Category: 3. Business

In a Phase III study, a daily dose of 50 milligrams significantly reduced the risk of ischemic stroke compared with a placebo, Bayer said.

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Detailed results from the OCEANIC-STROKE study will be presented at an upcoming scientific congress, said Bayer.

Bayer added that it plans to speak with health authorities worldwide in preparation for the submission of marketing authorisation applications.

Bayer had originally predicted that asundexian would have peak sales potential of more than 5 billion euros ($5.76 billion) – more than any of its other drugs.

($1 = 0.8687 euros)

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That said, a “normal” or “fair” PE ratio isn’t fixed. It shifts depending on growth expectations and risk. Companies with faster earnings growth or lower risk usually trade at higher PE ratios. Those with uncertain futures may see their multiples dip, even if their profits look strong today.

Currently, Maplebear trades at a PE of 20.89x, which is almost identical to its Consumer Retailing industry average of 20.89x and slightly higher than the typical peer average of 19.35x. According to Simply Wall St’s proprietary Fair Ratio, an advanced calculation recognizing Maplebear’s earnings growth, profit margins, risk profile, market cap, and its industry context, the “fair” PE for Maplebear stands at 17.78x.

The Fair Ratio is a step up from simple peer or industry comparisons. It considers not just market benchmarks but also deeper company qualities and risks that matter for a true assessment of value. Comparing Maplebear’s actual PE ratio of 20.89x with its Fair Ratio of 17.78x suggests the stock is trading at a premium to what is justified by its unique fundamentals and risk.

Result: OVERVALUED

PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1430 companies where insiders are betting big on explosive growth.

Earlier we mentioned there is an even better way to understand valuation, so let’s introduce you to Narratives. Narratives are a simple yet powerful tool that lets investors connect the company’s story with their own expectations, translating their view on Maplebear’s future revenues, earnings, and margins directly into a financial forecast and a fair value.

Instead of just looking at static numbers, Narratives help you articulate your perspective. For example, you might believe Maplebear will outpace the industry thanks to AI efficiency, or you might worry that competition and regulation will slow growth. Each Narrative lives inside the Simply Wall St Community page, making it accessible and interactive for millions of investors around the globe.

What makes Narratives so useful is their dynamic nature. Whenever fresh news, such as new partnerships, product launches, or updated earnings, hits the market, your Narrative’s fair value automatically updates to reflect the latest facts. This means you always have an up-to-date benchmark to compare against Maplebear’s current share price and judge whether it is time to buy, sell or hold.

For example, one Narrative might forecast Maplebear’s value as high as $67 per share, assuming booming digital orders and major ad growth, while a more cautious Narrative could see fair value closer to $42, reflecting stronger competition and tighter margins.

Do you think there’s more to the story for Maplebear? Head over to our Community to see what others are saying!

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 CART.

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

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Unions have urged the chancellor to keep focused on raising living standards, targeting child poverty and upping the national minimum wage, in the face of renewed calls from business to change course on employment rights.

The TUC said that Rachel Reeves must deliver “a living standards budget” on Wednesday to ease the pressure on working households whose incomes have remained stagnant in more than a decade.

Analysis by the unions showed working people were just £12 a week better off compared with 2008 after a “painful Tory pay hangover”. Real wages grew at an average of just 0.04% each year under the Conservative government between May 2010 and April 2024, it found, while public service workers saw no increase at all.

It said that had real wages continued to grow as they did from 2000-2008, workers would now be paid £317 per week more.

Paul Nowak, the TUC general secretary, said: “This budget must be a living standards budget.

“Households up and down the country [are] still suffering a painful Tory pay hangover – leaving this Labour government with lots of ground to make up.”

He urged Reeves to “show ambition on the minimum wage”. He also called for action to bring down energy bills, and for scrapping the two-child benefit cap in full.

The TUC said Reeves should tackle the “child poverty emergency”, announcing new polling by Survation showing 83% of the public agreed no child should be living in poverty in the UK.

Reeves has signalled she is preparing to lift the two-child cap, according to pre-budget reports.

Novak said the budget would be “a crucial moment to show ministers are on the side of working people”.

Business groups meanwhile have renewed calls on the chancellor to “make hard choices for growth” by bringing down the cost of welfare and state pensions, and rethinking the employment rights bill.

Rain Newton-Smith, the CBI chief executive, said: “If growth is your priority, prove it – make hard choices for it. Against opposition, against short-term politics. Be it welfare, be it pensions increases – show the markets you mean business.”

She said that Reeves’ 2024 budget had “turned to business to plug a hole” and created £24bn annually in extra costs for businesses, including additional national insurance contributions from employers.

She added: “How can business hire for growth […] when key government choices pull the other way? When NICs rises and likely changes to salary sacrifice make it more costly to take a chance on people.”

Speaking to the CBI conference in London on Monday, Newton-Smith will urge the government to “change course on the employment rights bill” which “eight in 10 firms say, in its current form, will make it harder to hire”.

