Daifuku

On valuation, the picture is expensive. The owner-earnings multiple stands at 33.7×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 13% a year, against analyst forecasts of 10%. The price, in other words, assumes less than the experts do.

Growth is solid; the safety picture is sturdy.

Flags to be aware of: Reported profits have run ahead of actual cash for several periods. As always: this describes the company's numbers; it is not a recommendation.