EN DE

Implied growth: what the price demands from the largest stocks

Instead of asking what a stock is worth, we invert the calculation: what annual free-cash-flow growth must a company deliver for five years (then slowing evenly to 2 %) so that today's price is fair? Same discount rate and same terminal value as the fair-value model, solved for growth.

As of September 18, 2026 · 348 of the largest stocks with positive free cash flow · updated daily

+13.9 %median implied growth p.a.
153stocks require at least 15 % p.a.
54stocks are fair or cheap even with shrinking cash flow
4prices beyond any cash-flow model (over 80 % p.a. needed)

Ranking

Sorted by implied growth. For comparison the actual revenue growth of the last five years and the sector median revenue growth.

#StockSectorImplied p.a.Achieved (5y)Sector medianFCF yieldDiscount rate
1Micron Technology Inc MUInformation Technology over 80 % +11.8 %+8.0 % +0.16 %10.9 %
2SK Square Co Ltd 402340Information Technology over 80 % +73.8 %+8.0 % +0.26 %12.1 %
3Grupo México S.A.B. de C.V GMEXICOBMaterials over 80 % +10.8 %+3.3 % +0.23 %11.6 %
4Samsung Electro-Mechanics 009150Information Technology over 80 % +6.6 %+8.0 % +0.24 %12.1 %
5Cloudflare Inc NETInformation Technology +73.1 % +38.1 %+8.0 % +0.29 %10.8 %
6Suzhou Dongshan Precision Manufacturing Co Ltd 002384Information Technology +71.8 % +7.4 %+8.0 % +0.26 %9.7 %
7GIGADEVICE 3986Information Technology +71.3 % +16.1 %+8.0 % +0.35 %11.7 %
8Amazon.com Inc AMZNConsumer Discretionary +68.4 % +13.2 %+2.6 % +0.29 %9.7 %
9Arm Holdings plc American Depositary Shares ARMInformation Technology +66.9 % +19.4 %+8.0 % +0.38 %10.9 %
10Seagate Technology PLC STXInformation Technology +64.2 % -2.8 %+8.0 % +0.48 %11.5 %
11Delta Electronics (Thailand) Public Company Limited DELTAInformation Technology +62.6 % +25.7 %+8.0 % +0.41 %10.3 %
12Tesla Inc TSLAConsumer Discretionary +60.1 % +24.6 %+2.6 % +0.46 %10.5 %
13Palantir Technologies Inc. PLTRInformation Technology +58.1 % +32.6 %+8.0 % +0.47 %10.0 %
14Marvell Technology Group Ltd MRVLInformation Technology +55.1 % +22.5 %+8.0 % +0.70 %11.5 %
15Western Digital Corporation WDCInformation Technology +50.7 % -10.7 %+8.0 % +0.86 %11.5 %
16Equinor ASA EQNREnergy +50.4 % +18.3 %+1.5 % +0.57 %9.0 %
17Hewlett Packard Enterprise Co HPEInformation Technology +49.9 % +4.9 %+8.0 % +0.84 %9.9 %
18Advanced Micro Devices Inc AMDInformation Technology +49.6 % +28.8 %+8.0 % +0.80 %10.9 %
19Iberdrola S.A. IBEUtilities +49.3 % +6.6 %+0.7 % +0.87 %9.4 %
20United Rentals Inc URIIndustrials +49.3 % +13.6 %+4.6 % +1.02 %11.1 %
21Shandong Zhongji Electrical Equipment Co Ltd 300308Industrials +49.0 % +40.2 %+4.6 % +0.82 %10.9 %
22AIA Group Ltd 1299Financials +48.0 % -8.5 %+8.2 % +0.63 %8.9 %
23Carvana Co CVNAConsumer Discretionary +43.6 % +29.5 %+2.6 % +1.21 %11.5 %
24Delta Electronics Inc 2308Information Technology +43.1 % +14.5 %+8.0 % +1.06 %10.9 %
25Johnson Controls International PLC JCIIndustrials +42.9 % +1.1 %+4.6 % +1.05 %10.0 %
26Shopify Inc SHOPInformation Technology +42.6 % +31.6 %+8.0 % +1.18 %11.5 %
27Snowflake Inc. SNOWInformation Technology +41.8 % +51.2 %+8.0 % +1.00 %10.0 %
28Freeport-McMoran Copper & Gold Inc FCXMaterials +41.2 % +13.2 %+3.3 % +1.12 %10.1 %
29Monolithic Power Systems Inc MPWRInformation Technology +40.4 % +27.0 %+8.0 % +1.20 %10.9 %
30Datadog Inc DDOGInformation Technology +39.2 % +41.5 %+8.0 % +1.19 %10.5 %
31Texas Instruments Incorporated TXNInformation Technology +38.9 % +4.1 %+8.0 % +1.09 %9.4 %
32Williams Companies Inc WMBEnergy +38.8 % +9.1 %+1.5 % +1.16 %8.3 %
