The Johannesburg Stock Exchange is Africa's largest by market capitalisation, and it is unusual: a handful of global mining houses sit alongside banks, insurers and retailers that earn almost entirely inside South Africa. That combination produces opportunities that global research houses rarely cover properly, and risks that local commentary often skips.

We publish our work in public because a view you cannot explain is not a view. Every company page shows the same fundamentals — market capitalisation, earnings multiple, dividend cover, the twelve-month range and our own assessment of environmental, social and governance risk — so that you can form your own opinion rather than borrow ours.

01Read the primary documents

Every company page starts with the annual report, the interim results and the pre-close trading update. We quote the numbers as the company reports them, not as a data vendor restates them.

02Work out what actually drives earnings

For a bank that is the interest rate cycle and impairments. For a miner it is the rand commodity price and the cost curve. For a retailer it is volume and margin. We write down the driver before we look at the share price.

03Test the price against the driver

A good business at the wrong price is not an investment. We compare the current multiple against the company's own history and against global peers doing similar work.

04Write down what would prove us wrong

Every note names the risks plainly. If we cannot describe the conditions under which the thesis fails, we do not publish it.