Thesis
The claim in one paragraph: what the market assumes, what this Scorecard assumes instead, and why the difference matters for value.
Equity Research · Scorecard · Example
Scorecard · Example C
The Scorecard format: one record per company, fixed at publication, scored at review
Placeholder entry. It shows the publication format and contains no research results. Each field below describes what the published Scorecard contains.
Valuation Range
Low, base, and high value per share, with the method used: discounted cash flow, multiples, or sum of the parts. Price and date at publication.
Key Assumptions
The three to five inputs that move the valuation most, each with its value and its source.
Clinical Input
For healthcare companies: the trial probabilities taken from Clinical Evidence Research, with their CE reference and recording date.
Invalidation Conditions
Observable events or figures that end the thesis before review, written so that a third person can check them.
Review Date
The date on which the thesis is scored against what happened. Set at publication. Not moved.
Status
Open, held, not held, or invalidated. Every change carries a date and a reason.