Research methodology
A repeatable process for moving from source documents to calculations, comparisons, and investable questions.
Source hierarchy
We prefer regulator and government records, company filings, investor-relations materials, and documented public datasets. Licensed or reputable aggregators may improve timeliness, but important claims should remain traceable to their origin.
Time, units, and comparability
Research records an as-of date, reporting currency, period, and unit where relevant. We avoid comparing fiscal periods or definitions as though they were identical when they are not.
Calculations and assumptions
Valuation outputs are estimates, not facts. Formula inputs, growth assumptions, discount rates, terminal assumptions, and normalization choices should be visible or explained near the result.
Quality controls and limitations
Missing, stale, restated, inconsistent, or anomalous data is flagged rather than silently filled. Automated checks support review, while material conclusions receive human editorial review.