Independent research, free to read
This site publishes bottom-up intrinsic valuations of public companies, built from the filings and shown with every assumption on the surface. It is generated by AI and curated by Andrew Coye, CFA.
What it is
One valuation, maintained properly, rather than many maintained badly. Each company gets a sum-of-the-parts estimate updated annually from the 10-K, a scenario range instead of a single point estimate, and a set of deep dives that show the historical evidence behind each assumption.
What it is not
It is not investment advice, not a recommendation, and not a subscription product. There is no paywall, no registration and nothing for sale. If a number here is wrong, the useful response is to tell me so.
Method
Operating businesses are valued on an earnings multiple applied to normalised after-tax profit; securities and cash are taken at market or face value. Scenario cases bracket the base estimate rather than replacing it. Where a figure is an estimate rather than a reported number, it is labelled as one.
AI is used in preparing this site and is capable of error. Figures are checked against the filings, but errors will survive that process. Reports of inaccuracy are genuinely welcome.
When something here turns out to be wrong it is corrected in the revision log, with the original claim quoted rather than quietly rewritten. The terms used in the analysis are defined in the glossary.
Who writes this
Generated by AI, curated by Andrew Coye, CFA. I am an equity portfolio manager and a CFA charterholder. I manage a discretionary public equity portfolio for a sovereign investment institution, and I am generally interested in analyzing banks, insurance, oil and gas, consumer goods, industrials and technology companies. I generally hold positions for years, not quarters, which is why long-term trends in results and fundamental intrinsic valuation estimates and growth rates are useful to me.
The method here is simple: evaluate the businesses ability to generate an economic profit, value the parts, and pay attention to the gap between price and value rather than only to the price. Nothing on this site is connected to my employer, represents its views, or reflects any position it holds.
“Developed with AI” is meant literally rather than as a disclaimer. The charts, the data layer and most of the prose were built with AI assistance; the figures are checked against the filings and the judgements — which multiple, which normalisation, which scenario — are mine. So are the errors. Additional musings are available at x.com/andrewcoye.
Contact
intrinsicvaluepershare@gmail.com
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