About
Independent research, published in the open.
CompoundEU exists to do one thing well: analyse European listed companies on their fundamentals, and publish the reasoning in full.
- Universe
- European listed equities, with no sector mandate.
- Cadence
- Published when the work is finished, not on a calendar.
- Independence
- No sponsored coverage, no paid placements, no banking relationships.
The mission
Most research on European companies is produced by institutions paid by the companies they cover, by the funds that trade them, or by both. The incentives that follow are not hidden — they are structural, and they shape which businesses get covered and how conclusions are phrased.
CompoundEU is built to sit outside that structure. There is no sponsored coverage, no paid placement and no banking relationship behind any piece, so the analysis is the entire product. When a conclusion is unflattering, there is nothing to lose by publishing it.
The focus is deliberately narrow: European listed businesses capable of reinvesting capital at attractive rates for long periods, and the prices at which owning them makes sense.
The method
- 01
Start from the filings
Annual reports, segment disclosure and the capital allocation record come before broker models or press coverage. Where a figure is estimated rather than reported, the piece says so.
- 02
Judge the business before the price
Competitive position, pricing power and reinvestment opportunity decide whether a company is worth valuing at all. Most are not, and saying so is part of the work.
- 03
State the assumptions
Every conclusion names the assumptions holding it up, and the point at which those assumptions stop being reasonable.
- 04
Publish what would change the view
Each piece names the evidence that would falsify it. A thesis that cannot be wrong is not a thesis.
What this is not
Not investment advice
Nothing published here is a recommendation, a solicitation, or an offer to buy or sell any security. It is research, written in public, for readers who make their own decisions.
Not sponsored
No company, broker, fund or platform pays for coverage, for placement, or for sight of a piece before it is published.
Not a trading service
No price targets on a schedule, no alerts, no model portfolio, and no positions presented as calls to action.