The basics before the chart.

Independent equity research for patient investors. We publish in-depth reports on single companies and a newsletter every evening. Short analyses and the terminal are on the way.

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What you will find on Vort.

Research

Each report explains the business, the numbers, the value and what would break the thesis.We analyse companies with potential in depth. Each report explains the business, the numbers, what the stock is worth and what would break the thesis.

sections in every report

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Daily coverage

The newsletter goes out every evening at 20:30. Short analyses are on the way.The newsletter goes out every evening at 20:30, on what moved and why it matters. Short analyses during the day are on the way.

days a week

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Tools

The terminal comes with Vort Institutional, all on one screen.The terminal comes with Vort Institutional and puts a watchlist, fundamentals, news and scenarios on one screen.

Q2 2027

terminal launch

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Why read Vort.

One company, taken apart properly
10-Kthe first source we read
Nobody pays us to like a company
0ties to investment banks or brokers
We cover results the same evening
20:30when the newsletter goes out, Monday to Friday
Written to be understood
100%of figures carry a source and a date

See what a plan includes

09:41

Report

Fair value, rating and 12-month target come first.

SPCXHOLD

Fair value$143

At report$150.88

Upside-5%

12 monthsFair value $143

1Business
2Numbers
3Valuation
4Risks

BullBaseBear

The thesis

The argument fits in three points, before any table.

1ROIC 28%
2Capex −19%
3Net cash $42B

What would break the thesis××

Revenue+32%Margin73.5%

Watchlist

Your names, and what moved against our numbers.

SPCX$143-5%
NKE$50+30%
TSLA$268-20%
VST$182+22%
NVDA$279+28%
CBRS$166-11%
MU$1,140+22%
NVO$51+12%
UCG€87+3%
VRT$247-2%

Fair value against the price

The newsletter

At 20:30, Monday to Friday, we tell you what changed and whether it matters.

20:30The Vort newsletter

SPCX

NKE

TSLA

VST

NVDA

CBRS

NVO

UCG

Also worth reading

Vort Research

Illustrative screens. Ratings and fair values come from the published reports.

A report that speaks for itself.

Every figure is rebuilt from the filings and every assumption is written down, so you can redo the math line by line.Each report starts from the company’s official filings, such as the 10-K, the 10-Q, the proxy and the call transcripts. Every figure is rebuilt from the filings and every assumption is written down, so you can redo the math line by line. The summary is free to read in the dashboard, and the full PDF comes with Vort+.

Pages from the McDonald’s report, September 2026.

See all the reports

How we read a company.

Basics
What the company sells, to whom, and how it earns. We always start from the business model, before looking at a chart.
Numbers
We rebuild revenue, margins, cash flow and the balance sheet up to ten years back. We adjust them where the accounting hides something.
Valuation
We work out the WACC, the multiples, a multi-scenario DCF and a reverse DCF, to see what the price already assumes.
Risks
Each risk gets a probability and an impact on fair value. We also check insiders, 13F filings and short interest.
Scenarios
We write a bull, a base and a bear case, with catalysts dated 12 to 24 months out. We say what would break the thesis and keep watching for it.

How fair value changes when the assumptions change.

DCF sensitivity for METAFair value per share, in US dollars

Source: Vort model on sample data.

−50%+50%against the price

Hover over the chart to read a case. The surface turns slightly. The arrow keys move the selection.

Sensitivity table, in dollars per share

Fair value per share in dollars: WACC across the columns, terminal growth down the rows. The base case is boxed in orange.
g \ WACC	7.57.5%	8.08.0%	8.58.5%	9.09.0%	9.59.5%	10.010.0%	10.510.5%	11.011.0%
4.04.0%	1,263	1,105	981	883	802	735	679	630
3.53.5%	1,124	999	898	816	748	690	640	597
3.03.0%	1,016	914	830	760 (base case)	701	651	607	569
2.52.5%	929	844	773	713	661	617	578	544
2.02.0%	859	786	725	672	627	587	552	521
1.51.5%	800	737	684	637	597	561	530	501

Tap a cell to see its values above.

Hover over a cell and the case lights up on the surface.

The calculation uses five years of free cash flow growing 12.0% a year, plus a terminal value and net cash.

