FactSet Research Systems (FDS) trades at a deep discount (15x P/E vs. 25-30x historical) despite strong fundamentals and a resilient data moat. FDS's high retention rate (>95%), sticky client base, and expanding AI-driven product suite underpin stable mid-to-high single-digit growth. AI disruption fears are overstated; FDS is embedding its data into AI workflows, shifting from seat-based to usage-based pricing, and partnering with major tech firms.