Kongsberg Gruppen ASA

A middle-of-the-pack grower that's turning around. Earnings are outgrowing revenue, a sign of improving margins and operating leverage. Quality of growth is high even if the top line is moderate. The strongest point: after shrinking over the last 3 years, revenue is set to grow 14%/yr from here. The one thing to watch: revenue has shrunk over the past 3 years.

Short- and long-term returns both rank among the best globally, and the stock trades near its highs. The market is fully behind it — a core fit for momentum strategies. The strongest point: magnificent long-term results.

A premium price for a high-quality business. Multiples screen expensive, but quality (89/100) ranks near the top of the market. This is a pay-up-for-the-business profile, not a broken one — better suited to growth or quality mandates than pure value. The one thing to watch: the valuation leaves little margin of safety, so it leans on growth and quality to deliver.

A genuinely high-quality business. High margins and strong returns on capital, with a clean balance sheet. A core fit for quality and quality-growth strategies. The strongest point: best on net margin at 18%, better than 70% of companies worldwide. The one thing to watch: the operating (EBIT) margin lags the rest of the P&L.