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  "ticker": "EMR",
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    "kind": "editorial_judgment_v1",
    "attribution": "Jugement éditorial de l’agent de rédaction, distinct des observations de marché.",
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    "components": {
      "business_quality": 27,
      "growth": 16,
      "balance_sheet": 12,
      "valuation": 7,
      "capital_and_governance_risk": 10
    },
    "rationale": "La note décrit exclusivement la qualité économique, la croissance, le bilan, les limites de valorisation et les risques de capital."
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  "claims": [
    {
      "path": "meta.date",
      "value": "2026-09-13",
      "as_of": "2026-09-11",
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      "path": "meta.dateDisplay",
      "value": "13 septembre 2026",
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      "path": "meta.version",
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    },
    {
      "path": "meta.lastMcpRefresh",
      "value": "2026-09-12T22:14:38.549Z",
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    {
      "path": "meta.levelsCloseDate",
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      "path": "meta.levelsVerifiedAt",
      "value": "2026-09-12T22:14:38.549Z",
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      "source_artifact": "analyses/EMR/_data/calculations.json",
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      "source_pointer": "/values/meta/levelsVerifiedAt"
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    {
      "path": "meta.description",
      "value": "EMR reste en veille : le 4 août, emerson a publié son t3 fiscal et relevé ses perspectives 2026. Les résultats primaires éclairent la qualité économique ; les repères conditionnels exigent une actualisation avant toute décision.",
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      "source_pointer": "/values/meta/description"
    },
    {
      "path": "meta.ogDescription",
      "value": "EMR : résultats, risques, comparables et suivi de veille au 11 septembre 2026.",
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      "source_pointer": "/values/meta/ogDescription"
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    {
      "path": "header.price",
      "value": 152.19,
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    {
      "path": "header.changePct",
      "value": 2.5746444699063176,
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      "source_pointer": "/values/header/changePct"
    },
    {
      "path": "header.metrics.marketCap",
      "value": "84,9 Md$ — snapshot du 11 septembre",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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      "source_pointer": "/values/header/metrics/marketCap"
    },
    {
      "path": "header.metrics.volume",
      "value": "1,9 M",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/header/metrics/volume"
    },
    {
      "path": "header.metrics.fwdPE",
      "value": "23,24x ajusté / 31,12x GAAP — guidance 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/header/metrics/fwdPE"
    },
    {
      "path": "header.metrics.beta",
      "value": 1.233,
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      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/header/metrics/beta"
    },
    {
      "path": "header.metrics.range52w",
      "value": "$122,64 – $166,35",
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      "source_artifact": "analyses/EMR/_data/calculations.json",
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      "source_pointer": "/values/header/metrics/range52w"
    },
    {
      "path": "header.metrics.shortInterest",
      "value": "1,58 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/header/metrics/shortInterest"
    },
    {
      "path": "header.metrics.analystTarget",
      "value": "$171,81 — snapshot secondaire",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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      "source_pointer": "/values/header/metrics/analystTarget"
    },
    {
      "path": "header.metrics.evEbitda",
      "value": "15,93x — période fournisseur non indiquée",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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      "source_pointer": "/values/header/metrics/evEbitda"
    },
    {
      "path": "verdict.score",
      "value": 72,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/score"
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    {
      "path": "verdict.summary",
      "value": "Emerson reste en veille : Test & Measurement a crû de 23 % au T3 contre 3 % pour Final Control. Le flux disponible de 1,323 Md$ et la cible 2026 de 3,6 Md$ donnent un test de conversion concret. La thèse dépend du mix, des commandes et du cash, non de la seule tendance du cours. Les niveaux techniques restent un scénario conditionnel : aucun ordre, fill ou taille n’est proposé. La prochaine publication devra confirmer le rythme des activités plutôt que répéter une impression de marché. Le contraste entre les deux métiers fait de la qualité du mix, et non du volume seul, le point de décision.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/summary"
