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Posted May 22, 2026 at 12:15 pm
This week, we cover Logitech International S.A. (LOGI) and HubSpot, Inc. (HUBS. LOGI reported strong Q4 results, driven by double-digit growth in gaming and video collaboration segments. The company also posted a very strong full year EBITDAR and EVA Margin. HUBS was upgraded to ‘Overweight’ in the PRVit framework on May 14th. The firm has seen a strong sell-off over the past 12 months, with an approximately 50% pullback in Valuations in 2026 so far.
In our EVA asset allocator report, we look at the EVA Fundamentals and market expectations for EVA growth going forward across key countries and regions. From an EVA Momentum perspective, growth continues to be very strong in the U.S. The U.K., Taiwan, Japan, and Mexico have also seen an ongoing improvement in economic value creation into 2026. Expectations for value creation going forward are around 23-year highs but have so far been justified with the ongoing improvement in EVA Momentum, which turned positive in Q1 for the global aggregate. Investors continue
to reward growth in economic profitability.
In this report we conduct two screens across the 240 UK firms under EVA coverage with a market cap of over $1bn. The first screen is for companies that have high levels of Risk-Adjusted Profitability (Quality) and attractive levels of Valuation.
In our original report, When Profitability and Risk Diverge: Themes, published in October 2025, we provided two screens for the Developed Market ex U.S. universe: 1) Risky Profits at a Reasonable Price and 2) Distress or Cyclical Rebounder. These were selected to ride the cheap Valuation and Risk-on trend we had been seeing since early 2025. We provide an update for both screens, which have significantly outperformed since the report was published.
This week we take a deep dive into three firms that saw an upgrade in their PRVit Prime rating over the past 5 days: Consolidated Edison, Inc. (ED), Asahi Kasei Corporation (3407 JP), and Skanska AB (SKAB SS).
The Largest names in the industry score as attractive in the PRVit framework, with most firms being characterized by moderate Risk-Adjusted Profitability (Quality) and cheap relative Valuations. EVA Momentum (growth) has seen an 80bps contraction over the past four quarters and is currently at −1.1%, which is likely why market returns have been low for the industry.
PRVit had a positive spread in the U.K. but struggled elsewhere. Profitability also worked in the U.K. as well as being slightly positive in Asia ex Japan. Investors have added to Risk positions in the U.S., Europe, and Japan. Quality worked in the U.K., AxJ, and the Emerging Markets. Cheap Value outperformed expensive Value in the U.K. and Japan but was off in all other regions.
This week we updated our EVA Asset Allocator report which looks at the attractiveness of countries and regions from an EVA perspective. In our previous report in October last year, we highlighted Mexico as our top attractive market given that EVA Momentum was continuing to recover back towards zero and the market had similar levels of economic profitability to the U.S. Over the past 6 months we have seen EVA Momentum turn positive and achieve a growth 110bps above the U.S. EVA Margin is also now above the U.S. See the latest report to see which regions and countries we like going forward.
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Originally Posted on May 21, 2026
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This material is from ISS EVA and is being posted with its permission. The views expressed in this material are solely those of the author and/or ISS EVA and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
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