Independent · Amsterdam · Est. 2025

Independent equity research.Eight dimensions. Behavioural signal.

We assess quality across eight dimensions, measure how the market perceives it, and rate the gap. The framework is grounded in four decades of financial research; behavioural signal — 13F filings, insider trades, Congressional disclosures — drives what we look at next.

#TickerActualPerceivedGapRating
01NVDA8.59.2-0.7NEUTRAL
02ASML8.87.4+1.4ATTRACTIVE
03PLTR7.28.6-1.4CAUTIOUS
04LLY8.17.9+0.2FAVOURABLE
05CEG8.37.6+0.7FAVOURABLE

Illustrative — live ratings on the platform

NVDA · NEUTRAL

The Framework

Eight dimensions. One descriptive rating.

Each dimension is scored 1–5 against a specific question. Score thresholds map to a descriptive rating ladder — not a buy/sell instruction. Valuation is a hard gate; a great business at the wrong price earns NEUTRAL, not ATTRACTIVE.

01scored 1–5

Business Model

Mechanism of competitive advantage — switching costs, network effects, capital intensity. We require ROIC above WACC sustained for years, with a mechanistic explanation.

02scored 1–5

Management & Alignment

Capital allocation track record, insider ownership, language patterns in filings. Tetlock and Loughran-McDonald inform the semantic read; specifics inform the rating.

03scored 1–5

Client Quality

Retention, concentration, switching costs. Revenue quality drives earnings predictability — DCFs systematically undervalue this and we adjust.

04scored 1–5

Organic Growth

Strip acquisitions, FX, and non-recurring items. What remains is the honest growth rate. Sloan-accruals reasoning applies; M&A masking is named.

05scored 1–5

Earnings Quality

Gap between GAAP and adjusted earnings, accruals as a fraction of assets, structural-vs-anomalous adjustment patterns.

06scored 1–5

Balance Sheet

Net debt trajectory, interest coverage, debt maturity, capacity to self-fund growth without continuous capital-market access.

07scored 1–5

Structural Risk

Disruption, regulation, secular shifts. We score probability × severity on a multi-year horizon, not just the current data.

08scored 1–5

Valuation

Triangulation of EPV, DCF, and peer multiples. Range, not midpoint. Hard gate — a great business at the wrong price is NEUTRAL, not ATTRACTIVE.

The Rating Ladder

Descriptive, not directional. The same information the platform serves on every company page.

ATTRACTIVEFAVOURABLENEUTRALCAUTIOUSAVOID

The Perception Gap

Two scores. The gap between them is the signal.

Actual quality from the 8-dimension assessment. Perceived quality derived from analyst consensus, valuation multiples, and crowd sentiment. The gap — and its direction — is what we research, monitor, and publish.

Negative gap → warning

The market is pricing the company as higher-quality than the 8-dim assessment justifies. The premium is built on narrative, not fundamentals. CAUTIOUS or AVOID until the gap closes — by price or by fundamentals confirming.

Positive gap → opportunity, conditionally

The market underestimates underlying quality. ATTRACTIVE if valuation is also acceptable. A positive quality gap on an expensive stock is NEUTRAL — quality alone does not justify a favourable rating.

Every gap is logged

We measure how each gap behaves over 30 / 90 / 180 / 365 days against the price. That feedback loop sharpens the methodology and proves us right or wrong in public.

Worked Example

Illustrative
Actual Quality (8-dim)7.80 / 10
Perceived Quality (consensus)5.20 / 10

Perception Gap

+2.60

ATTRACTIVE

Market underestimates fundamentals. Valuation also acceptable — asymmetry identified.

The Prescription

What would change our view — and by how much.

Every analysis ends with a prescription: the specific operational, capital allocation, or structural changes that would materially shift our rating, with a quantified valuation impact range. Not a price target — a falsifiable thesis.

+

Halt acquisitions for 18 months

Organic growth becomes visible at 6–7% strip-adjusted. Compounder multiple becomes defensible.

+AUD 1.40 to +AUD 2.60 on fair value

+

Refinance 2026 debt at current rates

WACC reduces ~80 bps. Interest coverage improves to 4.2×.

+AUD 0.70 on fair value floor

Continue current acquisition pace

Organic deterioration stays masked. Market re-rates toward sector median.

−AUD 1.50 to −AUD 2.20 on fair value

Adverse competitive read in Q4

Switching-cost narrative weakens. Structural risk score drops a notch.

−AUD 1.00 on fair value ceiling

Illustrative scenarios adapted from a real published analysis. Full prescriptions per company are members-only.

Membership

One membership. Full access.

No tier maze, no upsell paths. Annual saves €190 on the monthly rate.

Member

€95/month

Annual: €950 — saves €190 / year.

Become a Member →

Cancel any time. Secure checkout via Mollie.

  • Full 8-dimension scorecard on every covered company
  • Smart-money trail — 13F, Form 4, Congressional
  • Per-company perception-gap history
  • Bull / bear cases with explicit price ranges
  • Macro signals & sector cockpit, refreshed daily
  • All current and future focus areas as we expand
  • Cancel any time

Research, not advice. Ratings (ATTRACTIVE / FAVOURABLE / NEUTRAL / CAUTIOUS / AVOID) describe our assessment of quality and valuation — they do not instruct you to buy or sell. See methodology and full disclaimer.