Aptiv (APTV) has quietly slipped over the past month, with the stock down almost 9% even as its year to date return still sits solidly positive. That change may present an interesting potential entry point for some investors.
See our latest analysis for Aptiv.
That pullback sits against a much stronger backdrop, with a year to date share price return of 26.65% and a 1 year total shareholder return of 34.76%. This suggests momentum has cooled recently, while the broader trend still looks constructive.
If Aptiv has caught your eye, it can also be worth seeing how other auto suppliers are trading right now by scanning auto manufacturers for fresh ideas.
With shares pulling back despite double digit annual gains and trading at a hefty discount to analyst targets, investors now face a key question: is Aptiv undervalued or is the market already pricing in its future growth?
With Aptiv last closing at $76.37 versus a narrative fair value of $98.24, the story points to meaningful upside if its transformation plays out.
Spin off of the Electrical Distribution Systems (EDS) business and continued execution on footprint optimization/cost structure initiatives are expected to unlock shareholder value, create balance sheet flexibility, and allow for greater strategic focus on software and high growth advanced electronics areas, with positive impact on net margins and long term earnings growth.
Read the complete narrative.
Want to see what kind of revenue runway, margin lift, and future earnings multiple are baked into that upside case? The projections behind this fair value lean heavily on accelerating profit growth, rising software like economics, and a leaner post spin business mix. Curious how those moving parts combine into that target price and what has to go right along the way?
Result: Fair Value of $98.24 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, that upside depends on resilient auto demand and a smooth EDS separation, as macro softness or execution missteps could easily derail the profitability narrative.
Find out about the key risks to this Aptiv narrative.
Step away from the narrative of fair value and the picture looks less forgiving. On a price-to-earnings basis, Aptiv trades at 55.9 times, well above the Auto Components industry at 18.7 times, the peer average at 26.6 times, and even its own 46.7 times fair ratio. Is the market already front loading too much optimism?
See what the numbers say about this price — find out in our valuation breakdown.
NYSE:APTV PE Ratio as at Dec 2025
If you see this differently, or would rather dive into the numbers yourself, you can shape a personalized view in just minutes by using Do it your way.
A great starting point for your Aptiv research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.
Before you move on, lock in your next potential opportunity by using the Simply Wall Street Screener to uncover focused ideas that match your strategy.
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 APTV.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Earlier this week, Morningstar, Inc. announced a 10% increase in its quarterly dividend to US$0.50 per share, payable on January 30, 2026, and unveiled major updates to its Morningstar Medalist Rating methodology scheduled to roll out globally in April 2026.
The combination of a higher cash payout and a more transparent, fee-sensitive rating framework underscores Morningstar’s focus on both shareholder returns and improving how investors evaluate managed funds.
Against this backdrop, we’ll explore how the enhanced dividend and revamped Medalist Rating reshape Morningstar’s investment narrative for long-term investors.
Find companies with promising cash flow potential yet trading below their fair value.
To own Morningstar, you need to believe in the durability of its data and ratings franchises, where sticky subscription revenue and high returns on equity support a premium valuation despite slower forecast growth than the wider market. The 10% dividend bump to US$0.50 per share reinforces that cash generation remains healthy even after a bruising share price pullback and margin pressures over the past year, but it does not fundamentally change the near term story. The more meaningful catalyst is the overhaul of the Morningstar Medalist Rating in April 2026, which could deepen client reliance on Morningstar’s analytics if investors embrace the clearer fee and manager experience signals, or invite scrutiny if outcomes disappoint. That tension sits alongside existing risks around high expectations, rising costs and a relatively new management team.
Morningstar’s shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value.
MORN Community Fair Values as at Dec 2025
Eight fair value estimates from the Simply Wall St Community span roughly US$90 to a very large upper bound, showing how far apart individual views can be. Set against that, the coming Medalist methodology shift and Morningstar’s still elevated earnings multiple give you plenty of reasons to compare several perspectives before deciding what the business might realistically deliver.
Explore 8 other fair value estimates on Morningstar – why the stock might be worth over 2x more than the current price!
Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.
A great starting point for your Morningstar research is our analysis highlighting 4 key rewards that could impact your investment decision.
Our free Morningstar research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Morningstar’s 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 MORN.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Wondering if Star Bulk Carriers is still good value after such a strong run, or if you are turning up late to the party? This breakdown will help you decide whether the current price makes sense.
