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BR · Health
Date: 2026-08-12 | Price: $169.27 | Prior file: analyze-2026-08-04.md at $168.41 (+0.5%)
Answer: yes. Nothing changed in eight days — and that is the finding, not a shrug.
What was checked
| Check | 8/04 | 8/12 | Moved? |
|---|---|---|---|
| Price | $168.41 | $169.27 | +0.5% |
| P/E (ttm) | 17.5x | 17.63x | flat |
| Adj EPS (ttm) | $9.60 | $9.60 | no new print |
| Div yield / payout | 2.59% / 41% | 2.55% / 41% | flat |
| Off 52w high ($265.37) | −38.1% | −36.2% | still deeply de-rated |
| Analyst target (mean) | $206.50 | $211.38 | ↑ +2.4% |
| Shares out | 115.7M | 115.66M | buyback not yet visible |
FY26 statements confirm the thesis quantitatively: FCF $1.23B (+16% YoY, 18.1% 3yr CAGR), OCF $1.35B, capex only $112.6M — a 91% cash conversion business. Net income 3yr CAGR 21.3% on revenue 3yr CAGR 7.2%: margin expansion, not just growth. Debt issued $2.02B against debt repaid $2.02B — no net leverage added to fund the $603.7M of buybacks (4.5x the prior year) plus $443.5M of dividends. FCF/share $10.53. Debt/assets 39.3%.
News since 8/04
Only the earnings-call follow-through — transcripts and recaps of the same 8/04 print the full analysis already used (record $305M closed sales, 20th straight dividend raise +12% to $4.36, $1.5B buyback). No new primary information.
The one open risk was re-checked and has not moved: the NYSE proxy-fee framework is still an SRO working-group process under SEC oversight with no dated action pending. It stays what the 8/04 file called it — a structural risk on ~65% of revenue to underwrite, not a catalyst to trade.
Does it still hold the top spot?
Five names carry [8.5] on the watchlist — BR, AVGO, V, ADP, MANH. BR keeps the top spot because it is the only one that is both highest-conviction and comfortably inside its entry zone:
| Name | Conv | Zone status |
|---|---|---|
| BR | 8.5 | IN $150–180, ~$11 of room below the top |
| AVGO | 8.5 | in $360–420 but pinned at the top edge, third scan running |
| V | 8.5 | out — $366.59 vs add $290–305 |
| ADP | 8.5 | out — $264.17 vs add $195–210 |
| MANH | 8.5 | out |
Add the 8/04 tie-breakers that still hold: 14.6x forward, ~20% below the $211 fair-value centre, 0.89 beta, 2.55% yield at a 41% payout with 20 years of raises behind it, and Bogle ≈12.6% expected return assuming no re-rating at all.
Verdict unchanged — 🟢 ACCUMULATE, conviction [8.5], in zone. Note the KB pattern
pattern-shortlist-runs-when-unexecuted: BR held its zone through the week that moved everything
else, which is what makes it still buyable and is not a reason to keep waiting.
Next real event: Q1 FY27, early November. Nothing between now and then should change this file.