𝙈𝙔 $Regeneron Pharmaceuticals(REGN)$ 𝙑𝘼𝙇𝙐𝘼𝙏𝙄𝙊𝙉 𝙈𝙊𝘿𝙀𝙇 1Y TARGET: $1060 POTENTIAL UPSIDE: +31% ✅ ASSUMPTIONS: LTM Revenue: $15.535B 5Y Revenue CAGR: 10% 2031 Profit Margin: 35% 2031 PE Ratio: 17 Shares outstanding: 106.0M Shares reduction: 2%/year VALUATION: Q2 2031 $Regeneron Pharmaceuticals(REGN)$ SHARE PRICE =15.535 * (1.10)^5 * 0.35 * 17 /[0.1060 * (0.98^5)] = $1554 You can now choose the discount rate that you prefer, for Regeneron I want to use 10%. ACTUAL PRICE: $810 FAIR VALUE: $965 PRICE TARGET (1Y): $1060 POTENTIAL UPSIDE: +31% EXPECTED RETURNS: 13.9%/year DIVIDEND YIELD: 0.5% - - - - - - - - - - - - - - - 𝘛𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘢𝘯𝘥 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺

𝙈𝙔 $PROCEPT BioRobotics(PRCT)$ 𝙑𝘼𝙇𝙐𝘼𝙏𝙄𝙊𝙉 𝙈𝙊𝘿𝙀𝙇 1Y TARGET: $53 POTENTIAL UPSIDE: +141% ✅ ASSUMPTIONS: LTM Revenue: $337.34M 5Y Revenue CAGR: 22% 2031 Profit Margin: 15% 2031 PE Ratio: 40 (6x sales) Shares outstanding: 57.1M Shares dilution: 3%/year VALUATION: Q2 2031 $PROCEPT BioRobotics(PRCT)$ SHARE PRICE =0.33734 * (1.22)^5 * 0.15 * 40 /[0.0571 * (1.03^5)] = $83 You can now choose the discount rate that you prefer, for Procept I want to use 12%. ACTUAL PRICE: $22 FAIR VALUE: $47 PRICE TARGET (1Y): $53 POTENTIAL UPSIDE: +141% EXPECTED RETURNS: 30.4%/year DIVIDEND YIELD: - Do you own $PROCEPT BioRobotics(PRCT)$ share

$TransMedics Group, Inc.(TMDX)$ IS EXTREMELY UNDERVALUED 😵 PRICE TARGET: $206 POTENTIAL UPSIDE: +148% ✅ ASSUMPTIONS: LTM Revenue: $0.6685B 5Y Revenue CAGR: 21% 2031 Profit Margin: 24% 2031 PE Ratio: 35 Shares outstanding: 0.0407B Shares dilution: 2%/year VALUATION: Q2 2031 $TMDX SHARE PRICE =0.6685 * (1.21)^5 * 0.24 * 35 /[0.0407 * (1.02)^5] = 324$ You can now choose the discount rate that you prefer, for Transmedics I want to use 12% ACTUAL PRICE: $83 FAIR VALUE: $184 PRICE TARGET (1Y): $206 POTENTIAL UPSIDE: +148% EXPECTED RETURNS: 31.3%/year DIVIDEND YIELD: - - - - - - - - - - - - - - - - 𝘛𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘢𝘯𝘥 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺. 𝘐'𝘮 𝘯𝘰𝘵 𝘢 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘴𝘰𝘳 and all the 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘦𝘥 𝘪𝘯 𝘵𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘪𝘴 𝘯𝘰

CALL ME CRAZY BUT IN MY VIEW $Meta Platforms, Inc.(META)$ FAIR VALUE IS 2X THE CURRENT PRICE 😅 PRICE TARGET: $1230 POTENTIAL UPSIDE: +122% ✅ ASSUMPTIONS: LTM Revenue: $228.247B 5Y Revenue CAGR: 15% 2031 Profit Margin: 37% 2031 PE Ratio: 26 Shares outstanding: 2.566B Shares reduction: 1%/year VALUATION: Q2 2031 $Meta Platforms, Inc.(META)$ Share Price =228.247 * (1.15)^5 * 0.37 * 26 /[2.566 * (0.99)^5] = 1810$ You can now choose the discount rate that you prefer, for Meta I want to use 10%. ACTUAL PRICE: $555 FAIR VALUE: $1124 1Y PRICE TARGET: $1230 POTENTIAL UPSIDE: +122% EXPECTED RETURNS: 26.7%/year DIVIDEND YIELD: 0.4% Do you own

