Pick a sector, then a company.
An appraisal is an estimate, and estimates miss. The margin of safety is the allowance for being wrong: the distance between the market price and the low end of our range. We act only where that distance exists, never at the anchor.
Everything on this site serves that one purpose. The methods produce the range, the sensitivities show how it moves when an assumption does, and the simulations show how wide the honest uncertainty is. Each appraisal is a search for prices that leave room for error.
Dividend discount and residual income. Free cash flow is not a meaningful measure of a balance sheet that lends for a living, so we do not pretend to compute it.
Licence-life discounted cash flow. A generation licence expires; the textbook perpetuity assumes otherwise. We value only the years the plant will run.
Justified price-to-book, single and two-stage, anchored to a return on equity the company can sustain rather than the one it last printed.
Free cash flow to firm and to equity, on growth assumptions that must survive the company's own record.
Every appraisal carries a grid of what the value becomes at other discount rates and growth paths, and, where the spread matters, a simulated distribution around it. Cost of equity and the forecast path are the analyst's judgment, defended as such and never taken from a feed.
The result is not certainty. It is an analysis that can be challenged on a specific assumption rather than in general.
Estimates as at the dates shown, and they go stale. Market prices are those captured at appraisal.