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NORTHSTAR / JULY 2026
SCENARIO
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UPSIDE
SENSITIVITY
BASE CASE
BASE CASE
NORTHSTAR
RESEARCH
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NVIDIA
Corporation
Corporation
VALUATION NOTE
DCF · COMPS · CATALYSTS
DCF · COMPS · CATALYSTS
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DEEP DIVEAug 12 2026
APH
Amphenol
Full valuation stack + scenario model
RESEARCH FOCUSAI interconnect demand, aerospace content, acquisitions and margin durability
01MODEL NOTEAug 12 2026
MSI
Motorola Solutions
DCF + operating model
RESEARCH FOCUSPublic-safety communications, software recurring revenue and backlog conversion
02DEEP DIVEAug 12 2026
WDAY
Workday
Full valuation stack + scenario model
RESEARCH FOCUSSubscription growth, AI monetization, international expansion and margins
03MODEL NOTEAug 12 2026
TEAM
Atlassian
DCF + operating model
RESEARCH FOCUSCloud migrations, enterprise adoption, seat growth and free cash flow
04DEEP DIVEJul 2026
NVDA
NVIDIA
Full valuation stack + scenario model
RESEARCH FOCUSData-center demand, accelerated computing and margin sensitivity
05DEEP DIVEJul 2026
MSFT
Microsoft
Full valuation stack + scenario model
RESEARCH FOCUSAzure, AI monetization and operating leverage
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