Archive - The Value Thesis

Salesforce Valuation Analysis: 13x Free Cash Flow

A look at current valuation, stock-based compensation trends, and the AI strategy

Feb 9 • Arda Solmaz

Gartner: A Valuation Reset

Slower Contract Value Growth and AI

Feb 3

January 2026

Gartner: The 7.5% Equity Bond

Jan 31, 2026, Updated View

Jan 31 • Arda Solmaz

UnitedHealth After the Crash: The 3 Paths From Here

UnitedHealth fell almost 20% in a single day.

Jan 28 • Arda Solmaz

The Trade Desk (TTD)

Bottom line: amazing business, real moat, but the stock looks pricier than it seems because a big chunk of “profit” is paid out to employees in stock…

Jan 25 • Arda Solmaz

The Watchlist #2

2026 has started with more geopolitical noise than where we left 2025.

Jan 20 • Arda Solmaz

December 2025

Nike Q2 FY26 Earnings

Quarterly Review #3

Dec 19, 2025 • Arda Solmaz

IRES REIT: Buying Dublin Apartments for 60 Cents on the Euro

Dec 14, 2025 • Arda Solmaz

lulemon Earnings Q3 2025 Results

Quarterly Review #2

Dec 12, 2025 • Arda Solmaz

A $30 Million Bank Trading at 74 Cents on the Dollar

Micro-Cap Deep Dive #1

Dec 11, 2025 • Arda Solmaz

New Addition: Why I Bought Gartner

The Portfolio Update #2

Dec 8, 2025 • Arda Solmaz

5 Quality Stocks I’m Watching

The Watchlist #1

Dec 4, 2025 • Arda Solmaz

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