Guides
Learn the concepts that drive each sector: what they mean, how to calculate them, and the benchmark ranges.
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01 Mining
All Mining guides →Mining
- What Is AISC? All-In Sustaining Cost Explained
- Gold Mining AISC Benchmarks
- AISC vs Cash Cost: What Miners Include (and Hide)
- How to Calculate AISC from Financial Statements
- What Is a Good AISC? How to Judge Mining Costs
- AISC for Copper Mines: Cost Metrics and Benchmarks
- Copper Cost Curve: C1 Cash Costs of the Majors
- AISC for Silver Mines: Primary Producers and By-Product Economics
- How to Value a Gold Mine: NAV & DCF
- How to Value a Copper Mine: NAV & the Copper Price
- Mining Discount Rates by Jurisdiction
Royalty & Streaming
- Royalty vs Streaming Companies
- What Is a GEO? Gold-Equivalent Ounces Explained
- NSR vs NPI vs GOR Royalties: Which to Model
- Royalty Rate Benchmarks: Typical Rates by Commodity
- How Sliding-Scale Royalties Change the Model
- How to Value a Metal Stream: Margin per Ounce
- The Streaming Tax Trap: Offshore Rates and NAV
- EV/GEO and $/GEO: Judging Royalty Deal Value
- Cobre Panama and Royalty Concentration Risk
Steel & Bulk Commodities
- Steel Spread and Metal Margin: How EAF Steelmakers Earn
- BOF vs EAF Steelmaking: Two Different Businesses
- Iron Ore Cost Curve: C1 Cash Costs of the Majors
- Coking Coal Cost Curve: FOB Costs by Producer
- Hard Coking Coal & the PLV Quality Benchmark
- EV/EBITDA Through the Cycle: Valuing Steelmakers
- Met Coal vs Thermal Coal: Pricing and Quality Benchmarks
- EBITDA per Tonne: Comparing Steel Producers
02 Energy
All Energy guides →Oil & Gas
- Decline Curve Analysis Explained
- How to Read a Reserves Report
- F&D Cost Benchmarks by Basin
- NAV vs EV/DACF for E&P Valuation
- PV-10 vs NAV: What the Standardised Measure Misses
- Operating Netback per BOE: Calculation and Benchmarks
- Shale Breakevens by Basin: the Dallas Fed Survey
Midstream & Pipelines
- Distributable Cash Flow vs FCF for Midstream
- MLP vs C-Corp: K-1s, Taxes and Who Owns Which
- EV/EBITDA by Midstream Asset Type
- Take-or-Pay Contracts and Pipeline Revenue Quality
- Distribution Coverage Ratio: the MLP Safety Metric
Refining
- The 3-2-1 Crack Spread: Calculation and What It Misses
- Nelson Complexity Index: Why Refinery Complexity Matters
- Crack Spread Capture Rate: Comparing Refiners Properly
- Refinery Operating Cost per Barrel: FY2025 Ranked
- RIN Costs and the RFS: the Refiner's Hidden Line Item
- Mid-Cycle EBITDA: Valuing Refiners Through the Cycle
03 Real Estate
All Real Estate guides →REITs
- What Is FFO? Funds From Operations Explained
- FFO vs AFFO: What's the Difference
- How to Calculate NAV for a REIT
- Cap Rates by Property Type
- REIT Implied Cap Rate: Reading Discount to NAV
- REIT Screening Checklist: 8 Key Metrics
- Industrial vs Office REITs
- REIT Net Debt to EBITDA by Company
04 Financials
All Financials guides →Banks
- CET1 Requirements 2026: SCB and G-SIB Surcharges
- CET1 vs Tier 1 vs Total Capital: Which Binds
- CET1 for European Banks: MDA Buffers vs the US
- P/TBV vs ROTCE: How Banks Are Actually Valued
- Net Interest Margin Explained
- CET1 and Bank Capital Ratios
- Bank Efficiency Ratio: Reading Cost Discipline
- Net Charge-Offs and the Credit Cycle
Insurance
- Combined Ratio Benchmarks 2026: Progressive to AIG
- Loss Ratio, Expense Ratio, Combined Ratio: Which Matters
- Insurer Expense Ratio Benchmarks: FY2025 Ranked
- Accident Year vs Calendar Year Combined Ratio