Lobbying against the bill, which was a key Labour manifesto pledge and extends workers rights on issues such as sick leave and unfair dismissal, has intensified with the Lords unpicking clauses as legislation goes through parliament.

Some consensus between unions and business has emerged over high energy costs, which the CBI also identified as a major problem, deterring companies from investment when “straining under some of the highest electricity costs in the world”.

The government is expected to announce some kind of support package on energy bills, along with this weekend’s announcement of a freeze on rail fares, to blunt the impact of wider expected tax rises in the budget.

The transport secretary, Heidi Alexander, told the BBC on Sunday that the highly anticipated budget – and apparent U-turns on some measures – was coming on the “shifting sands” of changing economic forecasts and that it remained “a very challenging global economic environment”.

In one concrete measure to tackle the cost of living confirmed in the budget, the Treasury said rail fares would not increase next year – the first absolute freeze in 30 years, after fares had gone up more than 60% in the past 14 years.

None of those previous episodes, though, have prepared traders for the speed and scale of the past few weeks, in a reversal that was sharper than expected even if it lacked the systemic stress of prior crashes.

Friday’s drop sent Bitcoin to a low near $80,500, putting it on track for its worst month since Terra’s $60 billion collapse in 2022 set off the bankruptcies that ended in FTX. Altogether, some half a trillion dollars in Bitcoin value has been wiped out. And that’s before tallying the carnage across the altcoin complex. 

Bitcoin is still comfortably up since President Donald Trump’s November victory, but much of the heady run has vanished in his first year back in office, the very stretch he hailed as crypto’s golden age. Most of the losses remain on paper. But for the first time since exchange-traded funds helped bring Wall Street and retail into the market, those positions are under pressure.

The spark this time around is harder to spot. These new ETFs didn’t exist during the last big crypto crash. Investors have pulled billions from the 12 Bitcoin-linked funds this month, Bloomberg data show, with past buyers including Harvard’s endowment and several hedge funds.

The slew of digital-asset treasury companies — publicly traded crypto holding vehicles, inspired by Michael Saylor’s Strategy Inc. — have seen even steeper outflows as investors question the value of corporate shells built solely to hold tokens.

What’s clear is that crypto has become much bigger than the retail traders and techno futurists who are committed to HODLing through thick and thin. Now it has become woven into the fabric of Wall Street and the broader public markets, bringing a whole new set of finicky players to the table. 

“What’s happened these last two months was like rocket fuel, as if people were expecting this to crash,” said Fadi Aboualfa, head of research at Copper Technologies Ltd. “That’s what institutional investors do. They’re not there to hold, they don’t have that mentality. They rebalance their portfolio.”

Bitcoin remains up roughly 50% from its pre-election low. And the scale of this pullback still pales next to its 75% collapse during the 2021–2022 bear market. That hints at how much deeper the pain could still go. Back then, each leg down exposed another major player — from Celsius to BlockFi to Three Arrows.

Flash Crash 

But with no obvious blowups or scandals this time, some traders think the current drop is more about technicals and confidence than systemic cracks.

“We aren’t following the same path down; overall macro conditions, government support, and fewer bad actors in the space make today’s market more resilient,” said Luke Youngblood, founder of lending platform Moonwell. “The foundations crypto is building on are stronger, even if there are causes for concern down the line.”

The clearest catalyst was a flash crash on Oct. 10 in which $19 billion of crypto bets were liquidated in a matter of hours. The event exposed the chronic lack of liquidity during weekend trading — the flipside to crypto’s famed 24-7 trading schedule — as well as a build-up of excessive leverage on certain exchanges, knocking Bitcoin from the all-time high of $126,251 that it had reached just days earlier. 

“To some extent, we believe a lot of the decline in crypto markets is due to what happened on 10/10,” Brett Knoblauch and Gareth Gacetta, analysts at Cantor Fitzgerald & Co., wrote in a Thursday note. “It feels as if some big players in the space are being forced to sell, as what happened on 10/10 might have had a far-larger impact on balance sheets than initially thought.”

The problem hasn’t quite died out yet either. Liquidity in crypto markets remains low, with market makers weakened by the crash unable to step in and support prices. Around $1.6 billion in bets were liquidated across exchanges on Friday, according to Coinglass data, as the latest drop hit leveraged traders.

Bitcoin’s gold-like mystique — always a big stretch — has faded. Gold has held its ground. Crypto remains a proxy for fast-twitch risk appetite — and it’s reacting faster than the market around it.

This week, Bitcoin got caught up in topsy-turvy trading in technology stocks, with the token’s volatility being pointed to as both the cause and effect of equities turmoil. On Thursday, for example, the S&P 500 rose early in the day, bolstered by strong earnings from Nvidia Corp., before suffering its biggest intraday reversal since the April tariff turmoil. 

Analysts at Nomura blamed crypto, among other causes. Bill Ackman floated an unusual link — suggesting Fannie and Freddie holdings were behaving like a crypto proxy.

Crypto’s fate is now tied to AI-fueled market optimism. With bubble chatter building, it won’t take much to spook investors into selling. There are also plenty of dangers lurking within the crypto ecosystem. The Saylor copycats have been built on the belief that a public company that does nothing but hold crypto can be worth more than the value of the tokens it holds. 

