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CL EDUCATE LIMITED (CLEDUCATE)

Commercial Services · Miscellaneous Commercial Services · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.40 / 100
Profitability 35Growth 73Balance sheet 12
Compare withNBCC (INDIA)FIRSTSOURCE SOLUTIONSINTL GEMOLOGICAL INSTITUTE

Share price

Closing priceAdjusted for splits and bonus issues.

₹56.08 latest close · +3.8% over the last 90 sessions

₹50₹60Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹50₹60Jul 3Sep 4Nov 9

₹56.08 month-end · −32.7% over 12 months

₹40₹60₹80Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹40₹60₹80Nov '25May '26Nov '26

₹56.08 month-end · −29.1% over 3 years

₹50₹100Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹50₹100Nov '23May '25Nov '26

₹56.08 month-end · +78.9% since Jan '19

₹0₹50₹100Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹0₹50₹100Jan '19Dec '22Nov '26

52-week range ₹35.48 to ₹93.50 · 1-year volatility 56.1%

How rough has the ride been?

Maximum drawdown-76.3%recovered 2021-07
1-year volatility56.1%annualised

Drawdown from peak

0%−25%−50%−75%2020202120222023202420252026−76.0% 0%−25%−50%−75%2020202220242026−76.0%
Largest drawdowns

-76.3% (2019-01 peak to 2020-04 low, recovered 2021-07)

-70.3% (2024-12 peak to 2026-03 low, not yet recovered)

-45.6% (2022-09 peak to 2023-03 low, recovered 2023-12)

Where does it rank among Commercial Services peers?

Each cell is the company's percentile rank among its Commercial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE17th▲ 5 pts vs a year ago
  • Op. margin54thflat vs a year ago
  • Revenue growth84th▲ 11 pts vs a year ago
  • EPS growth2nd▼ 5 pts vs a year ago
  • Debt/equity ↓9th▼ 6 pts vs a year ago
  • Cash cycle ↓74th▲ 41 pts vs a year ago
  • P/E ↓12th▼ 65 pts vs a year ago
  • 12M momentum26th▼ 31 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Commercial Services sector page Watch it move against Commercial Services in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Commercial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹56.08
ROCE
6.0%
Market Cap
₹304 cr
Revenue (TTM)
₹530 cr
P/S
0.6x
P/B
1.2x
ROE
-9.2%
Operating Margin
13.6%
Debt / Equity
1.1x
Promoter Holding
51.8%
12M Momentum
-32.7%

52-week range

₹35.48₹93.50
36% of the way from its 52-week low to its high

Price risk

1Y volatility
56.1%
Beta vs sector
1-year daily
0.55

Balance sheet & cash

Interest cover
operating profit ÷ interest
0.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.36x
Share count, 1Y
unchanged

Are profits backed by cash?

3 of 3checks within rangeAll clear
Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-34 daysWithin range

Debtor days are below the median of the previous three fiscal years by 34 days (53 vs 87). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress2% of fixed assetsWithin range

Capital work-in-progress is 2% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters trimmed 0.7 pts.
  • The number of shareholders fell from 22,039 to 18,713 (-15%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters52.5%51.8%-0.7 pts
FIIs8.1%7.8%-0.3 pts
DIIs0.0%0.0%0.0 pts
Public and others39.4%40.4%+1.0 pts

Number of shareholders

18,713shareholders-15% since Sep '23
19k20k21k23k Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 22,039
Dec '23: 21,743
Mar '24: 22,245
Jun '24: 21,324
Sep '24: 22,865
Dec '24: 21,480
Mar '25: 20,902
Jun '25: 20,953
Sep '25: 20,691
Dec '25: 20,610
Mar '26: 19,854
Jun '26: 18,713
 19k20k21k23k Sep '23Sep '24Sep '25Jun '26
Sep '23: 22,039
Dec '23: 21,743
Mar '24: 22,245
Jun '24: 21,324
Sep '24: 22,865
Dec '24: 21,480
Mar '25: 20,902
Jun '25: 20,953
Sep '25: 20,691
Dec '25: 20,610
Mar '26: 19,854
Jun '26: 18,713