33Corning Incorporated GLWInformation Technology +38.5 % +6.7 %+8.0 % +1.14 %9.4 %
34Royal Caribbean Cruises Ltd RCLConsumer Discretionary +38.4 % +52.0 %+2.6 % +1.78 %11.0 %
35Ambev S.A. ABEVConsumer Staples +37.3 % +3.5 %+2.9 % +2.86 %17.2 %
36Eli Lilly and Company LLYHealth Care +36.7 % +21.6 %+4.3 % +0.88 %7.7 %
37Blackstone Group Inc BXFinancials +36.2 % +20.7 %+8.2 % +1.81 %10.6 %
38Robinhood Markets Inc HOODFinancials +35.9 % +36.1 %+8.2 % +1.69 %11.5 %
39UniCredit S.p.A. UCGFinancials +34.9 % +6.3 %+8.2 % +5.77 %11.7 %
40Intesa Sanpaolo SpA ISPFinancials +34.7 % +7.5 %+8.2 % +5.56 %11.0 %
41Lam Research Corp LRCXInformation Technology +34.6 % +12.9 %+8.0 % +1.56 %10.6 %
42Tokyo Electron Ltd PK TOELYInformation Technology +33.5 % +13.1 %+8.0 % +1.48 %10.0 %
43Murata Manufacturing Co. Ltd MRAAFInformation Technology +33.4 % +3.7 %+8.0 % +1.41 %9.8 %
44Murata Manufacturing Inc MRAAYInformation Technology +32.7 % +3.6 %+8.0 % +1.45 %9.8 %
45Howmet Aerospace Inc HWMIndustrials +32.4 % +9.4 %+4.6 % +1.55 %9.7 %
46Nextera Energy Inc NEEUtilities +32.4 % +8.8 %+0.7 % +1.91 %8.5 %
47Constellation Energy Corp CEGUtilities +32.2 % +7.7 %+0.7 % +1.58 %9.5 %
48Vertiv Holdings Co VRTIndustrials +32.2 % +18.5 %+4.6 % +2.02 %11.5 %
49Infineon Technologies AG IFXInformation Technology +32.2 % +11.4 %+8.0 % +1.99 %11.0 %
50Deere & Company DEIndustrials +32.1 % +5.2 %+4.6 % +1.78 %9.0 %
513M Company MMMIndustrials +32.1 % -5.0 %+4.6 % +1.59 %9.5 %
52NVIDIA Corporation NVDAInformation Technology +31.9 % +66.9 %+8.0 % +1.84 %10.9 %
53Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München MURGFFinancials +31.9 % +3.4 %+8.2 % +1.25 %8.1 %
54Bank of Nova Scotia BNSFinancials +31.6 % +18.5 %+8.2 % +4.37 %9.7 %
55Eoptolink Technology Inc Ltd 300502Information Technology +31.6 % +65.6 %+8.0 % +1.51 %9.4 %
56CSX Corporation CSXIndustrials +31.5 % +5.9 %+4.6 % +1.92 %9.7 %
57Broadcom Inc AVGOInformation Technology +31.5 % +21.7 %+8.0 % +1.63 %9.7 %
58Palo Alto Networks Inc PANWInformation Technology +31.5 % +22.0 %+8.0 % +1.30 %8.5 %
59SK Hynix Inc 000660Information Technology +31.4 % +25.0 %+8.0 % +2.06 %11.4 %
60MediaTek Inc 2454Information Technology +31.1 % +13.1 %+8.0 % +2.00 %11.4 %
61Quanta Services Inc PWRIndustrials +31.1 % +20.4 %+4.6 % +1.73 %9.7 %
62Kinder Morgan Kansas Inc. KMIC34Energy +31.0 % +7.7 %+1.5 % +2.44 %10.8 %
63Applied Materials Inc AMATInformation Technology +30.9 % +10.5 %+8.0 % +1.70 %10.0 %
64Arista Networks ANETInformation Technology +30.5 % +31.2 %+8.0 % +1.69 %10.0 %
65Intuitive Surgical Inc ISRGHealth Care +29.9 % +18.2 %+4.3 % +1.80 %10.3 %
66Taiwan Semiconductor Manufacturing Co. Ltd. 2330Information Technology +29.7 % +23.3 %+8.0 % +1.73 %9.9 %
67Investor AB ser. B INVE-BIndustrials +29.6 % +20.2 %+4.6 % +1.53 %8.5 %
68Muenchener Rueckver Ges MURGYFinancials +28.9 % +2.6 %+8.2 % +1.40 %8.1 %
69GE Vernova LLC GEVUtilities +28.9 % +3.6 %+0.7 % +1.45 %8.6 %
70TC Energy Corp TRPEnergy +28.9 % +3.2 %+1.5 % +3.24 %9.2 %
71Fortinet Inc FTNTInformation Technology +28.7 % +21.3 %+8.0 % +1.73 %9.5 %
72BlackRock Inc BLKFinancials +28.4 % +8.4 %+8.2 % +2.07 %10.3 %
73The Coca-Cola Company KOConsumer Staples +28.3 % +7.8 %+2.9 % +1.40 %7.6 %
74Synopsys Inc SNPSInformation Technology +28.3 % +13.9 %+8.0 % +2.20 %9.7 %
75National Australia Bank Ltd NABFinancials +28.1 % +18.0 %+8.2 % +5.78 %8.4 %
76Welltower Inc WELLReal Estate +28.0 % +18.4 %+1.7 % +1.79 %8.8 %
77Alphabet Inc Class C GOOGCommunication Services +27.7 % +17.2 %+2.0 % +1.77 %9.3 %
78Samsung Electronics Co Ltd 005930Information Technology +26.7 % +7.1 %+8.0 % +1.96 %9.9 %
