How to read a register filing
Where in a machine-readable filing the numbers that actually describe a company sit, what is not in it, and which four items I check first.
Materials
Method notes to download
Short method notes – one page per topic. They set out how I calculate, so it can be checked before a conversation rather than after it.
The bridge from enterprise value to equity value
Why the value of a business is not the same as the price for its shares. Net debt, surplus cash, one-off items and the places where this bridge most often breaks.