Archive
Company analysis, valuation work and selected research notes.
4 reports
Project Cedar — Illustrative Alternative Asset Manager
A worked example of valuing an alternative asset manager by separating recurring management economics from episodic carried interest and invested capital.
Project Northstar — Illustrative Consumer Platform
A driver-led operating framework for understanding growth quality and the cash required to support it.
Private Credit Underwriting Framework
A practical structure for evaluating debt service, liquidity, documentation and recovery under stress.
Earnings Review Framework
A repeatable approach to normalising earnings, identifying temporary factors and updating a forward view.