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+8.7%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like CL EDUCATE LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −10% to +76% vs the market, against +3% for all non-financial companies in the same months.
  • The gap against the base rate (+5.9%, 80% range −1.3% to +25.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
PALREDTEC · Feb 2024: −66.5% vs market
HERANBA · Sep 2025: −40.1% vs market
DELTAMAGNT · Mar 2020: −35.1% vs market
KOHINOOR · Nov 2024: −31.4% vs market
OMAXAUTO · Oct 2020: −30.4% vs market
SHIVAMAUTO · Jan 2020: −29.4% vs market
VISHWARAJ · Nov 2023: −28.9% vs market
KANORICHEM · Jul 2023: −25.6% vs market
DCMNVL · Sep 2024: −22.1% vs market
DYNPRO · Sep 2023: −21.1% vs market
PPAP · Dec 2023: −20.2% vs market
INDSWFTLAB · Mar 2022: −12.8% vs market
CINELINE · Jun 2025: −10.7% vs market
GENUSPAPER · Oct 2023: −9.3% vs market
SPENCERS · Jan 2021: −6.0% vs market
SETCO · Apr 2020: −4.8% vs market
AKSHOPTFBR · Dec 2022: −3.8% vs market
BRNL · Jun 2023: −1.4% vs market
RML · Nov 2021: +0.2% vs market
MSPL · Mar 2020: +2.2% vs market
BIL · Mar 2023: +3.2% vs market
KCPSUGIND · May 2021: +3.9% vs market
INDTERRAIN · Mar 2023: +6.3% vs market
JITFINFRA · Feb 2020: +6.8% vs market
TITAGARH · May 2020: +7.9% vs market
WALCHANNAG · Apr 2022: +9.5% vs market
ONIDA · Aug 2020: +9.7% vs market
GILLANDERS · Apr 2020: +9.7% vs market
KRITI · May 2024: +22.9% vs market
JAYAGROGN · Jun 2020: +30.4% vs market
PFOCUS · Nov 2020: +34.4% vs market
KHADIM · Apr 2021: +43.5% vs market
COASTCORP · May 2025: +48.9% vs market
ZUARIIND · Jun 2020: +49.2% vs market
MAWANASUG · Jun 2020: +56.9% vs market
RICOAUTO · Nov 2021: +59.1% vs market
GINNIFILA · Feb 2020: +67.6% vs market
BOMDYEING · Oct 2022: +78.4% vs market
SEPC · Apr 2021: +80.6% vs market
CENTUM · Feb 2025: +87.2% vs market
AYMSYNTEX · Jun 2020: +95.3% vs market
PENINLAND · Jun 2022: +103.1% vs market
BLKASHYAP · Aug 2020: +125.6% vs market
GMRP&UI · Apr 2023: +129.1% vs market
V2RETAIL · Dec 2022: +129.3% vs market
DCW · Jul 2020: +139.7% vs market
PCJEWELLER · Jan 2024: +141.9% vs market
TRANSWORLD · Aug 2020: +155.0% vs market
GANESHHOU · Jul 2020: +195.7% vs market
KDDL · Jan 2021: +221.6% vs market
Similar setups +8.7%All companies +2.8%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 9 beyond the range shown, drawn at the edge

Similar setups' median
+8.7%
All companies' median
+2.8%
Beat the market
64% vs 53%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
BLKASHYAP
Industrial Services		 Aug 2020 —2% −23%−39% +126%
WALCHANNAG
Producer Manufacturing		 Apr 2022 —3% −2%−29% +10%
TITAGARH
Producer Manufacturing		 May 2020 —1% −57%−60% +8%
BOMDYEING
Process Industries		 Oct 2022 —6% −11%−40% +78%
AYMSYNTEX
Process Industries		 Jun 2020 —3% −40%−42% +95%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DCW
Process Industries		 Jul 2020 —1% −30%−42% +140%
KDDL
Consumer Durables		 Jan 2021 —8% −21%−21% +222%
GENUSPAPER
Process Industries		 Oct 2023 —1% −4%−21% −9%
How reliable is this?