The stock has climbed 2.8% over the last week, 12.4% over the past month, and is up 31.9% year to date, adding to an impressive 351.3% gain over five years that has put it firmly on value hunters radar.
Recent moves have been driven less by a single headline and more by a steady drumbeat of optimism around dry bulk shipping, with improving freight rate expectations and tighter vessel supply dynamics lifting sentiment across the sector. At the same time, investors are weighing cyclical risks and global trade uncertainty, which makes a closer look at valuation especially important now.
On our checks Star Bulk Carriers currently scores a 3 out of 6 valuation score. This suggests pockets of undervaluation but also areas where the market might be more fairly priced. Next, we will unpack the standard valuation methods investors rely on before exploring a more powerful way to frame what the stock is really worth.
Star Bulk Carriers delivered 30.2% returns over the last year. See how this stacks up to the rest of the Shipping industry.
The Discounted Cash Flow model estimates what a business is worth by projecting its future cash flows and then discounting them back to today to reflect risk and the time value of money. For Star Bulk Carriers, this approach starts with last twelve month free cash flow of about $237 million and builds out a two stage Free Cash Flow to Equity model.
Analysts and internal estimates see free cash flow rising steadily, with projections such as $428 million in 2026 and around $1.49 billion by 2035, all expressed in $. Earlier years are informed by analyst forecasts, while the later years are extrapolated by Simply Wall St using a slowing growth profile as the business matures.
When all of these discounted cash flows are added together, the DCF model indicates a fair value of roughly $111.18 per share. Compared with the current share price, this implies the stock is trading at about an 81.6% discount to its estimated intrinsic value, which suggests there could be meaningful upside if these cash flow assumptions prove accurate.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests Star Bulk Carriers is undervalued by 81.6%. Track this in your watchlist or portfolio, or discover 907 more undervalued stocks based on cash flows.
SBLK Discounted Cash Flow as at Dec 2025
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Star Bulk Carriers.
For profitable companies like Star Bulk Carriers, the price to earnings ratio is a useful way to gauge how much investors are willing to pay today for each dollar of current earnings, making it a straightforward lens for comparing valuation. What counts as a normal or fair PE depends heavily on how fast earnings are expected to grow and how risky those earnings are, with faster growing or lower risk businesses typically justifying higher multiples.
Star Bulk currently trades on a PE of 37.88x, which sits well above the broader shipping industry average of about 10.08x and also above the peer group average of around 5.22x. Simply Wall St goes a step further by estimating a Fair Ratio of 43.96x, a proprietary view of what the PE should be once factors like expected earnings growth, profitability, industry, market cap and company specific risks are accounted for. This tailored Fair Ratio can be more informative than simple peer or industry comparisons because it adjusts for the fact that not all shipping companies share the same outlook or risk profile.
Since the current PE of 37.88x is below the Fair Ratio of 43.96x, this lens indicates that Star Bulk Carriers may be undervalued on an earnings multiple basis.
Result: UNDERVALUED
NasdaqGS:SBLK PE Ratio as at Dec 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1452 companies where insiders are betting big on explosive growth.
Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, a simple way to connect your view of Star Bulk Carriers future with the numbers you see on screen. A Narrative is your story for the company, where you spell out how you think revenue, earnings and margins will evolve, and then link that story to a financial forecast and ultimately to a fair value estimate. On Simply Wall St, millions of investors build and compare these Narratives in the Community page, using them as an accessible tool to decide when to buy or sell by checking whether their Fair Value sits above or below the current Price. Narratives update dynamically as fresh news, earnings or guidance come in, so your fair value and conviction can evolve with the facts. For example, one Star Bulk Narrative might lean into fleet modernization, tight vessel supply and capital returns to support a fair value near the top of the current analyst range, while a more cautious Narrative could emphasize aging ships, leverage and trade volatility to anchor valuation closer to the low end.
Do you think there’s more to the story for Star Bulk Carriers? Head over to our Community to see what others are saying!
NasdaqGS:SBLK Community Fair Values as at Dec 2025
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 SBLK.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
If you are wondering whether Estée Lauder Companies is finally a bargain or just a value trap at a lower price, this breakdown will walk through what the numbers are really telling us about the stock.
