Honest Multiple RESEARCH & EDUCATION

Public-market research, honestly priced and honestly derived.

Honest Multiple is an independent research publisher. We sell digital educational publications and research reports on public companies and markets — original analysis with every assumption shown, so you can check the work and judge for yourself whether it was worth more than it cost.

Illustration of research papers with charts, a magnifying lens and a fountain pen on a desk
BusinessHonest Multiple
Based inToronto, Ontario, Canada
ProductsDigital only — delivered by email
PositionEducational only · No personalised advice

What we sell

Three digital products. No physical goods, no managed accounts, no courses with upsells — you pay the listed price, the publication arrives in your inbox, and a 14-day refund policy stands behind every purchase.

01

Subscription publicationThe Honest Multiple Brief

A short intelligence brief for self-directed investors, published three times a week. Each issue covers upcoming catalysts and earnings dates, notable moves and what actually explains them, and one company run through our full House Method evaluation — both legs, with the arithmetic shown.

  • Free edition: one issue per week, no card required
  • Paid edition: all three weekly issues, plus the full scored company evaluation
  • Cancel any time in two clicks; access runs to the end of the paid period
US$19 per month, paid subscription

Billed monthly through Stripe. The free edition stays free — it is how we earn the upgrade.

Subscribe to the Brief
02

Commissioned researchDeep-Dive Research Report

A fixed-price, fixed-scope report on a public company you choose, delivered within 48 hours of order. Financials, growth quality, catalysts, risks, and a full House Method valuation — written to be checked, not just read.

  • Compounder Score — relative value from normalized gross profit, quality growth and a durability rubric
  • Two-stage discounted-cash-flow valuation and margin of safety
  • Sources cited throughout, drawn from SEC filings and published financial data
  • One round of follow-up questions included
US$49–149 per report, one-time payment

The exact price is quoted before you pay and depends only on the company's size and data availability — never on the conclusion.

03

Digital downloadPortfolio Evaluation Toolkit

The House Method as a ready-to-use spreadsheet and written guide, so you can run the same evaluation on your own holdings: enter a company's figures once and get its Compounder Score, tier, DCF inputs, and margin of safety laid out the way our reports present them.

  • Spreadsheet with all formulas open and inspectable — nothing black-boxed
  • Guide covering inputs, sector adjustments, and the method's hard gates
  • Lifetime updates to the toolkit as the framework is revised
US$39 one-time payment, instant download

Delivered as a spreadsheet file plus PDF guide immediately after checkout.

Buy the Toolkit

The House Method, in brief

Every company we publish on is run through both legs of the House Method — always both, no exemptions. Leg A asks how cheaply the market prices a company's quality growth. Leg B asks what the company's cash flows are actually worth. A name earns high conviction only when both legs agree.

Leg A — Compounder Score (relative value)

Score = EV ÷ [ Normalized Fwd Gross Profit × Quality Growth × Durability ]

Lower means cheaper for quality growth. Every input is printed next to every published score:

  • Normalized gross profit — next-twelve-months revenue × a normalized gross margin: the average of the consensus forward margin and the 5-year mean margin, never above the forward margin. A peak-cycle margin is halved instead of capitalised, while a structural shift that shows up in both history and consensus still counts.
  • Quality Growth — the 3-year forward revenue CAGR, capped at 40% and floored at 0%, plus half the trailing free-cash-flow margin — growth weighted by the cash it produces.
  • Durability (0.6–1.3) — a fixed rubric, never a freehand number. Base 0.8. Add +0.2 for market leadership (top-2 share in the core market, stable or rising — only with a sourced share figure behind it), +0.2 for revenue visibility (contracted backlog, royalties or subscriptions at least 50% of forward revenue), +0.1 for a strong balance sheet (net cash, or net debt/EBITDA under 1), +0.1 if gross margin held within 15 points through the last downturn. Subtract −0.2 if a single product or customer exceeds 30% of revenue, −0.1 for negative trailing free cash flow, −0.1 if the value hinges on one pending decision.

Tiers: T1 Deep Value (0–8) · T2 Quality Discount (8–16) · T3 Fair Compounder (16–30) · T4 Stalwart Fair / Expensive (30–50) · T5 Bubble / Not Applicable (50+).

Hard gates: negative EBITDA and negative free cash flow caps a name at Tier 4; no gross profit (pre-revenue) or Quality Growth at or below zero makes Leg A not applicable. If a reader cannot recompute our number from the published inputs, we do not publish it.

