Category: 3. Business

• Tradeweb Markets Inc. recently launched its Capital Market Authority-licensed Alternative Trading System (ATS) for Sukuk and Saudi Riyal-denominated debt in Saudi Arabia, facilitating inaugural trades between major financial institutions including BlackRock, BNP Paribas, and Goldman Sachs.

• This expansion marks the creation of Saudi Arabia’s first regulated electronic bond market, reflecting Tradeweb’s growing influence in emerging markets and alignment with the country’s push to deepen its capital markets and attract global investment.

• We’ll examine how the launch of Tradeweb’s Saudi ATS could impact its growth prospects and investment narrative in emerging markets.

Find companies with promising cash flow potential yet trading below their fair value.

To be a shareholder in Tradeweb, you need to believe in the ongoing electronification of fixed income markets and the company’s ability to expand globally, especially in places like Saudi Arabia. The launch of its Saudi ATS broadens Tradeweb’s addressable market but does not materially change the near-term focus, which remains on slowing U.S. Treasury market share and pressure on fees; these remain the most important catalyst and risk for investors to monitor.

The upgraded dealer algorithmic execution for U.S. Treasuries (announced 9 October 2025) is highly relevant, as it directly targets the electronification challenge in Tradeweb’s core segment. This move could affect the company’s ability to regain share in a historically voice-driven market and speaks directly to current catalysts driving growth.

However, investors should also be aware that if electronification stalls in core products like U.S. Treasuries, it could …

Read the full narrative on Tradeweb Markets (it’s free!)

Tradeweb Markets is projected to reach $2.6 billion in revenue and $917.7 million in earnings by 2028. This outlook assumes a 10.6% annual revenue growth rate and an increase in earnings of about $359.9 million from the current $557.8 million.

Uncover how Tradeweb Markets’ forecasts yield a $134.33 fair value, a 21% upside to its current price.

Simply Wall St Community members see fair value for Tradeweb ranging from US$62 to over US$556 across three distinct analyses. With electronification posing both opportunity and risk, you can weigh these outlooks against ongoing market share trends in core products.

Explore 3 other fair value estimates on Tradeweb Markets – why the stock might be worth over 5x more than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Tradeweb Markets research is our analysis highlighting 2 key rewards that could impact your investment decision.

• Our free Tradeweb Markets research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Tradeweb Markets’ overall financial health at a glance.

Right now could be the best entry point. These picks are fresh from our daily scans. Don’t delay:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TW.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Citigroup Inc. announced the opening of its regional headquarters in Riyadh, making it the latest Wall Street bank to establish a stronger foothold in the kingdom as it seeks to do more business with the government and its nearly $1 trillion sovereign wealth fund.

The bank chose the landmark Kingdom Tower for its HQ, rather than the glitzy new financial district where others like Goldman Sachs Group Inc. have set up, after receiving a license to do so last year, according to a statement on Sunday.

Food prices in the UK could climb even further if the chancellor raises taxes on supermarkets at the next budget, the industry has warned.

Supermarket bosses, including those at Tesco, Asda, Sainsbury’s and Morrisons, have said in a letter to Rachel Reeves that households would “inevitably feel the impact” of potential tax rises on the sector.

“If the industry faces higher taxes in the coming budget – such as being included in the new surtax on business rates – our ability to deliver value for our customers will become even more challenging, and it will be households who inevitably feel the impact,” they wrote in the joint letter.

“Given the costs currently falling on the industry, including from the last budget, high food inflation is likely to persist into 2026. This is not something that we would want to see prolonged by any measure in the budget.”

Pressure is mounting on the chancellor to increase taxes on the budget on 26 November to help to plug a shortfall in public finances.

Supermarkets have complained that they were hit hard at the last budget, when Reeves announced a £25bn increase in employer national insurance contributions and a 6.7% rise in the “national living wage”. The changes came into effect this April.

The British Retail Consortium (BRC) said it was concerned that big shops could also face much higher business rate tax bills if they were included in the government’s new additional tax for properties with a rateable value of more than £500,000.

Helen Dickinson, chief executive of the BRC, said exempting supermarkets from this surtax would help keep food inflation under control.

“The chancellor has rightly made tackling inflation her top priority, and with food inflation stubbornly high, ensuring retail’s rates burden doesn’t rise further would be one of the simplest ways to help,” she said.

“This would not cost the taxpayer a penny, with large office blocks and industrial plants, for whom business rates is a smaller proportion of their costs, paying a little more.”

Official data shows that UK inflation was unchanged last month at 3.8%, with annual food price inflation easing from 5.1% in August to 4.5% in September. It was the first time this rate has slowed since March.

