Student-led equity research, each built on the same framework. Open any report to see the thesis, the model and how the team got there.
Hardware units flatten, but services gross margin above 70% keeps EPS compounding. Review team is debating the regulatory risk to App Store take rates.
Renewal rates above 90% and a fee increase cycle give Costco unusually predictable earnings. The team argues the market still underprices international warehouse growth.
Capex intensity is peaking while AI workloads shift Azure mix toward higher-margin inference. Thesis hinges on capacity utilization reaching 85% by FY28.
Vehicle margins keep compressing on price cuts. The team values energy storage and autonomy separately and finds the core auto business priced richly.
Supply-chain checks support another year of demand growth. Valuation leaves little room for a normalizing order cycle, so the team holds rather than adds.
Inventory has cleared and the return to wholesale partners rebuilds shelf presence. Margin recovery to 45% gross is the key assumption.