Leg B — Margin of safety (absolute value)

MoS% = [(Average Intrinsic Value − Price) ÷ Price] × 100

Two parallel two-stage discounted-cash-flow models — one on operating cash flow, one on free cash flow, each with a five-year consensus growth stage and 3% terminal growth — are averaged into a single intrinsic value per share, then compared with the market price:

  • +40% or more — strong undervaluation
  • +20% to +40% — meaningful undervaluation
  • +5% to +20% — modest undervaluation; selective, quality businesses only
  • 0% to −5% — fairly valued
  • Below −5% — overvalued on this method

If a company produces no cash flow, the model honestly returns roughly zero — which means the method cannot value it, not that it is worthless.

How the legs combine: we publish both numbers and a quadrant — never a blended composite score. Tier 1–3 with a margin of safety above +5% is BEST (high conviction). Tier 1–3 at or below +5% is WATCH (quality, wrong price). Tier 4–5 above +5% is INVESTIGATE (cheap, but the engine is in question). Tier 4–5 at or below +5% is AVOID. We publish the disagreements, not just the agreements.

Lineage, stated plainly: the relative leg is an EV/Gross-Profit method in the PEG tradition, rebuilt with mid-cycle normalization, a quality-growth term, and a durability rubric. The absolute leg is a standard two-stage DCF. The method is ours in its rules, normalization, and disclosure — not in pretending the underlying math was invented here.

Try the arithmetic yourself

The same formulas, live. Enter a company's figures — from its filings or our reports — and see the Compounder Score and margin of safety our publications lead with.

Durability rubric — every company starts at 0.8; tick what applies (result is clamped to 0.6–1.3) Durability: 0.8
Compounder Score — Lower is cheaper for quality growth.
Normalized gross profit — NTM revenue × normalized gross margin.
Margin of safety — Intrinsic value vs. price.

Illustrative tool only. Outputs follow the House Method rulebook published above; they are not a recommendation to buy or sell any security.

The standard every product is held to

The name is the business model. A publication earns its price only if a careful reader finishes it feeling they received a bargain — and can verify that feeling against the sources.

01Original analysis, not aggregation

Every score and valuation is computed by us from primary inputs. Where we rely on analyst consensus figures, they are labelled as such and cross-checked.

02Assumptions shown, always

Growth rates, discount rates, and share counts appear next to every conclusion. A reader who disagrees with an assumption can re-run the number their way.

03Sources cited

Figures trace to SEC filings (10-K, 10-Q, Form 4) and published financial data. If a number cannot be sourced, it does not ship.

04No personalised advice

Publications are educational and general in nature. They are not tailored to any reader's situation, and nothing in them is a recommendation to buy or sell a security.

05No return promises

We never promise, project, or imply investment returns. DCF models are sensitive to assumptions — a two-point change in growth can move intrinsic value by 20–40% — and we say so in the work itself.

06Corrections in the open

When we get a number wrong, the correction is published in the next issue and the original is annotated, not quietly edited.

How ordering works

1.Choose a product

Pick the brief, a deep-dive report on a company you name, or the toolkit. Prices are listed above in US dollars, in full, before you commit to anything.

2.Pay securely

Checkout is handled by Stripe. Your card details go directly to Stripe and never touch our systems; charges appear on your statement as “Honest Multiple.”

3.Receive it by email

The toolkit downloads immediately. Brief issues arrive on publication days. Deep-dive reports are delivered as a PDF within 48 hours of your order.

Policies

Refunds — 14 days

If a product isn't what you expected, email us within 14 days of purchase for a full refund — no forms, no exit interview. Subscriptions can be cancelled at any time and are not renewed after cancellation. We would rather refund than dispute: refunds cost us a sale, disputes cost everyone more.

Delivery

All products are digital and delivered electronically — by email or immediate download. Nothing is shipped physically. If a delivery fails to arrive, contact us and we will re-send it the same business day.

Contact

Questions about a product, an order, or a refund are answered at the support email address shown on your Stripe receipt and order confirmation. We reply within one business day. Honest Multiple is operated from Toronto, Ontario, Canada.

Important disclaimer

Everything Honest Multiple publishes is for educational and informational purposes only. Nothing we sell or publish constitutes financial advice, investment advice, or a recommendation or solicitation to buy, sell, or hold any security, and nothing is tailored to any individual reader's financial situation, objectives, or risk tolerance. Stock markets are volatile, past performance does not predict future results, and valuation models are sensitive to their assumptions. Always verify figures against the latest SEC filings, do your own research, and consider consulting a registered financial advisor before making investment decisions.