METHOD

How this research is built

Primary sources, verified figures, and a written record of what changed

Everything starts from the filing

Each report is built from the company's own annual and quarterly reports — 618 of them across 25 companies, all published here beside the analysis. No data feed, no aggregator, no other analyst's numbers. Where a figure comes from a peer or a competitor, that company's filing is published too.

No number is typed by hand

Figures are transcribed from the filing into a model, and every downstream number — margins, returns on capital, growth rates — is computed from those inputs. A figure in the text is the same figure as in the model, because it is read from the same cell.

Every figure carries its proof

Click any figure in a report and it opens the exact page of the filing it was taken from, with the number highlighted. Where a line is not printed as one number — a total the company reports as two separate lines — the figure shows its components, each opening its own page, and the arithmetic is checked before it is published.

The work is checked against the filing a second time

Once a report is written, every figure in it is verified again independently of the model: re-read from the filing and compared. Alongside that, automated checks look for the errors a reader would never see — a balance sheet that does not balance, a quarter that does not sum to its year, a chart showing a number the text has since corrected. A report that fails them is not published.

What I do not claim

These reports state no price target and no buy or sell rating. I published them before and withdrew them: the terminal value was carrying about 79% of the valuation and rested on an assumption I had set by hand, so the conclusion was restating that assumption rather than testing it. The analysis stands; the verdict is being rebuilt around what the market price already implies, and will be published separately when it can be defended.

Everything here is my own work, produced for research and for my own investment decisions. It is not investment advice and not a recommendation to buy or sell any security.