Method
How the research is made.
Every Mool report is read from the company’s own filings, computed in code and kept on the record. This is the method in full, in the order a report is made.
A file is the research on a company carried from run to run: each run starts from the last one and ends with a new version, and nothing earlier is overwritten. Mool is moving the companies it covers onto files; until a company has one, its research is written in full on every cycle. The rules below hold for every report, and those that hold only where Mool keeps a file on a company are marked.
Filings first.
Computed in code.
Our estimate before the street’s.
Every call kept.
Filings first
The research is read from the company’s own documents first, the annual report, the results releases, its exchange disclosures, investor presentations and call transcripts, with market data beside them. Every figure carries its source, its period and its unit.
Where a filing and a data vendor give different figures for the same line, the disagreement is written down, never averaged away.
Where Mool keeps a file on a company
Every document is registered as a source before anything is taken from it, and every figure is cited to its page. Sixteen kinds of evidence are attempted, from operating metrics in the company’s own words and every forward statement management has made, to related-party flows, contingent liabilities and capital actions.
Computed in code
Derived figures such as EBITDA, net debt, return on capital and normalised EPS are computed in code from the statements, never by hand.
A figure that is not in a filing, a data result or code output does not exist for the report: it is marked as not disclosed or not retrieved, never filled in from memory.
Where Mool keeps a file on a company
Code also computes every forecast line, range and value from the drivers the analyst sets, and the model must rebuild the company’s reported history within half a percent before it is allowed to forecast.
Mool’s estimate before the street’s
Mool’s forecast for the next quarter and the next two fiscal years is built from the company’s own results, presentations and call transcripts before the street’s numbers are read. It is recorded as it was made, never moved toward the consensus by rule, and printed beside the street’s, so each can be checked against the results it forecast.
Where Mool keeps a file on a company
The figure Mool publishes is the analyst’s own number: never a blend with the street’s, and never moved toward it to close a gap. Every published figure more than 2% from the street’s names the driver or claim that explains it, and the report is not published without that reason.
Claims a reader can check
Each call rests on claims a reader could check: what will be observed, where it will be reported, the threshold and when it is checked. None is about a period already reported.
Exit triggers name what would end the case whatever the price, each with the level at which it would.
Where Mool keeps a file on a company
The claims are kept with the file: each run re-tests them against the new evidence, and a claim that no longer applies is retired with its history, never deleted.
The call and the review it passes
A call is one of four ratings, Buy, Hold, Sell or Avoid, weighed against the expected 12-month total return and the company’s cost of equity. Avoid means the company’s governance or accounts do not allow a reliable view, whatever the price.
Every rating is published with what it was held to, and checked in code against the report’s own numbers before it is published.
Where Mool keeps a file on a company
The ratings are defined as published with every call. Buy: a total return over the next twelve months well above the company’s cost of equity is expected. Hold: a return around the cost of equity, or below it without a fall in the price. Sell: a fall in the price, for a return clearly below the cost of equity. Avoid: the governance or the accounts do not allow a reliable view.
The rating is the analyst’s judgement under those definitions, argued in writing and never set by a formula. A call that contradicts its definition cannot stand, and anything else that does not add up must be answered in writing before the report is published.
Kept on the record
Every covered company is researched again, and each new report joins its history. Nothing earlier is replaced: every report keeps its call, and every 12-month target is followed against the daily close until it is reached or runs out of time.
With Individual or above, you can read every earlier call on a company.
Where Mool keeps a file on a company
The file is not rebuilt from nothing. Each run starts from the last version and ends with a new one: after every quarter’s results, after a material filing or event, and on a refresh when nothing has fired. A results run scores the earlier forecasts against what was reported.
What a report holds
Every report carries Mool’s call, analyses that build on each other and the research model behind them. The first analysis, the business model and financial foundation, is served without the call and is free to read wherever Mool has published it; the rest opens with Individual or above.
Where Mool keeps a file on a company
That first analysis is built by code from the file when a run is finalized, from the company’s statements, structure, segments and shareholding, and never from the model, the valuation or the call.
- Business model & financial foundationWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
Who answers for it
Mool's research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, which is responsible for it. It is general research, not advice for any individual.
Mool Capital Private Limited is registered with SEBI as a Research Analyst (INH000012449).
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