Buy-side investment memos

Equity Valuation Reports

Public-information investment memos backed by live Excel models. Both packages separate calculation integrity from trade actionability with explicit source ledgers, CAPM, formula-linked operating cases, normalized terminal reinvestment and zero-risk capital gates. As of August 8, 2026.

2 companiesFormula-driven ExcelSource ledgerQuarterly D&A monitorPoint-in-time sharesCapital-gated decisions
Alphabet memo: wait for proof, no position, scenario value $335.42
GOOGLDigital advertising · Cloud · AI

Alphabet

WAIT FOR PROOF / NO POSITION · D&A must cause an unoffset FY2027 EPS cut and every implementation gate must clear.

Spot$354.24
Scenario value$335.42
Vs. spot-5.3%
Open memo Download model
Nvidia PM memo: watchlist, no position, base DCF $165.41 and Q2 results August 26
NVDAAccelerated computing · AI infra

Nvidia

WATCHLIST / NO POSITION · wait for Q2 evidence on August 26. Spot requires a lower discount rate or a materially higher operating path; seven initiation gates remain open.

Spot$223.90
Base DCF$165.41
Vs. spot-26.1%
Open memo Download model

What's in each memo

Every company folder pairs a self-contained HTML memo with a live Excel model. Each workbook is a second implementation rather than a printout: a formula engine recalculates dated FCFF periods, balance-sheet bridges, WACC, terminal mechanics, scenario values and decision outputs.

  • memo.html — decision, causal thesis, implementation gate, scenario skew, quarterly catalyst bridge, conditional action rules, sources and limitations
  • model.xlsx — live model: formula-linked D&A vintages, CAPM, shares, dated DCF, scenarios, sensitivity, decision and blocking checks.
  • build/ — reproducible model and rendering pipeline with independent workbook recalculation.

Source: github.com/jainabhishek/equity-valuation-reports

Earlier editions

Each edition keeps its own dated URL rather than being overwritten, so a call can be read against what was knowable when it was made. Archived memos carry a banner and are not maintained.

  • Archive index — every published edition, and what changed between them
  • August 6, 2026 — first buy-side memo edition. Superseded: its 2026 Alphabet capex figure sat below guidance management had published two weeks earlier.
  • August 4, 2026 — screen-grade reports, the generation before the memo format.
Not investment advice. Analytical research on public information, for informational and educational purposes only — not a recommendation to any person and not a solicitation. Forecasts and assumptions may be wrong. Both companies carry zero current position because the variant, catalyst or implementation evidence is incomplete. Do your own diligence before making any investment decision.