    },
    {
      "path": "verdict.whyBuy.0",
      "value": "Le communiqué primaire T3 fait état de commandes sous-jacentes en hausse de 7 % et de ventes sous-jacentes en hausse de 6 %.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/whyBuy/0"
    },
    {
      "path": "verdict.whyBuy.1",
      "value": "La marge EBITA ajustée T3 de 28,5 % dépasse les 27,1 % de l’année précédente.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/whyBuy/1"
    },
    {
      "path": "verdict.whyBuy.2",
      "value": "Les perspectives 2026 incluent environ 3,5 % de croissance organique et environ 3,6 Md$ de flux de trésorerie disponible.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/whyBuy/2"
    },
    {
      "path": "verdict.whyBuy.3",
      "value": "La guidance 2026 vise environ 4,1 Md$ de flux opérationnel et 3,6 Md$ de flux disponible : ce sont des objectifs de management à vérifier, pas des résultats acquis.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/whyBuy/3"
    },
    {
      "path": "verdict.whyAvoid.2",
      "value": "Le calendrier de résultats du fournisseur indique le 4 novembre ; cette date n’est pas confirmée ici par l’émetteur.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/whyAvoid/2"
    },
    {
      "path": "verdict.whyAvoid.3",
      "value": "La volatilité moyenne sur 14 séances (ATR) atteint $3,78 ; une publication peut produire un gap au-delà d’un repère théorique.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/verdict/whyAvoid/3"
    },
    {
      "path": "business.overview",
      "value": "<p>Emerson vend des systèmes de contrôle, d’automatisation, de mesure et de test aux sites industriels. Le fait le plus utile du T3 fiscal clos le 30 juin est la dispersion interne : les ventes sous-jacentes de Test &amp; Measurement ont progressé de 23 %, celles de Final Control de 3 %. Cette différence compte davantage qu’un commentaire global sur « l’automatisation » : elle pose la question du mix qui devra encore convertir les commandes en marge et en trésorerie.</p><p>Le communiqué du 4 août chiffre 4,873 Md$ de ventes, 916 M$ de résultat avant impôt et 1,323 Md$ de flux de trésorerie disponible au T3. La direction vise environ 4,1 Md$ de flux opérationnel et 3,6 Md$ de flux disponible en 2026. Ce sont des objectifs de gestion, non des résultats acquis : le contrôle suivant porte sur commandes, marge et conversion de cash, pas sur la seule hausse du cours.</p><p>Le 10-Q et le communiqué sont déjà archivés ici. Ils permettent de lire l’activité et le bilan sans promettre une revue ultérieure. Les comparateurs servent à tester les transmissions possibles des dépenses industrielles ; ils ne transforment ni une corrélation ni un niveau technique en exécution.</p>",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/overview"
    },
    {
      "path": "business.segments.0.revenue",
      "value": "1 199 M$ — T3 fiscal 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/0/revenue"
    },
    {
      "path": "business.segments.0.pct",
      "value": "24,60 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/0/pct"
    },
    {
      "path": "business.segments.0.description",
      "value": "Commandes de contrôle industriel et logiciels ; croissance sous-jacente de 7 %.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/0/description"
    },
    {
      "path": "business.segments.1.revenue",
      "value": "445 M$ — T3 fiscal 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/1/revenue"
    },
    {
      "path": "business.segments.1.pct",
      "value": "9,13 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/1/pct"
    },
    {
      "path": "business.segments.1.description",
      "value": "Croissance sous-jacente de 23 %, mais seulement 9,13 % des ventes : ce moteur ne représente pas tout Emerson.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/1/description"
    },
    {
      "path": "business.segments.2.revenue",
      "value": "1 091 M$ — T3 fiscal 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/2/revenue"
    },
    {
      "path": "business.segments.2.pct",
      "value": "22,39 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/2/pct"
    },
    {
      "path": "business.segments.2.description",
      "value": "Mesure industrielle ; croissance sous-jacente de 7 %.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/2/description"
    },
    {
      "path": "business.segments.3.revenue",
      "value": "1 586 M$ — T3 fiscal 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/3/revenue"
    },
    {
      "path": "business.segments.3.pct",
      "value": "32,55 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/3/pct"
    },
    {
      "path": "business.segments.3.description",
      "value": "Vannes et contrôle de procédés ; croissance sous-jacente de 3 %, poids supérieur au pôle test.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/3/description"
    },
    {
      "path": "business.segments.4.revenue",
      "value": "552 M$ — T3 fiscal 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/4/revenue"
    },
    {
      "path": "business.segments.4.pct",
      "value": "11,33 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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    },
    {
