𝘼𝙐𝙂𝙐𝙎𝙏 𝟮𝟬𝟮𝟲 𝙋𝙊𝙍𝙏𝙁𝙊𝙇𝙄𝙊 𝙐𝙋𝘿𝘼𝙏𝙀 Natan YTD: -9.5% S&P500 YTD: +12.3% TOTAL RETURNS (Jan 2022) Natan's portfolio: +102.1% *Benchmark: +44.1% S&P500: +72.0% My positions: $TransMedics Group, Inc.(TMDX)$ $PROCEPT BioRobotics(PRCT)$ $PDD Holdings Inc(PDD)$ $Robinhood(HOOD)$ $Meta Platforms, Inc.(META)$ $Alibaba(BABA)$ $WIZZ AIR(WIZZ.UK)$

$PDD Holdings Inc(PDD)$ EARNINGS ARE OUT: - Revenue grew 8% - Op. income up 5% - Cash and short term investments: $67.3B (50%+ of market cap) Business is fairly stable, the China commerce segment performed slightly better than competitors (+4%). The Details are followed: PDD Holdings Announces Second Quarter 2026 Unaudited Financial Results Second Quarter 2026 Highlights Total revenues in the quarter were RMB112.4 bilion (USS1 16.6 billion), an increase of 8% from RMB104.0 billion in thesame quarter of 2025. Operating profit in the quarter was RMB27. 8 billion (US$4.1 billion), an increase of 8% from RMB25.8 billion in the same quarter of 2025. Non-GAAp2 operating profit in the quarter was RMB29.1 bilion (US$4.3 bilion), an increase

I'm 30% invested in $TransMedics Group, Inc.(TMDX)$. It might look like an oversized position, but I think the risk is worth taking: • At $70, the stock was absurdly cheap, and the market overpunished it for its investment-heavy focus • Even after the recent rebound, the company still trades cheap relative to sector averages given its 20%+ growth rate • Q3 numbers are very likely to impress, with a strong acceleration in growth. Since the market isn't efficient and tends to focus on the short term, I expect the stock to keep climbing over the coming months • The medtech sector has suffered a lot lately, without much real justification. A lot of funds rotated into biotech, which now trades at clearly richer valuations. I expect capi

MY $Alibaba(BABA)$ VALUATION MODEL PRICE TARGET: $192 --> $203 POTENTIAL UPSIDE: +61% ✅ "The stock remains undervalued modeling $100B cloud revenue in 5 years and a decent operating leverage" ASSUMPTIONS: LTM Revenue: $149.282B (𝘢𝘴𝘴𝘶𝘮𝘪𝘯𝘨 𝘜𝘚𝘋/𝘊𝘕𝘠 = 𝟩.00) 5Y Revenue CAGR: 10% 2031 Profit Margin: 17% 2031 PE Ratio: 18 Shares outstanding: 2.416B Shares reduction: 1%/year VALUATION: Q2 2031 $Alibaba(BABA)$ SHARE PRICE =149.282 * (1.10)^5 * 0.17 * 18 /[2.416 * (0.99)^5] = $320 You can now choose the discount rate that you prefer, for Alibaba I want to use 12% ACTUAL PRICE: $128 FAIR VALUE: $182 PRICE TARGET (1Y): $203 POTENTIAL UPSIDE: 61% EXPECTED RETURNS: 20.1%/year DIVIDEND

Congrats to $Moderna, Inc.(MRNA)$ for delivering P3 results for the cancer vaccine 🧬 Even though I'm no longer a shareholder, I'm genuinely happy to see the trial succeed. That said, the price reaction makes no sense to me. A Phase 3 win was fairly likely given the clear efficacy shown in Phase 2. Now the real challenge is scaling this personalized therapy into a $10B+ franchise to justify a $40B valuation (50/50 split with Merck). At the end of the day, between $25 and $100 basically nothing has changed. If anything, CMV failed and Norovirus is at risk. We'll see how it plays out, but looking back, I'd make the same call to sell and redeploy into better opportunities. Then again, watching how the market's been behaving lately, som

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%.