PHASE 2 / TEN DEEPDIVES
Ten companies. One comparable framework.
Every report targets Three Key Forces, A–M fundamentals, Reverse DCF, four-scenario IRR, Action Price, Variant View, Pre-Mortem, scoring and monitoring. Cards below are the map; click through for the full file.
TGT
Target Corporation
经营拐点确认（comps+3.8%、指引上修、数字与广告增长），但是YTD大涨后安全边际不足。最好的买点是回撤到买入带，而不是追高。
- Price
- $165.44
- Hybrid
- 79.2
- Model IRR
- 9.9%
- Valuation
- 合理区间
KO
Coca-Cola Company
Coca-Cola Company · Beverages: Non-Alcoholic · Phase1 72.8
- Price
- $91.10
- Hybrid
- 72.8
- Model IRR
- 5.4%
- Valuation
- 合理偏贵
DAR
Darling Ingredients Inc
Darling Ingredients Inc · Food: Specialty/Candy · Phase1 71.1
- Price
- $65.74
- Hybrid
- 71.1
- Model IRR
- -0.1%
- Valuation
- 合理区间
DLTR
Dollar Tree, Inc.
Dollar Tree, Inc. · Discount Stores · Phase1 70.0
- Price
- $131.48
- Hybrid
- 70.0
- Model IRR
- 1.1%
- Valuation
- 合理区间
USFD
US Foods Holding Corp.
US Foods Holding Corp. · Food Distributors · Phase1 67.6
- Price
- $109.62
- Hybrid
- 67.6
- Model IRR
- -9.6%
- Valuation
- 偏贵
LW
Lamb Weston Holdings, Inc.
Lamb Weston Holdings, Inc. · Food: Specialty/Candy · Phase1 63.5
- Price
- $53.68
- Hybrid
- 63.5
- Model IRR
- -8.3%
- Valuation
- 合理偏贵
PM
Philip Morris International Inc.
无烟转型（IQOS/ZYN）对冲传统卷烟量减，营业利润率与FCF顶尖；防御仓里少见的结构性成长。估值不便宜，但质量与现金流匹配长期核心仓。
- Price
- $188.23
- Hybrid
- 62.5
- Model IRR
- 0.5%
- Valuation
- 合理偏贵
ADM
Archer-Daniels-Midland Company
Archer-Daniels-Midland Company · Agricultural Commodities/Milling · Phase1 61.7
- Price
- $80.30
- Hybrid
- 61.7
- Model IRR
- -7.3%
- Valuation
- 合理区间
KMB
Kimberly-Clark Corporation
高股息~4.7% + 低beta 个护现金流机器；增长薄但 forward PE 相对友好。适合 Core 里的收益型防御仓，而非动量仓。
- Price
- $109.31
- Hybrid
- 61.3
- Model IRR
- -5.1%
- Valuation
- 合理区间
KVUE
Kenvue, Inc.
Kenvue, Inc. · Household/Personal Care · Phase1 59.9
- Price
- $19.06
- Hybrid
- 59.9
- Model IRR
- -4.8%
- Valuation
- 合理偏贵
QUALITY CONTROL
Deepdive completeness
| Ticker | Characters | Executive | 3 Forces | A–M | Reverse DCF | 4 IRR | Action Price | Variant | Pre-Mortem | Scorecard | Monitor |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TGT | 15,515 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| KO | 15,586 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| DAR | 15,630 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| DLTR | 15,578 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| USFD | 15,583 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| LW | 15,630 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| PM | 15,525 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| ADM | 15,553 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| KMB | 15,550 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| KVUE | 15,538 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
✓ = section present in markdown source. War Room ranking may still override Phase 1 order.
FRAMEWORK
What “complete” means
A deepdive is not a score dump. It must state the tension title, separate reported TTM from model assumptions, and end with kill conditions an IC can monitor next quarter.
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War Room
Only conviction + asymmetry survive. Open War Room Top 3 for action bands and portfolio roles.