      "path": "business.segments.4.description",
      "value": "Outillage et sécurité ; croissance sous-jacente de 2 %.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/segments/4/description"
    },
    {
      "path": "business.sourceRefs.0.name",
      "value": "Résultats T3 et perspectives 2026",
      "as_of": "2026-09-11",
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      "source_pointer": "/values/business/sourceRefs/0/name"
    },
    {
      "path": "business.sourceRefs.0.url",
      "value": "https://ir.emerson.com/news-events/press-releases/detail/642/emerson-reports-third-quarter-2026-results-raises-2026-outlook",
      "as_of": "2026-09-11",
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    },
    {
      "path": "business.sourceRefs.0.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
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      "source_pointer": "/values/business/sourceRefs/0/date"
    },
    {
      "path": "business.sourceRefs.1.name",
      "value": "Emerson 10-Q T3 — 0000032604-26-000043",
      "as_of": "2026-09-11",
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    },
    {
      "path": "business.sourceRefs.1.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000043/emr-20260630.htm",
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    {
      "path": "business.sourceRefs.1.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/sourceRefs/1/date"
    },
    {
      "path": "business.sourceRefs.2.name",
      "value": "Emerson 8-K — 0000032604-26-000042",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/sourceRefs/2/name"
    },
    {
      "path": "business.sourceRefs.2.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000042/emr-20260804.htm",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/sourceRefs/2/url"
    },
    {
      "path": "business.sourceRefs.2.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/sourceRefs/2/date"
    },
    {
      "path": "business.sourceRefs.3.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/business/sourceRefs/3/date"
    },
    {
      "path": "news.0.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/0/date"
    },
    {
      "path": "news.0.title",
      "value": "Le 4 août, Emerson a publié son T3 fiscal et relevé ses perspectives 2026.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/0/title"
    },
    {
      "path": "news.0.detail",
      "value": "Au T3 fiscal clos le 30 juin, les ventes ont atteint 4,873 Md$, le résultat avant impôt 916 M$ et le flux de trésorerie disponible 1,323 Md$, d’après le communiqué du 4 août.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/0/detail"
    },
    {
      "path": "news.0.source",
      "value": "https://ir.emerson.com/news-events/press-releases/detail/642/emerson-reports-third-quarter-2026-results-raises-2026-outlook",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/0/source"
    },
    {
      "path": "news.0.sourceUrl",
      "value": "https://ir.emerson.com/news-events/press-releases/detail/642/emerson-reports-third-quarter-2026-results-raises-2026-outlook",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/0/sourceUrl"
    },
    {
      "path": "news.1.date",
      "value": "2026-09-11",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/1/date"
    },
    {
      "path": "news.1.detail",
      "value": "Clôture certifiée à $152,19 ; variation d’une séance +2,57 %. Ce mouvement modifie les rendements de suivi, sans modifier les états financiers.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/1/detail"
    },
    {
      "path": "news.2.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/news/2/date"
    },
    {
      "path": "fundamentals.rows.0.value",
      "value": "18,6 Md$",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/0/value"
    },
    {
      "path": "fundamentals.rows.1.value",
      "value": "26,92 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/1/value"
    },
    {
      "path": "fundamentals.rows.2.value",
      "value": "6,1 Md$",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/2/value"
    },
    {
      "path": "fundamentals.rows.3.value",
      "value": "13,8 Md$",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/3/value"
    },
    {
      "path": "fundamentals.rows.4.value",
      "value": "2,2 Md$",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/4/value"
    },
    {
      "path": "fundamentals.rows.5.metric",
      "value": "Flux de trésorerie disponible T3",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/5/metric"
    },
    {
      "path": "fundamentals.rows.5.value",
      "value": "1,323 Md$",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/5/value"
    },
    {
      "path": "fundamentals.rows.5.signal",
      "value": "T3 clos le 30 juin 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/5/signal"
    },
    {
      "path": "fundamentals.rows.5.note",
      "value": "Mesure du communiqué primaire du 4 août ; elle ne constitue pas une annualisation.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/5/note"
    },
    {
      "path": "fundamentals.rows.6.value",
      "value": "557,8 M",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/6/value"
    },
    {
      "path": "fundamentals.rows.6.signal",
      "value": "30 juin 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/6/signal"
