$TSCO

Explicit claim • strong conviction • basis: multiple relative

Much like Dollar General, their forward PE is a 14.5. So their PE ratio is pretty darn low. And very recently, they went on a selloff. And it's a dividend compounder that I personally prefer over Lowe's and Home Depot...

Explicit claim • strong conviction • basis: fair value gap

So those tough prospects are incorporated in the company's valuation. It's having a challenging time. Investors are not optimistic, and those reflected in their share price. So, that's reflected in the fact that the company's share price is down 38% year-to-date in 2026. That's a big drop for a company like the Tractor Supply Company doesn't experience this kind of volatility all that frequently in its business. It's the biggest drawdown that the company has experienced over the previous 5 years and by a large magnitude. Previous drawdowns have only been a fraction of the size of this most recent drawdown from over $60 per share down to roughly $30 per share. And similarly, when I calculate the valuation using my discounted cash flow model, the stock looks undervalued at $31. I calculated a fair value for the business at $46 per share

Explicit claim • strong conviction • basis: market mispricing

The first one is going to be Tractor Supply. I think this is a very underrated retailer.

Explicit claim • moderate conviction • basis: multiple relative

Right now, the company is trading at one of its lowest multiples over the past 10 years. And if it returns back to its median 10-year multiple of 23.16, there's a lot of upside from here