Methodology
Company History Analysis Framework
A comprehensive system for creating investment-focused company histories, featuring 25 archetypes across 5 categories to optimize structure and emphasis based on each company's unique characteristics.
Key Principles
Investment-First Focus
The last 1, 5, and 10 years are paramount. Historical context provides understanding, but recent performance drives investment decisions.
Scalable Structure
The framework adapts to companies of any age—brief histories for young companies, more extensive coverage for established enterprises.
Narrative + Data
Compelling storytelling combined with rigorous quantitative analysis. Neither alone tells the complete investment story.
Framework Structure
Executive Summary & Investment Thesis
A high-level overview providing the investment case in under five minutes.
Key Components
- Company Overview: What the company does, business model, market position
- Investment Thesis: Bull case, bear case, and balanced conclusion
- Key Metrics: Financial snapshot with market cap, revenue, margins, valuation
- Price Targets: Specific entry points and recommendations by investor type
Company History & Evolution
Historical context necessary to understand culture, strategy, and competitive advantages.
Key Components
- Founding Story: Origins, key founders, initial problem solved
- Key Pivots & Milestones: Focus on last 10 years with recent emphasis
- Management & Key People: Current leadership, founder influence, capital allocation track record
Business Model & Competitive Moat
Deep dive into how the company functions and defends its profitability.
Key Components
- Business Model Explained: Revenue streams, cost structure, unit economics
- Competitive Moat Analysis: Switching costs, network effects, intangible assets, cost advantages
- Competitive Landscape: Key competitors, disruptive threats, market dynamics
Financial Performance & Analysis
Quantitative evidence supporting the investment thesis with recent history focus.
Key Components
- Historical Performance: 10-year revenue growth, profitability trends, free cash flow
- Stock Price Performance: 1, 5, and 10-year performance vs. benchmarks
- Valuation Analysis: Bull/Base/Bear scenarios with DCF and comparable analysis
Risks & Conclusion
Systematic risk assessment and final investment recommendation.
Key Components
- Risk Catalog: Business, market, financial, and regulatory risks with probability/impact
- Final Conclusion: Decisive summary reiterating recommendation and key success factors
See the Framework in Action
Explore our example analyses to see how this framework is applied to real companies.