However, the cumulative effect means that grocery bills are much higher compared with a few years ago.

The letter, which was also signed by bosses at Aldi, Lidl, Marks & Spencer, Waitrose and Iceland, added that addressing “retail’s disproportionate tax burden would send a strong signal of support for the industry and of the government’s commitment to tackling food inflation”.

A Treasury spokesperson said: “Tackling food inflation is a priority, which is why we’re boosting incomes through increasing the national living wage, lowering business rates for butchers, bakers and other shops, and sticking to our fiscal rules to bring inflation down.”

It is understood the government takes the view that even if a property’s rateable value increases, the way the system works means that its bill could still go down.

Story Continues

Qualys (QLYS) shares are trending slightly higher so far this month, showing around a 1% positive return over the past week. This comes at a time when the broader technology sector continues to face market volatility. Investors are keeping an eye on valuation and trends after recent pullbacks.

See our latest analysis for Qualys.

Zooming out, Qualys’s share price has slipped nearly 8% year-to-date but still posts a positive 1-year total shareholder return of around 6%. This reflects a mix of investor caution and enduring belief in its growth story. The momentum has faded recently, although its longer-term track record highlights an ability to deliver for shareholders.

Curious what else savvy investors are discovering? This could be a perfect time to broaden your research with fast growing stocks with high insider ownership

With Qualys trading below its analyst price target and fundamentals showing steady growth, the key question now is whether the stock is undervalued and offering potential upside, or if the market has already priced in future gains.

The current narrative fair value for Qualys lands at $141, which is noticeably higher than its last closing price of $128.05. This gap highlights ongoing optimism about the company’s prospects and sets the foundation for the key thinking driving this estimate.

Adoption of Qualys’ new cloud-native risk operations center (ROC) and Agentic AI platform positions the company as a leading pre-breach risk management provider. It offers unified orchestration, automation, and remediation across both Qualys and non-Qualys data. This opens incremental greenfield opportunities and should support higher ARPU and expanded TAM, leading to durable revenue and earnings growth.

Read the complete narrative.

What exactly propels this bullish narrative? Behind the ambitious price target are bold expectations about rising average customer spend, new platform launches and growing demand from global organizations. Want to see how much future growth, profit expansion and technology innovation must deliver in reality to make these numbers stack up? Find out what the consensus is betting on and what needs to go right by reading the full breakdown.

Result: Fair Value of $141 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, rapid AI innovation and new pricing models could disrupt Qualys’s momentum if competitors advance more quickly in development or if customer adoption trends unexpectedly shift.

Find out about the key risks to this Qualys narrative.

Looking at Qualys through the lens of its price-to-earnings ratio, we see some interesting contrasts. The company’s ratio sits at 25x, which is lower than the US Software industry average of 33.3x and well below its peer average of 45.1x. However, it is slightly above the fair ratio of 24.5x, suggesting the market may be pricing in a mild premium for future potential.

See what the numbers say about this price — find out in our valuation breakdown.

If you have a different perspective or want to dig into the figures on your own, you can build a narrative in under three minutes with Do it your way.

A great starting point for your Qualys research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

Take your investing strategy up a notch with these handpicked market opportunities. Do not let these trends pass you by while others seize the moment:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include QLYS.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

US chipmaker Nvidia on Sunday announced plans to triple the size of its research and development presence in Beersheba, a city in the country’s south, and hire hundreds of additional Israeli staff.

The chip giant will move its current Beersheba R&D center to a newly built, nearby site, three times the size of its existing 1,000-square-meter facility. The new site, located at Beersheba’s Gav Yam high-tech park, covers about 3,000 sqm and is expected to be fully operational by the end of the first half of 2026.

As part of the expansion, Nvidia is seeking to hire hundreds of additional employees in the southern region, including chip developers, hardware and software engineers, architects, students, and university graduates.

Nvidia senior vice president Amit Krig said that the firm’s expansion in Beersheba reflects the chipmaker’s commitment to hunting for the “best engineers — wherever they are.”

“The new site will serve as a professional home for hundreds of additional developers from Beersheba and the surrounding area, who will be part of creating groundbreaking hardware and software technologies and advancing global innovation in artificial intelligence,” said Krig, who heads Nvidia’s R&D operations in Israel.

Nvidia’s R&D activities in Israel are already the firm’s largest outside of the US. The computing giant, valued at more than $4.5 trillion on Wall Street, is one of the country’s largest employers with over 5,000 workers in Israel in seven R&D centers, from Yokne’am in the north through Tel Aviv, Jerusalem, and Ra’anana in the center of the country to Beersheba in the south.

