In short: BUY — the Forward-P/E spotlight, "trading near its lowest valuation level in a decade." Forward P/E "compressed to 11.3x, representing a 65% discount compared to its 5-year average of 33x." The bear case — IT budget cuts and AI making research less valuable — is answered with "Gartner helps companies choose the right AI models," plus management guiding to higher FCF and heavy buybacks. On all three top-ten screens except the reverse DCF; ER 19.93%. YTD −26.4%.
Gartner sells yearly research subscriptions to executives: reports, data, rankings like its "Magic Quadrant" of vendors, and calls with analysts who help them decide what technology to buy.
The shares are at about 11 times next year's earnings against an average of 33 over five years — the cheapest in a decade — because investors fear two things: companies cutting technology budgets, and AI chatbots making paid research less necessary. The letter's answer is that AI is itself a buying decision companies need help with, so Gartner's advice becomes more relevant, not less. Management is also guiding to more free cash flow and plans to spend much of it buying back its own shares, which lifts earnings per share even if the business grows slowly.
In short: Third-best performer at +47.0 (the card omits the percent sign). Also a top-ten name on all three of the 23 August undervaluation screens — an 11.4 forward PE against a 33.4 average and a 19.93% expected return — and the worst performer of July. A full round trip in six weeks, uncommented.
In short: BUY, and in the top ten of all three screens. Fwd PE 11.4 against a 33.4 five-year average (65.9% under); ER 19.93%; RDCF −2.0% required vs 8.0% expected (+10.0pp). Fair value $317.5 vs $173.75. YTD −26.7%.
In short: Used as his best-of-breed yardstick for software: "we love it when we can buy some of the best companies… they would rank in the top quadrant for Gartner," which is why Kinaxis gets invited to the Fortune 500 RFPs. Measurement reference, not a stance.
45:13Gartner right so if you're right now you're a Fortune 500 board trying to figure out how to squeeze extra efficiencies through the use of AI and AI agents in our supply chain. Kakus is getting invited to that RFP and they're winning way more than they're losing. And so I think going forward, I see no scenario where by which AI is not going to continue to help supply chains become more efficient and they're best to breed.
In short: Worst performer in the investable universe in June 2026 at -27.8%, under the standing framing "the cheaper we can buy great companies, the better." No thesis is offered on it in this issue.
In short: BUY, on two screens, and the fifth-worst performer of the year at −42.5%. FV $249.1 vs $136.3 = 45.3% under; ER 19.9%; fwd PE 11.4 against 33.4 (65.9% under); RDCF −1.4% required vs 8.0% expected — the price implies decline in a research-subscription business.
In short: In consulting, "Gartner and Accenture were down 18% and 35% respectively" — the same AI-replaces-advisory fear hitting consulting names.
13:18In consulting, Gartner and Accenture were down 18% and 35% respectively. In communication services, the sector was up 7% for the quarter, but much of that performance was just from Google being up 20%. There were quite a few losers. Netflix seems to have completely lost its mojo, down 25%. I suppose Netflix's growth story no longer seems that powerful.
In short: BUY, and on two of the three screens. FV $299.7 vs $164.0 = 45.3% under; ER 19.9%; fwd PE 11.4 against 33.4 — 65.9% under, seventh-largest de-rating in the universe; RDCF −0.8% required vs 8.0% expected. YTD −31.6%: the market is pricing the research-subscription model as an AI casualty.
In short: BUY, and simultaneously the fourth-worst YTD performer at -38.2% (5-yr CAGR -8.3%, 10-yr +5.3%). EPS growth 8.0%, FWD PE 11.4 against a fair exit 25.0, expected return 19.9%, fair value 267.5 against 146.4 = 45.3% undervalued.
In short: BUY. 12.2x forward against a 33.4x five-year average — 63.5% under, second only to Adobe — with an 18.5% expected return and the sheet's third-widest reverse-DCF margin at +8.8pp (the price implies −0.8% growth). Down 31.7% year to date.
In short: BUY, and eighth on the forward-PE screen. 17.5x forward against a 33.4x five-year average — 47.6% under, one of the widest multiple gaps in the watchlist — for a 12.3% expected return and a $274.6 fair value against $230.67. Four months later it is the worst performer in the investable universe (−27.8% in June).
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