Matched on P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and size. Not used (unavailable for this company): P/E. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to CL EDUCATE LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

30 events since Apr '20

  1. SepPeer rankMoved into the 2nd quartile of Commercial Services on operating margin (from the 3rd quartile).
  2. JunPeer rankMoved into the 3rd quartile of Commercial Services on operating margin (from the bottom quartile).
  3. JunDebtDebt / equity rose above 1.0x (1.08x).
  4. MarPriceFell 70% from the Dec 2024 peak to the Mar 2026 low.
  5. MarPeer rankSlipped to the bottom quartile of Commercial Services on operating margin (from the 2nd quartile).
  6. SepPeer rankMoved into the 2nd quartile of Commercial Services on operating margin (from the bottom quartile).
  7. JunResultsEPS (TTM) turned negative.
  8. MarValuationP/E crossed above the 90th percentile of its own history to date (67.3x).
Show 22 earlier events
  1. MarPeer rankSlipped to the bottom quartile of Commercial Services on operating margin (from the 2nd quartile).
  2. SepPriceRegained the 2024-01 peak, 3 months after the low.
  3. SepPeer rankMoved into the 2nd quartile of Commercial Services on operating margin (from the 3rd quartile).
  4. JulValuationP/E crossed above the 90th percentile of its own history to date (32.6x).
  5. JunResultsYear-on-year EPS growth turned negative.
  6. JunPriceFell 37% from the Jan 2024 peak to the Jun 2024 low.
  7. JunPeer rankSlipped to the bottom quartile of Commercial Services on EPS growth (from the top quartile).
  8. DecPriceRegained the 2022-09 peak, 9 months after the low.
  9. OctPeer rankSlipped to the bottom quartile of Commercial Services on ROCE (from the 3rd quartile).
  10. JunPeer rankMoved into the top quartile of Commercial Services on EPS growth (from the bottom quartile).
  11. MarPriceFell 46% from the Sep 2022 peak to the Mar 2023 low.
  12. AugPriceRegained the 2022-04 peak, 3 months after the low.
  13. JunResultsEPS (TTM) turned positive.
  14. JunPeer rankMoved into the 3rd quartile of Commercial Services on ROCE (from the bottom quartile).
  15. MayPriceFell 32% from the Apr 2022 peak to the May 2022 low.
  16. MarPriceRegained the 2021-11 peak, 3 months after the low.
  17. DecPriceFell 26% from the Nov 2021 peak to the Dec 2021 low.
  18. JulPriceRegained the 2019-01 peak, 15 months after the low.
  19. JunResultsEPS (TTM) turned negative.
  20. JunPeer rankSlipped to the bottom quartile of Commercial Services on ROCE (from the 3rd quartile).
  21. JunDividendDividend payout cut from 7% to -3% of profit.
  22. AprPriceFell 76% from the Jan 2019 peak to the Apr 2020 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹530 cr-9.2%6.0%1.1x
2026-10—₹530 cr-9.4%6.0%1.1x
2026-09—₹530 cr-9.4%6.0%1.1x
2026-08—₹548 cr-10.2%6.0%1.1x
2026-07—₹548 cr-10.2%6.0%1.1x
