is it really cheap? Independent valuation research

Deep research on stocks that look too cheap.

I take one company at a time and work out what it is worth. The model behind each number sits on the page itself, so if you disagree with an assumption, change it and watch the value move. Whether it is really cheap is for you to decide.

Current analyses

Rockhopper Exploration

AIM: RKH · Oil & gas, Falkland Islands

A 917-million-barrel oil development in the Falkland Islands, sanctioned in December 2025 and fully funded, with first oil due March 2028. My risked NAV is about 114p at $70 Brent against a share price near 70p, and it grows as the project de-risks.

Price Best-estimate value
About this site

One author, writing anonymously. I usually hold positions in the companies I write about and say so in each analysis. Nothing here is advice. If you think one of my numbers is wrong, the models are interactive so you can put in your own.