Published articles
Methodology, frameworks and sector commentary. Updated when there is something worth saying.
-
Real estate viability appraisals: what has changed since 2024
The inputs that drive a UK viability appraisal have moved materially over the past eighteen months. A short audit of where the standard model is now out of step with the market.
-
IRR revisited: where it misleads investment committees
Internal rate of return is the most widely cited single metric in private capital. It is also the metric most likely to flatter a transaction. A short note on where it breaks and what to read alongside it.
-
A note on terminal value in pre-revenue technology businesses: the case against the perpetuity
Terminal value in a pre-revenue technology model is almost always the largest single number in the valuation. The standard Gordon growth construction is rarely the right way to produce it.
Commission analysis on a specific question
Insights articles describe how we think. Engagements are how we work. We are willing to write privately on a question that matters to you.