Last updated 4 August 2026 · Art. 20 Regulation (EU) 596/2014 (MAR) · Commission Delegated Regulation (EU) 2016/958
Why this page exists. A report that says «buy», «hold» or «sell» about a listed company, published to the public, is an investment recommendation under art. 3(1)(35) MAR. That triggers a specific regime — objective presentation, and disclosure of interests — set out in art. 20 MAR and Delegated Regulation (EU) 2016/958. This page is that disclosure, in one place, free of charge and outside the paywall, which is where the Regulation requires it to be.
Art. 2 Delegated Regulation (EU) 2016/958.
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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 |
|---|---|
| Natural persons involved in production | José Luis Pascual Irigoyen, CFA. He alone sets the methodology, reviews the output and takes responsibility for every recommendation published. |
| How the reports are written | The analysis and the drafting are performed by a large language model executing a fixed, standardised process defined by the producer, working from public filings, earnings-call transcripts, insider filings and market data. The model is a tool; it holds no view and takes no responsibility. Editorial responsibility for every published rating rests with the named individual above. |
| Competent authority | None. 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. Art. 2(2) of the Delegated Regulation, which requires a supervisor to be named, therefore does not apply — and its absence is stated here rather than left for you to infer. |
| Codes of conduct | Art. 2(3). The producer is a CFA charterholder and is bound by the CFA Institute Code of Ethics and Standards of Professional Conduct, including Standard V (Investment Analysis, Recommendations and Actions) and Standard VI (Conflicts of Interest). Read the Code. |
Arts. 3(1) and 4(1)(b)–(d).
Art. 4(1)(e). A rating is set by comparing the independently-derived 12-month fair value with the market price at the time of publication. The fair value is arrived at first, from the valuation work; the market price is looked at afterwards, to read the gap. It is not anchored to the quote.
| Rating | Meaning | Gap in practice, to date |
|---|---|---|
| BUY | The shares trade materially below what the business is worth on our estimates | +9% to +35% (median +22%) |
| HOLD | Roughly fairly priced — no position is taken, in either direction | −16% to +23% (median −1%) |
| SELL | The shares trade materially above what the business is worth on our estimates | −15% to −42% (median −22%) |
There are no fixed percentage bands, and the ranges above overlap. That is deliberate and it is disclosed rather than dressed up: the gap to fair value is the main input, but conviction in the estimate, balance-sheet risk and the range between the bear and bull cases also weigh on the call. A 15% gap on a business whose cash flows are predictable is not the same signal as a 15% gap on one whose are not. The figures above are what the published record actually shows, so you can hold the rating to it.
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; 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.
Arts. 4(1)(a), (f) and (h).
Art. 5 and art. 6(1) Delegated Regulation (EU) 2016/958. These are the disclosures the Regulation requires, each answered rather than left implied.
| Disclosure required | Position |
|---|---|
| Own holdings in any covered issuer | None. The producer holds no position, long or short, direct or through derivatives, in any company covered on this site. |
| Net position above 0.5% of an issuer's share capital — art. 6(1)(a) | None. No position of any size is held, so the threshold cannot be reached. |
| Persons closely associated with the producer — art. 5(3) MAR art. 3(1)(26) | None requiring disclosure. No person closely associated with the producer within the meaning of art. 3(1)(26) MAR — which, for a relative, means one who has shared the producer's household for at least a year — holds any position in a covered issuer. Relatives outside that definition 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 all 39 companies covered. Any holding that could reasonably have that effect would be disclosed here, named, and per issuer. |
| Issuer holdings in the producer above 5% — art. 6(1)(b) | None. No covered issuer holds any interest whatsoever in this business. |
| Market making or liquidity provision — art. 6(1)(c)(i) | None. The producer is not a market maker or liquidity provider in any instrument, and does not trade for others. |
| Lead or co-lead manager of any offering in the last 12 months — art. 6(1)(c)(ii) | None. The producer performs no investment banking or underwriting of any kind. |
| Agreements with the issuer for investment services — art. 6(1)(c)(iii) | None. No covered issuer is, or has been, a client. No fee, commission or benefit of any kind has been received from any covered issuer. |
| Agreements relating to production of the recommendation — art. 6(1)(c)(iv) | None. No issuer commissions, sponsors, reviews or pays for this research. Nothing on this site is paid placement. |
| Any other relationship or circumstance that could reasonably be expected to impair objectivity — art. 5(1) | The producer's only revenue from this business is the €20 monthly 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. |
The conflict that does exist, stated plainly. This business is paid by subscribers, so it has an interest in research that people want to read. That is a real incentive and pretending otherwise would be worse than disclosing it. Two things constrain it: the process is standardised and applied identically to every company, so a name cannot be singled out for a dramatic call; and the complete record of every rating — including the ones that went wrong — is published free of charge and never edited after the fact.
