A FINVERCO research checklist: price, score and value

Give each number a job

Price tells you where the market last traded according to the displayed quote and timestamp. The Score organizes available evidence about a setup. A fair-value estimate connects financial data and model assumptions. These numbers answer different questions; their agreement does not prove that a trade is attractive.

Start a research note with the company, business model, reporting period and quote time. For a lender, funding and credit quality matter differently from inventory and product mix at a semiconductor company. Avoid comparing generic ratios without first defining the relevant economics.

Match periods and measurement bases

Separate quarterly figures from six-month or annual totals. Distinguish GAAP from adjusted metrics and reported results from guidance. Check currency, units and share counts. A figure shown in thousands is not a figure shown in millions.

When you compare price with a displayed fair-value estimate, verify that the estimate meets its publication requirements and inspect its calculation date and financial period. This checklist does not certify the valuation engine or provide an independent valuation opinion.

Build a case that can be wrong

Write one mechanism that could improve the business and one that could weaken it. Attach a measurable observation to each. For example, revenue growth with weaker cash conversion can challenge a growth thesis; a better margin driven by a one-time benefit can challenge a profitability thesis.

Use the chart after establishing the business question. Relative volume and historical levels can help organize timing observations. They cannot repair an unsupported business premise or turn a fixed scenario into a calibrated forecast.

Make the next review useful

Record what remains unknown, which source could resolve it, and the next reporting event you will review. When new evidence arrives, compare it with the written premise rather than rewriting the premise to fit the price.

• What is the source and period of the key fact?
• What part of the conclusion is FINVERCO interpretation?
• Which inputs are missing, stale or sector-inappropriate?
• What observation would change the thesis?
• What is still unknown about valuation and personal risk?

Sources and evidence

1. FINVERCO methodology — current implementation and limits

The editorial policy explains AI assistance and the limits of these studies.

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