Research disclosures

Last updated 4 August 2026

Who produces this What it is Method Ratings & horizon Updates Conflicts Timing

1. Who produces this research

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Producer	José Luis Pascual Irigoyen, CFA — founder and analyst, trading as JLPascual, a sole trader established at Calle Manuela Malasaña 5, 28004 Madrid, Spain
Who writes the reports	José Luis Pascual Irigoyen, CFA. He sets the methodology, reviews the output and is responsible for every rating published. The analysis and drafting are carried out by a large language model executing a fixed, standardised process he defines; the model is a tool and holds no view.
Supervision	The producer is not an investment firm or a credit institution, is not registered with the CNMV, and is not supervised by any competent authority.
Professional standards	The producer is a CFA charterholder and is bound by the CFA Institute Code of Ethics and Standards of Professional Conduct.

2. What this research is, and what it is not

The reports are general, impersonal research, prepared and distributed exclusively to the public. Every subscriber receives the same report.

They are not investment advice and not personal recommendations. Nothing on this site takes account of any reader's objectives, financial situation, tax position, existing holdings or risk tolerance — none of which is known or asked for. No advisory, fiduciary, portfolio-management or client relationship arises from subscribing or from reading.

José Luis Pascual is not registered with the CNMV as an empresa de asesoramiento financiero or as any other investment firm, and provides no service requiring such authorisation. If you want advice on what you should do, speak to an authorised adviser.

No report is produced, commissioned, reviewed, approved or paid for by any company covered.

3. Method and sources

Fact and opinion are kept apart. Reported figures, filing data and transcript quotations are presented as facts and attributed. Normalisations, forecasts, fair values, scenarios and ratings are opinions, labelled as such, and are the producer's own.
Sources. Company annual and interim reports and regulatory filings; the last four earnings-call transcripts; insider transaction filings; and market and estimate data from private data providers under licence. Each report lists the sources it used. Sources are believed reliable but are not independently audited; where a figure could not be reconciled, the report says so in its data integrity notes rather than smoothing it over.
Valuation basis. Every company is valued two independent ways: an explicit ten-year discounted cash flow with a WACC built from fundamentals, and a multiples read fitted to the business (EV/EBITDA, P/E, P/TBV or a sum-of-the-parts). A reverse DCF backs out what today's price already assumes. Financial companies are valued on excess-return / residual-income and P/TBV instead. The method used for each rating is named in that report.
Assumptions and their sensitivity. Each report states the material assumptions behind its fair value — growth, margin, terminal value and discount rate — and presents bear, base and bull fair values. Small changes to those assumptions move the fair value materially; that is a property of valuation, not a defect in it.
Nothing is hidden. The process is described in full on the method section, and the arithmetic behind the track record is published. Both are free and outside the paywall.
Timing. Each report carries the date its production was completed. Every market price quoted is stamped with the date it was taken; prices shown as live are fetched by your browser as you read and form no part of the analysis.

4. What the ratings mean, and over what horizon

A 12-month fair value is built first, from the valuation work. Only then is it compared with the market price, and the gap sets the rating. The fair value is never anchored to the quote.

Rating	Meaning
BUY	The shares trade materially below what the business is worth on our estimates
HOLD	Roughly fairly priced. No position is taken, in either direction
SELL	The shares trade materially above what the business is worth on our estimates

There are no fixed percentage bands. The gap to fair value is the main input, but the confidence in that estimate, the balance-sheet risk and the spread between the bear and bull cases weigh on the call as well: a 15% gap on a business with predictable cash flows is not the same signal as a 15% gap on one without. The rating is a judgement, and it is disclosed as one rather than dressed up as a formula.

Horizon: 12 months. Every fair value is a 12-month figure. A rating is not a trading signal and carries no view on what a share does next week.

Risk warning. A fair value is an opinion about an uncertain future, not a forecast that will be met and not a promise. Estimates can be wrong, assumptions can be wrong, and the data underneath them can be wrong. Share prices fall as well as rise and you can lose the whole amount invested. The published track record is short — coverage began in June 2026 — and past performance is not a reliable indicator of future results.

5. Updates, and what happens when a rating changes

Frequency. Each covered company is reviewed and its report rebuilt after every quarterly earnings release — roughly four times a year — and additionally when a material event warrants it. Reporting dates are on the earnings calendar.
Changes are kept, not overwritten. When a rating changes, the previous one is closed and retained with its original date, price and fair value, and a new one opens. Every rating ever published, including superseded ones, is listed free of charge on the track record, with its date, the fair value, the market price at the time and what happened next.
No company sees a report before it is published, in draft or otherwise. No company has ever been given the opportunity to comment on, amend or delay one.

6. Interests and conflicts of interest

Question	Answer
Does the producer hold any position in a covered company?	No. No position, long or short, direct or through derivatives, in any company covered on this site.
Any position above 0.5% of a company's share capital?	No. No position of any size is held.
Any person closely associated with the producer?	None. No person who shares the producer's household holds any position in a covered company. Relatives outside the household hold ordinary personal investments; they take no part in the research, receive no sight of it before publication, and hold no relationship that could reasonably be expected to impair the objectivity of a standardised process applied identically to every company covered. Any holding that could reasonably have that effect would be disclosed here, named, and per company.
Does any covered company hold an interest in this business?	No covered company holds any interest whatsoever in it.
Market making or liquidity provision?	None. The producer is not a market maker or liquidity provider in any instrument and does not trade for others.
Any investment banking role — lead or co-lead manager of an offering in the last 12 months?	None. The producer performs no investment banking or underwriting of any kind.
Any agreement with a covered company?	None. No covered company is or has been a client. No fee, commission or benefit of any kind has been received from any covered company, and none commissions, sponsors, reviews or pays for this research.
Any other relationship that could reasonably be expected to impair objectivity?	None. The only revenue from this business is the subscription paid by readers. There is no advertising, no affiliate link, no brokerage rebate, no referral fee, no sponsorship and no soft-dollar arrangement. Nothing is earned from any transaction a reader makes, in either direction.

7. Timing and distribution

A report is first published on this site, and subscribers are notified by email at the same time. Nothing is released to any person, group or channel ahead of publication, and there is no tiered or early access.

The public pages under /research/ and the entries on the track record are summaries of the full reports. Each identifies the producer and links to the report it came from.

Questions about these disclosures, or about any individual rating: [email protected].

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José Luis Pascual · Calle Manuela Malasaña 5, 28004 Madrid, Spain · [email protected]