Understanding What Companies Are Really Worth
Most people look at share prices without knowing what they're actually buying. We teach you to read the numbers behind the noise—balance sheets, cash flows, competitive advantages. Not tips or trends, just the mechanics of valuing businesses properly.
Explore Our Program
What Fundamental Analysis Actually Means
Three pillars we return to constantly
Primary Sources Only
Annual reports, regulatory filings, industry data. We skip the commentary and go straight to what companies disclose about their operations, assets, and obligations.
Context Over Calculations
Anyone can plug numbers into a formula. Understanding why margins compress or why working capital changes—that's where real analysis starts.
Long-Term Thinking
Quarterly results matter less than multi-year trends. We focus on business quality, management decisions, and competitive positioning that persist across economic cycles.
How We Structure Learning
Our approach mirrors how professional analysts actually work. Start with financial statements, move into valuation frameworks, then apply these tools to real Australian companies across different sectors.
- Reading financial statements without getting lost in accounting jargon
- Identifying sustainable competitive advantages versus temporary market positions
- Building valuation models that account for uncertainty and different scenarios
- Analyzing industry dynamics specific to Australian market conditions
What You'll Actually Learn
Financial Statement Analysis
Beyond basic ratios—understanding cash conversion cycles, working capital management, and how accounting choices affect reported numbers. We dissect real company reports line by line.
Business Quality Assessment
Evaluating pricing power, customer retention, operating leverage, and capital requirements. You learn to spot which businesses can compound value over decades rather than quarters.
Valuation Frameworks
DCF models, comparable company analysis, and asset-based approaches—when each method works and when it misleads. We emphasize understanding assumptions more than spreadsheet complexity.
Australian Market Context
Sector concentration, regulatory environment, resource dependency, and how ASX-listed companies differ from global peers. Local examples matter when you're analyzing local opportunities.
Your Learning Path Through 2026
Foundation Module (Months 1-2)
Financial statement fundamentals, accounting terminology, and how businesses generate economic value. We spend extra time here because everything else builds on this base.
Analysis Techniques (Months 3-5)
Ratio analysis, trend identification, peer comparison, and quality assessment. This phase includes weekly case studies of Australian companies across mining, financials, retail, and tech sectors.
Valuation Methods (Months 6-8)
Building models, testing assumptions, and understanding when traditional approaches fail. You'll value real businesses using publicly available data, then compare your analysis to market prices.
Applied Practice (Months 9-12)
Independent research projects where you select companies, conduct full analyses, and present findings. This is where theory becomes practical skill through repeated application.
Astrid Lemaire
Investment Analyst
Before this program, I could calculate ratios but couldn't explain what they meant for business strategy. The case study approach—working through actual company reports rather than textbook examples—changed how I evaluate investments entirely. Now when I read an annual report, I see the story behind the numbers instead of just data points.