$Intuitive Surgical(ISRG)$ PRICE IS GETTING ATTRACTIVE 👀 PRICE TARGET: $535 POTENTIAL UPSIDE: +49% ASSUMPTIONS: LTM Revenue: $11.034B 5Y Revenue CAGR: 14% 2031 Profit Margin: 33% 2031 PE Ratio: 38 Shares outstanding: 0.357B Shares reduction: 1%/year VALUATION: Q2 2031 $Intuitive Surgical(ISRG)$ Share Price =11.034 * (1.14)^5 * 0.33 * 38 /[0.357 * (0.99)^5] = 785$ You can now choose the discount rate that you prefer, for Intuitive Surgical I want to use 10%. ACTUAL PRICE: $360 FAIR VALUE: $487 1Y PRICE TARGET: $535 POTENTIAL UPSIDE: +49% EXPECTED RETURNS: 16.9%/year DIVIDEND YIELD: - - - - - - - - - - - - - - - - 𝘛𝘩𝘪𝘴 𝘱𝘰𝘴𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘢𝘯𝘥 𝘦𝘥𝘶𝘤𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺.

I decided to sell 100% of my $PayPal(PYPL)$ shares to overexpose my portfolio to $TransMedics Group, Inc.(TMDX)$ and $PROCEPT BioRobotics(PRCT)$ since current valuations make 0 sense to me and businesses are performing well. $PayPal(PYPL)$ has clearly revealed a bad investment even if, at the end, I didn't sold at $40 and I'm down 7% only.

I'm considering buying even more $TransMedics Group, Inc.(TMDX)$. I don't feel like I have enough. A price-to-sales ratio below 4 (not even forward) is far below what the business is really worth, and above all it doesn't remotely reflect the medtech average, where you pay that multiple for mid single-digit growth, while TransMedics is growing at 20%.

Natan YTD: -16.9% S&P500 YTD: +10.7% TOTAL RETURNS (Jan 2022) Natan's portfolio: +85.7% *Benchmark: +46.4% S&P500: +68.3% My positions: $TransMedics Group, Inc.(TMDX)$ $Robinhood(HOOD)$ $PDD Holdings Inc(PDD)$ $Meta Platforms, Inc.(META)$ $PROCEPT BioRobotics(PRCT)$ $Alibaba(BABA)$ $Wizz Air Holdings PLC(WZZAF)$ $PayPal(PY

Natan YTD: -17.2% S&P500 YTD: +10.7% TOTAL RETURNS (Jan 2022) Natan's portfolio: +84.8% *Benchmark: +46.4% S&P500: +68.3% MY POSITIONS: 19.5% | $TransMedics Group, Inc.(TMDX)$ 15.5% | $Robinhood(HOOD)$ 14.8% | $PDD Holdings Inc(PDD)$ 11.3% | $Meta Platforms, Inc.(META)$ 9.5% | $PROCEPT BioRobotics(PRCT)$ 7.7% |$Alibaba(BABA)$ 6.3% | $WIZZ AIR(WIZZ.UK)$ 5.7% |

𝙋𝙊𝙍𝙏𝙁𝙊𝙇𝙄𝙊 𝙐𝙋𝘿𝘼𝙏𝙀 Natan YTD: -17.9% S&P500 YTD: +9.2% TOTAL RETURNS (Jan 2022) Natan's portfolio: +83.2% *Benchmark: +43.5% S&P500: +66.0% MY POSITIONS: 19.4% | $TransMedics Group, Inc.(TMDX)$ 16.7% | $PDD Holdings Inc(PDD)$ 12.2% | $Robinhood(HOOD)$ 11.0% | $Meta Platforms, Inc.(META)$ 9.8% | $PROCEPT BioRobotics(PRCT)$ 8.1% | $Alibaba(BABA)$ 7.3% | $PayPal(PYPL)$ 5.9% |

$iShares U.S. Medical Devices ETF(IHI)$ down 20%+ YTD looks like a clear overreaction. Naturally, I started thinking about what’s worth buying here. $Boston Scientific(BSX)$ and $Abbott Laboratories(ABT)$ are cheaper vs history, no doubt. But do they compound at 20% over the next 5 years? I’m not convinced. If anything, I’d rather pay up for the highest quality name $Intuitive Surgical(ISRG)$, even after a 30% drawdown from highs. That said, I keep coming back to my highest conviction names: $TransMedics Gr

MY PORTFOLIO 5Y PRICE TARGET: $348 - 3.1x | $TransMedics Group, Inc.(TMDX)$ $351 - 3.6x |$PDD Holdings Inc(PDD)$ $223 - 2.6x | $Robinhood(HOOD)$ $1628 - 2.4x | $Meta Platforms, Inc.(META)$ $298 - 2.2x | $Alibaba(BABA)$ $148 - 2.9x | $PayPal(PYPL)$ $87 - 3.6x| $PROCEPT BioRobotics(PRCT)$ £2950 - 3.4x | $WIZZ AIR(WIZZ.UK)$ $88