eyeQ: easyJet, BP, Reckitt Benckiser, BlackRock

“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 17 April 2026.

easyJet

Last week, the short-haul airline’s update painted a mixed picture. Losses grew thanks in part to higher fuel costs stemming from the war in Iran’s impact on crude oil prices. Demand was softer but only modestly so; rather the trend towards booking flights later continued. That hurts visibility but the bottom line is there’s no panic yet that consumers are pulling their travel plans. 

After the initial sell-off, the stock bounced as crude oil fell below $100 a barrel on hopes of a peace deal. That move in energy markets helped eyeQ model value rise but there are some health warnings. On our model, moves in the bond market are equally important - higher bond volume, wider credit spreads would hurt. That means any bond market revolt around a change of Labour leadership would hurt. And the stock screens as slightly rich already. The risk-reward doesn’t favour chasing this one.

International Top 10

Source: eyeQ. Long Term strategic models. Data correct as at 17 April 2026.

BlackRock

BlackRock Inc (NYSE:BLK) also reported last week. The results were decent but elicited little reaction. Ongoing fears around private credit continues to weigh on BlackRock and the sector more broadly. 

From a macro perspective though, things have turned. eyeQ model value has risen nearly 20% in the last three weeks. Again, it’s the bond market that’s the critical driving force. Falling rate volatility and tighter credit spreads were responsible for half the improvement in macro momentum. 

The stock is lagging slightly and screens as modestly cheap. Not enough to trigger a new bullish signal, but one to add to the watchlist.