- Combined Ratio: the P&C Scoreboard
- P/BV vs ROE for Insurers
- Float and the Investment-Income Engine
- Reserve Development: Favourable vs Adverse
- The Life Insurance Spread Business
Alternative Asset Managers
- FRE Margin Benchmarks 2026: Blackstone to Carlyle
- Distributable Earnings by Firm: ANI, TOE and the Labels
- Net Accrued Carry: Valuing the Carry Receivable
- Fee-Related vs Distributable Earnings
- AUM, Fee-Paying AUM and Perpetual Capital
- How Alternative Asset Managers Are Valued
- Carried Interest and Hurdle Rates Explained
- The Insurance Engine: Athene and Global Atlantic
05 Defence & Aerospace
All Defence & Aerospace guides →Defence Primes
- Backlog and Book-to-Bill in Defence
- Defence Prime Book-to-Bill Benchmarks
- Defence Prime Segment Margin Benchmarks
- Funded vs Unfunded Backlog in Defence
- Free Cash Flow Conversion for Primes
- FAS vs CAS Pension Accounting for Defence Primes
- Cost-Plus vs Fixed-Price Contracts
- Defence Budgets and the Demand Cycle
- Valuing Defence Primes (FCF Yield)
Commercial Aerospace
- OEM vs Aftermarket: Where Aerospace Makes Money
- Aerospace Aftermarket Revenue Mix by Company
- Backlog and the Narrowbody Ramp
- Firm Backlog vs Unfilled Orders in Aerospace
- Aftermarket Margins and the Installed Base
- Boeing/Airbus Duopoly Economics
- Valuing Aerospace (EV/EBITDA, FCF)
Space & Satellites
- Space Sector Business Models
- Cash Runway in Pre-Profit Space Names
- Satellite Constellation Capex and Economics
- LEO vs GEO Satellite Economics
- Backlog and Government Contracts in Space
- Government Revenue Share Across Space Stocks
- Valuing Space Stocks (EV/sales, Runway)
06 Power & Infrastructure
All Power & Infrastructure guides →Regulated Utilities
- Rate Base: the Asset That Earns
- Allowed vs Earned ROE for Utilities
- The Regulated Utility EPS Build
- Utility P/E Premiums and Rate-Base Growth
- FFO/Debt: the Utility Funding Gate
- Allowed ROE Benchmarks: Six US Utilities
- Utility FFO/Debt Benchmarks: Six US Peers
- Forward vs Historical Test Years for Utilities
Renewables & IPPs
- PPA vs Merchant: How Generators Get Paid
- Yieldco CAFD Explained
- Capacity Factors by Generation Technology
- The Contracted Premium in Power Multiples
- Spark Spreads and Capacity Revenue
- Generation Capacity and Technology Mix by Company
- CAFD vs Free Cash Flow in Yieldcos
Transport Infrastructure
- Valuing Concessions: the Finite-Life DCF
- Toll Road Traffic and GDP Linkage
- Airport RAB Regulation Explained
- Toll Escalators and Inflation Linkage
- Concession Life and the Expiry Cliff
- Concession Life Remaining by Company
- Regulated Airports vs Demand-Risk Toll Roads
07 Transport Operators
All Transport Operators guides →Shipping
- Shipping NAV and Vessel Values
- Orderbook to Fleet Ratio by Shipping Segment
- Time-Charter Equivalent (TCE) Explained
- Shipping Cash Breakevens and Operating Leverage
- Scrap Value: the Shipping Floor
- Spot vs Time Charter: Locking the Cycle
- Containership Lessors vs Liner Operators
Airlines
- RASM and CASM: Airline Unit Economics
- Airline CASM by Carrier: Unit Cost Compared
- Airline Fuel Costs and Hedging
- Load Factor: Reading Airline Density
- EBITDAR and Airline Leverage
- EBITDA vs EBITDAR: Why Airlines Add Back Rent
- Airline Free Cash Flow and the Capex Cycle
Railroads
- Operating Ratio: the Railroad Efficiency Metric
- Class I Railroad Operating Ratios Compared
- Revenue per Unit and the Mix Effect
- Intermodal Share by Railroad: Volume and Revenue
