eyeQ: Antofagasta, Nike, HSBC, Rightmove

“Our signals are crafted through macro-valuation, trend analysis, and meticulous back-testing. This combination ensures a comprehensive evaluation of an asset's value, market conditions, and historical performance.” eyeQ

• Discover: eyeQ analysis explained | eyeQ: our smart machine in action | Glossary

This series of weekly articles uses eyeQ’s smart machine to highlight 10 stocks whose share price trades at either a discount or premium to eyeQ’s Model Value price (where macro conditions say the share 'should’ trade).

A minus figure in these tables indicates a share trading below eyeQ’s Model Value, implying they are ‘cheap’ versus macro conditions. A plus figure screens as rich because the current share price is above eyeQ’s Model Value.

All companies must have a model relevance above 65%, which means the macro environment is critical and any valuation signals carry strong weight.

Here are definitions of terms used in the analysis:

Model value

Where our smart machine calculates that any stock market index, single stock or exchange-traded fund (ETF) should be priced (the fair value) given the overall macroeconomic environment.

Model relevance

How confident we are in the model value. The higher the number the better! Above 65% means the macro environment is critical, so any valuation signals carry strong weight. Below 65%, we deem that something other than macro is driving the price.

Fair Value Gap (FVG)

The difference between our model value (fair value) and where the price currently is. A positive Fair Value Gap means the security is above the model value, which we refer to as “rich”. A negative FVG means that it’s cheap. The bigger the FVG, the bigger the dislocation and therefore a better entry level for trades.

Long Term model

This model looks at share prices over the last 12 months, captures the company’s relationship with growth, inflation, currency shifts, central bank policy etc and calculates our key results - model value, model relevance, Fair Value Gap.

UK Top 10

Source: eyeQ. Long Term strategic models. Data correct as at 16 October 2026.

Antofagasta

Antofagasta (LSE:ANTO)’s stock fell around 7% after Q3 output missed expectations, costs were higher than expected and management revised 2027 guidance lower. Not great news and several analysts have revised their price targets lower.  

The consolation is that the macro picture is more constructive. eyeQ model value is up nearly 2% in October and that divergence between rising macro momentum and a falling stock price means we have a new bullish signal. ANTO screens as around 13% cheap to our macro fair value of 3,794p - that’s the cheapest fair value gap since last April’s Liberation Day tariff shock.

The company news may prompt a near-term de-rating; the macro perspective suggests we have a good entry level for a long-term copper play.

International Top 10

Source: eyeQ. Long Term strategic models. Data correct as at 16 October 2026.

Nike

The brand continues to struggle to regain its glory days. There are some hopes that a turnaround strategy is in place but, to date at least, there’s scant evidence it’s yet to pay off. The stock has bounced a little of late but even that modest recovery comes with a health warning: it has run ahead of macro fundamentals.  

Macro conditions are consistent with the stock trading around $31; the latest bounce has taken the stock 17% above that. That fair value gap isn’t quite big enough to trigger a new bearish signal, but it’s close and it also makes Nike Inc Class B (NYSE:NKE) the richest stock that’s in a macro regime in this week’s international top 10.