    },
    {
      "path": "fundamentals.rows.6.note",
      "value": "Nombre en circulation dans le 10-Q, distinct du snapshot fournisseur.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/6/note"
    },
    {
      "path": "fundamentals.rows.6.source",
      "value": "10-Q primaire",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/6/source"
    },
    {
      "path": "fundamentals.rows.7.value",
      "value": "$171,81",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/7/value"
    },
    {
      "path": "fundamentals.rows.8.value",
      "value": "$152,19",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/8/value"
    },
    {
      "path": "fundamentals.rows.8.signal",
      "value": "11 septembre 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/8/signal"
    },
    {
      "path": "fundamentals.rows.9.value",
      "value": "84,9 Md$",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/9/value"
    },
    {
      "path": "fundamentals.rows.9.signal",
      "value": "11 septembre 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/9/signal"
    },
    {
      "path": "fundamentals.rows.10.metric",
      "value": "P/E 2026 ajusté",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/10/metric"
    },
    {
      "path": "fundamentals.rows.10.value",
      "value": "23,24x",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/10/value"
    },
    {
      "path": "fundamentals.rows.10.signal",
      "value": "Scenario forward 2026 — guidance de l’émetteur",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/10/signal"
    },
    {
      "path": "fundamentals.rows.10.comparison",
      "value": "Scénario de guidance 2026 : $152,19 / BPA ajusté guidé de $6,55.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/10/comparison"
    },
    {
      "path": "fundamentals.rows.10.note",
      "value": "Base ajustée dans un scénario 2026 ; l’écart avec le GAAP doit rester visible. Aucune décote relative n’est affirmée faute de comparables homogènes sourcés.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/10/note"
    },
    {
      "path": "fundamentals.rows.11.metric",
      "value": "P/E 2026 GAAP",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/11/metric"
    },
    {
      "path": "fundamentals.rows.11.value",
      "value": "31,12x",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/11/value"
    },
    {
      "path": "fundamentals.rows.11.signal",
      "value": "Scenario forward 2026 — guidance de l’émetteur",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/11/signal"
    },
    {
      "path": "fundamentals.rows.11.comparison",
      "value": "Scénario de guidance 2026 : $152,19 / BPA GAAP guidé de $4,89.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/11/comparison"
    },
    {
      "path": "fundamentals.rows.11.note",
      "value": "Scénario GAAP 2026 : le retraitement entre BPA ajusté et GAAP explique l’écart ; aucune décote relative n’est affirmée faute de comparables homogènes sourcés.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/11/note"
    },
    {
      "path": "fundamentals.rows.12.metric",
      "value": "Rendement FCF 2026 guidé",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/12/metric"
    },
    {
      "path": "fundamentals.rows.12.value",
      "value": "4,24 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/12/value"
    },
    {
      "path": "fundamentals.rows.12.signal",
      "value": "Scenario forward 2026 — guidance de l’émetteur",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/12/signal"
    },
    {
      "path": "fundamentals.rows.12.comparison",
      "value": "Scénario de guidance 2026 : 3,6 Md$ de FCF guidé / 84,9 Md$ de capitalisation au 11 septembre.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/12/comparison"
    },
    {
      "path": "fundamentals.rows.12.note",
      "value": "Objectif de management dans un scénario 2026, non résultat acquis ; la comparaison relative reste indisponible.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/12/note"
    },
    {
      "path": "fundamentals.rows.13.value",
      "value": "1,58 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/13/value"
    },
    {
      "path": "fundamentals.rows.13.signal",
      "value": "Snapshot 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/13/signal"
    },
    {
      "path": "fundamentals.rows.14.value",
      "value": "Écart de BPA : 25,3 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/14/value"
    },
    {
      "path": "fundamentals.rows.14.note",
      "value": " Au cours de 152,19 $, la comparaison des deux bases de guidance 2026 donne 23,24x le BPA ajusté de 6,55 $ et 31,12x le BPA GAAP de 4,89 $. L’écart de 1,66 $ représente 25,3 % du BPA ajusté ; le rapprochement de la direction comprend notamment 1,39 $ d’amortissement des incorporels et 0,24 $ de restructuration. Le multiple ajusté suppose donc que le lecteur accepte ces retraitements. Avec un rendement du FCF guidé de 4,24 %, le prix exige aussi que la cible de 3,6 Md$ se transforme en cash et que le mix soutienne les marges. Aucun multiple homogène de pair ou historique n’est établi ici : cette comparaison de bases explique les attentes, sans démontrer une décote ni une juste valeur.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/fundamentals/rows/14/note"