2026-06—₹548 cr-10.2%6.0%1.1x
2026-05—₹528 cr-11.5%3.0%1.0x
2026-04—₹528 cr-11.5%3.0%1.0x
2026-03—₹528 cr-11.5%3.0%1.0x
2026-02—₹477 cr-6.4%3.0%1.0x
2026-01—₹477 cr-6.4%3.0%1.0x
2025-12—₹477 cr-6.4%3.0%1.0x
2025-11—₹411 cr-7.1%3.0%1.0x
2025-10—₹411 cr-7.1%3.0%1.0x
2025-09—₹411 cr-7.1%3.0%1.0x
2025-08—₹359 cr-4.2%3.0%1.0x
2025-07—₹359 cr-4.2%3.0%1.0x
2025-06—₹359 cr-4.2%3.0%1.0x
2025-0575.0x₹334 cr2.2%8.0%0.1x
2025-0472.3x₹334 cr2.2%8.0%0.1x
2025-0367.3x₹334 cr2.2%8.0%0.1x
2025-0234.2x₹330 cr4.4%8.0%0.1x
2025-0158.1x₹330 cr4.4%8.0%0.1x
2024-1251.8x₹330 cr4.4%8.0%0.1x
2024-1143.5x₹322 cr5.2%8.0%0.1x
2024-1042.7x₹322 cr5.2%8.0%0.1x
2024-0944.8x₹322 cr5.2%8.0%0.1x
2024-0835.2x₹318 cr5.6%8.0%0.1x
2024-0732.6x₹318 cr5.6%8.0%0.1x
2024-0630.3x₹318 cr5.6%8.0%0.1x
2024-0518.3x₹291 cr8.4%7.0%0.1x
2024-0421.0x₹291 cr8.4%7.0%0.1x
2024-0320.9x₹291 cr8.4%7.0%0.1x
2024-0221.2x₹291 cr8.4%7.0%0.1x
2024-0126.1x₹291 cr8.4%7.0%0.1x
2023-1224.8x₹291 cr8.4%7.0%0.1x
2023-1119.3x₹291 cr8.4%7.0%0.1x
2023-1019.5x₹291 cr8.4%7.0%0.1x
2023-0917.4x₹291 cr8.4%7.0%0.1x
2023-0819.1x₹291 cr8.4%7.0%0.1x
2023-0718.5x₹291 cr8.4%7.0%0.1x
2023-0615.7x₹291 cr8.4%7.0%0.1x
2023-0525.1x₹209 cr5.4%6.0%0.1x
2023-0421.9x₹209 cr5.4%6.0%0.1x
2023-0320.1x₹209 cr5.4%6.0%0.1x
2023-0222.1x₹209 cr5.4%6.0%0.1x
2023-0125.1x₹209 cr5.4%6.0%0.1x
2022-1229.7x₹209 cr5.4%6.0%0.1x
2022-1131.2x₹209 cr5.4%6.0%0.1x
2022-1031.1x₹209 cr5.4%6.0%0.1x
2022-0930.6x₹209 cr5.4%6.0%0.1x
2022-0836.5x₹209 cr5.4%6.0%0.1x
2022-0726.6x₹209 cr5.4%6.0%0.1x
2022-0625.0x₹209 cr5.4%6.0%0.1x
2022-05—₹182 cr-5.3%-3.0%0.2x
2022-04—₹182 cr-5.3%-3.0%0.2x
2022-03—₹182 cr-5.3%-3.0%0.2x
2022-02—₹182 cr-5.3%-3.0%0.2x
2022-01—₹182 cr-5.3%-3.0%0.2x
2021-12—₹182 cr-5.3%-3.0%0.2x
2021-11—₹182 cr-5.3%-3.0%0.2x
2021-10—₹182 cr-5.3%-3.0%0.2x
2021-09—₹182 cr-5.3%-3.0%0.2x
2021-08—₹182 cr-5.3%-3.0%0.2x
2021-07—₹182 cr-5.3%-3.0%0.2x
2021-06—₹182 cr-5.3%-3.0%0.2x
2021-05—₹309 cr-18.7%-2.0%0.2x
2021-04—₹309 cr-18.7%-2.0%0.2x
2021-03—₹309 cr-18.7%-2.0%0.2x
2021-02—₹309 cr-18.7%-2.0%0.2x
2021-01—₹309 cr-18.7%-2.0%0.2x
2020-12—₹309 cr-18.7%-2.0%0.2x
2020-11—₹309 cr-18.7%-2.0%0.2x
2020-10—₹309 cr-18.7%-2.0%0.2x
2020-09—₹309 cr-18.7%-2.0%0.2x
2020-08—₹309 cr-18.7%-2.0%0.2x
2020-07—₹309 cr-18.7%-2.0%0.2x
2020-06—₹309 cr-18.7%-2.0%0.2x
2020-052.7x₹339 cr5.9%8.0%0.2x
2020-042.6x₹339 cr5.9%8.0%0.2x
2020-032.2x₹339 cr5.9%8.0%0.2x
2020-024.2x₹339 cr5.9%8.0%0.2x
2020-015.1x₹339 cr5.9%8.0%0.2x
2019-125.3x₹339 cr5.9%8.0%0.2x
2019-115.2x₹339 cr5.9%8.0%0.2x
2019-105.3x₹339 cr5.9%8.0%0.2x
2019-095.5x₹339 cr5.9%8.0%0.2x
2019-085.9x₹339 cr5.9%8.0%0.2x
2019-076.5x₹339 cr5.9%8.0%0.2x
2019-067.4x₹339 cr5.9%8.0%0.2x
2019-0527.5x₹289 cr1.9%4.0%0.2x
2019-0429.7x₹289 cr1.9%4.0%0.2x
2019-0330.0x₹289 cr1.9%4.0%0.2x
2019-0229.6x₹289 cr1.9%4.0%0.2x
2019-0131.0x₹289 cr1.9%4.0%0.2x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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