Shimizu

The price is expensive. You pay 25.4× its owner earnings: the cash an owner could take out each year, which is in the historically expensive zone. At today's price, the market is assuming roughly 9% yearly growth; analysts expect 9%. The price, in other words, assumes less than the experts do.

The trajectory is moderate and the balance sheet is adequate. The company scores 10/20 on our value-creation score: creating some value.

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