    },
    {
      "path": "fundamentals.sourceRefs.0.date",
      "value": "2026-09-12",
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    {
      "path": "earnings.quarters.0.surprise",
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      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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    {
      "path": "earnings.quarters.1.quarter",
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      "source_artifact": "analyses/EMR/_data/calculations.json",
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    {
      "path": "earnings.quarters.1.epsActual",
      "value": 1.46,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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    {
      "path": "earnings.quarters.1.epsEstimate",
      "value": 1.41207,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/earnings/quarters/1/epsEstimate"
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    {
      "path": "earnings.quarters.1.surprise",
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      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
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      "path": "earnings.quarters.2.epsActual",
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      "as_of": "2026-09-11",
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    {
      "path": "earnings.quarters.2.surprise",
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    {
      "path": "earnings.quarters.3.quarter",
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    {
      "path": "earnings.quarters.3.epsActual",
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    {
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      "path": "earnings.nextEarnings",
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    {
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    {
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      "path": "capitalStructure.shareHistory",
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    {
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      "source_pointer": "/values/capitalStructure/sourceRefs/1/url"
    },
    {
      "path": "capitalStructure.sourceRefs.1.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/capitalStructure/sourceRefs/1/date"
    },
    {
      "path": "capitalStructure.sourceRefs.2.name",
      "value": "Emerson 8-K — 0000032604-26-000042",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/capitalStructure/sourceRefs/2/name"
    },
    {
      "path": "capitalStructure.sourceRefs.2.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000042/emr-20260804.htm",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/capitalStructure/sourceRefs/2/url"
    },
    {
      "path": "capitalStructure.sourceRefs.2.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/capitalStructure/sourceRefs/2/date"
    },
    {
      "path": "capitalStructure.sourceRefs.3.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/capitalStructure/sourceRefs/3/date"
    },
    {
      "path": "filingsReview.summary",
      "value": "Le communiqué IR du 4 août, le 10-Q et le 8-K associés sont archivés. Le 10-Q et le 8-K sont les dépôts EDGAR directement reliés à ce trimestre ; ils bornent cette lecture aux faits publiés au 30 juin et au 4 août, sans prouver l’absence d’un événement hors fenêtre. Dans la rubrique Item 4 du 10-Q au 30 juin 2026, la direction conclut que les contrôles de publication étaient efficaces à cette date et ne signale aucun changement du contrôle interne financier ayant eu, ou susceptible d’avoir, un effet matériel pendant le trimestre. Cette conclusion de la direction est datée et bornée ; elle ne vaut ni garantie permanente, ni conclusion indépendante sur la continuité d’exploitation, ni absence universelle de faiblesse matérielle.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/summary"
    },
    {
      "path": "filingsReview.filings.0.form",
      "value": "10-Q",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/0/form"
    },
    {
      "path": "filingsReview.filings.0.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/0/date"
    },
    {
      "path": "filingsReview.filings.0.accession",
      "value": "0000032604-26-000043",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/0/accession"
    },
    {
      "path": "filingsReview.filings.0.finding",
      "value": "Le dépôt porte les comptes du trimestre clos le 30 juin, dont le nombre d’actions ordinaires de 557,8 M. Il est la référence pour rapprocher résultat, cash et structure du capital avec le communiqué du 4 août.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/0/finding"
    },
    {
      "path": "filingsReview.filings.0.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000043/emr-20260630.htm",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/0/url"
    },
    {
      "path": "filingsReview.filings.1.form",
      "value": "8-K",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/1/form"
    },
    {
      "path": "filingsReview.filings.1.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/1/date"
    },
    {
      "path": "filingsReview.filings.1.accession",
      "value": "0000032604-26-000042",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/1/accession"
