I’ve built a financial model and valuation report and it would be a huge help if you could take a look and share your views. If you have any suggestions or feedback, please go for it...it'll help me big time 🙂
Visa Q3 2026: A great business — but is the stock still a great investment?
Visa just reported its fiscal Q3 2026 results, and once again the underlying business continues to look incredibly resilient.
Consumer spending remains strong, and Visa continues to benefit from the long-term shift from cash toward digital payments.
What makes Visa particularly interesting to me is the business model. Visa doesn't take the same credit risk as a bank — it primarily earns money from the enormous amount of payment volume flowing through its network.
That creates a business with strong margins, recurring transaction-based revenue and a network effect that is extremely difficult to replicate.
But there is another side to the investment case.
Visa is already a massive company, and the market clearly understands the quality of the business. That means the key question isn't really whether Visa is a great company.
The question is whether you're paying too much for that quality.
There are also longer-term risks worth considering: regulation of interchange fees, alternative payment systems, stablecoins and whether new payment technologies could eventually weaken the traditional card networks.
At the same time, Visa itself is investing heavily in areas like stablecoins and AI rather than simply watching those changes happen.
I went through the latest earnings, growth assumptions, risks and valuation in my latest analysis:
Would you buy Visa at today's valuation, or does the price already reflect too much of the company's quality?
Disclosure: I [own/do not own] shares in Visa.
AI disclosure: AI was used to assist with editing and structuring this post. The analysis, assumptions and conclusions are my own.
For context: this is my first try at a full dcf and is meant to be more of a passion project rather than a genuine financial valuation. With that being said, all figures used are accurate and my projections are based on real events and company trends. I am still refining the assumptions and it is not fully finished, what I need help in is checking the formatting and maths, ie is everything linked correctly, is it formatted to an industry standard level, is it missing lines from the financial statements etc. I appreciate it is rather long and I fear I may have overcomplicated it, but any advice or pointers to make sure I don't make a fool out of myself when publishing on seeking alpha would be incredibly helpful and much appreciated. Google drive link: KO DCF
hi all, I am just wondering what are the different tools that you use to write and modify your research report! I am specifically looking for tools that you use for writing rather than the research itself. (Cause I believe different people use different methods) I am trying to write my first research report and I would like to know if there is a universally accepted template/formats or is it more flexible to the researcher‘s choice!
any help would be appreciated!
Novo Nordisk Q2 2026: Better numbers, but the market is still worried
Novo Nordisk just reported Q2, and I think the reaction is more interesting than the headline numbers.
Adjusted operating profit came in at DKK 33.4B, up 11% YoY, and management raised its 2026 outlook. Adjusted sales and operating profit growth are now expected to be between 0% and -6% at constant exchange rates.
So why did the stock still struggle?
The market seems much more focused on what happens after the current semaglutide franchise.
Oral Wegovy generated DKK 3.22B in sales. That's strong for a relatively new launch, but slightly below expectations.
More importantly, competition with Eli Lilly remains intense. CagriSema has also failed to establish the clear advantage over tirzepatide that investors once hoped for.
To me, that creates an interesting valuation question:
How much of Novo's current valuation reflects temporary problems and how much reflects a genuine deterioration in its long-term competitive position?
I went through the Q2 numbers, growth assumptions, risks and valuation in my latest analysis:
Curious what others think: Is Novo becoming attractive at these levels, or does Lilly's momentum justify the discount?
AI disclosure: AI was used to assist with editing and structuring this post. The analysis, assumptions and conclusions are my own.
Hi everyone,
I'm currently working in valuation and financial modeling, and I want to become proficient in the more specialized areas of valuation that are commonly handled by Big 4 valuation teams and independent valuation firms.
My goal is to learn these topics thoroughly—not just the theory, but also the practical side, including financial models, assumptions, methodologies, Excel workbooks, and how real client reports are prepared.
Here's what I want to master:
I'm looking for recommendations on:
If you've worked in Big 4 valuation, Duff & Phelps/Kroll, Houlihan Lokey, EY, PwC, Deloitte, KPMG, BDO, RSM, Alvarez & Marsal, or similar firms, I'd especially appreciate hearing how you learned these skills and what resources you'd recommend.
Thanks in advance for any advice!