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Executive Summary Investment Thesis: PayPal pioneered digital payments and remains the #1 global platform with 426M active accounts processing $1.5T annually. The business generates fortress-level cash flow ($6.8B FCF, 22% margins) with operating leverage improving (18.4% operating margins vs 14.3% in 2022). However, growth decelerated dramatically (7% revenue growth vs 20%+ historically) due to Venmo monetization struggles, inflation headwinds, and e-commerce normalization post-COVID. Stock crashed 77% ($310 → $69) as market priced in “growth company losing growth.” At current valuation (P/E 13.8x, P/FCF 9.5x), PayPal is mispriced as mature stalwart rather than growth story—it’s a cash machine trading at value prices. ...

Executive Summary Investment Thesis: TXN represents a fortress-quality semiconductor business trading at a cyclical trough. The company’s dominant position in analog chips, combined with massive 300mm fab investments creating unassailable cost advantages, offers a compelling 3-5 year compounding opportunity with 26-30% margin of safety. Business Classification: Stalwart (Large-cap with 10-12% growth potential) Current Valuation Assessment: Current Price: $162.57 Estimated Intrinsic Value: $200-235 Margin of Safety: 23-31% Recommendation: BUY Recommended Entry Zones: ...