After a deep multi year slump, the shares have bounced sharply, with the price up 11.8% over the last week, 19.8% in a month, and 42.1% year to date, although the 3 year and 5 year returns of 53.8% and 54.0% are still well underwater.
Recently, investors have been watching management’s strategic reset and moves to streamline the portfolio and refocus on higher margin brands, alongside ongoing recovery expectations in key travel retail and premium beauty markets. Together, these developments have shifted sentiment from pure pessimism to cautious optimism and have helped fuel the latest rebound.
Despite that rally, our valuation checks only score Estée Lauder at 1/6, which means it screens as undervalued on just one of six metrics we track. Next, we will look at those different valuation approaches and, towards the end, explore an even more holistic way to think about what this business might really be worth.
Estée Lauder Companies scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.
A Discounted Cash Flow model estimates what a business is worth by projecting the cash it can generate in the future and discounting those cash flows back to today’s dollars.
For Estée Lauder Companies, the latest twelve month Free Cash Flow is about $0.82 billion. Analyst forecasts and subsequent extrapolations by Simply Wall St point to Free Cash Flow rising to roughly $2.0 billion by 2030, with interim projections stepping up steadily over the next decade. These projections are based on a 2 Stage Free Cash Flow to Equity approach that blends near term analyst expectations with longer term, slowing growth assumptions.
Combining all those discounted cash flows results in an estimated intrinsic value of about $106.22 per share. Compared to the current share price, this implies the stock is only about 1.0% undervalued, which is effectively in line with where the market is pricing it today.
Result: ABOUT RIGHT
Estée Lauder Companies is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment’s notice. Track the value in your watchlist or portfolio and be alerted on when to act.
EL Discounted Cash Flow as at Dec 2025
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Estée Lauder Companies.
For consumer brands like Estée Lauder Companies, revenue-based metrics are often more useful than earnings because sales are less affected by one-off costs and margin swings. The Price to Sales ratio shows how much investors are willing to pay for each dollar of revenue, which makes it a reasonable yardstick for a profitable, established beauty business.
In general, faster, more resilient growth and lower perceived risk justify a higher multiple, while slower or more volatile growth supports a discount. Estée Lauder Companies currently trades on a Price to Sales multiple of 2.62x, which is above both the wider Personal Products industry average of 0.96x and the peer group average of 1.95x. On the surface, that suggests a premium valuation.
Simply Wall St’s Fair Ratio framework goes a step further by estimating what a “normal” Price to Sales multiple should be after accounting for factors like earnings growth, profit margins, industry, market cap and company-specific risks. For Estée Lauder Companies, that Fair Ratio is 2.26x, modestly below the current 2.62x. This indicates the shares are trading richer than what those fundamentals would typically support.
Result: OVERVALUED
NYSE:EL PS Ratio as at Dec 2025
PS ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1452 companies where insiders are betting big on explosive growth.
Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, which are simple, story driven forecasts where you spell out how you think a business like Estée Lauder Companies will grow, translate that view into revenue, earnings and margin estimates, and then see what fair value those assumptions imply. On Simply Wall St’s Community page, millions of investors use Narratives to connect a company’s story to a set of numbers, turning their expectations about things like digital expansion, luxury fragrance growth, or ongoing restructuring risks into a concrete valuation they can compare with today’s share price to help inform a decision. Because Narratives update dynamically when fresh information arrives, such as new earnings, product launches or macro news, your fair value view evolves automatically instead of going stale. For Estée Lauder Companies, one investor might build a Narrative closer to $120 per share based on stronger travel retail and emerging market recovery, while another might lean toward a more cautious Narrative nearer $61, assuming slower demand and margin pressure, and the platform makes those differing perspectives transparent and easy to explore.
Do you think there’s more to the story for Estée Lauder Companies? Head over to our Community to see what others are saying!
NYSE:EL Community Fair Values as at Dec 2025
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 EL.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
The projected fair value for Aalberts is €56.97 based on 2 Stage Free Cash Flow to Equity
Current share price of €28.64 suggests Aalberts is potentially 50% undervalued
The €37.75 analyst price target for AALB is 34% less than our estimate of fair value
How far off is Aalberts N.V. (AMS:AALB) from its intrinsic value? Using the most recent financial data, we’ll take a look at whether the stock is fairly priced by projecting its future cash flows and then discounting them to today’s value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Models like these may appear beyond the comprehension of a lay person, but they’re fairly easy to follow.
