Independent equity research · US listings

We publish the model, not just the number.

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GOOGL
Alphabet Inc.Search, cloud & AI infrastructure · Q3 2026 results
Fairly valuedFair value band 245–320Last close 279.84
Model Record
KLAC
KLA CorporationSemiconductor process control · Q1 FY2027 results
Fairly valuedFair value band 109–162Last close 157.91
Model Record
CLS
Celestica Inc.Data-centre hardware & electronics manufacturing · Q3 2026 results
UndervaluedFair value band 305–456Last close 265.53
Model Record
AMKR
Amkor Technology, Inc.Semiconductor packaging & test · Q3 2026 results
Fairly valuedFair value band 26–49Last close 39.50
Model Record
BE
Bloom Energy CorporationOn-site power for AI data centres · Q3 2026 results
OvervaluedFair value band 108–164Last close 203.17
Model Record
APLD
Applied Digital CorporationData centre infrastructure · Q1 FY2027 results
UndervaluedFair value band 21–34Last close 17.82
Model Record
MU
Micron Technology, Inc.Memory & storage semiconductors · initiating coverage
UndervaluedFair value band 968–1,334Last close 884.74
Model Record
IREN
IREN LimitedAI cloud infrastructure · initiating coverage
UndervaluedFair value band 39–61Last close 23.95
Model Record
CRDO
Credo Technology Group Holding LtdAI data-centre connectivity · initiating coverage
Fairly valuedFair value band 113–169Last close 150.99
Model Record
VRT
Vertiv Holdings CoData-centre power & thermal infrastructure · initiating coverage
Fairly valuedFair value band 210–275Last close 232.50
Model Record
PL
Planet Labs PBCEarth observation & geospatial data · initiating coverage
OvervaluedFair value band 6–11Last close 13.47
Model Record
AAOI
Applied Optoelectronics, Inc.Optical components & AI infrastructure · initiating coverage
Fairly valuedFair value band 60–125Last close 69.05
Model Record
FLY
Firefly Aerospace, Inc.Space & defence · initiating coverage
Fairly valuedFair value band 11–29Last close 17.94
Model Record
APP
AppLovin CorporationMobile advertising technology · initiating coverage
UndervaluedFair value band 300–375Last close 228.50
Model Record
CRWV
CoreWeave, Inc.AI cloud infrastructure · initiating coverage
UndervaluedFair value band 90–135Last close 54.87
Model Record
PLTR
Palantir Technologies Inc.Enterprise & government AI software · initiating coverage
OvervaluedFair value band 100–130Last close 184.11
Model Record
PGY
Pagaya Technologies Ltd.Consumer credit technology · initiating coverage
Fairly valuedFair value band 14–22Last close 19.23
Model Record
TER
Teradyne, Inc.Semiconductor test equipment · initiating coverage
OvervaluedFair value band Base 177Last close 274.37
Model Record
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Assumptions

Result

$304.3
Modelled DCF value per shareAgainst $311.98 last
—
PV of 5yr FCF
PV of terminal
Enterprise value
Net debt
Equity value

Terminal value is 74% of enterprise value, and net debt is almost nothing. The duration assumption is the entire risk in this model.

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