What changed
$ALL — ADD 📊
🎯 Q1 FY26 | Rev $17B | EPS $10.65 vs $7.24 🟢
💡 Consensus expects normalized EPS of ~$30 for FY2026, but the Q1 beat of $10.65 vs $7.24 was driven by a $838M reserve release that improved the combined ratio by 8.8 points. The market may treat this as one-time, but the release signals prior over-reserving and management's conservative reserving posture.
🏢 Business Quality: 7/10 | Valuation: {'assessment': 'fair', 'range': 'P/E 20-22x on normalized EPS of $30-32, vs 5-year avg 15x. Rich on book value (P/B ~1.8x vs 1.4x avg) but justified by ROE expansion (current ~18% vs 10-12% historical).'}
📉 Reward/Risk: {'upside_pct': 10, 'downside_pct': 15, 'ratio': 0.67}
⚖️ Add on pullback to $210-215; the reserve release confirms underwriting quality, but fair valuation limits upside to ~10%.
Full analysis on StockDuty dashboard
Also in play: $TSM $INTC $AMD $MRVL $STM $ASML