Remember though, that there are many ways to estimate a company’s value, and a DCF is just one method. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.
Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.
We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second ‘steady growth’ period. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren’t available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today’s value:
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Levered FCF (€, Millions)
€268.5m
€298.1m
€319.8m
€337.9m
€353.0m
€366.0m
€377.4m
€387.7m
€397.2m
€406.1m
Growth Rate Estimate Source
Analyst x4
Analyst x4
Est @ 7.28%
Est @ 5.64%
Est @ 4.49%
Est @ 3.68%
Est @ 3.12%
Est @ 2.72%
Est @ 2.45%
Est @ 2.25%
Present Value (€, Millions) Discounted @ 7.2%
€250
€259
€259
€255
€249
€241
€231
€222
€212
€202
(“Est” = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF) = €2.4b
After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 1.8%. We discount the terminal cash flows to today’s value at a cost of equity of 7.2%.
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= €7.6b÷ ( 1 + 7.2%)10= €3.8b
The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is €6.2b. The last step is to then divide the equity value by the number of shares outstanding. Compared to the current share price of €28.6, the company appears quite undervalued at a 50% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.
ENXTAM:AALB Discounted Cash Flow December 7th 2025
We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don’t have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company’s future capital requirements, so it does not give a full picture of a company’s potential performance. Given that we are looking at Aalberts as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we’ve used 7.2%, which is based on a levered beta of 1.292. Beta is a measure of a stock’s volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
Check out our latest analysis for Aalberts
Strength
Weakness
Opportunity
Threat
Although the valuation of a company is important, it is only one of many factors that you need to assess for a company. It’s not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to “what assumptions need to be true for this stock to be under/overvalued?” If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Can we work out why the company is trading at a discount to intrinsic value? For Aalberts, we’ve compiled three further aspects you should explore:
Risks: We feel that you should assess the 3 warning signs for Aalberts we’ve flagged before making an investment in the company.
Management:Have insiders been ramping up their shares to take advantage of the market’s sentiment for AALB’s future outlook? Check out our management and board analysis with insights on CEO compensation and governance factors.
Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!
PS. Simply Wall St updates its DCF calculation for every Dutch stock every day, so if you want to find the intrinsic value of any other stock just search here.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
Wondering if American Bitcoin at around $2.23 is a bargain or a value trap? You are not alone. This article is here to unpack what the market is really pricing in.
Despite all the hype around crypto infrastructure, the stock has been hammered recently, dropping about 47.4% over the last week, 51.9% over the last month, and 65.2% year to date. This has clearly reset expectations and risk appetite.
Those sharp moves have come alongside broader volatility in Bitcoin related names, shifting regulatory headlines around digital assets, and ongoing debates over the sustainability of crypto mining economics. At the same time, traders have been repricing high beta, speculative tech plays as interest rate expectations and liquidity conditions evolve.
Against that backdrop, American Bitcoin currently scores a 4 out of 6 on our valuation checks. This suggests it screens as undervalued on most, but not all, of our metrics. Next we will walk through those methods one by one before finishing with a more holistic way to think about what this stock is really worth.
American Bitcoin delivered 0.0% returns over the last year. See how this stacks up to the rest of the Software industry.
A Discounted Cash Flow model estimates what a business is worth by projecting the cash it can generate in the future and then discounting those cash flows back to today in $ terms.
For American Bitcoin, the latest twelve month Free Cash Flow is about $26.4 Million, and the 2 Stage Free Cash Flow to Equity model assumes this will grow rapidly over the next decade. Simply Wall St uses analyst estimates for the next few years, then extrapolates beyond that, with projected Free Cash Flow rising from roughly $45.7 Million in 2026 to about $231.6 Million by 2035 as growth gradually slows.
When these future cash flows are discounted back to today, the model arrives at an intrinsic value of roughly $2.99 per share. The current share price is about $2.23, so according to this DCF the stock is trading at a 25.3% discount. This indicates potential upside if the projected cash flow path occurs.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests American Bitcoin is undervalued by 25.3%. Track this in your watchlist or portfolio, or discover 907 more undervalued stocks based on cash flows.
