ET&A CapitalET&ACapital

Methodology

How we research.

ET&A is an independent research firm. Our credibility rests on how we reach a view — the process is the product.

Principles

Independence

Our research conclusions are our own. Advisory, subscription or Deal Room relationships never determine a rating, recommendation or screening outcome.

Primary evidence

We start from filings, financial statements, market data and direct observation — not from consensus or narrative.

Valuation discipline

Views are anchored to explicit assumptions and valuation, so a reader can see exactly what is priced in and what would change our mind.

Local depth, global context

African market knowledge combined with the frameworks used across developed markets, so companies are judged against the right comparables.

Transparency of risk

Every case sets out the key risks and what would invalidate it. We would rather be clear than certain.

Conflicts managed openly

Where a relationship could create a conflict, we disclose it and separate commercial work from published research.

The research process

  1. 1

    Question

    Define precisely what the research needs to answer.

  2. 2

    Evidence

    Gather filings, data, market structure and, where relevant, primary channels.

  3. 3

    Analysis

    Model the economics, test the assumptions and value the business or market.

  4. 4

    Conclusion

    Form a clear, falsifiable view with catalysts and risks.

  5. 5

    Review

    Challenge the conclusion before it is published or delivered.

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