79Canadian Pacific Kansas City Limited CPIndustrials +26.1 % +14.4 %+4.6 % +2.70 %9.7 %
80Münchener Rück AG MUV2Financials +25.9 % +3.4 %+8.2 % +1.67 %7.9 %
81DoorDash, Inc. Class A Common Stock DASHConsumer Discretionary +25.8 % +36.6 %+2.6 % +2.51 %11.1 %
82Cadence Design Systems Inc CDNSInformation Technology +25.8 % +14.6 %+8.0 % +2.07 %9.6 %
83Starbucks Corporation SBUXConsumer Discretionary +25.8 % +9.6 %+2.6 % +2.20 %9.3 %
84ASML Holding N.V. ASMLInformation Technology +25.2 % +18.5 %+8.0 % +2.01 %9.3 %
85Southern Copper Corporation SCCOMaterials +25.2 % +10.9 %+3.3 % +2.15 %9.5 %
86Prosus N.V. PRXCommunication Services +25.2 % +13.5 %+2.0 % +1.90 %8.5 %
87GE Aerospace GEIndustrials +25.1 % -9.6 %+4.6 % +2.18 %9.5 %
88Microsoft Corporation MSFTInformation Technology +24.9 % +14.5 %+8.0 % +1.96 %9.0 %
89Apple Inc AAPLInformation Technology +24.9 % +8.7 %+8.0 % +1.98 %8.9 %
90Crowdstrike Holdings Inc CRWDInformation Technology +24.7 % +40.6 %+8.0 % +2.10 %9.8 %
91Transdigm Group Incorporated TDGIndustrials +24.4 % +11.6 %+4.6 % +2.89 %9.0 %
92WW Grainger Inc GWWIndustrials +24.4 % +8.8 %+4.6 % +2.20 %9.3 %
93Walmart Inc. WMTConsumer Staples +24.3 % +5.0 %+2.9 % +1.73 %7.9 %
94Enel SpA ENELUtilities +24.0 % +1.0 %+0.7 % +4.73 %11.2 %
95Analog Devices Inc ADIInformation Technology +23.9 % +14.5 %+8.0 % +2.38 %9.7 %
96Spotify Technology SA SPOTCommunication Services +23.6 % +16.9 %+2.0 % +2.49 %10.5 %
97Dell Technologies Inc DELLInformation Technology +23.3 % +5.6 %+8.0 % +2.22 %8.9 %
98Norfolk Southern Corporation NSCIndustrials +23.1 % +4.5 %+4.6 % +3.02 %9.8 %
99Hon Hai Precision Industry Co Ltd 2317Information Technology +22.9 % +8.6 %+8.0 % +2.13 %9.5 %
100Caterpillar Inc CATIndustrials +22.8 % +10.1 %+4.6 % +2.80 %10.0 %
101Costco Wholesale Corp COSTConsumer Staples +22.7 % +10.5 %+2.9 % +1.97 %8.4 %
102Cintas Corporation CTASIndustrials +22.7 % +9.6 %+4.6 % +2.32 %9.1 %
103Ecolab Inc ECLMaterials +22.7 % +6.4 %+3.3 % +2.44 %9.0 %
104Enbridge Inc ENBEnergy +22.4 % +10.8 %+1.5 % +4.28 %8.8 %
105Hilton Worldwide Holdings Inc HLTConsumer Discretionary +22.2 % +22.8 %+2.6 % +2.79 %9.4 %
106Marriott International Inc MARConsumer Discretionary +22.2 % +19.9 %+2.6 % +2.89 %9.5 %
107Keyence KYCCFInformation Technology +22.0 % +16.9 %+8.0 % +2.20 %9.2 %
108O’Reilly Automotive Inc ORLYConsumer Discretionary +21.9 % +8.9 %+2.6 % +2.22 %8.1 %
109Reliance Industries Limited RELIANCEEnergy +21.9 % +17.8 %+1.5 % +3.08 %10.4 %
110L'Air Liquide S.A AIQUFMaterials +21.9 % +5.6 %+3.3 % +2.26 %8.4 %
111Phillips 66 PSXEnergy +21.6 % +15.7 %+1.5 % +2.53 %8.5 %
112Parker-Hannifin Corporation PHIndustrials +21.4 % +7.7 %+4.6 % +2.79 %9.6 %
113Schneider Electric S.E. SUIndustrials +21.2 % +9.8 %+4.6 % +3.09 %10.1 %
114Brookfield Asset Management Ltd. BAMFinancials +21.1 % +18.0 %+8.2 % +2.82 %9.8 %
115Applovin Corp APPInformation Technology +21.0 % +30.5 %+8.0 % +3.53 %11.5 %
116Netflix Inc NFLXCommunication Services +20.9 % +12.6 %+2.0 % +2.87 %9.9 %
117Eaton Corporation PLC ETNIndustrials +20.8 % +9.0 %+4.6 % +2.89 %9.7 %
118Air Liquide SA AIMaterials +20.8 % +5.6 %+3.3 % +2.64 %8.9 %
119Moodys Corporation MCOFinancials +20.6 % +7.5 %+8.2 % +3.08 %10.0 %
120Linde plc Ordinary Shares LINMaterials +20.6 % +4.5 %+3.3 % +2.35 %8.1 %
121National Bank of Canada NAFinancials +20.5 % +22.6 %+8.2 % +5.15 %9.4 %
122Warner Bros Discovery Inc WBDCommunication Services +20.5 % +28.4 %+2.0 % +4.35 %10.5 %
123Emerson Electric Company EMRIndustrials +20.4 % +1.4 %+4.6 % +3.23 %9.8 %
124Thermo Fisher Scientific Inc TMOHealth Care +20.3 % +6.7 %+4.3 % +2.57 %8.4 %
125Airbus Group NV EADSYIndustrials +20.2 % +7.2 %+4.6 % +2.39 %9.0 %