As at 4 August 2026, across the 39 companies covered:
| Rating | Number | Share of coverage |
|---|---|---|
| BUY | 11 | 28.2% |
| HOLD | 21 | 53.8% |
| SELL | 7 | 17.9% |
| Issuers to whom investment services were supplied | 0 — none, in any category | |
This table is published voluntarily. The quarterly distribution requirement in art. 6(3) of the Delegated Regulation binds investment firms and credit institutions, not an independent producer, so it does not apply here. It is published anyway because the distribution of a research house's ratings is the single most useful test of whether its calls mean anything — and because a book that is 54% Hold and 18% Sell is the point of this one.
Art. 4(1)(i). The complete list, with the date each was published, its direction, the 12-month fair value, the market price at the time, and how long it stands. All 39 recommendations below were produced by José Luis Pascual Irigoyen, CFA, in the role described in section 1.
Validity. A recommendation and its fair value stand for 12 months from publication, unless superseded earlier by a new recommendation on the same issuer — in which case the replacement date is shown, and the earlier call is kept in this list rather than removed.
| Date published | Ticker | Issuer | Direction | 12-mo fair value | Market price then | Valid until |
|---|---|---|---|---|---|---|
| 2026-08-02 | TSM | TSMC (ADR) | HOLD | $390.00 | $404.25 | 2027-08-02 |
| 2026-08-02 | SPGI | S&P Global | SELL (REDUCE) | $335.00 | $411.93 | 2027-08-02 |
| 2026-08-02 | IBKR | Interactive Brokers | SELL (REDUCE) | $68.00 | $87.99 | 2027-08-02 |
| 2026-08-02 | ARM | Arm Holdings | SELL (REDUCE) | $140.00 | $239.69 | 2027-08-02 |
| 2026-08-02 | AMZN | Amazon | SELL (REDUCE INTO STRENGTH) | $230.00 | $271.58 | 2027-08-02 |
| 2026-07-31 | ACN | Accenture | HOLD (REDUCE INTO STRENGTH) | $140.00 | $165.92 | 2027-07-31 |
| 2026-07-26 | NOKIA | Nokia Oyj | HOLD | €8.50 | €8.22 | 2027-07-26 |
| 2026-07-26 | NOC | Northrop Grumman | HOLD | $560.00 | $542.24 | 2027-07-26 |
| 2026-07-26 | MS | Morgan Stanley | HOLD | $208.00 | $214.42 | 2027-07-26 |
| 2026-07-25 | NVR | NVR, Inc. | BUY (ACCUMULATE) | $7,000.00 | $6,414.67 | 2027-07-25 |
| 2026-07-25 | GOOGL | Alphabet | HOLD | $345.00 | $319.74 | 2027-07-25 |
| 2026-07-25 | DECK | Deckers Outdoor | BUY (ACCUMULATE) | $130.00 | $96.04 | 2027-07-25 |
| 2026-07-25 | BX | Blackstone | BUY (ACCUMULATE) | $148.00 | $129.97 | 2027-07-25 |
| 2026-07-24 | URI | United Rentals | HOLD | $1,100.00 | $1,136.00 | 2027-07-24 |
| 2026-07-24 | TSLA | Tesla, Inc. | SELL (REDUCE) | $255.00 | $319.69 | 2027-07-24 |
| 2026-07-24 | MSCI | MSCI Inc. | BUY (ACCUMULATE) | $670.00 | $552.51 | 2027-07-24 |
| 2026-07-24 | JNJ | Johnson & Johnson | HOLD | $258.00 | $259.27 | 2027-07-24 |
