RESEARCH METHODOLOGY
Evidence first.
Assumptions visible.
Authorship and review
Every edition carries a Northstar Research Desk byline, analysis date, market-data timestamp, and source register. Structured tools collect standardized data and reproduce calculations; they do not replace analyst judgment. Before publication, the workflow checks units and formulas, reconciles the latest historical periods to the cited source, reviews model outputs for economic consistency, and performs an editorial pass for duplicated or unsupported language.
Source hierarchy
Primary filings and issuer materials rank first. Standardized SEC XBRL facts supply historical financials where available; clearly labeled public fundamentals fill gaps for foreign issuers or unavailable tags. Market prices are point-in-time inputs, never timeless facts. Every chart and calculated table identifies its source directly beneath the exhibit, with a fuller source register in the appendix.
Operating model
Historical revenue, operating profit, net income, and free cash flow are converted into explicit growth and margin assumptions. Forecast pages distinguish Northstar estimates from reported history and from consensus data. Where licensed consensus is unavailable, the report says so and uses a clearly labeled market-implied case instead of presenting an invented consensus forecast.
Valuation and reverse DCF
DCF work shows forecast free cash flow, discount rate, terminal growth, net debt, share count, and every major formula. The reverse DCF solves for the revenue-growth path required for modeled equity value to equal the observed stock price. Comparable-company tables use calculated market capitalization and financial data from the same dated snapshot; peer selection is based on sector and economic profile, with limitations stated.
Scenario discipline
Bear, base, and bull cases change operating drivers, margins, discount rates, and terminal assumptions coherently. Each case produces its own revenue, cash flow, enterprise value, equity bridge, and per-share value. Thesis breakers identify evidence that should force a model rebuild.
Update schedule
The library receives a monthly data refresh and a weekly change log for All Access members. A company report is reissued after a material filing, earnings release, capital-allocation event, or assumption change. Edition dates remain visible so readers can distinguish a current model from an archival one.
Known limitations
Standardized data can differ from management's segment definitions and non-GAAP measures. Public market inputs can be delayed or corrected. Peer multiples are analytical reference points, not substitutes for company-specific work. Readers should verify fast-changing facts against the linked primary sources before acting.