    },
    {
      "path": "filingsReview.filings.1.finding",
      "value": "Le 8-K met à disposition la publication de résultats et confirme sa date. Il ne crée pas, à lui seul, de signal directionnel : les chiffres sont lus avec le communiqué et le 10-Q.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/1/finding"
    },
    {
      "path": "filingsReview.filings.1.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000042/emr-20260804.htm",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/filings/1/url"
    },
    {
      "path": "filingsReview.contrarianRisks.0",
      "value": "Le contraste Test & Measurement +23 % / Final Control +3 % peut s’inverser ou peser sur le mix.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/contrarianRisks/0"
    },
    {
      "path": "filingsReview.contrarianRisks.1",
      "value": "La guidance de cash 2026 est une cible de gestion, pas une conversion déjà acquise.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/filingsReview/contrarianRisks/1"
    },
    {
      "path": "shortInterest.siPct",
      "value": "1,58 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/shortInterest/siPct"
    },
    {
      "path": "shortInterest.daysToCover",
      "value": "3,23",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/shortInterest/daysToCover"
    },
    {
      "path": "shortInterest.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/shortInterest/sourceRefs/0/date"
    },
    {
      "path": "options.maturity",
      "value": "2026-09-18",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/options/maturity"
    },
    {
      "path": "options.callOI",
      "value": "20 757",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/options/callOI"
    },
    {
      "path": "options.putOI",
      "value": "6 069",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/options/putOI"
    },
    {
      "path": "options.cpRatio",
      "value": "3,42",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/options/cpRatio"
    },
    {
      "path": "options.ivMean",
      "value": "50,30 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/options/ivMean"
    },
    {
      "path": "options.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/options/sourceRefs/0/date"
    },
    {
      "path": "technicals.rsi14",
      "value": 48.89393105814739,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/rsi14"
    },
    {
      "path": "technicals.macd",
      "value": -0.7465782135697339,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/macd"
    },
    {
      "path": "technicals.macdSignal",
      "value": 0.12328437448025112,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/macdSignal"
    },
    {
      "path": "technicals.ema20",
      "value": 152.92052756362162,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/ema20"
    },
    {
      "path": "technicals.ema50",
      "value": 151.03929031160376,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/ema50"
    },
    {
      "path": "technicals.ema200",
      "value": 143.6966103583332,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/ema200"
    },
    {
      "path": "technicals.atr14",
      "value": 3.7775723414441993,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/atr14"
    },
    {
      "path": "technicals.badges.0",
      "value": "Indicateurs calculés sur 300 barres certifiées",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/badges/0"
    },
    {
      "path": "technicals.supports.0",
      "value": 146.52,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/supports/0"
    },
    {
      "path": "technicals.resistances.0",
      "value": 157.86,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/resistances/0"
    },
    {
      "path": "technicals.resistances.1",
      "value": 159.75,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/resistances/1"
    },
    {
      "path": "technicals.setupNote",
      "value": "Au 2026-09-11, le scénario de recherche utilise $152.19 comme repère, $146.52 comme stop dur et $157.86 / $159.75 comme repères d’issue. Clôture $152,19, EMA 20 $152,92, EMA 50 $151,04 et EMA 200 $143,70. Aucun ordre, fill ni confirmation intraday n’est affirmé. Sur 21 séances, EMR a varié de -7,09 % : contexte technique descriptif, sans argument fondamental ni promesse de rebond.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/setupNote"
    },
    {
      "path": "technicals.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/technicals/sourceRefs/0/date"
    },
    {
      "path": "macro.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/macro/sourceRefs/0/date"
    },
    {
      "path": "risks.riskScore",
      "value": 6,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/riskScore"
    },
    {
      "path": "risks.riskSummary",
      "value": "Appréciation éditoriale qualitative : le risque propre est que la croissance de Test & Measurement ne compense pas un ralentissement de Final Control, puis que marge et cash ne rejoignent pas les objectifs 2026. Le statut watch ne crée ni taille ni exécution.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/riskSummary"
    },
    {
      "path": "risks.riskCards.1.points.0",
      "value": "1,323 Md$ de flux disponible au T3 doit rester cohérent avec la cible 2026 de 3,6 Md$.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/riskCards/1/points/0"
