DAL – DELTA AIR LINES, INC. (HQ: USA/Industry: Airlines)
52 Week Lo/Hi Price: 29.75 / 48.54
Previous Closing Price: 43.03
Margin of Safety Intrinsic Value Price: 13.97

10-Year Financial Summary (Recent/Average)
Revenue: $29.9B/$37.5B, with 2 declining years and 74.9% YoY growth
EPS (USD): 0.44/2.38, with 4 declining years
BV (USD): 4.07/11.57, with 4 declining years and -22.6% YoY decrease
FCF: $17M/$2.3B, with 4 declining years
Company did not pay a dividend last year
Share Count: Decreased -25%

To value the business at the current market price the company would need more than a 3% per year growth for the next 10-years

KREF – KKR REAL ESTATE FINANCE TRUST INC. (HQ: USA/Industry: Mortgage Real Estate Investment Trusts (REITs))
52 Week Lo/Hi Price: 18.97 / 23.42
Previous Closing Price: 19.00
Margin of Safety Intrinsic Value Price: 13.19

7-Year Financial Summary (Recent/Average)
Revenue: $152M/$85M, with 1 declining year and 20.6% YoY growth
EPS (USD): 2.21/1.22, with 3 declining years and 130.2% YoY growth
BV (USD): 20.12/19.60, with 3 declining years and 7.7% YoY growth
FCF: $121M/$71M, with 1 declining year and 5.2% YoY growth
Dividend: Increased 74%, with 1 declining year
Share Count: Increased 10%

The stock is fairly valued but only takes into account a 83% margin of safety when ideally it should be 65%

ICLR – ICON PUBLIC LIMITED COMPANY (HQ: Ireland/Industry: Life Sciences Tools & Services)
52 Week Lo/Hi Price: 204.80 / 313.00
Previous Closing Price: 226.21
Margin of Safety Intrinsic Value Price: 50.22

10-Year Financial Summary (Recent/Average)
Revenue: $5.5B/$2.3B, with 1 declining year and 96% YoY growth
EPS (USD): 2.25/4.01, with 2 declining years and -63.4% YoY decrease
BV (USD): 97.71/28.08, with 1 declining year and 201.5% YoY growth
FCF: $735M/$303M, with 3 declining years and 42.2% YoY growth
Company does not pay a dividend
Share Count: Increased 13%

To value the business at the current market price the company would need more than a 18% per year growth for the next 10-years

ZEAL – ZEALAND PHARMA A/S (HQ: Denmark/Industry: Biotechnology)
52 Week Lo/Hi Price: 11.01 / 34.30
Previous Closing Price: 11.38
Margin of Safety Intrinsic Value Price: 1.37

10-Year Financial Summary (Recent/Average)
Revenue: $44.5M/$25M, with 4 declining years and -17% YoY decrease
EPS (USD): -3.61/-1.13, with 7 declining years and currant year being negative
BV (USD): 0.63/0.79, with 3 declining years and -36.8% YoY decrease
FCF: $-187.3M/$-53M, with 6 declining years and currant year being negative
Company does not pay a dividend
Share Count: Increased 87%

ETSY – ETSY, INC. (HQ: USA/Industry: Internet & Direct Marketing Retail)
52 Week Lo/Hi Price: 92.86 / 307.75
Previous Closing Price: 93.19
Margin of Safety Intrinsic Value Price: 11.95

10-Year Financial Summary (Recent/Average)
Revenue: $2.3B/$695M, with 0 declining years and 34.9% YoY growth
EPS (USD): 3.40/0.71, with 4 declining years and 26.4% YoY growth
BV (USD): 4.20/3.54, with 3 declining years and -20.8% YoY decrease
FCF: $623M/$172M, with 3 declining years and -7.3% YoY decrease
Company does not pay a dividend
Share Count: Increased 56%

To value the business at the current market price the company would need more than a 24% per year growth for the next 10-yearS