Published articles
Methodology, frameworks and sector commentary. Updated when there is something worth saying.
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IFRS 16 revisited: when the standard actually changes the lease versus buy answer
Operating leases no longer sit off-balance-sheet, but the lease versus buy economic comparison has not been rewritten as thoroughly as management decks often suggest. A short note on where the standard moves the recommendation and where it does not.
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Care-sector quality of earnings: the adjustments standard templates miss
Standard quality-of-earnings templates handle most consumer and services businesses competently. Applied to care-sector targets they routinely miss four adjustments that move the headline EBITDA materially. A short audit, for acquirers and their advisers.
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.