Research desk
Every report follows the same four-part framework and carries the same disclosures, so you can compare one idea with another and see exactly who wrote it and what they hold.
Framework
Business model, industry structure, market position and the durability of its advantage.
Return on capital, cash conversion, leverage and the quality of reported earnings.
Growth drivers, capital allocation record, governance and related-party dealings.
Valuation against history and peers, a bear case, and the risks that would change our view.
Report library
Reports appear here with their date, rating and disclosures. Older reports stay available so you can check how past calls played out.
Clients on an advisory plan will get each new report by email on the day it publishes. To be notified, book a consultation.
Each report opens with the thesis in three lines, then the four framework sections, a bear case, and the full disclosure block shown below.
Rating definitions
Ratings refer to expected total return over 12 months from the report date. Set the bands to match your research policy before publishing.
| Rating | Expected 12-month return | What it means for you |
|---|---|---|
| Buy | Above 15% | We expect the stock to do meaningfully better than its risk-free alternative. |
| Hold | 0% to 15% | Fairly valued. Keep if it suits your allocation; no case to add. |
| Sell | Below 0% | We expect the price to fall or the thesis has broken. |
| Not rated | — | Coverage is suspended, for example during a conflict or restricted period. |
On every report