Fair value per share across 165 cases. It is green above the price, red below and grey at par.
The example’s price, $742
Where fair value equals the price, which is what the market already assumes
Contour lines join cases with the same fair value, one every $200
The two slices through the chosen case, at constant growth and at constant WACC
Base case: 9.0% WACC, 3.0% terminal growth

This is a sample model, for illustration only. It is not investment advice.

Every DCF rests on two assumptions, the discount rate and terminal growth. The table gives the fair value for every pair.Every DCF rests on two assumptions, the discount rate and the growth after the forecast years. The chart shows the fair value for every pair of values, and where it meets the price.

The model adds up five years of free cash flow growing 12.0% a year, a terminal value and net cash. It is simplified and uses illustrative inputs, to show the method.

WACC: 9.0%
Terminal growth: 3.0%
Fair value: $760
Against the price: +2.5%

What the price assumes

WACC implied by the price (growth 3.0%): 9.15%
Growth implied by the price (WACC 9.0%): 2.82%
Cases above the price: 41% (68 of 165)
Fair value range: $501 – $1,263
If WACC rises 25bp from the chosen case: -$31
If growth rises 25bp from the chosen case: +$27

The Vort terminal arrives with Vort Institutional.

The terminal puts a watchlist, fundamentals, news and scenarios on one screen, with the same numbers as the reports. It opens in the second quarter of 2027. The panels below use sample data.

Days: --
Hours: --
Minutes: --
Seconds: --

The terminal is live.

Watchlist

AAPL262.40+0.84%
MSFT512.15−0.37%
NVDA188.32+2.16%
META728.90−1.12%
AMZN236.18+0.52%

Fundamentals

Revenue: $416.2B
Gross margin: 46.9%
Free cash flow: $98.8B
Net income: $112.0B

News

07:31Apple lifts iPhone 17 build plans for the December quarter, supplier checks say
08:05Hesai signs a third European OEM; ADAS lidar ASP holds near $200
09:12Meta raises 2026 capex guidance to $140–150B for Llama training clusters

Scenarios

Bull$390
Base$325
Bear$240

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The analyses
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Everything Vort publishes: the full reports, every article and Vort AI.

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Full reports
All the articles
What Vort AI is doing
Newsletter archive
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Vort Institutional

Vort+ plus the terminal, the reports in six languages and what comes next.

€49.99 a month

Everything in Vort+
The Vort terminal
Reports in 6 languages
Future features

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What each plan includes

Free

Vort+

Institutional

Report summaries

The analyses

Articles

30%

Full reports

What Vort AI is doing

Newsletter archive

The Vort terminal

Early access

Reports in 6 languages

Future features

Frequently asked questions.

Still have a question? Write to research@vortresearch.com

You start with a free account.

A free account opens the report summaries, the analyses and three articles in ten.A free account opens the report summaries, the analyses and three articles in ten. Vort+ opens the full reports, every article and Vort AI.

Enter the dashboard See the plans

The basics before the chart.

What you will find on Vort.What you will find on Vort.

Research

Daily coverage

Tools

Why read Vort.Why read Vort.

One company, taken apart properly

Nobody pays us to like a company

We cover results the same evening

Written to be understood

A report that speaks for itself.A report that speaks for itself.

How we read a company.How we read a company.

1Basics

2Numbers

3Valuation

4Risks

5Scenarios

How fair value changes when the assumptions change.How fair value changes when the assumptions change.

The Vort terminal arrives with Vort Institutional.The Vort terminal arrives with Vort Institutional.

Watchlist

Fundamentals

News

Scenarios

Get on the list

The newsletter comes out at 20:30, Monday to Friday.

Plans and prices.Plans and prices.

Free

Vort+

Vort Institutional

Frequently asked questions.Frequently asked questions.

What is Vort?Expand+

What does a report contain?Expand+

How often do reports come out?Expand+

Is this financial advice?Expand+

How does the subscription work?Expand+

Can I cancel?Expand+

What about short analyses?Expand+

What is the Vort terminal?Expand+

Which languages are available?Expand+

How can I contact you?Expand+

You start with a free account.

What you will find on Vort.

Why read Vort.

A report that speaks for itself.

How we read a company.

Basics

Numbers

Valuation

Risks

Scenarios

How fair value changes when the assumptions change.

The Vort terminal arrives with Vort Institutional.

Plans and prices.

Frequently asked questions.