XRO

Building your investment thesis

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Analysis in progress

Pulling historical financials

Annual and quarterly income statements, balance sheet

Reading SEC filings

Analysing management commentary

Scanning recent news and research

Forming the core argument

Breaking down the core business

Analysing financial performance

Stress-testing the moat

Sizing up the leadership team

Sizing the opportunity ahead

Crunching the multiples

Weighing up the evidence

Scoring the investment