Metrics

This is what the metrics mean that we actually use in our analyses — and where they mislead. No dictionary definitions: every page says how we read the number and which decision depends on it.

Anyone looking for the full valuation framework of a sector will find it under Methodology.

Resources

• P/NAV — why junior companies almost never trade at 1.0
• AISC — what all-in sustaining costs contain, and what they do not
• Dilution — the commonest error in junior valuations
• Cash runway — the metric that decides the next financing
• NI 43-101 — what a technical report establishes, and what it does not
• Inferred, indicated, measured — the resource categories
• PEA, PFS, FS — the three study stages and how accurate they are

Biotech

• rNPV — present value weighted by the probability of success
• Probabilities of success by clinical phase — where the percentages come from

Technology

• Rule of 40 — and where it misleads
• Net revenue retention (NRR) — the real quality signal

Renewable energy

• PPA and EV/MW — how to value a project developer

And how these securities actually trade

The metrics answer whether a company supports its valuation. A separate section answers what happens when the security is dealt: who quotes the price on a German venue, when each venue is open, and which identifier is unambiguous. → Trading venues