Where price and value disagree.

TeamViewer SE · Germany · €859M mcap

Carve-out anxiety is masking a profitable SaaS franchise. Underlying business still compounds.

TUI Group · Germany/UK · €3.66B mcap

Post-COVID overhang lifted, balance sheet normalised. Tape still trades it like 2021.

Ipsos SA · France · €1.58B mcap

Family-controlled French researcher at single-digit P/E. Organic growth has already re-accelerated.

Scout24 SE · Germany · €5.07B mcap

German classifieds duopolist with 60%+ EBITDA margins. Market is paying for break in a cycle.

Krones AG · Germany · €3.72B mcap

Beverage-line backlog at record highs. Capex cycle is turning; the multiple hasn't moved.

Hikma Pharmaceuticals · UK/MENA · $4.32B mcap

Two-year Injectables margin trough being priced as a franchise impairment. Insiders bought £12M cash in Nov.

Lagardère SA · France · €2.50B mcap

Travel retail plus publishing. Bolloré-controlled — the governance haircut is already taken in the DCF.

Nike, Inc. · USA · $66.15B mcap

Brand is real; turnaround is slower than the bears need. Mostly priced — not a screaming bargain.

Meta Platforms · USA · $1.54T mcap

Reels works; the AI capex bill is real. Fair value, not a bargain.

Alphabet Inc. · USA · $4.64T mcap

Search isn't growing into the multiple. The capex cycle is. Sell while the market still calls it a winner.