Adobe并非特别有吸引力；市盈率15倍缺乏安全边际，且增长非内生，因此下调至橙色/吸引力较低。

The next company we discussed during the past year is Adobe. What can we say here? We have made a 50 % profit since the last time we discussed it , which we did at 270, where we are now. So, yes, Adobe is an option to buy, but be aware of the risks and returns associated with portfolio exposure. Then when it drops as it did, you have to add now and perhaps restore balance. And now we are here where we were just 6 months ago . So, the story now is, well, what kind of bets are there now? We ran the Excel program to find out the value of Adobe.

You simply need to click here, and I have used actual earnings, unadjusted for stock compensation. With a high single-digit growth rate and a price-to-earnings ratio of 15, the intrinsic value is closer to the price we saw recently, but far from the current price. Of course, if we raise the growth a little, to the low tens, and a price-to-earnings ratio of 20, Adobe would be significantly undervalued , and that is what optimists, or those with positive momentum, could use to explain Adobe's price of 380. There is still room for a 30% upside from that perspective on top of the gains it has already made. Therefore, you need to monitor the momentum, and perhaps next week's earnings will be positive, and then you can take advantage of this rise a little. If Adobe experiences disruption , with a lower price-to-earnings ratio, we will be very far from a margin of safety. Adobe remains a buy option if you consider the normal state of investment to be a price-to-earnings ratio of 25, or perhaps 30. That is the market's price-to-earnings ratio . At a price-to-earnings ratio of 15, where you look at things from an absolute value investment perspective , it is not a buy option. Yes, the premium version is still growing. They are adding new customers , but these are desperate ways to find growth. The Kingdom of Saudi Arabia or any other entity grants everyone a free Adobe subscription for one year. Therefore, there are some deals that do not grow organically thanks to quality due to a lot of competition. And with the size of the company, growth inevitably slows down . Therefore, there may still be room for growth, but it is not an exceptional value. Perhaps, if you bought the stock at 190 as a winning deal, you can sell now, making a 50% profit, and then move on to the next one . We will see if we will provide an update based on how significant the September 10 earnings are. Therefore, I will change Adobe's classification from green to orange as a less attractive position in terms of risk and return.