Many of Nvidia’s high-end processors and networking chips, essential for training the largest AI models, are developed at its R&D centers in Israel. As global tech firms including Microsoft, Amazon, Alphabet, and Tesla race to build AI data centers and dominate the emerging technology, demand for Nvidia’s most advanced processors is surging.

“The establishment of Nvidia’s new site tripling its operations in the city is important news for Beersheba and the Negev,” said Beersheba Mayor Ruvik Danilovich. “The decision expresses confidence in Beersheba’s ecosystem, and will create hundreds of new jobs that will strengthen the city’s human capital and cement its position as a leading innovation center.”

In recent years, Beersheba’s Gav Yam high-tech center, adjacent to Ben-Gurion University of the Negev, has grown into a thriving hub of R&D facilities for leading tech companies, including Microsoft, Dell, Wix, and defense contractors Rafael Advanced Defense Systems and Elbit Systems.

Nvidia’s expansion in the south comes after the chipmaker announced a plan in July to build a massive multibillion-dollar tech campus in Israel’s north, which is expected to provide thousands of jobs. The computing juggernaut is seeking a plot of land spanning 70 to 120 dunams (30 acres) with construction rights to build a campus of 80,000–180,000 sqm in the area of Zichron Yaakov, Haifa, or the Jezreel Valley.

Alongside its R&D operations, Nvidia has made a number of mega acquisitions deals in Israel over the past decade. In December 2024, the chipmaker completed the purchase of Israeli AI workload management startup Run:ai for an estimated $700 million. It marked Nvidia’s largest acquisition in the country since buying Israel’s Mellanox Technologies Ltd., a maker of high-speed servers and storage switching solutions used in supercomputers globally, for a massive $7 billion in 2020.

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Palomar Holdings (PLMR) has been in the spotlight following a recent mix of cautious and optimistic signals from institutional investors. Changes in hedge fund positions, along with the completion of key reinsurance programs, have prompted renewed market attention.

See our latest analysis for Palomar Holdings.

After navigating a stretch of cautious sentiment related to reinsurance renewals and hurricane season risks, Palomar Holdings is showing more stable momentum. Its latest share price sits at $113.25, and while the short-term returns have been muted, the 1-year total shareholder return of 23.5% highlights growing long-term optimism despite recent volatility.

If you’re curious about what other companies are attracting institutional attention, now is a perfect moment to broaden your search and discover fast growing stocks with high insider ownership

With the stock trading below analyst price targets and showing solid revenue and income growth, the question remains: Is Palomar Holdings undervalued at current levels, or are investors already pricing in future momentum?

With Palomar Holdings closing at $113.25 versus the most popular narrative fair value of $153.33, the case for upside is compelling and getting attention as analyst expectations shift.

Ongoing investment in proprietary technology, data analytics, and advanced underwriting disciplines is improving risk assessment and pricing accuracy, already reflected in strong combined ratios and low loss ratios. This should continue to enhance underwriting profitability and expand net margins over time.

Read the complete narrative.

Curious about what’s behind this bullish fair value? The narrative hangs on rapid growth projections. One key assumption could be surprisingly aggressive. There’s a crucial forward valuation embedded here that you may not expect for an insurer. Dig in to discover the foundational numbers and the future profit model that could shake up price targets.

Result: Fair Value of $153.33 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, intensifying competition and Palomar’s reliance on catastrophe-exposed property lines could quickly shift profitability and challenge the current growth narrative.

Find out about the key risks to this Palomar Holdings narrative.

While the market’s favorite narrative points to a bargain, looking at the company’s price-to-earnings ratio offers a more cautious perspective. Palomar trades at 19.6 times earnings, which is notably higher than the US Insurance industry average of 13.5 times and a peer average of 13.8 times. The fair ratio, which is what the market could eventually gravitate toward, is just 16.2 times. This substantial gap suggests that Palomar’s shares could be at risk of a pullback if expectations shift. Could these elevated multiples limit future upside?

See what the numbers say about this price — find out in our valuation breakdown.

If you have a different perspective or want to dig deeper into Palomar Holdings’ story, you can build your own narrative in just a few minutes. Do it your way

A great starting point for your Palomar Holdings research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Smart investors always keep options open. If you want to get ahead of the crowd, check out these powerful stock ideas and position yourself for tomorrow’s winners:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include PLMR.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Aurora Innovation (AUR) shares have edged slightly higher recently, following a modest uptick of about 2% in the last day and smaller gains over the past week. Investors seem to be weighing the company’s performance during the month, as Aurora continues its work in autonomous vehicle technology.

See our latest analysis for Aurora Innovation.

