Better Stock Studies?

Perspectives, by Mark Robertson, Managing Partner October 1st, 2025

Better Stock Studies? Prudent Attention to Shares Outstanding Trends. Yes, Virginia. It’s possible that it might be a good idea to refuse to ignore elephants and 800-lb gorillas in the room.

By popular demand, this is the slide series that has nudged some head-scratching over our awareness and consideration of outstanding share trends and potential impact on stock study results and return forecasts…

Mark Robertson

Mark Robertson is founder and managing partner of Manifest Investing, a source for research and portfolio management focusing on strategic long term investors.

Expected Returns, Oct 2025

Better Stock Studies?

Ulta Beauty (ULTA)

Quality	67
PAR	9.2%

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Quality Legend:
Blue	Excellent with quality greater than 80.
Green	Good with quality between 60 and 80.
Neutral	Average or below average with quality between 20 and 60.
Red	Poor with quality less than 20.
Companies with less than 10 years of history are penalized by 5 points per year.
PAR Legend:
Green	PAR is within the target range of MIPAR +5-10%, currently 5.1%-10.1%
Yellow	PAR is above the target range of MIPAR +10%, currently 10.1%
PAR	Projected Annual Return
MIPAR	The Manifest Investing Median PAR of all stocks in the database.
Company Name Legend:
*	Not covered by Value Line Standard Edition.
b	Uses price-to-book value for valuation purposes.
P/CF	Uses price-to-cash flow for valuation.