JPMorgan: the valuation gap widened and the earnings gap did not
The gap to global peers widened again this quarter while the earnings gap did not. What remains is a risk premium on process rather than on profits.
Evidence · 2 cards
Unlock the full report
The locked call and the disclosures stay visible. The research body unlocks with purchase or subscription.
Discussion · 4
I have been waiting for someone to make this argument. The mix argument is the part I had not considered properly. Does the thesis survive a soft guide next quarter?
This is the clearest write-up I have seen on the name. The comp table did more work for me than the narrative did. What does the bear actually have to be right about?
I hold the other side of this. The utilisation assumption is where I disagree. How are you thinking about the timing risk here?
Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (1084)