Independent research on companies, markets and capital.
Merval Research publishes evidence-led analysis designed to support independent judgement. We examine businesses, valuation, markets and risk with clarity, discipline and a long-term perspective.
Research designed for independent judgement.
OUR PURPOSEMerval Research is an independent research publication for readers seeking a more disciplined understanding of companies, markets and capital.
Our work separates evidence from interpretation, identifies the assumptions behind each conclusion and states the risks and uncertainties that could change our view.
We publish when the research is ready, not simply to maintain volume
Company Research
Detailed analysis of individual businesses, including competitive position, financial strength, governance, valuation and material risks.
Quarterly Letters
Considered reviews of the developments, questions and risks shaping our research.
Market & Capital Research
Analysis of markets, economic conditions, capital allocation and matters relevant to long-term ownership.
Evidence before conclusion.
Every publication begins with a defined research question. Sources must be traceable. Facts are distinguished from interpretation. Uncertainty is stated rather than concealed. Material conclusions are subject to independent challenge before publication.
Where the evidence is insufficient, we reserve judgement.
FROM THE PRINCIPALResearch should strengthen judgement, not replace it
“ Our purpose is not to tell readers what to think. It is to examine what is known, distinguish evidence from assumption and state clearly what remains uncertain. Therefore we only publish when the work supports a conclusion worth defending.”
— Mr. Merval —
MEMBERSHIPResearch for independent judgement.
Membership provides access to current research, new publications and the complete Member Archive.
All Members receive the same general research. Merval Research Membership does not include personalised recommendations, portfolio advice or investment instructions.
Access to current research, new publications and the complete Member Archive. All Members receive the same general research.