I value small caps the way Damodaran would. Then I publish.
Full FCFF discounted cash flow on companies most analysts skip. Ten year explicit horizon, bottom-up beta, sales-to-capital reinvestment. BUY or SELL — both get equal billing.
01 Method, in three lines
A full DCF, not a multiple. Ten years of explicit cash flow plus a terminal anchored to the risk-free rate. Cost of capital comes from a bottom-up unlevered beta and country-mix risk premiums. I only publish when the gap between price and intrinsic value is wide enough to survive being wrong on the inputs.
How I value companies →02 Latest valuations
Four of the cleanest BUYs from the May–June 2026 cohort. Full reports one click away.
TMV.DE · Germany · €859M mcap
Carve-out anxiety is masking a profitable SaaS franchise. The underlying business still compounds.
2026·05·24G · United States · $5.56B mcap
AI-disintermediation fear on a compounder whose own AI mix is lifting margins. Cheap across every honest beta — even the full sector cost of capital.
2026·06·07TUI1.DE · Germany/UK · €3.66B mcap
Post-COVID overhang lifted, balance sheet normalised. Tape still trades it like 2021.
2026·05·24IPS.PA · France · €1.58B mcap
Family-controlled French researcher, organic growth re-accelerating. Priced like it isn't.
2026·05·2403 Why this site
- I publish what I'd actually buy. No watchlist theatre, no macro takes. Either the gap is real or the post doesn't exist.
- Sells get equal billing. The anchor of the May 2026 cohort is a SELL on a megacap everyone loves. Calling tops matters as much as calling bottoms.
- Small caps, low-fee markets. Where the next informed opinion actually moves the price.
04 Follow
New valuations roughly weekly. No email list. No newsletter.