Company & sector research

Conviction made auditable.

Every research note will use the same structure, disclose its sources and assumptions, and connect the analysis to client suitability rather than publishing a context-free stock call.

Standard research note

A repeatable ten-part framework

  1. 01Investment question
  2. 02Business model
  3. 03Industry & competitive position
  4. 04Revenue and margin drivers
  5. 05Valuation
  6. 06Bull, base and bear cases
  7. 07Catalysts
  8. 08Principal risks
  9. 09What would change my view
  10. 10Portfolio connection

Transparency box

Every publication will disclose

  • Publication date and valuation date
  • Primary sources and important assumptions
  • Personal interests in securities discussed
  • Known limitations and uncertainty
  • Evidence that would change the conclusion

No company note has been published yet. This page defines the standard future work must meet.