Research by Aryan Nejabati

Equities

Burberry

Burberry Group is rated Long with a fair value of £12.76 and a target purchase price of £10.35 because the analysis predicts that the margin collapse from the FY25 strategic reset will be resolved by structural operating leverage and a broad-based recovery led by Greater China by FY31. The thesis rests on the view that Burberry's cost base has already been reset while its store estate remains largely intact, so incremental margin on recovering revenue is structurally higher than the market is currently pricing in.

Paolo Buquicchio·27 Sept 2026·With Hugo Raffard, Aryan Nejabati and Minea Mannerkivi PDF Model

Nokia

Nokia is a global network infrastructure and software company, based in Finland. It sells to operators, hyperscalers, enterprises and governments, and also licenses its patents. It has recently reorganised its business structure in 2026: Network Infrastructure (~40% of sales), which includes optical and IP networks, with optical up 20% y-o-y; Mobile Infrastructure (~56% of sales), supplying the RAN and core systems behind 4G/5G networks; and Portfolio Business, a small set of units where operations are being wound down.

Aryan Nejabati·18 Jul 2026 PDF

Equities

Broadcom

Bullish on Broadcom as the market seems to under-appreciate how durable and diversified its AI exposure is, the upside being present from not only chip designing but also its networking and large recurring revenue from its stable software business after the acquisition of VMware. The thesis is that the current relations with hyperscalers will only grow with the combination of new partners with AI labs, with software cash flows helping offset any cyclicality.

Aryan Nejabati·26 Mar 2026 PDF Model