| 2026-07-24 | EFX | Equifax Inc. | BUY (ACCUMULATE) | $215.00 | $166.72 | 2027-07-24 |
| 2026-07-24 | AXP | American Express | BUY (ACCUMULATE) | $375.00 | $320.14 | 2027-07-24 |
| 2026-07-23 | SAN | Banco Santander | HOLD | €11.00 | €11.61 | 2027-07-23 |
| 2026-07-23 | RY4C | Ryanair Holdings | BUY (ACCUMULATE) | €29.00 | €23.69 | 2027-07-23 |
| 2026-07-20 | C | Citigroup | BUY (ACCUMULATE) | $145.00 | $129.43 | 2027-07-20 |
| 2026-07-20 | BLK | BlackRock | BUY (ACCUMULATE) | $1,300.00 | $1,065.98 | 2027-07-20 |
| 2026-07-20 | BAC | Bank of America | HOLD | $60.00 | $60.74 | 2027-07-20 |
| 2026-07-20 | ASML | ASML Holding | HOLD | $1,850.00 | $1,742.51 | 2027-07-20 |
| 2026-07-20 | ABBN | ABB Ltd | SELL | CHF 62.00 | CHF 79.20 | 2027-07-20 |
| 2026-07-20 | 2330 | TSMC (Taiwan) | HOLD | NT$2,450.00 | NT$2,290.00 | 2027-07-20 |
| 2026-07-19 | NFLX | Netflix | HOLD | $76.00 | $68.95 | 2027-07-19 |
| 2026-07-14 | JPM | JPMorgan Chase | HOLD | $330.00 | $342.68 | 2027-07-14 |
| 2026-07-14 | GS | Goldman Sachs | SELL | $800.00 | $1,142.44 | 2027-07-14 |
| 2026-07-10 | DAL | Delta Air Lines | HOLD | $92.00 | $87.45 | 2027-07-10 |
| 2026-07-07 | CRDO | Credo Technology | HOLD | $268.00 | $265.55 | 2027-07-07 |
| 2026-07-05 | LLY | Eli Lilly | HOLD | $1,290.00 | $1,210.50 | 2027-07-05 |
| 2026-06-18 | TDW | Tidewater | BUY (ACCUMULATE) | $78.00 | $63.49 | 2027-06-18 |
| 2026-06-18 | LRN | Stride | HOLD (ACCUMULATE) | $103.00 | $84.00 | 2027-06-18 |
| 2026-06-16 | USAR | USA Rare Earth | HOLD | $20.00 | $21.74 | 2027-06-16 |
| 2026-06-12 | VRT | Vertiv Holdings | HOLD | $290.00 | $302.87 | 2027-06-12 |
| 2026-06-12 | CEG | Constellation Energy | BUY | $310.00 | $253.76 | 2027-06-12 |
| 2026-06-12 | APP | AppLovin | HOLD | $480.00 | $496.77 | 2027-06-12 |
Coverage began on 12 June 2026, so this list covers the whole life of the publication to date. Performance of each call against its market benchmark is on the track record page, free of charge.
Art. 7. A recommendation is first disseminated when its report is published on this site; the date shown on the report and in the list above is that date. 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.
Summaries and extracts. The public teaser pages under /research/ and the entries on the track record are summaries of the full recommendation. Each identifies the producer, links to this page, and links to the full report, so a summary can always be traced to the recommendation it came from.
Art. 3(3). Any recommendation published here can be substantiated to a competent authority on request, and the underlying analysis is retained for that purpose.
Questions about these disclosures, or about any individual recommendation: [email protected].
José Luis Pascual · Calle Manuela Malasaña 5, 28004 Madrid, Spain · [email protected]