Research methodology
Start with a specific investment question. Trace the evidence, reconcile the financial definitions and explain who supplies capital, who receives it and who bears the risk.
Follow the transaction
Read financial statement notes, counterparty disclosures and financing terms together. Separate capital contributed by shareholders, customer payments, loans, guarantees and contingent obligations.
Keep definitions and periods explicit
Revenue is not cash collected, a contract ceiling is not a committed order, and adjusted profit is not cash available to shareholders. Keep currencies, units, periods and revisions attached to the evidence.
Test the per-share outcome
Assess recurring equity compensation, actual repurchases, financing dilution, capital expenditure and working capital. Explain how each affects the return belonging to existing shareholders.
Deliver the supported conclusion
Use the available evidence to answer the question. State the information cutoff, distinguish facts from inference and identify only the missing material that could change the conclusion.