The push to repurpose public firms into crypto treasuries has endured to this point in the downturn — echoing the overleveraged lenders of 2022. If confidence cracks, forced selling could follow. Many are already underwater on their token holdings.

“When you’ve got a medical device company or a cancer research firm rebranding as a crypto treasury, it’s a sign of where you are in the cycle,” said Adam Morgan McCarthy, senior research analyst at blockchain data firm Kaiko. 

Overall, any positive vibes left in the industry appear to be hurtling toward rock bottom. The Fear and Greed index — a tool that measures sentiment in crypto markets — sat at a score of 11 out of 100 on Friday, according to CoinMarketCap. That’s deep in “extreme fear” territory. 

“Fear sentiment has spiked to relative highs while structural demand for spot remains notably absent, leaving the market without the natural buyers typically present during significant corrections,” said Chris Newhouse, director of research at Ergonia, a firm specializing in decentralized finance.

• Thinking about whether Amer Sports is a bargain or overpriced? You are not alone, and the answer might surprise you!

• The stock has surged lately, climbing 12.2% over the past week, 7.2% in the last month, and is up 40.2% for the year so far.

• Much of this action is tied to renewed interest in sportswear brands and several high-profile retail partnerships that have grabbed investor attention. These recent news stories are fueling expectations for stronger demand and have changed how traders are approaching Amer Sports’ stock.

• The company currently scores 1 out of 6 on our undervaluation checklist, which means there is plenty to discuss about how we assess its value. We will walk through the common valuation methods, then reveal a different way to get the full picture at the end of this article.

Amer Sports scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

The Discounted Cash Flow (DCF) model works by estimating a company’s future cash flows and then discounting them back to today’s value. This process provides an intrinsic value for the stock. For Amer Sports, this method relies on both analyst forecasts and advanced extrapolations for years beyond typical coverage.

Amer Sports is currently generating $254.13 million in Free Cash Flow. Analysts project this number to reach about $732.5 million by the end of 2029, with estimates for 2026 through 2029 ranging from approximately $462.67 million to $828 million. Beyond those years, projections are calculated based on historical trends and expected stability.

Using these projections, the DCF model estimates Amer Sports’ intrinsic value at $16.86 per share. With the stock trading much higher, this means the current share price is 102% above its estimated fair value. This suggests the stock is significantly overvalued on this measure.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Amer Sports may be overvalued by 102.0%. Discover 926 undervalued stocks or create your own screener to find better value opportunities.

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

The Price-to-Earnings (PE) ratio is a widely used method for assessing the value of profitable companies like Amer Sports. It reflects how much investors are willing to pay today for a dollar of current earnings, making it a useful shorthand for gauging market expectations and relative value.

A “normal” or “fair” PE ratio varies widely depending on a company’s growth prospects and perceived risks. Fast-growing or lower-risk companies typically command higher PE ratios, while slower-growing or riskier ones are valued at lower multiples.

At present, Amer Sports trades at a PE ratio of 60.68x. For context, this is significantly higher than both the luxury industry average of 19.66x and the average of its direct peers, which is 32.55x. By these traditional yardsticks, the company appears richly valued.

However, Simply Wall St’s “Fair Ratio” is designed to capture much more nuance. It combines factors like Amer Sports’ projected earnings growth, profit margins, its position within the market, and company-specific risks, offering a tailored benchmark. In this case, the Fair Ratio for Amer Sports is 26.17x, which more accurately reflects what a multiple should be for this specific company right now.

This means Amer Sports’ actual PE ratio is more than double its Fair Ratio, suggesting that, despite growth optimism and industry momentum, the stock is trading at a clear premium to its fundamentals.

Result: OVERVALUED

PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1430 companies where insiders are betting big on explosive growth.

Earlier we mentioned that there’s an even better way to understand valuation, so let’s introduce you to Narratives. A Narrative is your personal story for a company, where you set your own estimates for future revenue, earnings, and profit margins, and use them to calculate what you think is a fair value for the stock based on your expectations.

Narratives work by connecting a company’s business outlook with concrete financial forecasts, then linking those projections to a calculated fair value. This approach puts you in the driver’s seat, letting your unique perspective shape what you believe the stock is truly worth. Narratives are available right now on Simply Wall St’s Community page, used by millions of investors to share, debate, and learn from each other’s views.

This tool makes investing more actionable; by comparing your Narrative Fair Value with today’s share price, you can clearly see for yourself whether you think Amer Sports is a buy, a hold, or a sell. Plus, Narratives automatically respond to new developments. When news or fresh earnings hit, your calculations update in real time so you never fall behind.

For example, recent Narratives about Amer Sports set fair values as high as $52 if you expect explosive earnings growth led by premium brand expansion, or as low as $34 if you’re more cautious about long-term risks and competition. This shows how your story and your numbers can be entirely your own.

Do you think there’s more to the story for Amer Sports? Head over to our Community to see what others are saying!

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 AS.

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