ABTC Discounted Cash Flow as at Dec 2025
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for American Bitcoin.
For a company that is generating profits, the price to earnings, or PE, ratio is often the cleanest way to gauge what the market is willing to pay for each dollar of earnings. It naturally ties valuation to the bottom line, which tends to be more durable than short term swings in revenue or book value, especially in a cyclical, capital intensive space like Bitcoin mining.
What counts as a reasonable PE depends on how fast investors expect earnings to grow and how risky they perceive those earnings to be. Higher growth and more predictable cash flows usually justify a higher PE, while volatile or uncertain earnings deserve a discount. Right now, American Bitcoin trades on a PE of about 12.4x, which is far below the broader Software industry average of roughly 31.5x and well under a peer group that averages around 98.3x. This suggests the market is heavily discounting its earnings.
Simply Wall St goes a step further with its Fair Ratio, a proprietary view of what PE multiple a stock should trade on after accounting for its earnings growth outlook, risk profile, profit margins, industry characteristics and market capitalization. This is more informative than a simple peer or sector comparison, because it adjusts for whether American Bitcoin truly deserves a premium or discount. On that basis, the shares appear to be trading below their Fair Ratio. This points to a market price that does not fully reflect the company’s fundamentals.
Result: UNDERVALUED
NasdaqCM:ABTC PE Ratio as at Dec 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1452 companies where insiders are betting big on explosive growth.
Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, a simple way to connect the story you believe about a company with the numbers that sit behind its fair value. A Narrative is your own perspective on American Bitcoin, captured as assumptions about its future revenue, earnings and profit margins, which then flow into a financial forecast and finally into an estimated fair value per share. On Simply Wall St, millions of investors build and share Narratives on the Community page, making it easy and accessible to see how different stories translate into different valuations and buy or sell decisions by comparing each Narrative’s Fair Value to today’s Price. Narratives are also dynamic, so when new information like earnings releases or major news arrives, the numbers and fair value estimates can update to reflect the latest outlook. For example, one American Bitcoin Narrative on the platform might see aggressive growth and a high fair value while another assumes muted growth and a much lower fair value, giving you a clear sense of the range of reasonable outcomes.
Do you think there’s more to the story for American Bitcoin? Head over to our Community to see what others are saying!
NasdaqCM:ABTC Earnings & Revenue History as at Dec 2025
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 ABTC.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Ben & Jerry’s co-founder Ben Cohen has clashed with the boss of Unilever’s ice cream spin-off after being told to “hand over to a new generation”, escalating a feud over the direction of the activist brand.
The row threatens to overshadow the demerger of the Magnum Ice Cream Company from its FTSE 100 parent as its shares start trading in Amsterdam on Monday.
Peter ter Kulve, Magnum’s chief executive, said that Cohen and Jerry Greenfield were in their seventies and “at a certain moment they need to hand over to a new generation”.
Their “commitment to the brand, to the causes, has been immense, but at a certain moment you need to hand it over . . . we need to move on”, he told the Financial Times in comments that also pertained to trustees of Ben & Jerry’s charitable arm, Jeff Furman and Liz Bankowski.
Cohen and Greenfield have become increasingly vocal about their dissatisfaction with the direction of the brand they launched almost 50 years ago and sold to Unilever for $326mn in 2000.
That deal put in place an independent board to protect the brand’s social mission and integrity. It also allowed Unilever to choose the chief executive, but only a minority of directors.
The co-founders have accused Unilever, and now Magnum — the ice cream business being spun off by the consumer goods giant — of impeding its activism. Greenfield quit Unilever in protest in September.
Cohen said: “Unlike Magnum, I don’t think there is an age limit on campaigning for social justice and peace. This is another attempt to silence the social mission that we are all too familiar with, as Unilever attempts to wash their hands of Ben & Jerry’s through this IPO. But Ben & Jerry’s social mission has always been inseparable from the brand itself, and it is legally protected.”
Greenfield, Furman and Bankowski did not respond to requests for comment.
Shares in the maker of Magnum, Carte D’Or, Cornetto and Solero will start trading on Monday in Amsterdam following the demerger from Unilever. Secondary listings in New York and London will take place later in the week.
Magnum will be the world’s largest ice cream company, with more than a fifth of the global market and annual revenues of €8bn. It is expected to perform better as a standalone company than as part of Unilever, which will retain a 19.9 per cent stake.
