01Valuation
A comparable set is an argument, not a list
Peers are chosen, and every choice moves the multiple. The work is explaining why a company deserves to trade against the set you selected.
Insights
Notes on doing the work well.
Short pieces drawn from the material we teach: how valuation decisions are justified, and how a recommendation earns its confidence.
02Modelling
The assumption matters more than the output
A discounted cash flow is only as credible as the growth, margin, and discount rate behind it. State each one plainly and test what breaks the conclusion.
03Deal logic
Synergies are a claim that must be evidenced
Strategic rationale carries a transaction. Before the numbers, be precise about what the acquirer gains that it cannot build alone.
04Research
A rating without a catalyst is an opinion
A view becomes a recommendation when it identifies what has to happen, by when, and what would prove the thesis wrong.
05Reporting
Write for the reader who has ten minutes
The recommendation belongs on the first page. Supporting analysis earns its place by changing how the reader reads that recommendation.
06Judgement
Defending the work is part of the work
Analysis is finished when you can answer the three hardest questions about it without revising your position on the spot.
Put the thinking into practice.
The eight-week programme applies each of these ideas to a company you choose.