Value Select
Accelith Value Select is a monthly research publication that applies the analytical standards of institutional equity research to individual stocks and makes that research accessible to private investors. Each full report covers one company in depth, following a fixed structure that concentrates on the factors that determine long-term value.
How a company earns its way into a report
A durable competitive advantage, an attractive valuation, and sound fundamental quality rarely coincide. The selection process therefore applies three sequential stages, all of which must be satisfied before a full report is initiated. If no company clears all three stages in a given month, the issue instead presents a watchlist of companies that meet the quality requirements, together with the price levels at which they would also qualify on valuation.
STAGE 1
Durable competitive advantage
The starting universe consists of companies with a demonstrably durable economic moat, structural advantages expected to persist over a full market cycle. Companies with a narrower moat are considered only if they offer a significantly larger margin of safety to estimated intrinsic value. Companies without a durable competitive position are excluded at this stage, regardless of valuation.
STAGE 2
Attractive valuation
A strong business at the wrong price offers limited upside. Candidates are assessed against their historical valuation range using PE-based and discounted cash flow analysis. Only companies trading at a meaningful discount to estimated intrinsic value proceed to the next stage.
STAGE 3
Fundamental quality
Candidates that pass the first two stages are evaluated against a defined set of fundamental quality criteria. The criteria are applied consistently across all candidates and are designed to confirm that the underlying business is of sufficient quality to warrant a full analytical commitment.
What every report contains
Each full report follows the same structure, moving from an understanding of the business to its valuation.
Area of analysis
What this covers
Business and competitive position
How the company makes money, where its revenues come from, and what its cost structure looks like. Each source of competitive advantage is identified, explained mechanically, and tested for durability. The analysis covers the industry landscape, competitor positioning, pricing power, and disruption risks, including an honest assessment of what could erode the moat over time.
Management quality and capital allocation
Whether management has delivered on past commitments, how they communicate setbacks, and whether their strategy has remained consistent. Buyback timing, acquisition discipline, insider transactions, and governance structures are reviewed. The question throughout: are incentives aligned with long-term shareholders?
Ten years of financial data
A decade of fundamental performance, presented consistently across all issues. The core metrics are cash-based, which makes them harder to flatter through accounting choices. Where the business model requires a different lens, additional company-specific metrics are included. Earnings quality is assessed separately: whether reported profits are backed by operating cash flow, how stock-based compensation is treated, and whether costs described as one-offs recur year after year.
Valuation from two independent perspectives
A PE-based fair value derived from historical multiples, and a discounted cash flow model with explicit, documented assumptions. Relative valuation against direct peers provides additional context. A three-scenario analysis with sensitivity matrix translates the valuation into a range of outcomes under bear, base, and bull assumptions.
Investment thesis, risks, and market context
Three to five clearly stated arguments for why the market is mispricing the company, each with a logical chain and the specific, measurable conditions under which it would be invalidated. The macroeconomic and market environment at time of publication is documented and directly informs how scenario probabilities are weighted.
Issue 04 is available in full at no cost. It follows the same structure as every paid issue and is the most direct way to evaluate whether the research meets your standards before subscribing. Read Issue 04.
All published issues are listed in the archive. View the archive.
Access to Accelith Value Select
Subscribers receive every monthly issue, containing either a full research report or, if no company meets all criteria, a watchlist. Subscribers also have access to all previously published issues in the archive.
Monthly
EUR 19 per month
Full access to Accelith Value Select with monthly billing.
Yearly
EUR 190 per year
Full access to Accelith Value Select with annual billing, equivalent to two months free compared with monthly billing.
The subscription is available to investors residing outside the United States and the United Kingdom.