Magnum will inherit the campaigning Cohen, its most vocal employee, who has called on the parent to “free” the Chunky Monkey and Cookie Dough maker, and tried to raise funds to buy back Ben & Jerry’s.
Magnum also inherits a long-running legal spat with the Ben & Jerry’s board over its powers to define the company’s direction.
The board has accused Unilever of blocking its call for a ceasefire in Gaza, preventing it from supporting Palestinian refugees, and ousting David Stever as chief executive of Ben & Jerry’s earlier this year for failing to comply with Unilever’s attempts to silence the brand.
As the disputes drag on, Ter Kulve is cracking down on governance at the board and the brand’s charitable arm, the Ben & Jerry’s Foundation, which was funded by Unilever, and now Magnum.
Magnum said last month following an external investigation that Anuradha Mittal, chair of the brand’s independent board, “no longer meets the criteria” to serve but did not say why. People familiar with the matter said the investigation had uncovered conflicts of interest, again without disclosing what they were.
Counsel for the Ben & Jerry’s board said that Unilever’s “phantom allegations” were part of a campaign against Mittal due to her “efforts to protect the independence of Ben & Jerry’s under the merger agreement”.
The audit of the charity, meanwhile, uncovered “material deficiencies” in financial controls, governance and compliance, including conflicts of interest.
Ter Kulve said: “A significant amount of money, €5mn to €6mn a year goes to the foundation. I can’t continue to fund [the foundation] unless we basically have complied with the conclusions of the audit, and we’re working on that.”
Underlining his ambition for Ben & Jerry’s to break from the past, ter Kulve said he planned to expand the brand beyond its traditional tubs into sticks and ice cream sandwiches next year to capitalise on growing health awareness and consumer preference for smaller portion sizes.
“That was the big opportunity when you take a brand like Ben and Jerry’s . . . they were stuck in the pint [tub] for a very long time.”
Unilever announced it would spin off its ice cream division last year as part of a plan to slim down the sprawling multinational through lay-offs and divestments. Ter Kulve has set a medium-term organic sales growth target of 3 per cent, which is considered ambitious by analysts.
Barclays forecast a potential share price range of €20.78 to €21.46, based on an estimated equity value of €10.2bn to €10.5bn.
Before meeting for this interview, Tom Pickett opened Headspace, the app best known for mindfulness, and did a “breathing exercise” to “reset [his] brain”.
Usually he uses it at night. “My mind latches on to something before I go to bed, then I just can’t get it out of my head and I end up having poor sleep,” he says.
Since taking over as chief executive of Headspace in August last year, moving from US food delivery company, DoorDash, the 57-year-old, who has no formal experience in mental healthcare, has had a lot to get his head around. Over Zoom from his home office in San Francisco, Pickett has the look of a tech executive, with neat hair and a three-quarter zip fleece. In the background is a small sign: “Get Sh*t Done”.
“The healthcare industry is definitely complex. Every time you think you understand everything, you find that there’s a lot of nuances. It’s a constant learning process.”
Describing US-based Headspace as healthcare is a departure from its origins as a meditation app created by former Buddhist monk Andy Puddicombe and marketing executive Richard Pierson in 2010. It served up short digital programmes to busy professionals, with large employers, including Google, among the first to offer it to staff.
Four years ago, Headspace merged with Ginger, a mental health app focused more on coaching therapy and psychiatry, in a deal that valued the combined companies at $3bn. This broadened the product range to include access to virtual therapists, advice and workshops on topics such as mood management and insomnia. Headspace’s founders left in 2022, although Puddicombe’s voice continues to guide many of its meditations.
Since then, the company has intensified its push from consumers to employers and private health plans. More than 5.8mn people have access to Headspace through staff benefits provided by more than 4,500 organisations worldwide. In the new year, a deal with health insurer Cigna, will make the app accessible to an additional 7mn members in the US, through 18,000 employers’ health plans.
Overstretched public services and worsening mental health have created a gap for businesses to step in. But cynics see the type of digital service offered by Headspace as a cheap way to burnish the wellness credentials of organisations with long-hour cultures.
“This is one of the biggest challenges of our time,” says Pickett. “You can’t listen to the news without somebody talking about mental health, and increasingly so for the younger generations.”