126Trane Technologies plc TTIndustrials +20.1 % +11.4 %+4.6 % +2.98 %9.8 %
127Siemens Energy AG ENRIndustrials +19.9 % +7.3 %+4.6 % +3.27 %11.0 %
128Meta Platforms Inc. METACommunication Services +19.8 % +18.5 %+2.0 % +2.66 %9.3 %
129Union Pacific Corporation UNPIndustrials +19.0 % +4.6 %+4.6 % +3.30 %9.2 %
130Sherwin-Williams Co SHWMaterials +18.8 % +5.1 %+3.3 % +3.32 %9.5 %
131Cummins Inc CMIIndustrials +18.6 % +11.2 %+4.6 % +3.26 %9.7 %
132NXP Semiconductors NV NXPIInformation Technology +18.5 % +7.3 %+8.0 % +4.35 %11.1 %
133Arthur J Gallagher & Co AJGFinancials +18.5 % +14.8 %+8.2 % +2.81 %8.1 %
134Atlas Copco AB Series A ATCO-AIndustrials +18.3 % +11.0 %+4.6 % +2.91 %9.2 %
135Novo Nordisk A/S NOVO-BHealth Care +17.8 % +19.5 %+4.3 % +2.33 %7.4 %
136Digital Realty Trust Inc DLRReal Estate +17.8 % +9.4 %+1.7 % +3.79 %9.3 %
137Recruit Holdings Co Ltd ADR RCRUYIndustrials +17.7 % +11.6 %+4.6 % +2.82 %9.0 %
138Nokia Corp ADR NOKInformation Technology +17.6 % -1.9 %+8.0 % +2.63 %8.7 %
139Vertex Pharmaceuticals Inc VRTXHealth Care +17.4 % +14.2 %+4.3 % +2.41 %8.1 %
140Safran SA SAFIndustrials +17.3 % +13.2 %+4.6 % +3.24 %9.7 %
141Enterprise Products Partners LP EPDEnergy +17.1 % +14.1 %+1.5 % +3.56 %8.1 %
142Illinois Tool Works Inc ITWIndustrials +17.1 % +5.0 %+4.6 % +3.46 %9.3 %
143ABB Ltd ABBNIndustrials +16.9 % +4.9 %+4.6 % +3.08 %9.1 %
144Waste Management Inc WMIndustrials +16.9 % +10.6 %+4.6 % +3.26 %8.1 %
145Elevance Health Inc ELVHealth Care +16.9 % +10.3 %+4.3 % +3.47 %8.5 %
146Motorola Solutions Inc MSIInformation Technology +16.9 % +9.5 %+8.0 % +3.32 %9.0 %
147Nokia Oyj NOKIAInformation Technology +16.3 % -1.9 %+8.0 % +2.88 %8.9 %
148Cisco Systems Inc CSCOInformation Technology +16.3 % +2.8 %+8.0 % +3.08 %8.8 %
149Rio Tinto ADR RIOMaterials +16.2 % +5.3 %+3.3 % +3.07 %8.4 %
150Hermes International SCA RMSConsumer Discretionary +15.8 % +20.2 %+2.6 % +3.06 %9.3 %
151AB Volvo (publ) VOLV-BIndustrials +15.8 % +7.2 %+4.6 % +3.97 %8.9 %
152American Tower Corp AMTReal Estate +15.8 % +5.8 %+1.7 % +4.57 %9.0 %
153Bajaj Finance Limited BAJFINANCEFinancials +15.8 % +26.4 %+8.2 % +5.53 %10.4 %
154Ross Stores Inc ROSTConsumer Discretionary +15.7 % +12.7 %+2.6 % +3.04 %8.9 %
155Simon Property Group Inc SPGReal Estate +15.6 % +6.7 %+1.7 % +5.39 %10.0 %
156ServiceNow Inc NOWInformation Technology +15.1 % +24.1 %+8.0 % +3.13 %8.8 %
157Danaher Corporation DHRHealth Care +15.0 % +2.0 %+4.3 % +3.55 %8.8 %
158Visa Inc. Class A VFinancials +14.9 % +12.9 %+8.2 % +2.94 %8.2 %
159Japan Tobacco Inc JAPAFConsumer Staples +14.9 % +10.7 %+2.9 % +3.04 %8.1 %
160RTX Corporation RTXIndustrials +14.8 % +9.4 %+4.6 % +2.97 %7.6 %
161Canadian National Railway Company CNIIndustrials +14.6 % +4.6 %+4.6 % +4.55 %9.2 %
162Xiaomi Corp 1810Information Technology +14.5 % +13.2 %+8.0 % +3.06 %9.0 %
163Republic Services Inc RSGIndustrials +14.5 % +10.3 %+4.6 % +3.51 %8.1 %
164Berkshire Hathaway Inc BRK-BFinancials +14.5 % +8.6 %+8.2 % +2.23 %7.9 %
165China Shenhua Energy Co Ltd H 1088Energy +14.2 % +4.8 %+1.5 % +3.00 %8.6 %
166LOréal S.A. ORConsumer Staples +14.2 % +9.5 %+2.9 % +3.52 %9.0 %
167Industria de Diseno Textil SA ITXConsumer Discretionary +14.0 % +14.3 %+2.6 % +3.99 %10.3 %
168China Shenhua Energy Co 601088Energy +13.9 % +4.8 %+1.5 % +2.89 %8.7 %
169Marathon Petroleum Corp MPCEnergy +13.9 % +13.7 %+1.5 % +3.78 %8.1 %
170Japan Tobacco ADR JAPAYConsumer Staples +13.9 % +11.7 %+2.9 % +3.21 %8.1 %
171Honeywell International Inc HONIndustrials +13.7 % +2.8 %+4.6 % +4.04 %8.8 %
172Siemens Aktiengesellschaft SIEIndustrials +13.6 % +7.4 %+4.6 % +4.29 %9.1 %
