
Passed
Valuation cash flows and the share price must use the same currency; amounts are not silently converted.
Publication dates
Passed
Future financial periods and future filing dates cannot enter the assessment.
Known reporting dates
Passed
0 of the latest four quarters have no stored publication date. These cannot support a point-in-time claim.
Cash-flow identities
Passed
Operating cash plus negative capital spending must equal cash after capital spending. All comparable stored periods reconcile within 1%.
Operating-profit basis
Passed
4 of the latest four quarters have an explicit reported operating-income basis. EBIT may include non-operating items; it is not automatically treated as operating income.
Filed and stored totals
Review needed
4 trailing input totals differ from the stored snapshot. The matched filed totals are used in this report; original figures remain in the reconciliation table.
Ownership source reconciliation
Passed
No unresolved ownership source conflicts were found.
Financial period
Passed
The valuation needs a financial period no more than 150 days old.
Corporate-action basis
Passed
A split after the financial period needs a reviewed reconciliation of shares, earnings per share and the quoted price.
Share count
Passed
Per-share enterprise and book values require a positive current share count.
Ownership and debt amounts
Passed
Debt, cash, preferred stock and minority interests cannot be negative.
Trailing totals used in this report ยท USD
Input
Stored snapshot
Matched filed quarters
Operating cash flow
255700000
401200000
Capital spending
-160800000
-132300000
Cash after capital spending
94900000
268900000
Net ppe
521700000
371800000
Important information
SM Virtual Analyst is an automated research report for general information. Its model ratings and price targets are not personal investment advice, an offer to trade, or a guarantee of value or return. The report does not consider your financial circumstances, objectives, tax position or capacity for loss.
Reported figures can be delayed, incomplete, corrected or restated. Source checks confirm specific reported amounts and accounting relationships; they do not audit a company, establish recurring earnings or prove that a forecast is accurate. Missing information is not assumed to be zero unless a particular illustration expressly says so.
Valuations depend on the stated business model, assumptions and available data. Scenario ranges are illustrations, not probabilities, confidence intervals or limits on loss. Ratings use the disclosed review policy; they are not an independently validated prediction of future returns. Past performance and historical comparisons do not predict future results. An investment can lose its entire value.
Prices, financial periods, publication dates, model versions and review dates are shown in the report. The dated published assessment is separate from editable valuation illustrations. Unless expressly stated otherwise, price comparisons exclude dividends, fees and taxes. Check the latest company filings and subsequent events before making a decision, and seek qualified advice when needed.
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