I started tracking these monthly in July because I wanted to compare opportunities instead of looking at every stock on its own.
This is not a ranking of the best companies or the lowest P/E ratios. It is my own view of which ones have the best chance of outperforming the S&P 500 over roughly 3–5 years from the current price.
It is not mechanical either. I look at normalized earnings and cash flow, dilution, valuation a few years out and what could go wrong. Judgment still matters a lot.
**September Top 10**
1. Intuit
2. RELX
3. Adobe
4. Autodesk ↑4
5. Experian ↑1
6. Constellation Software ↓1
7. NVIDIA ↓1
8. Broadcom — new
9. Meta ↓5
10. Tencent ↓1
Autodesk is the biggest move. Nothing dramatic happened to the business in September. The stock fell about 19%, which was enough to make the valuation much more interesting to me.
Broadcom enters at #8 after earnings. The results were strong, but this is one of the placements I struggled with most.
Meta went from #4 to #9. I still like the business, and WhatsApp and Instagram probably have more monetisation potential over time. But after the stock rose around 27%, there is simply less room for error.
Intuit, RELX and Adobe stay at the top.
Intuit is still the valuation that surprises me most. RELX keeps doing what I want it to do. Adobe is the one I am least sure about: the valuation is low, but I can much more easily imagine AI changing parts of Adobe’s business than RELX or Intuit.
One thing I keep noticing is how much these rankings can move without the businesses changing very much. Sometimes price really is the main new information.
Adobe at #3 and Broadcom at #8 are probably the two placements I would push back on myself the most.
**Which one do you think I’m more wrong about: Adobe at #3 or Broadcom at #8?**
I update this every month as prices and earnings change.
Full September write-up: [https://michaelhillaert1.substack.com/p/valuation-dislocation-september-2026?r=6vawcp](https://michaelhillaert1.substack.com/p/valuation-dislocation-september-2026?r=6vawcp)