173Northrop Grumman Corporation NOCIndustrials +13.6 % +2.7 %+4.6 % +4.33 %9.2 %
174CRH PLC ADR CRHMaterials +13.4 % +10.7 %+3.3 % +4.96 %9.7 %
175Johnson & Johnson JNJHealth Care +13.2 % +2.7 %+4.3 % +3.03 %7.6 %
176Kinder Morgan Inc KMIEnergy +13.2 % +7.7 %+1.5 % +4.71 %8.2 %
177Walt Disney Company DISCommunication Services +13.1 % +7.6 %+2.0 % +5.20 %10.2 %
178The Home Depot Inc HDConsumer Discretionary +13.1 % +4.5 %+2.6 % +4.19 %8.7 %
179Stryker Corporation SYKHealth Care +13.1 % +11.8 %+4.3 % +3.94 %8.7 %
180Amphenol Corporation APHInformation Technology +13.0 % +21.9 %+8.0 % +4.44 %9.9 %
181Shin-Etsu Chemical Co Ltd ADR SHECYMaterials +12.9 % +12.8 %+3.3 % +3.47 %9.4 %
182Tokio Marine Holdings Inc TKOMYFinancials +12.9 % +8.4 %+8.2 % +3.68 %9.2 %
183Mastercard Inc MAFinancials +12.9 % +16.5 %+8.2 % +3.32 %8.2 %
184Mondelez International Inc MDLZConsumer Staples +12.8 % +7.7 %+2.9 % +4.00 %8.1 %
185S&P Global Inc SPGIFinancials +12.7 % +15.6 %+8.2 % +4.40 %9.4 %
186McDonald’s Corporation MCDConsumer Discretionary +12.6 % +7.0 %+2.6 % +4.04 %8.1 %
187Merck KGaA MRKHealth Care +12.4 % +3.8 %+4.3 % +4.11 %8.5 %
188Chugai Pharmaceutical Co Ltd ADR CHGCYHealth Care +12.2 % +10.9 %+4.3 % +3.09 %8.2 %
189Ferrari NV RACEConsumer Discretionary +12.1 % +15.6 %+2.6 % +3.61 %8.3 %
190Merck & Company Inc MRKHealth Care +12.1 % +9.4 %+4.3 % +3.40 %7.6 %
191Philip Morris International Inc PMConsumer Staples +12.0 % +7.2 %+2.9 % +3.57 %7.6 %
192AstraZeneca PLC AZNHealth Care +11.9 % +17.2 %+4.3 % +3.41 %7.6 %
193PepsiCo Inc PEPConsumer Staples +11.8 % +5.9 %+2.9 % +4.16 %8.1 %
194Bank of Montreal BMOFinancials +11.5 % +17.9 %+8.2 % +6.82 %9.6 %
195The TJX Companies Inc TJXConsumer Discretionary +11.5 % +13.4 %+2.6 % +3.56 %8.4 %
196Exxon Mobil Corp XOMEnergy +11.5 % +12.7 %+1.5 % +3.36 %7.6 %
197Intercontinental Exchange Inc ICEFinancials +11.5 % +8.9 %+8.2 % +4.87 %9.1 %
198Zijin Mining Group Co Ltd-H 2899Materials +11.4 % +15.3 %+3.3 % +4.94 %9.9 %
199Amgen Inc AMGNHealth Care +11.3 % +7.6 %+4.3 % +3.97 %7.6 %
200Compagnie Financière Richemont SA CFRConsumer Discretionary +11.2 % +11.3 %+2.6 % +3.87 %9.2 %
201Wesfarmers Ltd WESConsumer Discretionary +11.0 % +8.2 %+2.6 % +4.14 %8.6 %
202Eni S.p.A. ENIEnergy +10.7 % +13.3 %+1.5 % +5.76 %10.0 %
203AbbVie Inc ABBVHealth Care +10.6 % +6.0 %+4.3 % +3.83 %7.6 %
204Mitsubishi Electric Corp ADR MIELYIndustrials +10.5 % +8.3 %+4.6 % +3.78 %8.7 %
205PACCAR Inc PCARIndustrials +10.4 % +8.7 %+4.6 % +4.86 %9.2 %
206Automatic Data Processing Inc ADPIndustrials +10.3 % +7.1 %+4.6 % +4.27 %8.9 %
207Kweichow Moutai Co Ltd 600519Consumer Staples +10.3 % +15.4 %+2.9 % +3.68 %8.2 %
208British American Tobacco p.l.c. BTIConsumer Staples +10.1 % -0.1 %+2.9 % +4.70 %8.1 %
209Bharti Airtel Limited BHARTIARTLCommunication Services +10.1 % +16.0 %+2.0 % +5.68 %10.4 %
210Valero Energy Corporation VLOEnergy +10.0 % +13.6 %+1.5 % +4.04 %8.2 %
211Airbnb Inc ABNBConsumer Discretionary +10.0 % +29.4 %+2.6 % +4.45 %9.6 %
212Medtronic PLC MDTHealth Care +10.0 % +3.8 %+4.3 % +4.55 %8.3 %
213General Dynamics Corporation GDIndustrials +9.9 % +6.7 %+4.6 % +4.02 %8.1 %
214PNC Financial Services Group Inc PNCFinancials +9.8 % +11.4 %+8.2 % +4.81 %9.0 %
215Abbott Laboratories ABTHealth Care +9.8 % +5.1 %+4.3 % +4.14 %8.4 %
216United Parcel Service Inc UPSIndustrials +9.7 % +1.0 %+4.6 % +5.68 %9.3 %
217Aon PLC AONFinancials +9.7 % +9.2 %+8.2 % +4.95 %8.6 %
218China Petroleum & Chemical Corp Class H 0386Energy +9.6 % +3.0 %+1.5 % +6.19 %9.0 %
219Zijin Mining Group Co Ltd Class A 601899Materials +9.6 % +15.2 %+3.3 % +5.56 %10.0 %
