Research notes
Short pieces on the mechanics of reading a company: which inputs a valuation actually turns on, why two correct sources print different figures for the same ratio, and what a number stops being able to tell you. Every figure in them is either computed from a filing we name or labelled as illustrative arithmetic.
Cost of capital
In a standard two-stage model, one point on the discount rate moves the answer about three times as far as one point on the five-year forecast. Both of the inputs that matter are estimates.
These are research notes, not advice. Nothing here is a view on any security and nothing here is a recommendation to buy or sell anything. See our methodology for how the product reads a filing and what it refuses to compute.