Sector Primers
Getting up to speed on an unfamiliar sector usually means a week of scattered reading. Each industry primer compresses that into one PDF: how the sector makes money, the metrics and benchmarks that matter, with fully worked valuations and an Excel model behind the numbers.
Mining Primers
Mining
AISC and cost-curve position, jurisdiction-tiered discount rates, and sum-of-parts NAV worked through in full for three mines: gold, copper and silver-zinc.
Royalty & Streaming
Covers portfolio NAV, GEO mechanics and stream margin economics, and works deal evaluation through Kurmuk and Antamina.
Steel & Bulk Commodities
The steel spread, iron ore cost curve, met coal benchmarks, Section 232 and through-cycle EV/EBITDA, with worked valuations for an EAF steelmaker, an iron ore producer and a met coal miner.
Energy Primers
Oil & Gas
A going-concern NAV built end to end, supported by reserve classification, decline curves, netbacks, F&D costs, breakevens and EV/DACF screening.
Midstream & Pipelines
Distributable cash flow, coverage, leverage and contract quality, with EV/EBITDA screening and worked MLP and C-corp valuations.
Refining
How refiners turn crack spreads into earnings: capture rates, Nelson complexity, RIN compliance and mid-cycle EV/EBITDA, plus merchant and sum-of-parts worked examples and benchmarks.
Real Estate Primers
REIT
Property economics from cap rates to NAV and FFO/AFFO, covering industrial, residential, retail, self-storage, net lease and senior housing, with complete worked valuations.
Mortgage REIT
Agency carry and the book value scoreboard: BVPS and P/B, CPR, duration risk, hybrid MSRs and CRE credit, with a worked agency book and benchmarks.
Infrastructure & Digital REITs
Tower and data centre REITs on P/AFFO bands: escalators, churn, colocation versus hyperscale, bookings lag, power constraints and rate sensitivity.
Financials Primers
Banks
Values banks on P/TBV through sustainable returns, with CET1 headroom, NIM label traps, efficiency and credit discipline. The capital walk is worked in full, with benchmarks.
Insurance
Combined ratios, float economics and P/BV through ROE, plus yield label traps, reserve development and the life spread. Includes a worked P&C underwriter.
Alternative Asset Managers
Separates FRE from DE and the label traps between them, then P/FRE multiples, perpetual-capital mix, carry waterfalls, insurance balance sheets, fundraising momentum, and a worked valuation of a scaled manager.
Defence & Aerospace Primers
Defence Primes
Backlogs and budgets, book-to-bill momentum, contract-type economics, segment margin dispersion, FCF conversion and programme concentration screens.
Commercial Aerospace
Backlog-years and book-to-bill, OEM versus aftermarket mix, FCF conversion, and EV/EBITDA screens split by business model.
Space & Satellites
Launch economics and constellation capex intensity, EV/sales screens, OCF runway, and how backlog and government anchor contracts are defined.
Power & Infrastructure Primers
Regulated Utilities
Rate-base growth traced through to regulated EPS, then P/E premium bands, the FFO/debt funding gate, hybrids and rate-case lag.
Renewables & IPPs
Contracted power versus merchant exposure: PPA quality, the yieldco CAFD bridge, capacity factors, spark spreads and the EV/EBITDA premium on contracted assets.
Transport Infrastructure
Toll-road concessions valued on finite-life DCFs with zero terminal value, airports on regulated asset bases, plus traffic-GDP linkage, tariff escalators and benchmarks.
Transport Operators Primers
Shipping
Fleet NAV built vessel by vessel from each ship's remaining-life cash flows, the scrap floor, cash breakevens, charter cover and a freight trough, on two worked owners.
Airlines
Unit revenue and unit cost per seat mile, EBITDAR against lease-adjusted debt, fuel and load factor, and a downturn test on a network and a low-cost carrier.
Railroads
The operating ratio, PSR, revenue per unit and mix, return on capital against its cost, and a year-by-year valuation of a mature and an improving railroad.