220Procter & Gamble Company PGConsumer Staples +9.3 % +3.5 %+2.9 % +3.89 %7.6 %
221SAP SE SAPInformation Technology +9.2 % +6.1 %+8.0 % +3.74 %7.9 %
222Bank of Communications Co 601328Financials +8.7 % +7.3 %+8.2 % +14.51 %8.7 %
223Newmont Corporation NEMMaterials +8.3 % +15.3 %+3.3 % +3.97 %7.9 %
224Mitsubishi Heavy Industries Ltd MHVIYIndustrials +8.2 % +8.0 %+4.6 % +4.48 %8.1 %
225UnitedHealth Group Incorporated UNHHealth Care +8.2 % +11.7 %+4.3 % +4.71 %8.0 %
226Essilor International SA ESLOYHealth Care +8.1 % +14.6 %+4.3 % +4.68 %8.2 %
227Chevron Corp CVXEnergy +8.0 % +14.3 %+1.5 % +4.23 %7.6 %
228China Yangtze Power Co Ltd 600900Utilities +8.0 % +8.7 %+0.7 % +6.04 %8.7 %
229HCA Healthcare, Inc. HCAHealth Care +8.0 % +8.0 %+4.3 % +7.75 %9.5 %
230KKR & Co. Inc. KKRFinancials +7.9 % +35.4 %+8.2 % +10.29 %11.1 %
231Agnico Eagle Mines Limited AEMMaterials +7.8 % +30.6 %+3.3 % +4.33 %8.3 %
232CME Group Inc CMEFinancials +7.8 % +6.0 %+8.2 % +4.27 %8.1 %
233China Petroleum & Chemical Corp Class A 600028Energy +7.7 % +3.9 %+1.5 % +6.75 %9.2 %
234International Business Machines IBMInformation Technology +7.7 % -1.7 %+8.0 % +5.14 %8.0 %
235CVS Health Corp CVSHealth Care +7.4 % +8.4 %+4.3 % +6.70 %8.4 %
236Pfizer Inc PFEHealth Care +7.3 % +8.5 %+4.3 % +5.81 %8.1 %
237Tencent Holdings Ltd 0700Communication Services +7.1 % +9.3 %+2.0 % +4.83 %8.7 %
238ITOCHU Corporation ITOCFIndustrials +6.8 % +7.6 %+4.6 % +5.48 %8.2 %
239General Motors Company GMConsumer Discretionary +6.8 % +8.6 %+2.6 % +13.50 %9.9 %
240Qualcomm Incorporated QCOMInformation Technology +6.7 % +13.5 %+8.0 % +6.28 %10.1 %
241Lowe's Companies Inc LOWConsumer Discretionary +6.7 % -0.8 %+2.6 % +7.04 %8.9 %
242Marsh & McLennan Companies, Inc. MRSHFinancials +6.4 % +9.4 %+8.2 % +5.77 %8.3 %
243Monster Beverage Corp MNSTConsumer Staples +6.2 % +12.5 %+2.9 % +4.48 %8.1 %
244EssilorLuxottica S. A. ELHealth Care +6.2 % +14.6 %+4.3 % +5.73 %8.7 %
245Colgate-Palmolive Company CLConsumer Staples +6.1 % +4.4 %+2.9 % +5.15 %8.1 %
246Mitsubishi Corp. MSBHFIndustrials +6.1 % +8.1 %+4.6 % +5.62 %8.1 %
247Gilead Sciences Inc GILDHealth Care +6.0 % +3.6 %+4.3 % +5.10 %8.1 %
248EOG Resources Inc EOGEnergy +5.7 % +18.0 %+1.5 % +5.12 %8.1 %
249Lockheed Martin Corporation LMTIndustrials +5.6 % +2.8 %+4.6 % +5.54 %8.1 %
250Tata Consultancy Services Limited TCSInformation Technology +5.6 % +10.2 %+8.0 % +6.37 %10.4 %
251FedEx Corporation FDXIndustrials +5.4 % +2.5 %+4.6 % +7.09 %9.9 %
252Anheuser Busch Inbev SA NV ABIConsumer Staples +5.3 % +4.8 %+2.9 % +8.58 %9.3 %
253Salesforce.com Inc CRMInformation Technology +5.0 % +14.3 %+8.0 % +6.01 %9.1 %
254Nestle S.A. NESNConsumer Staples +5.0 % +1.1 %+2.9 % +5.64 %7.4 %
255Uber Technologies Inc UBERIndustrials +4.9 % +36.1 %+4.6 % +6.49 %9.6 %
256Roche Holding AG ROHealth Care +4.9 % +1.1 %+4.3 % +4.76 %7.4 %
257McKesson Corporation MCKHealth Care +4.8 % +11.1 %+4.3 % +5.19 %8.1 %
258Saudi Aramco 2222Energy +4.8 % +14.2 %+1.5 % +5.12 %8.1 %
259Schlumberger NV SLBEnergy +4.5 % +8.6 %+1.5 % +6.16 %8.6 %
260TotalEnergies SE TTEEnergy +4.2 % +8.8 %+1.5 % +6.13 %8.1 %
261Regeneron Pharmaceuticals Inc REGNHealth Care +4.2 % +11.0 %+4.3 % +4.85 %8.1 %
262Booking Holdings Inc BKNGConsumer Discretionary +4.1 % +31.7 %+2.6 % +6.50 %9.4 %
263Newmont Goldcorp Corp NEMMaterials +3.4 % +14.1 %+3.3 % +5.41 %8.1 %
264Intuit Inc INTUInformation Technology +3.2 % +19.7 %+8.0 % +6.76 %9.2 %
265PetroChina Co Ltd Class A 601857Energy +2.3 % +8.2 %+1.5 % +6.05 %8.4 %
266Medline Inc. Class A Common Stock MDLNHealth Care +2.2 % +9.9 %+4.3 % +6.51 %9.2 %
267Canadian Natural Resources Ltd CNQEnergy +1.6 % +20.4 %+1.5 % +8.05 %9.0 %
