IBTX – INDEPENDENT BANK GROUP, INC. (HQ: USA/Industry: Banks)
Independent Bank provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. The company operates through its branch banking offices that are locally managed seeking to provide personal attention and professional assistance to its customer base, which consists principally of small to medium sized businesses, professionals and individuals.

10-Year Financial Summary (Recent/Average)
Revenue: $587M/$311M, with 1 declining year and -2.3% YoY decrease
EPS (USD): 5.21/3.18, with 0 declining years and 11.6% YoY growth
BV (USD): 60.03/41.88, with 1 declining year and 4.6% YoY growth
FCF: $206M/$84M, with 4 declining years and 54.9% YoY growth
Dividend: Increased 1,000%, with 0 declining years #Share Count: Increased 291%

To value the business at the current market price the company would need more than a 14% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1564618&owner=exclude

ISRG – INTUITIVE SURGICAL, INC. (HQ: USA/Industry: Health Care Equipment & Supplies)
Intuitive’s mission is believing in minimally invasive care is life-enhancing care. Through ingenuity and intelligent technology, the company expand the potential of physicians to heal without constraints. While envisioning a future of care that is less invasive and profoundly better, where diseases are identified earlier and treated quickly so patients can get back to what matters most. Intuitive is committed to advancing minimally invasive care through a comprehensive ecosystem of products and services.

10-Year Financial Summary (Recent/Average)
Revenue: $5.7B/$3.3B, with 2 declining years and 31% YoY growth
EPS (USD): 4.66/2.52, with 4 declining years and 58.5% YoY growth
BV (USD): 31.90/17.03, with 4 declining years and 21.7% YoY growth
FCF: $1.7B/$967M, with 3 declining years and 51.9% YoY growth
Company does not pay a dividend
Share Count: Decreased -1%

To value the business at the current market price the company would need more than a 28% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1035267&owner=exclude

NKLA – NIKOLA CORPORATION (HQ: USA/Industry: Machinery)
Nikola’s vision is to be the zero-emissions transportation industry leader. The company plans to realize this vision through world-class partnerships, groundbreaking research and development, and a revolutionary business model. Being are a technology innovator and integrator, working to develop innovative energy and transportation solutions.

4-Year Financial Summary (Recent/Average)
EPS (USD): -1.74/-0.85, with 3 declining years and currant year being negative
BV (USD): 1.71/2.24, with -38% YoY decrease
FCF: $-486M/$-212M, with 3 declining years and currant year being negative
Share Count: Increased 11%

With an average negative FCF the company’s valuation is based on their NCAVPS

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1731289&owner=exclude

HST – HOST HOTELS & RESORTS, INC. (HQ: USA/Industry: Equity Real Estate Investment Trusts (REITs)) 
Host Hotels is the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper upscale hotels, with substantially all located in the United States. With a goal to be the preeminent owner of high-quality lodging real estate in growing markets in the U.S. and to generate superior long-term risk adjusted returns for its stockholders throughout all phases of the lodging cycle.

10-Year Financial Summary (Recent/Average)
Revenue: $2.9B/$4.8B, with 4 declining years and 78.4% YoY growth
EPS (USD): -0.02/0.57, with 4 declining years and currant year being negative
BV (USD): 8.57/9.52, with 5 declining years and -5.6% YoY decrease
FCF: $-135M/$421M, with 4 declining years and currant year being negative
Company does not pay a dividend #Share Count: Decreased -1%

To value the business at the current market price the company would need more than a 17% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1070750&owner=exclude

LGL – THE LGL GROUP, INC. (HQ: USA/Industry: Electronics, Instruments & Components)
The LGL Group is engaged in investment and manufacturing business activities. The company is a globally positioned producer of industrial and commercial products and services. It operates in two identified segments, an electronic components segment that’s currently focused on the design and manufacture of highly-engineered, high reliability frequency and spectrum control products. The other segment being electronic instruments segment that’s focused on the design and manufacture of high-performance frequency and time reference standards that form the basis for timing and synchronization in various applications including satellite communication.

10-Year Financial Summary (Recent/Average)
Revenue: $28M/$26M, with 6 declining years and -9.7% YoY decrease
EPS (USD): 2.74/-0.03, with 4 declining years and 1342.1% YoY growth
BV (USD): 13.51/6.89, with 6 declining years and 80.9% YoY growth
FCF: $0M/$0M, with 3 declining years and -100% YoY decrease
Company does not pay a dividend #Share Count: Increased 67%

To value the business at the current market price the company would need more than a 35% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=61004&owner=exclude