The old model of “sending people to a therapist, a one-on-one human interaction” seemed inefficient to Pickett, who previously worked at Google, primarily for YouTube, for a decade.
“It was quite surprising to me . . . that there really isn’t a technology play in this space . . . We need to embrace technology. And if the primary modality of mental health is talking, then conversational AI has to have a big [part] in terms of how we solve this.”
Getting this right is among Pickett’s most important responsibilities. There have already been allegations of a chatbot encouraging one teenager to take his own life, and others urging users to self-harm. Mustafa Suleyma, Microsoft’s head of AI, has warned of “AI psychosis”, describing those who believe the technology is a God or lover.
“People are using AI tools that weren’t built for mental health,” warns Pickett. “General-use chatbots [are] built to do a lot of things. And they’re amazing. But they were not designed to take somebody who maybe has an acute mental illness and support them through a difficult time.”
Last year Pickett scaled back Headspace’s full-time therapists, moving them to part-time and contractor roles, to cut costs. At about the same time he launched the chatbot Ebb, which on Monday is upgrading from text-only to voice. Pickett insists this service is not designed for serious mental health issues and the company still offers remote therapists. Chatbots help “everyday emotional regulation” with bouts of anxiety or sleeplessness. “That’s frankly what a large part of the population really needs . . . Something to talk to, to reflect, to help process their emotions.”
Pickett says the company has developed a safety system to identify high-risk language and escalate serious concerns for human clinician review. All messages are monitored for potential risks, including suicidal and homicidal ideation, self-harm, domestic violence, substance use, eating disorders and abuse of vulnerable populations. When the conversation takes a turn into this territory, Ebb directs the user to crisis care, and ends the conversation.
Research finds well-designed chatbots can help with mental health issues, and some users find it easier to open up to them. “There’s some really interesting things that are evolving around people’s openness to put things on the table with a conversational AI in a way that they might not have done with a human therapist,” says Pickett.
He is “bullish” on AI’s potential. But “we have to make sure we protect against the downside”. At stake is the company’s reputation. “We’ve got 15 years of a brand that we’ve built up, building user trust, and we really do not want to lose that.”
The wellbeing sector is fiercely competitive. Headspace has lower downloads and monthly average users than its larger rival, Calm, according to Sensor Tower, the market intelligence company. But new downloads for both have fallen. In the third quarter of this year, Sensor Tower says Headspace’s monthly average users were 12 per cent lower than a year earlier.
Headspace says the fall reflects a shift from direct subscriptions to employer and health plans. Pickett says that, despite economic uncertainty, employers are not pulling back from wellbeing benefits. “Mental health continues to be a top two or three issue for companies . . . I think most of them want a solution that’s more than . . . the ‘call up a phone number’ kind of model.”
He hopes more insurers will follow Cigna by adding Headspace to employer schemes. “Historically, the only thing health plans covered was clinical . . . With employers, you go 10,000, 50,000 100,000 at a time, but with health plans, you go millions at a time. Ultimately, that could become the biggest part of our business.”
As a private company, Headspace does not disclose detailed financial information. Pickett says last year it made “north of $200mn in revenue” and operates “ebitda profitable”.
Pickett gained an insight into mental health struggles at the start of his career, when he spent nine years in the navy as an F-18 pilot, including two deployments to the Gulf. Behind him is a model and a large photo of F-18 aircraft. “We were put in stressful situations — a bunch of 18-year-olds to largely 30-somethings, away from their families. Stress, anxiety, [and] later forms of depression were out there, and people were trying to figure out how to deal with that.” Then, the attitude was “suck it up”.
His time in the navy provided a “great learning opportunity for management”, he says.
That might have helped when he took over at Headspace, and oversaw job cuts. “There were still elements of the merger that we were cleaning up. Systems integration, two products that you’re pushing into one. There [were] some cultural differences.”
Employees, he realised, were drawn by “the mission” of improving mental health; it “really matters deeply to people who work there”.
That has led to some criticism on Glassdoor, the anonymous employer review site, that Headspace’s culture is more focused on numbers than on wellbeing. One former employee wrote: “It’s quite ironic that so much of their content centres around taking care of your mental health at work.”
Pickett says the company is now in “a much better place”. “I’m happy with the size . . . today [about 400 staff]. People are definitely pushed. We have a lot to do.”
