Technology / Semiconductor / Internet Research

Nicolas Baratte

Thematic (Sector/Industry)

<ul>
<li>US Index is trading at 22x forward earnings. Average since 2014 is 18.9x. Historical comparisons are misleading because market composition has changed drastically. </li>
<li>Tech grows 2.5x faster than non-Tech, generates margins 2.5x higher, ROE 2x higher. As Tech grows faster with higher profitability, it lifts up the overall market. Valuations reflect that.</li>
<li>Is 22x forward earnings too high? Price to Book compared to Return on Equity does not look expensive. The market is getting more expensive because profitability (ROE) is increasing.</li>
</ul>


US Index is trading at 22x forward earnings. Average since 2014 is 18.9x. Historical comparisons are misleading because market composition has changed drastically. 
Tech grows 2.5x faster than non-Tech, generates margins 2.5x higher, ROE 2x higher. As Tech grows faster with higher profitability, it lifts up the overall market. Valuations reflect that.
Is 22x forward earnings too high? Price to Book compared to Return on Equity does not look expensive. The market is getting more expensive because profitability (ROE) is increasing.


US Valuations: A Bit High. Non-Tech Is More Expensive than Tech. '26-27 Expectations Too High?

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>AI-Driven data centres are breaking a decade of flat U.S. electricity demand, pushing annual growth above historical norms, forcing utilities to expand their capacities.</li>
<li>Meeting this surge requires an all-of-the-above energy mix, where renewables lead new capacity additions, but natural gas remains the critical balancing fuel amid constraints and grid expansion.</li>
<li>The most durable beneficiaries are not power generators but midstream and infrastructure players, including grid builders, equipment manufacturers, and materials suppliers, whose revenues are driven by spending and reliability.</li>
</ul>


AI-Driven data centres are breaking a decade of flat U.S. electricity demand, pushing annual growth above historical norms, forcing utilities to expand their capacities.
Meeting this surge requires an all-of-the-above energy mix, where renewables lead new capacity additions, but natural gas remains the critical balancing fuel amid constraints and grid expansion.
The most durable beneficiaries are not power generators but midstream and infrastructure players, including grid builders, equipment manufacturers, and materials suppliers, whose revenues are driven by spending and reliability.


The AI Boom Is Becoming an Energy Infrastructure Story

Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

We help companies communicate with all investors. We help all investors better understand those businesses.

Equity Bottom-Up

Strix Group Plc designs, manufactures, and supplies kettle safety control products. The Company offers water heating, temperature control, toasters, steam management, and water filtration products. Strix Group serves clients worldwide.

<ul><li>The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group.</li><li>Ahead of any movement in capital allocation, net cash would amount to c£37m on the repayment of all indebtedness.</li><li>The net consideration of £107m equates to 45p/share, representing a premium to the current share price.</li></ul>

The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group.Ahead of any movement in capital allocation, net cash would amount to c£37m on the repayment of all indebtedness.The net consideration of £107m equates to 45p/share, representing a premium to the current share price.

Strix Group Plc - Debt-Free Reset: Proposed sale of Billi

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>U.S. had 79,717 public EV stations (up 6.3% YOY) and 239,759 ports (up 1.9% YOY) as of November 2025; California led EV charging station count with 24.1% share.</li>
<li>ChargePoint dominates Level 2 chargers (33% share), while Tesla leads in DC Fast charging (54% of total DC ports). Electrify America and EVgo follow with ~8% and 7% shares.</li>
<li>Europe surpassed 1 million charge points; China reached 4.53 million public and 18.64 million total chargers by October 2025.</li>
</ul>


U.S. had 79,717 public EV stations (up 6.3% YOY) and 239,759 ports (up 1.9% YOY) as of November 2025; California led EV charging station count with 24.1% share.
ChargePoint dominates Level 2 chargers (33% share), while Tesla leads in DC Fast charging (54% of total DC ports). Electrify America and EVgo follow with ~8% and 7% shares.
Europe surpassed 1 million charge points; China reached 4.53 million public and 18.64 million total chargers by October 2025.


US EV Charging Infrastructure Tracker - November 2025

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Equity Capital Markets

Medline Industries is a medical supply company, manufacturer and distributor.

<ul><li>December 17, 2025 — Medline Industries, Inc. (NASDAQ: MDLN) began trading today on the Nasdaq Global Select Market following the pricing of its initial public offering at $29.00 per share.</li><li>Shares opened at $35.00 in their first public trade, representing an immediate gain of approximately 21 percent, and continued to build momentum throughout the session.</li><li>By the close, the stock finished near $41.00, delivering a first-day increase of roughly forty percent and marking one of the most consequential IPO debuts of 2025.</li></ul>

December 17, 2025 — Medline Industries, Inc. (NASDAQ: MDLN) began trading today on the Nasdaq Global Select Market following the pricing of its initial public offering at $29.00 per share.Shares opened at $35.00 in their first public trade, representing an immediate gain of approximately 21 percent, and continued to build momentum throughout the session.By the close, the stock finished near $41.00, delivering a first-day increase of roughly forty percent and marking one of the most consequential IPO debuts of 2025.

Medline Returns to Public Markets in Landmark IPO Debut

United States
Insights on the United States (USA)

US Valuations: A Bit High. Non-Tech Is More Expensive than Tech. '26-27 Expectations Too High?

US market valuations are high at 22x forward earnings, but tech's rapid growth and profitability justify the increase, making historical...

Nicolas Baratte

The AI Boom Is Becoming an Energy Infrastructure Story

AI-driven data centers are driving electricity demand growth in the US, requiring utilities to expand capacity with a mix of renewables and...

Mint Finance

Strix Group Plc - Debt-Free Reset: Proposed sale of Billi

The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group. Ahead of any movement in capital...

Equity Development

US EV Charging Infrastructure Tracker - November 2025

The pace of growth of EV charging infrastructure in the U.S. remains modest. China, on the other hand, continues to extend its lead in EV charging....

GSBR Research

Medline Returns to Public Markets in Landmark IPO Debut

A strong first day of trading underscores renewed institutional demand for large, established healthcare issuers and signals a reopening of the...

IPO Prophet

US Valuations: A Bit High. Non-Tech Is More Expensive than Tech. '26-27 Expectations Too High?

​US market valuations are high at 22x forward earnings, but tech's rapid growth and profitability justify the increase, making historical...

Nicolas Baratte

The AI Boom Is Becoming an Energy Infrastructure Story

​AI-driven data centers are driving electricity demand growth in the US, requiring utilities to expand capacity with a mix of renewables and...

Mint Finance

Strix Group Plc - Debt-Free Reset: Proposed sale of Billi

The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group. Ahead of any movement in capital...

Equity Development

US EV Charging Infrastructure Tracker - November 2025

The pace of growth of EV charging infrastructure in the U.S. remains modest. China, on the other hand, continues to extend its lead in EV charging....

GSBR Research

Medline Returns to Public Markets in Landmark IPO Debut

A strong first day of trading underscores renewed institutional demand for large, established healthcare issuers and signals a reopening of the...

IPO Prophet

US market valuations are high at 22x forward earnings, but tech's rapid growth and profitability justify the increase, making historical...

AI-driven data centers are driving electricity demand growth in the US, requiring utilities to expand capacity with a mix of renewables and...