The method behind every report
Fair Range Research runs the valuation model in reverse: start from the price, solve for the assumptions inside it, and hold those assumptions up against the company's record. This page is the full account of that approach, the commitments that govern it, how the reports are produced, and what they are not.
The question
Every report answers one question: what does the market have to believe for today's price to make sense? We run the discounted cash flow model in reverse. Instead of producing a number and arguing for it, we take the number the market has already produced and describe the assumptions hidden inside it.
- 01
Take the price
Start from what the market is charging today, not from a view of what the company is worth.
- 02
Solve backwards
Work out the free cash flow growth rate that would be required to justify that price.
- 03
Compare with history
Put that required rate next to what the company has actually delivered.
Five commitments
- 01
A sentiment, not an action.
Never a buy, sell or hold.
- 02
Every assumption visible.
Including when one flatters the company.
- 03
If the inputs can't support a value, we publish none, and say why.
The absence of a number is itself a finding.
- 04
We follow up on old calls, including the wrong ones.
Reports are dated and superseded, never quietly revised.
- 05
It's AI-generated, and we say so everywhere.
Including the narration voice on video.
Generation
Each report is generated by an automated pipeline. A language model assembles the narrative from a fixed template around a set of computed figures; it does not choose the figures. Every report is timestamped with the moment the underlying model run completed, shown as the snapshot time on the report page.
Reports are AI-generated. Where a report is narrated on video, the narration is an AI voice, not a person.
Data
Financial statement data, consensus figures and market prices come from third-party market data providers. Current prices shown on this site are read from a cache that is refreshed periodically; the cache timestamp is displayed wherever a current price appears.
Data can be wrong, stale or misclassified. Where a figure looked like a data artifact and was rejected, the report says so.
Valuation approach
Valuations use a two-stage discounted cash flow model — an explicit forecast period followed by a terminal growing perpetuity — read alongside peer trading multiples. The discount rate and the growth assumptions used are disclosed in each report, together with the historical base case they are compared against.
The published fair-value range is model output, not a forecast of where a price will go. Where the inputs cannot support a valuation — for example persistently negative free cash flow, which cannot anchor a growing-perpetuity model — no value is published and the reason is stated on the report.
Sentiment
The sentiment field is a reading of the relationship between the price and the modelled figures. It is not a recommendation, an action, or a rating, and it is presented as plain text with the sentence that produced it.
Disclaimer
Fair Range Research publishes AI-generated equity research for informational and educational purposes only. Nothing on this site is investment advice, financial advice, or a solicitation to transact in any security. No content here takes account of your objectives, financial situation or needs.
Figures are produced by automated models from third-party data and may contain errors, omissions or stale inputs. Models are simplifications and their outputs are sensitive to assumptions. No representation or warranty is made as to accuracy or completeness, and no liability is accepted for any loss arising from reliance on this material.
Nothing published here is a performance record, and no returns are stated or implied. Consider seeking advice from an appropriately licensed professional before making any financial decision.