One sector, read end to end.
We follow the listed operators across the full life of an industrial asset, measured the same way inside each vertical. A company is only ever cheap or expensive next to the others doing the same work.
One asset life.
Five verticals.
An industrial asset is designed, built, equipped, maintained, then taken apart. A different set of companies owns each stage, and they share customers, labour and a cycle. Each vertical hands demand to the next, which is why we read them together.
What we know before we own it.
Comparison is only worth something when the definitions hold. Backlog means one thing to an engineering consultancy and another to a waste hauler, so what each measure means is settled for a vertical before any company inside it is opened.
Define the measures
Three to five operating metrics per vertical, defined once, then applied identically to every company in it.
Build from the filings
Every figure traces to a document the company published. A gap stays a gap. Nothing is estimated to fill a cell.
One valuation date
Share price, net debt and forecast struck on the same day across the universe, or the comparison is not a comparison.
Our own estimate
Forward figures come from our models and our assumptions, never borrowed from consensus.
The coverage universe.
Listed on the TSX, NYSE and NASDAQ. Showing 5 of 5 verticals.
See the model, not just the call.
We publish the conclusion. The valuation model behind it, the operating metrics and the peer comparison are available on request.