Research Archive

Research archive

Every note we publish is free to read in full, with a downloadable PDF. The archive lists them all, newest first; search by ticker, company or topic.

The archive

Live note
Oct 19, 2026

$MZTI · Initiating Coverage

The Marzetti Company: fair value $160.33 against a $104.47 price

A DCF-based BUY, with the economic-profit cross-check pointing the other way. Full note and downloadable PDF.

Buy Live note
Oct 17, 2026

$GABC · Initiating Coverage

German American Bancorp: fair value $40.57 against a $48.79 price

A HOLD on an excess-return model, with the price near the top of the range. Full note and downloadable PDF.

Hold Live note
Oct 13, 2026

$DCI · Initiating Coverage

Donaldson Company: fair value $88.79 against an $87.56 price

A DCF-based HOLD, with the price inside the sensitivity range and peer multiples that disagree. Full note and downloadable PDF.

Hold Live note
Oct 12, 2026

$CHH · Initiating Coverage

Choice Hotels International: fair value $43.58 against a $105.64 price

A DCF-based SELL, with the closest peer (Wyndham) pointing the other way. Full note and downloadable PDF.

Sell

Quantitative tool

5-Pillar Company Research Scorecard

Evaluate fundamental durability across revenue growth, operating margins, balance sheet health, market multiples, and ownership governance.

Growth

Margins

Health

Valuation

Governance

Company name / ticker (optional)

Sector / industry benchmark

Step 1: Top-Line Compounding Trajectory

Revenue 3-yr CAGR (%)Historical annual sales compounding rate.

Net profit 3-yr CAGR (%)Net operating income growth over same period.

Step 2: Operating Margins & Capital Efficiency

Operating margin (%)

Net margin (%)

Return on equity (ROE %)

Step 3: Balance Sheet Solvency & Liquidity

Debt-to-equity (x)Under 0.5x indicates conservative debt.

Interest coverage (x)EBIT divided by annual interest cost.

Current ratio (x)

Step 4: Market Valuation Multiples

Trailing P/E (x)Current price relative to trailing EPS.

Price-to-book (P/B x)

Step 5: Insider Ownership & Alignment

Insider / founder stake (%)Equity held directly by key leadership.

Institutional ownership (%)Holding percentage by institutional funds.

Quantitative tool 02

Reverse DCF: What Growth Is Priced In?

Instead of forecasting speculative growth, work backward from today's share price to uncover the exact annual Free Cash Flow growth rate the market expects over the next 5 years.

Current stock market price ($)

Current free cash flow per share ($)

Discount rate / WACC (%)

Terminal growth rate (%)

Implied 5-year annual FCF growth

Calculating implied market hurdles...

Analytical baseline

Derived via continuous numerical iteration. Equates the sum of 5-year discrete cash flows plus perpetuity terminal value directly to the traded price.