Alcon Inc

“Alcon is the undisputed leader in a structurally growing, oligopolistic eye care market with a widening surgical moat, real cash generation, and a decade of reinvestment runway — but at ~25x forward adjusted earnings it is priced for near-perfection, leaving 2.5–3.5x as the likely 10-year return scenario with a thin margin of safety; the business deserves a permanent place on the watchlist with a target entry at 15–18x forward earnings to justify full position sizing.”