Stocks by sector
Every covered company sits in one of eleven sectors, and each sector is read through the lens its economics call for — residual income for a bank, mid-cycle free cash flow for an energy producer, terminal multiples for a software compounder. Pick a sector to see its coverage and how we frame it.
The eleven sectors
Sector decides which quality gates bind and which multiple the report defends. It is the coarser cut; the archetype a company is classified into decides which valuation methods carry weight.
Software compounders earn through switching costs, network effects, and incremental margin on every dollar of recurring revenue. We anchor valuation on FCF/share with a terminal P/E reflecting durable growth and capital-light economics.
Standard 9-phase methodology applied with sector-appropriate emphasis on quality gates, valuation lens, and risk framing.
Financials are valued on residual income and through-cycle ROE — book value compounding plus dividends, normalized for credit costs. Watch reserves, NIM, and Tier-1 ratios more than headline EPS.
Demand-elastic businesses. We separate brand premium from cyclical volume, value at mid-cycle margins, and stress-test against demand shocks.
Standard 9-phase methodology applied with sector-appropriate emphasis on quality gates, valuation lens, and risk framing.
Network-effect platforms. ARPU expansion, retention, and incremental contribution margin define the long-run terminal value. Capex discipline is a quality filter.
Standard 9-phase methodology applied with sector-appropriate emphasis on quality gates, valuation lens, and risk framing.
Cyclical capital-allocators. We model through-cycle commodity prices, reinvestment discipline, and shareholder returns. Free cash flow at mid-cycle prices is the anchor — not spot.
Standard 9-phase methodology applied with sector-appropriate emphasis on quality gates, valuation lens, and risk framing.
Standard 9-phase methodology applied with sector-appropriate emphasis on quality gates, valuation lens, and risk framing.
Standard 9-phase methodology applied with sector-appropriate emphasis on quality gates, valuation lens, and risk framing.