Methodology
We disclose how we value. Every analysis on aktienanalyse.online links to the methodology it is based on.
The reason is simple: a valuation is only worth as much as the assumptions behind it. Anyone who quotes a number without explaining how it was reached is selling an opinion as a result.
Why there is no single method
An exploration company with no revenue cannot be valued on a P/E ratio. Neither can a biotech in Phase II. Both lack earnings — but for entirely different reasons, and with entirely different risks.
That is why we work with four valuation frameworks, one per sector:
| Sector | Framework |
|---|---|
| Resources | NAV/DCF based on technical studies · P/NAV · EV per resource unit |
| Technology | EV/Revenue normalised for growth · Rule of 40 · net revenue retention read per customer segment |
| Biotech | rNPV — present value per programme, weighted by the probability of success of the clinical phase |
| Renewable energy | Project DCF with PPA · pipeline by maturity · EV/MW as a plausibility check only |
The individual metrics
These four pages describe the framework. What a single metric means, where its comparison values come from and where it misleads is set out on a page of its own under Metrics — from P/NAV and AISC through rNPV and the probabilities of success by clinical phase to Rule of 40, NRR and PPA and EV/MW.
Methodology and metrics have to say the same thing. If a figure changes there, it changes here on the same day.
What applies to all four
- Every figure has a source and a date. Resource statements name the technical report, financial figures name the reporting date.
- No source, no figure. A benchmark we cannot trace to a verifiable primary source does not get qualified — it gets left out, and we say that it is missing.
- Convention and standard are kept apart. Most thresholds in valuation practice are market habit, not rule. Where that is the case, we say so.
- We model scenarios, not a point value: base, bull, bear.
- Dilution is included. Companies without cash flow finance themselves through equity raises. Ignoring that flatters value per share.
- We state the limits of each method. Every one of these pages says what the model cannot do.
Version
Version 2 · 11 August 2026. Changes to the methodology are documented and dated here.
| Page | Status |
|---|---|
| Resources | Version 2 · 11 August 2026 |
| Technology | Version 2 · 11 August 2026 |
| Biotech | Version 2 · 11 August 2026 |
| Renewable energy | Version 2 · 11 August 2026 |
On 11 August 2026 we checked the figures on all four pages against their primary sources. Some could not be substantiated and were corrected or removed; each of the four pages lists its own changes at the end. No published valuation is affected: in "start without an analyst" mode we publish neither a fair value nor price targets, and no valuation was issued under version 1.