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Companies need highly qualified management to execute a plan to create long-term shareholder value, even if it comes at the expense of short-term results.

A good board and management can make a mediocre business concept profitable, while a poor one can even lead a strong company into crisis.

Companies with a dispersed ownership structure without a clear controlling shareholder have historically performed worse than the market in general over time.

A company that does not grow may be a good short-term investment, but is usually unwise in the long term. Our Profitability rating represents an assessment of how effective a company has historically utilised its capital to generate profit.

Companies cannot survive if they are not profitable. Even the greatest potential is of no benefit unless the balance sheet can cope with funding growth.

At Redeye, we use a discounted cash flow DCF model to discount future cash flows back to today at a rate that reflects the riskiness or uncertainty of those cash flows.

In addition to our cash flow-based analysis we often use a comparables approach to make snapshot comparisons between similar companies within industries or to measure value versus sector or market averages.

Only to indicate whether it is fairly priced relative to some benchmark or peer group in the short term.

Yet price and value are two very distinct concepts. The key here is to allow for outliers by focusing on the range of possible outcomes, from upside to downside scenarios, rather than a single most likely scenario.

Thinking about ways the plan could go wrong is one way to do it. When it comes to probabilities, we always try to think like a statistician to generate an unbiased baseline prediction, when assuming probabilities of those scenarios.

But we also try to use specific information about the case to adjust the baseline prediction, if there are particular reasons to expect the optimistic bias to be more or less pronounced in this project than in others of the same type.

For many high-quality businesses, the calculation of this rate can be sensibly informed by their exposure to structural growth drivers, which, in turn, can justify higher growth rates than GDP.

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But we also try to use specific information about the case to adjust the baseline prediction, if there are particular reasons to expect the optimistic bias to be more or less pronounced in this project than in others of the same type.

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At Redeye, margin of safety is heavily conscious of what could go wrong, not what the discount is to fair value. We argue that a reasonable margin of safety is achieved when a stock is purchased at price below or on par with our Bear Case.

Looking more closely at the Bear Case scenario will help one to have a more balanced view than just focusing on the potential upside in the Bull Case scenario.

Though, any worst-case scenario is often more consequential than the forecast itself. The Bull case serves the sell discipline in order to identify a potential exit.

The key here is to really think long-term in the bull case and be patient. Patient enough to hold good investments at least until the market is willing to recognise its full potential.

Once a position is taken, the Bull Case will help to avoid premature selling. Just because prices are not attractive enough to buy is not a reason to sell.

However, a position in a company should be sold entirely when the share price reflects the Bull Case or when cash is needed to take advantage of a superior opportunity elsewhere.

Catalyst Potential is a tool for our analyst to flag specific catalysts that may drive the share price. Investors can use it for identifying and analyzing ongoing or future events that will have a significant impact on performance of publicly traded stocks.

In dealing with the future, we think about four things: Identify important events short and longer term in duration that could be catalysts to cause the stock to perform significantly different than its peers or the broader market, i.

Estimate the potency of the event to move the share price up or down and the likelihood for respectively up- and downside scenario to occur rated on a scale of 0 to 3.

Leadership Our Leadership rating represents an assessment of the ability of the board and executive team to lead the company in the best interests of the shareholders.

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