268American Electric Power Co Inc AEPUtilities +1.5 % +7.9 %+0.7 % +10.85 %8.1 %
269Truist Financial Corp TFCFinancials +1.3 % +4.5 %+8.2 % +9.22 %8.9 %
270Verizon Communications Inc VZCommunication Services +1.3 % +1.5 %+2.0 % +9.56 %7.6 %
271LVMH Moët Hennessy - Louis Vuitton MCConsumer Discretionary +1.2 % +12.6 %+2.6 % +7.33 %8.9 %
272American Express Company AXPFinancials +1.1 % +16.0 %+8.2 % +7.36 %8.9 %
273Westpac Banking Corporation WBCFinancials +0.9 % +26.5 %+8.2 % +10.55 %8.4 %
274AT&T Inc. TCommunication Services +0.7 % -6.1 %+2.0 % +10.47 %8.1 %
275T-Mobile US Inc TMUSCommunication Services +0.7 % +5.2 %+2.0 % +9.03 %8.1 %
276Altria Group MOConsumer Staples +0.4 % -5.1 %+2.9 % +7.72 %8.1 %
277Deutsche Post AG DHLIndustrials +0.1 % +4.4 %+4.6 % +8.63 %9.3 %
278Adobe Systems Incorporated ADBEInformation Technology -0.2 % +13.1 %+8.0 % +9.21 %10.2 %
279OVERSEA-CHINESE BANKING CORP O39Financials -0.7 % +7.6 %+8.2 % +5.80 %7.9 %
280Bank Central Asia Tbk BBCAFinancials -0.9 % +10.2 %+8.2 % +9.59 %11.5 %
281DBS Group Holdings Ltd D05Financials -1.0 % +9.4 %+8.2 % +4.81 %7.9 %
282Charles Schwab Corp SCHWFinancials -1.5 % +18.0 %+8.2 % +4.69 %8.7 %
283Suncor Energy Inc SUEnergy -1.7 % +14.7 %+1.5 % +8.23 %8.3 %
284Royal Bank of Canada RYFinancials -1.8 % +17.6 %+8.2 % +18.58 %8.6 %
285ICICI Bank Limited ICICIBANKFinancials -2.4 % +14.2 %+8.2 % +10.18 %10.4 %
286Bristol-Myers Squibb Company BMYHealth Care -2.7 % +2.5 %+4.3 % +9.90 %8.1 %
287Accenture plc ACNInformation Technology -2.7 % +9.5 %+8.0 % +9.07 %9.5 %
288Midea Group Co Ltd 000333Consumer Discretionary -2.8 % +10.0 %+2.6 % +6.53 %8.8 %
289HDFC Bank Limited HDFCBANKFinancials -3.2 % +51.7 %+8.2 % +14.88 %10.4 %
290Contemporary Amperex Technology Co Ltd Class A 300750Industrials -3.5 % +53.1 %+4.6 % +6.58 %8.2 %
291Novartis AG NOVNHealth Care -3.6 % +2.7 %+4.3 % +8.13 %7.4 %
292Vinci S.A. DGIndustrials -4.2 % +11.3 %+4.6 % +12.52 %9.2 %
293Cigna Corp CIHealth Care -4.2 % +11.4 %+4.3 % +11.25 %8.1 %
294MercadoLibre Inc. MELIConsumer Discretionary -4.4 % +48.7 %+2.6 % +11.55 %10.0 %
295Sanofi ADR SNYHealth Care -4.8 % +4.6 %+4.3 % +9.76 %8.1 %
296ANZ Group Holdings Ltd ANZFinancials -4.9 % +17.6 %+8.2 % +21.73 %8.0 %
297GlaxoSmithKline PLC ADR GSKHealth Care -5.0 % +6.1 %+4.3 % +11.25 %8.1 %
298State Bank of India SBINFinancials -5.1 % +13.5 %+8.2 % +17.16 %10.4 %
299Volvo AB ADR VLVLYIndustrials -5.2 % +7.2 %+4.6 % +37.46 %9.2 %
300ConocoPhillips COPEnergy -5.5 % +25.6 %+1.5 % +10.10 %8.1 %
301Christian Dior SE CDIConsumer Discretionary -5.6 % +12.6 %+2.6 % +21.02 %9.4 %
302Petroleo Brasileiro Petrobras SA ADR PBREnergy -5.8 % +11.1 %+1.5 % +12.41 %9.2 %
303CNOOC Ltd 0883Energy -6.0 % +20.0 %+1.5 % +8.54 %8.6 %
304Investor AB (publ) IVSXFFinancials -6.1 % +20.2 %+8.2 % +14.82 %8.7 %
305Petroleo Brasileiro S.A. XPBRAEnergy -6.7 % +1.5 %+1.5 % +16.06 %10.6 %
306China Telecom Corp Ltd 601728Communication Services -7.8 % +5.9 %+2.0 % +9.41 %8.7 %
307UBS Group AG UBSFinancials -8.0 % +13.0 %+8.2 % +9.27 %8.8 %
308Bank of Communications Co Ltd 3328Financials -8.4 % +22.0 %+8.2 % +12.01 %8.6 %
309Comcast Corp CMCSACommunication Services -9.8 % +3.6 %+2.0 % +25.37 %8.4 %
310Overseas Chinese Banking Corp Ltd ADR OVCHYFinancials -10.4 % +32.2 %+8.2 % +10.16 %8.1 %
311Deutsche Telekom AG DTECommunication Services -10.6 % +3.4 %+2.0 % +20.54 %7.9 %
312Chubb Ltd CBFinancials -11.6 % +10.6 %+8.2 % +10.74 %8.1 %
313The Allstate Corporation ALLFinancials -12.8 % +8.2 %+8.2 % +14.65 %8.1 %
314Assicurazioni Generali S.p.A. GFinancials -13.1 % -10.4 %+8.2 % +27.69 %10.5 %