An IPO might be a long-term goal but for now his focus is on building a “sustainable, healthy business”. “You want the flexibility to move and evolve and invest.”
A day in the life of Tom Pickett
6:45am Wake up and check my Oura smart ring stats — seven hours of actual sleep is the goal. I then grab a coffee for the road and head to our San Francisco office.
Morning This is my peak problem-solving and creative-thinking window, so I frontload the day with meetings and anything that requires sharp thinking and clear decision-making.
Lunch When I’m not travelling, I eat at the office and try to catch up with others, all while staying on top of emails and Slack messages.
Afternoon Some days are dedicated to strategy deep dives, others are all about product. I do “skip-level” meetings to keep a pulse on what is going on through the organisation, do customer calls and meet my direct reports.
Evening It’s very important to me to get home for family dinner. With four kids, three still at home, this is the time to connect as a family. Everyone’s at the table, sharing their day.
I’ll try to squeeze in a run or walk. The rest of the night is spent helping with homework while prepping for the next day’s meetings. We have a no TV rule during the week.
Before bed, I wind down with Headspace, shut down all screens, and give myself the best shot at hitting my seven-hour sleep target.
Simply sign up to the Chinese trade myFT Digest — delivered directly to your inbox.
Chinese exports to south-east Asia are growing at almost twice the rate of the past four years, as Donald Trump’s trade war pushes Beijing to tighten trade links with its neighbours.
Chinese exports to the six largest economies in south-east Asia — Indonesia, Singapore, Thailand, the Philippines, Vietnam and Malaysia — rose 23.5 per cent from $330bn to $407bn in the first nine months of the year compared with the same period last year, according to official import data from those countries collated for the Financial Times by ISI Markets.
Chinese exports to those countries have doubled over the past five years, while China’s trade surplus with the region hit an all-time high this year. The 2025 increase is nearly twice as high as the 13 per cent compound annual growth rate in the previous four years.
China has long been criticised for “dumping” cheap goods in markets such as south-east Asia, threatening local producers with unfairly low prices but “the general China shock that has been going on for a few years has been amplified through US tariff deflection this year”, said Roland Rajah, lead economist at the Lowy Institute think-tank.
Economists say the latest wave of exports could be tied to attempts to circumvent US tariffs on Chinese-made products, which have been hit by levies of around 47 per cent. This compares with levies of about 19 per cent across many countries in south-east Asia.
Some content could not load. Check your internet connection or browser settings.
The US has warned against companies trying to mask the origin of Chinese-made products by rerouting them through other countries to avoid higher tariffs, saying such goods could be hit by “transshipment” levies of as much as 40 per cent. It is unclear how this has worked in practice.
In an upcoming paper, Rajah calculates Chinese exports to south-east Asia rose by as much as 30 per cent in September compared with a year earlier, noting that the most recent wave is different from earlier surges.
“While they are crowding out other exporters to the region, much of what they are exporting is actually pro-growth,” he said, adding that his research suggests as much as 60 per cent of Chinese exports this year were components for products manufactured in the region that were exported to other markets.
For consumer goods, China has increasingly become the dominant supplier to south-east Asia, taking market share from other countries.
“China’s supply glut, especially in cheap consumer goods, demands new outlets, and south-east Asia is the most natural spillover market given its proximity, logistics and scale,” said Doris Liew, an economist who formerly worked at Malaysia’s Institute for Democracy and Economic Affairs.
One area this has been most evident is in autos, with south-east Asian drivers switching in droves from Japanese models including the likes of Toyota, Honda and Nissan, to affordable electric cars made by China’s BYD.
The market share of Japan’s producers fell to 62 per cent of car sales in south-east Asia’s six biggest markets in the first half of 2025, down from an average of 77 per cent in the 2010s, according to PwC. China has increased its share from negligible volumes to more than 5 per cent of 3.3mn annual car sales in those markets.
In attempts to protect domestic manufacturers from being undercut by cheaper Chinese imports, some south-east Asian countries have tightened import rules and considered tariffs on certain goods.
But Liew said such actions were “piecemeal” and “stop-gap measures”. “The fundamental lesson is unavoidable: south-east Asian manufacturers must upgrade or be squeezed out,” she said. “China’s industrial ecosystem is far more innovative.”