- PSR: What Precision Scheduled Railroading Did
- Railroad ROIC and Capital Discipline
- Intermodal vs Trucking Economics
08 Healthcare
All Healthcare guides →Pharmaceuticals
- Patent Cliffs and LOE Erosion
- rNPV: Valuing Drug Pipelines
- Drug Development Probability of Success
- Pharma Revenue Concentration Risk
- The Pharma GAAP Payout Trap
- Pharma Patent Expiry Dates by Company
- Pharma R&D Intensity by Company
09 Chemicals
All Chemicals guides →Commodity Chemicals
- Ethylene and Polyethylene Spreads
- Ethane vs Naphtha: Feedstock Advantage
- Chemical Industry Cost Curves
- Steam Cracker Yields by Feedstock
- Mid-Cycle EBITDA for Commodity Chemicals
- Reading the Petrochemical Cycle
- Reported vs Adjusted EBITDA in Chemicals
Specialty Chemicals
- Specialty vs Commodity Chemicals
- Pricing Power and Raw-Material Pass-Through
- ROIC in Specialty Chemicals
- Paint and Coatings Business Economics
- Specialty Chemicals Gross Margins by Company
- Lithium Carbonate vs Lithium Hydroxide
- Valuing Specialty Chemicals (Premium P/E)
Industrial Gases
- Industrial Gas Business Models
- Take-or-Pay Contracts in Industrial Gases
- Why Industrial Gases Trade at Premium Multiples
- ROCE and the Gases Oligopoly
- Hydrogen and the Clean-Energy Backlog
- Project Backlog vs RPO in Industrial Gases
- Industrial Gas Margins by Company
10 Agribusiness
All Agribusiness guides →Fertilisers
- Nitrogen, Phosphate, Potash Explained
- Natural Gas and Nitrogen Fertiliser Costs
- Fertiliser Cost Curves Explained
- Fertiliser EBITDA per Tonne by Nutrient
- Mid-Cycle Earnings for Fertilisers
- Reading the Crop-Nutrient Cycle
- Fertiliser Price Benchmarks: FOB vs CFR
Ag Processing & Trading
- Crush Margins Explained (Soybean)
- The ABCD Agricultural Traders
- Origination, Processing and Ingredients
- Working Capital in Commodity Trading
- Valuing Ag Processors (EV/EBITDA, ROIC)
- Ag Processing Margin per Tonne by Segment
- ROIC vs Adjusted ROIC in Ag Processing
Aquaculture
- Salmon Farming Economics: Cost per kg
- Salmon Spot Prices and the Cycle
- EV/kg: Valuing Aquaculture Capacity
- Biological Risk: Lice, Mortality, Regulation
- Licence and MAB Capacity Constraints
- Operational EBIT vs Reported EBIT in Salmon Farming
- Salmon Farming Profit per kg by Country
11 Technology
All Technology guides →Software
- Net Revenue Retention: How Filers Define It
- Gross vs Net Revenue Retention
- Usage-Based Pricing and Net Retention
- Rule of 40: Which Margin Goes In
- Stock Pay as a Share of Revenue in Software
- Software FCF Before vs After Stock Pay
- RPO and cRPO in Software
- Current Share of RPO by Software Company
- Licence-to-Cloud Transitions and the Revenue Dip
- Reverse DCF for Software Stocks
- Vertical Software Acquirers: Return on Acquired Capital
Technology Hardware
- Negative Cash Conversion Cycles in Hardware
- Cash Conversion Cycle by Hardware Company
- Purchase Commitments vs Inventory in Hardware
- EMS Economics: Thin Margins and ROIC
- Mid-Cycle Margins for Hardware Companies
- Gross Margin Ranges in Hardware Since FY2016
- Hardware Product vs Services Gross Margin
- PC and Smartphone Replacement Cycles
Semiconductors
- The Semiconductor Inventory Cycle
- Days of Inventory by Chip Company
- Peak vs Mid-Cycle Margins for Chip Companies
- The Memory Pricing Cycle
- The Wafer Fab Equipment Cycle
- Capital Intensity in Semiconductors
- Capex to Revenue by Chip Company
- Fabless vs Foundry vs IDM vs OSAT
- Fab Utilisation and Gross Margin