Every level we published. Including the bad ones.

The disclosures

Who produces this producer

Each row in the register names the person who produced it and their role. Where no row exists yet, no recommendation has been produced.

How a level is arrived at methodology

A fair value is reconciled from discounted cash flow, forward multiples, PEG and net asset value, with net asset value acting as the floor when the earnings case breaks down. The business is then scored against ten criteria in four families. An entry level is that fair value less a margin of safety; a stop is set a multiple of average true range below the last tranche. Criterion names and rule directions are public. The weights, the criterion interactions, the ATR multiplier and the tranche sizing are not published, and this page does not pretend otherwise.

Where the model information sits model

The four valuation methods and their failure modes, the ten criteria and their directions, and the data provenance of every input are set out at the product overview and in llms.txt. Every figure in a scorecard links back to the exact filing line it was read from.

How often it is updated frequency

Levels are reviewed weekly against end-of-day closes and restated when the underlying figures move enough to change the answer, when a company files, or when a published level expires. There is no intraday updating and none is planned.

What changed since last time changes

Restatements appear in the register as their own rows, each carrying a note saying what moved and pointing at the row it replaces. The original stays visible. Method changes are versioned; a row is always readable against the version of the method that actually produced it.

Interests that could impair objectivity conflicts

Any position held in a company at the time a level is published is recorded on that row rather than as a blanket statement, because it is per company that it matters. No holding above 0.5% of any issuer's share capital is held. No payment is accepted from any issuer, and no issuer sees a level before it is published.

What could go wrong risk

A fair value is an estimate built on assumptions, not a measurement. Move the growth rate or the discount rate a couple of points and the answer moves a long way — the DCF calculator shows exactly how far, and it is worth looking before trusting any single number, here or anywhere else. Levels can be wrong, are wrong sometimes, and stay in this register when they are. Nothing here is investment advice, nothing here knows your circumstances, and nothing here is a suggestion that any investment is suitable for you.