A full DCF and a multiples cross-check on every company we cover — with a clear Buy, Hold or Sell and a 12-month fair value. Built by AI running our industry models, supervised by our team, and free of the conflicts that keep most research permanently on “buy.”
Across the 39 companies we cover today, only 12 earn a Buy. Two-thirds are a Hold or an outright Sell. We have no banking fees to protect and no management team to keep happy — so a rating is only ever the valuation and the judgment behind it.
Sell-side research is written by people who are paid, promoted, and pressured by the same firms whose stocks they rate. We removed the humans from the parts where bias creeps in — and kept them where judgment matters.
Models don't fall in love with a winner or panic in a drawdown. The same disciplined valuation runs on every name, in every market — bull or bear.
We don't underwrite deals, manage money, or sell anything but the research. There's no IPO fee, no trading desk, and nothing to cross-sell you.
We never soften a Sell to keep a management team taking our calls. We don't need the access — so the rating never gets negotiated down to a Hold.
Conclusions are built from public filings and earnings calls by our per-industry models, then reviewed by our senior analysts before they publish.
An explicit 10-year DCF with a WACC built from fundamentals, and a multiples read fit to the business — EV/EBITDA, P/E, P/TBV or a sum-of-the-parts. Both, on every name.
We strip the one-offs to a clean normalized EPS and flag the gap between reported and adjusted numbers — so the starting point is the real one.
ROIC measured against WACC — does the business actually create value, or just grow? That answer, not the narrative, justifies the multiple.
A reverse-DCF backs out the growth and margins today's price implies, so you can see the market's bet before you take the other side of it.
We read the last four transcripts for what management changed, hedged, or quietly stopped saying — not just the headline beat or miss.
A clear call, a 12-month fair value, and the one thing that would change our mind.
Every name carries a live rating and the upside to our fair value. Open any report to see the full DCF, the multiples, and the scenarios behind the call.
Don't see a company you own? Subscribers can request new coverage — we'll build the report.
Subscribe & request a nameOne standardized, impersonal process — so the report you read is the report every subscriber reads. No hot takes, no selective coverage.
We classify the business first — a bank is valued nothing like a compounder — then pull the filings, the last four earnings-call transcripts, insider Form 4s and the estimates.
We rebuild earnings to a clean, normalized number, then measure ROIC against a fundamentally-built WACC — the test of whether a business creates value or merely grows.
An explicit DCF and a multiples read, each fit to the business — plus a reverse-DCF that exposes exactly what today's price already assumes.
Bear, base and bull fair values come from the preferred method before we look at the quote — then the price sets the Buy, Hold or Sell, and a thesis you can falsify.
JLPascual was founded by José Luis Pascual, CFA; every report is produced by our models under his methodology and reviewed by the team.
Full access to every report and every future update, for less than a single analyst hour.
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Standardized, impersonal research for your own analysis — never a personal recommendation to buy or sell.
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JLPascual was founded by José Luis Pascual, CFA, and every report is generated by AI running his per-industry valuation methodology, then reviewed by the team before it publishes. It's a standardized, impersonal process — which is exactly why we can cover this many companies consistently, without cutting corners or playing favorites.
No. This is educational, impersonal equity research published identically to every subscriber. It is not a personal recommendation and doesn't account for your circumstances. Valuations and ratings are opinions, can contain errors, and can change without notice — always do your own research.
Each report refreshes automatically on the company's next earnings release, and we wait for the earnings-call transcript before updating — so the numbers and the thesis reflect the latest results, not last quarter's.
Yes. Subscribers can request new coverage, and we'll build the full report — same DCF, same multiples, same honest rating as everything else in the library.
Everything: the whole coverage library, every future update, new deep-dives as they publish, and the ability to request names. One flat price, cancel anytime through Gumroad.
Because it removes the parts of research where bias lives — the emotion, the banking fees, the management relationships — and keeps a human in the loop for judgment and review. The output is transparent: every conclusion traces back to a public number you can check.
Independent valuations and honest verdicts on 39 companies and counting — for €20 a month.