Arm (ARM):

The bottom line is that over the next three years, even though we are very positive on the positioning of the business, we are in-line with consensus.

• The market has correctly judged the benefit from PC, data centres and v9 in terms of growth and EPS in our opinion. I.e. About $3 in EPS power in FY2028.

• There is potentially a very large opportunity in IoT and Autos over the next decade, however we don’t see much growth in EV or IoT over the next 2-3 years and beyond that it is very speculative.
  

Which leaves a conclusion that ARM is a great business, incredibly well positioned, but we don’t see how you can buy it at this price.

Link to Research