Nike at $39: The Price That Doesn’t Match the Brand, or the Math
Five years ago, Nike was the envy of every consumer brand on earth. Revenue was climbing,...
Morgan Stanley: Record Earnings, a Stock Up 47% in a Year, and a Multiple That Still Sits Below Its Own History
In one breath Morgan Stanley's filed numbers show the best earnings per share in at least...
Boeing at $231: The Math Behind a Recovery Story the Market Has Already Priced
For most of the past five years, Boeing has been a company in the middle of...
Honeywell Broke Itself in Three. The Price Hasn’t Decided What to Think Yet.
A single-digit earnings multiple is what the market assigns to a business in slow decline. A...
Disney’s Numbers Say One Thing. The Stock Price Says Another.
Six years ago, Disney was the most expensive media stock on earth, and investors were happy...
The Weight of Expectations: Eli Lilly’s Filed Numbers vs. What the Market Is Paying
In one breath Eli Lilly's revenue has more than doubled in two years, and its profit...
PepsiCo: The Stock Is Priced for Doubt. The Filing Tells a Different Story.
For most of the last decade, owning PepsiCo felt like owning a toll road. Revenue climbed...
Walmart’s Math Says One Thing. The Price Tag Says Another.
In one breath Walmart's filed numbers show a business earning more from each dollar of sales...
The Cheapest It’s Been in a Decade, at a Price No One Has Ever Paid
In one breath NVIDIA's filed numbers show a business generating nearly $50 billion in free cash...
The $200 Billion Bet: Alphabet Is Earning More Than Ever and Spending Faster Than Ever, and Both Are True at Once
In one breath The filed numbers show Alphabet earning its fattest margins in a decade, with...
BullScope is an evidence-first investment research publication. Every note starts in the filings: what companies actually report, what the market assumes, and where the two disagree. We read the numbers so you can read the story. Not investment advice.