    },
    {
      "path": "risks.pedagogy",
      "value": "Cas contraire : Final Control reste à +3 % tandis que Test & Measurement ralentit ; la croissance, la marge et la conversion de cash peuvent alors manquer les objectifs 2026. Le chiffre de flux disponible du T3 ne suffit pas à éliminer ce risque.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/pedagogy"
    },
    {
      "path": "risks.sourceRefs.0.name",
      "value": "Résultats T3 et perspectives 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/0/name"
    },
    {
      "path": "risks.sourceRefs.0.url",
      "value": "https://ir.emerson.com/news-events/press-releases/detail/642/emerson-reports-third-quarter-2026-results-raises-2026-outlook",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/0/url"
    },
    {
      "path": "risks.sourceRefs.0.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/0/date"
    },
    {
      "path": "risks.sourceRefs.1.name",
      "value": "Emerson 10-Q T3 — 0000032604-26-000043",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/1/name"
    },
    {
      "path": "risks.sourceRefs.1.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000043/emr-20260630.htm",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/1/url"
    },
    {
      "path": "risks.sourceRefs.1.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/1/date"
    },
    {
      "path": "risks.sourceRefs.2.name",
      "value": "Emerson 8-K — 0000032604-26-000042",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/2/name"
    },
    {
      "path": "risks.sourceRefs.2.url",
      "value": "https://www.sec.gov/Archives/edgar/data/32604/000003260426000042/emr-20260804.htm",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/2/url"
    },
    {
      "path": "risks.sourceRefs.2.date",
      "value": "2026-08-04",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/2/date"
    },
    {
      "path": "risks.sourceRefs.3.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/risks/sourceRefs/3/date"
    },
    {
      "path": "social.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/social/sourceRefs/0/date"
    },
    {
      "path": "performance.ytd",
      "value": "+14,67 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/ytd"
    },
    {
      "path": "performance.oneYear",
      "value": "+10,71 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/oneYear"
    },
    {
      "path": "performance.benchmarks.0.ytd",
      "value": "5 séances -2,54 % ; 21 séances -14,01 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/benchmarks/0/ytd"
    },
    {
      "path": "performance.benchmarks.1.ytd",
      "value": "5 séances +0,03 % ; 21 séances -5,10 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/benchmarks/1/ytd"
    },
    {
      "path": "performance.benchmarks.2.ytd",
      "value": "5 séances +7,11 % ; 21 séances -7,52 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/benchmarks/2/ytd"
    },
    {
      "path": "performance.benchmarks.3.ytd",
      "value": "5 séances -1,06 % ; 21 séances -9,14 %",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/benchmarks/3/ytd"
    },
    {
      "path": "performance.alpha",
      "value": "Sur 21 séances : -7,09 % pour EMR. Comparaison descriptive avec les symboles de la grille, sans attribution causale.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/alpha"
    },
    {
      "path": "performance.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/performance/sourceRefs/0/date"
    },
    {
      "path": "capitalFlow.sourceRefs.0.date",
      "value": "2026-09-12",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/capitalFlow/sourceRefs/0/date"
    },
    {
      "path": "tradeIdea.entry",
      "value": 152.19,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/entry"
    },
    {
      "path": "tradeIdea.entryNote",
      "value": "LIMIT plafond à $152.19, valable le lundi 14 septembre seulement : aucune poursuite au-dessus. Sans retour au plafond, il n’y a pas de trade ; une ouverture sous $146.52 rend le scénario inutilisable.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/entryNote"
    },
    {
      "path": "tradeIdea.stop",
      "value": 146.52,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/stop"
    },
    {
      "path": "tradeIdea.stopPct",
      "value": "-3.73%",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/stopPct"
    },
    {
      "path": "tradeIdea.tp1",
      "value": 157.86,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/tp1"
    },
    {
      "path": "tradeIdea.tp1Pct",
      "value": "+3.73%",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/tp1Pct"
    },
    {
      "path": "tradeIdea.tp2",
      "value": 159.75,
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/tp2"
    },
    {
      "path": "tradeIdea.tp2Pct",
      "value": "+4.97%",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/tp2Pct"
    },
    {
      "path": "tradeIdea.rr",
      "value": "1:1.00",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/rr"
    },
    {
      "path": "tradeIdea.horizon",
      "value": "10 séances à compter d’un remplissage effectif, au plus tard le 25 septembre 2026",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/horizon"
    },
    {