Zooming out, Aurora Innovation’s 1-year share price return is still down double digits, while its three-year total shareholder return remains notably positive. After a recent stretch of modest gains, momentum is still searching for its footing as investors gauge the company’s long-term roadmap and evolving risk profile.

If Aurora’s recent moves have you reflecting on shifts across the sector, now is the perfect time to explore innovation on a broader scale through the See the full list for free.

With shares trading well below analyst price targets and impressive long-term gains in the rearview, investors now face a critical question: Is Aurora a bargain poised for growth, or is the market already factoring in its future potential?

At a price-to-book ratio of 4.8x, Aurora Innovation trades below its peer average of 5.9x based on this valuation measure. This suggests the stock is relatively more attractively priced compared to similar companies. With the last close at $5.15, this indicates the market is discounting Aurora relative to its book value more than its immediate peer group.

The price-to-book ratio compares a company’s market value to its net asset value. This metric is particularly relevant for asset-light and high-growth sectors like software and autonomous vehicles. For Aurora, this ratio reflects what investors are willing to pay for the company’s equity compared to the book value recorded on its balance sheet.

This valuation suggests investors may be skeptical about Aurora’s path to profitability or are discounting near-term challenges, despite the sector’s broader appetite for growth. However, the company’s price-to-book still remains higher than the US Software industry average of 4x. This signals the market may still be assigning a premium for its technology or future prospects relative to the average US software company, though less so compared to its closest peers.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 4.8x (UNDERVALUED compared to peers)

However, continued net losses and uncertainty around the company’s path to profitability remain challenges that could weigh on future share performance.

Find out about the key risks to this Aurora Innovation narrative.

While the price-to-book ratio offers one angle on Aurora’s value, the SWS DCF model provides a different perspective. According to our DCF analysis, Aurora shares are currently trading about 37.8% below our estimate of their fair value. This suggests a considerable undervaluation if you believe the model’s assumptions.

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Aurora Innovation for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you see the story differently or want to dig into the numbers yourself, you can craft your own take in just a few minutes with Do it your way.

A great starting point for your Aurora Innovation research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include AUR.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Story Continues

Result: OVERVALUED

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for RTX.

Our Discounted Cash Flow (DCF) analysis suggests RTX may be overvalued by 31.5%. Find undervalued stocks or create your own screener to find better value opportunities.

The Price-to-Earnings (PE) ratio is a popular metric for valuing profitable companies like RTX, because it tells investors how much they are paying for each dollar of current earnings. This makes it especially useful for companies in mature industries where profits are a key measure of value. A company’s PE ratio can look high or low depending on expectations for future growth and how risky investors perceive its earnings to be. Higher earnings growth or lower risk often justify a higher PE.

RTX currently trades at a PE ratio of 36.34x. For context, the average PE across the Aerospace and Defense industry is 39.61x, while its direct peers have an average PE of 27.62x. This puts RTX’s PE below the industry average but noticeably above the peer average, suggesting a middle-of-the-road position depending on which benchmark you prioritize.

Simply Wall St’s proprietary “Fair Ratio” takes this a step further by factoring in RTX’s growth projections, risk profile, profitability, industry, and market capitalization, and arrives at a fair PE of 34.31x for RTX. This tailored approach provides a much more complete picture than simply comparing RTX to broad industry or peer benchmarks, because it directly considers the characteristics unique to the business and sector dynamics.

Given that RTX’s current PE of 36.34x is very close to its Fair Ratio of 34.31x, the stock appears to be priced about right according to this metric.

Result: ABOUT RIGHT

PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover companies where insiders are betting big on explosive growth.

Earlier we mentioned that there is an even better way to understand valuation, so let’s introduce you to Narratives. A Narrative is a simple yet powerful tool that allows you to share your perspective, the story you see behind the numbers, by making your own estimates for RTX’s future revenues, profit margins, earnings, and the fair value you believe those assumptions justify.

Narratives bridge the gap between a company’s story and a financial forecast, tying together your thesis about RTX’s prospects with concrete numbers and a fair value calculation. With Narratives on Simply Wall St’s Community page, millions of investors can easily build, update, or reference these forecasts as the latest news or earnings come in, ensuring your point of view always remains relevant.

Instead of relying solely on static analyst models or traditional valuation multiples, Narratives empower you to decide when RTX may be fairly valued by directly comparing your fair value estimate with the current share price. For example, some investors may project strong global defense spending and optimistic earnings growth, supporting a fair value of $180 per share, while others focus on headwinds and uncertainties, leading to a more cautious $134 per share. Each Narrative evolves dynamically as new data arrives, helping you make more informed, story-driven investment decisions.

Do you think there’s more to the story for RTX? Create your own Narrative to let the Community know!

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include RTX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com