Most research hands you a target price and asks you to trust it. Every report here ships with the working valuation model, open and adjustable. Disagree with an assumption, change it, and see what your own view is worth per share.
Try a live model ↓This is not a demonstration. It is the working model out of our AppLovin report, the same one that produced the $300–375 band on the list below. Drag any input, or load one of the three cases, and the fair value recomputes in front of you. Every report on this site carries one of these.
Terminal value is 74% of enterprise value, and net debt is almost nothing. The duration assumption is the entire risk in this model.
Modelled under our own assumptions, not a price target and not a forecast. Figures as at the 17 Aug 2026 close. The reasoning behind every input is in the full report.
New coverage weekly. Every rating reviewed each quarter on results, and immediately on a material event.
We start where the sell side stops — US listings with thin or no analyst coverage, where an extra pair of eyes is actually worth something.
Author positions are published on every report, with a fixed no-trade window either side of publication.
Every rating, its date, its price and what happened next — kept public whether or not it flatters us.
Everything here is published for information and education. It is not financial advice. Sonde is not a licensed investment adviser, has no clients, and knows nothing about your money or your circumstances. Every fair value on this site is our own estimate under our own assumptions — not a price target, not a forecast, and not a fact about the company. That is exactly why the assumptions ship with it. The terms say the same thing at greater length.
Every figure above is a modelled fair value under our own assumptions, not a price target and not a forecast. The model behind each one is on the report, and you can change it.
Targets get published without the arithmetic behind them, so a reader has no way to tell a considered view from a guess. Coverage clusters on the same two hundred large caps, leaving the half of the US market with no analyst attention genuinely unexamined. And the author's own position — the single most useful piece of context a reader could have — is almost never disclosed.
This publication fixes all three, and treats the fixes as the product rather than the paperwork.