$ADBE onepager

🔹 Trading at 32% discount to fair value estimate @ 560

🔹 Significant improvement in ROIC over the last 10 years

🔹 Wide moat due to high switching costs

🔹 Great historical growth rate, which was fading since 2022. Notable observation before we move on: the stock hit an all-time @ 700 in November 2021 and never returned. So the market was very rational in this regard, already factoring in lower growth rates.

I recently sold Adobe @ 413 (before earnings release), but now I am ready for re-entry. Despite beating EPS and revenue forecasts, shares are down 10%, and the discount is too appealing to ignore.

Conclusion: re-entering with a small buy position ~ 3% of the total portfolio