      "path": "tradeIdea.thesis",
      "value": "Scénario de recherche conditionnel : entrée uniquement par LIMIT plafond à $152.19 le lundi 14 septembre, sans relever ce prix. Le stop dur à $146.52 agit pendant la séance ; il ne dépend pas d’une clôture. L’invalidation de thèse est distincte : une clôture sous $149.92 remet le scénario en cause même si le stop dur n’a pas été touché. Avant tout achat, inscrire « maintien pendant la décision de la Fed : oui/non ». Si non, aucune nouvelle entrée après 19 h 50 Paris le mercredi 16 et toute position est clôturée avant 19 h 55 ; si oui, le risque de gap, de liquidité et de spread est accepté sans déplacer ni stop ni invalidation. Après un remplissage réel de T1 à $157.86, vendre la moitié ; seulement après cette vente, relever le stop du solde au prix d’entrée réellement obtenu. Le solde vise $159.75 ou est fermé à l’échéance maximale. Aucun ordre, fill ou taille n’est déduit de ce dossier.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/thesis"
    },
    {
      "path": "tradeIdea.catalysts.0",
      "value": "Le 4 août, Emerson a publié son T3 fiscal et relevé ses perspectives 2026.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/catalysts/0"
    },
    {
      "path": "tradeIdea.catalysts.1",
      "value": "Décision de la Fed, mercredi 16 septembre : inscrire avant l’achat maintien oui/non ; sans maintien, aucune nouvelle entrée après 19 h 50 Paris et clôture avant 19 h 55.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/catalysts/1"
    },
    {
      "path": "tradeIdea.invalidation.0",
      "value": "Ouverture sous $146.52 : scénario inutilisable, aucun ordre LIMIT préparé n’est envoyé.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/invalidation/0"
    },
    {
      "path": "tradeIdea.invalidation.1",
      "value": "Stop dur à $146.52 : protection pendant la séance, sans attendre une clôture.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/invalidation/1"
    },
    {
      "path": "tradeIdea.invalidation.2",
      "value": "Clôture sous $149.92 : invalidation de thèse distincte du stop dur ; abandonner le scénario sans déplacer les niveaux.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/invalidation/2"
    },
    {
      "path": "tradeIdea.invalidation.3",
      "value": "Sans remplissage réel de T1, aucun allègement ni relèvement de stop n’est déclenché.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/tradeIdea/invalidation/3"
    },
    {
      "path": "globalScore.keyTakeawaysPositive.0",
      "value": "Test & Measurement a crû de 23 % au T3, tandis que Final Control a crû de 3 % : un vrai moteur, mais un mix à surveiller.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/globalScore/keyTakeawaysPositive/0"
    },
    {
      "path": "globalScore.keyTakeawaysPositive.1",
      "value": "Le T3 a généré 1,323 Md$ de flux de trésorerie disponible ; la cible 2026 de 3,6 Md$ donne un test de conversion explicite.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/globalScore/keyTakeawaysPositive/1"
    },
    {
      "path": "globalScore.keyTakeawaysNegative.1",
      "value": "La marge T3 ne garantit pas la marge de l’exercice ; coût des composants, mix et intégration peuvent modifier la conversion.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/globalScore/keyTakeawaysNegative/1"
    },
    {
      "path": "globalScore.keyTakeawaysNegative.2",
      "value": "Le P/E 2026 varie de 23,24x ajusté à 31,12x GAAP : le retraitement limite toute conclusion simple sur la valorisation.",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
      "source_pointer": "/values/globalScore/keyTakeawaysNegative/2"
    },
    {
      "path": "blastRadius.asOf",
      "value": "2026-09-11",
      "as_of": "2026-09-11",
      "source_artifact": "analyses/EMR/_data/calculations.json",
      "source_sha256": "901bf6a47b2ae65fb1606a1f9fb67da52d02585d8b8f4aeedf3bd6188eacab1c",
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    },
    {
      "path": "blastRadius.observationTime",
      "value": "2026-09-12T22:14:38.549Z",
      "as_of": "2026-09-11",
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    },
    {
      "path": "blastRadius.window",
      "value": "Rendements quotidiens communs, fenêtre de collecte de mars à septembre 2026.",
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    {
      "path": "blastRadius.groups.0.order",
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    {
      "path": "blastRadius.groups.0.symbols.0.correlation",
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    {
      "path": "blastRadius.groups.0.symbols.0.beta",
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    {
      "path": "blastRadius.groups.0.symbols.0.r2",
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    {
      "path": "blastRadius.groups.0.symbols.0.observations",
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      "as_of": "2026-09-11",
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    {
      "path": "blastRadius.groups.0.symbols.0.return5d",
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    {
      "path": "blastRadius.groups.1.order",
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    {
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    {
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