315AXA SA CSFinancials -13.2 % +0.6 %+8.2 % +22.35 %8.8 %
316JPMorgan Chase & Co JPMFinancials -13.5 % +16.6 %+8.2 % +10.35 %8.8 %
317Progressive Corp PGRFinancials -13.7 % +15.5 %+8.2 % +13.48 %8.1 %
318The Travelers Companies Inc TRVFinancials -14.0 % +8.8 %+8.2 % +12.30 %8.1 %
319Itaú Unibanco Holding S.A ITUB4Financials -14.3 % +8.0 %+8.2 % +27.43 %10.7 %
320BNP Paribas SA BNPFinancials -14.7 % +6.4 %+8.2 % +10.57 %9.9 %
321Allianz SE VNA O.N. ALVFinancials -16.6 % +3.0 %+8.2 % +18.55 %8.2 %
322China Merchants Bank Co Ltd 600036Financials -16.9 % +8.4 %+8.2 % +39.57 %8.8 %
323Atlas Copco AB ATLPFIndustrials -20.7 % +11.0 %+4.6 % +28.75 %9.4 %
324Capital One Financial Corporation COFFinancials -21.5 % +17.0 %+8.2 % +23.77 %9.3 %
325Atlas Copco ADR ATLCYIndustrials -22.2 % +9.7 %+4.6 % +31.87 %9.4 %
326Zurich Insurance Group AG ZURNFinancials -22.6 % +9.3 %+8.2 % +26.55 %7.9 %
327Morgan Stanley MSFinancials -23.9 % +18.3 %+8.2 % +14.30 %9.2 %
328Caixabank SA CABKFinancials -24.0 % +18.8 %+8.2 % +45.88 %9.2 %
329Ping An Insurance Group Co of China Ltd 601318Financials -25.0 % -4.3 %+8.2 % +48.58 %9.0 %
330U.S. Bancorp USBFinancials -26.0 % +11.2 %+8.2 % +8.58 %9.2 %
331Manulife Financial Corp MFCFinancials -31.3 % -7.2 %+8.2 % +42.98 %8.7 %
332Bank of America Corp BACFinancials over 80 % +20.9 %+8.2 % +2.89 %9.1 %
333Industrial and Commercial Bank of China Ltd 601398Financials over 80 % +20.8 %+8.2 % +5.06 %8.2 %
334Industrial and Commercial Bank of China 1398Financials over 80 % +20.5 %+8.2 % +15.28 %8.1 %
335Bank of China Limited 601988Financials over 80 % +3.1 %+8.2 % +35.88 %8.2 %
336Mitsubishi UFJ Financial Group Inc ADR MUFGFinancials over 80 % +21.7 %+8.2 % +19.52 %7.6 %
337Bank of China Ltd H 3988Financials over 80 % +22.0 %+8.2 % +38.67 %8.1 %
338Banco Santander S.A. SANFinancials over 80 % +14.7 %+8.2 % +40.33 %9.9 %
339Sumitomo Mitsui Financial Group Inc SMFGFinancials over 80 % +24.8 %+8.2 % +27.76 %8.1 %
340Banco Bilbao Viscaya Argentaria SA ADR BBVAFinancials over 80 % +4.2 %+8.2 % +7.84 %9.0 %
341China Merchants Bank Co Ltd Class H 3968Financials over 80 % +15.7 %+8.2 % +31.32 %8.7 %
342Mizuho Financial Group Inc. MFGFinancials over 80 % +26.9 %+8.2 % +2.29 %8.1 %
343Pinduoduo Inc. P1DD34Consumer Discretionary over 80 % +48.7 %+2.6 % +47.14 %12.2 %
344The Bank of New York Mellon Corporation BNYFinancials over 80 % +19.5 %+8.2 % +4.79 %9.4 %
345Postal Savings Bank of China Co Ltd 601658Financials over 80 % +8.5 %+8.2 % +14.06 %8.7 %
346Postal Savings Bank of China 1658Financials over 80 % +7.9 %+8.2 % +13.59 %8.6 %
347Apollo Global Management LLC Class A APOFinancials over 80 % +66.7 %+8.2 % +9.84 %10.4 %
348Natwest Group PLC NWGFinancials over 80 % +17.6 %+8.2 % +15.31 %8.8 %

How to read the table

If implied growth sits well above achieved growth, the price demands an acceleration; that is not a sell signal, but an expectation the company still has to earn. If it sits below achieved growth or even below zero, a weaker business already justifies the price. The discount rate follows size, beta and country risk, as in all 26 Fair Value Calculator models.

Valuation multiples by sector and industry → · Undervalued stocks → · Methodology →

Cite: Fair Value Calculator (2026): Implied growth (reverse DCF), as of September 18, 2026. https://www.fairvalue-calculator.com/implied-growth · CC BY 4.0

Not financial advice. Inputs: last fiscal year free cash flow, share count, debt and cash from audited filings, previous close. Companies with negative free cash flow are excluded because a cash-flow model cannot price anything there.