Learn how professionals reason about a company, one layer at a time.
Aperto is a structured investment research framework built to teach. We guide you through a strict layered analysis from economic moat to thesis invalidation so you can uncover the end-to-end reasoning behind a great business. No emotion, no market noise. Just pure process.
Four questions, asked in order. The framework is the product.
A core quality rating built from five structural pillars across Bear, Base, and Bull scenarios.
An intrinsic value range modeled through multiple valuation lenses, weighted against today's price.
A technical confluence score across 11 indicators, built purely for entry-timing discipline.
An invalidation diagnostic checking the latest filings against eight key stress tests.
Analysis seamlessly integrated with education. Showing the work is the entire point.
Clarity over Clutter
Read the high-level investment thesis first, then unfold the deep dive to inspect the underlying quantitative models.
Context over Jargon
Hover over any unfamiliar financial metric to view an instant, plain-English definition without losing your place in the analysis.
Confluence over Precision
View corporate valuations through multiple distinct analytical lenses rather than a single price target, mapping out clear structural ranges of uncertainty.
Scale your coverage, not your education.
Read a company the way a professional does — why, what, when and how.
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New accounts start on Basic — three ticker slots, full-depth reports, free forever.
🔒 Aperto never uses your email for marketing, nor shares it with third parties.
Your positions and locked theses live here. A password alone shouldn't open them.
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Producing a fresh report for {{ activeName }}.
This ticker is cold, so the engine is reading the filings and running all four layers. It's added to the shared library once complete — usually a few minutes. You'll see each layer land below as it finishes.
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Generating a brand-new report is a Plus feature.
{{ activeName }} isn't in the shared library yet. Plus and Pro can generate uncovered tickers from cold — and every report you already hold stays full-depth on Basic. You learn the same way in every tier; paying adds breadth.
Generating a new report is a Plus feature — your existing reports stay full-depth on Basic.
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What do you think, before the engine tells you?
Commit to your thesis before the data does. Aperto locks and timestamps your logic, then runs the critique.
The engine read these testable conditions in your thesis. Confirm or adjust the thresholds; each one is re-checked nightly against fresh statements, and a breach lands on your Falsification Feed.
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Falsified if: {{ committedPre }}
An exceptional-quality business with a wide moat, anchored by CUDA-driven switching costs — with the price ~31% below the framework's estimated value, while timing indicators are still developing.
The framework's intrinsic value estimate is $293 per share (range $218–$423) against today's $202.78. Cross-model agreement is very low — a coefficient of variation of 50% — so the value is read as a range anchored on the Primary DFCF lens, not a point. The technical layer returns 4.5 / 11 (Developing), and the thesis-invalidation diagnostic returns Noise, with one test on watch. Together the four layers point to a patient stance while the entry develops.
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Five weighted sections roll up into the composite. The strongest evidence is exceptional management quality and a wide, three-source moat; the weakest is a competitive landscape where the biggest customers are also the most credible challengers. This is a hyper-growth compounder whose central risk is customer vertical integration, not demand.
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The composite ({{ whyCompositeStr }}) is a probability-weighted blend, deliberately downside-heavy (40% Bear). A wide Bull−Bear spread means the number leans on which scenario plays out — read it as a range, not a point.
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The market is already paying this enterprise value for a business with no commercial revenue. That number is what today's price assumes the milestone map below will deliver; it is not a target, and Aperto does not counter it with one.
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Value is shown as a range, not a single false-precise number. The anchor is the Primary DFCF lens; because cross-model agreement is very low (CV 50%), the framework anchors on that lens rather than blending. Today's price sits below even the range floor — the reverse-DCF panel below shows what growth the market is actually paying for.
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Each dot is one method's estimate on a shared axis; the vertical line is today's price ({{ ffPriceStr }}). The estimates span {{ ffSpanStr }} — the wider the scatter (CV {{ ffCvStr }}) the more the framework anchors on the Primary DFCF lens rather than averaging.
Solved backwards from today's price, the market is implying about {{ revMarketStr }} annual free-cash-flow growth. The forward growth reference sits near {{ revBaseStr }}. The gap is the judgement you're handed — is the market too cautious, or the forward view too generous?
Sampling the four assumptions around your current settings across {{ mcN }} runs, today's price of {{ mcPriceStr }} sits at roughly the {{ mcPricePctileStr }} percentile of modelled intrinsic values — most simulated outcomes land above it. The spread is the uncertainty the single number hides.
More simulations smooth the distribution at the cost of speed. Adjust, then re-run.
Run a Monte Carlo simulation to see the full distribution of intrinsic values implied by your assumptions — not one number, but the whole range of outcomes and where today's price falls within it.
Intrinsic value at every pairing of discount rate and terminal growth, holding growth and margin at base. Green sits above today's price, red below; the bordered cell is the published base case. Two assumptions, the whole answer space.
Stress the published valuation against the macro environment: shift the risk-free rate, equity risk premium, credit spreads and the cash-flow path, or apply a whole scenario in one tap. Included with Plus and Pro.
Macro reaches a valuation through two doors: the discount rate (Fed policy, risk appetite, credit conditions) and the cash flows (demand, margins). The first three sliders recompose WACC from the engine's own decomposition; the fourth shocks the cash-flow path. Terminal growth stays untouched: that lever belongs to the Live DCF above.
An entry-timing tool only — never an exit trigger. The confluence score is 4.5 / 11 (Developing): the structural trend is up and a fresh MACD cross has fired, but the sector relative-strength and volume gates have not cleared. Eleven independent indicators across seven blocks, five currently lit.
An entry-timing tool only — never an exit trigger. The confluence score is {{ whenScoreStr }} / {{ whenMaxStr }} ({{ railWhenLine }}). Eleven independent indicators across seven blocks score entry-timing; those lit are highlighted below.
Eight structured tests against the latest filings. No test has failed — one sits in Watch: regulatory license, on a French Competition Authority inquiry plus expanding export controls. This is thesis noise, not invalidation. Next re-underwrite: 26 Aug 2026.
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Chart data by TradingView; quotes may be delayed.
Prices via Financial Modeling Prep; quotes may be delayed. Engine levels are educational reference points — not advice.
Automated news matching against this company's falsification tests. Verify against the primary source and the test's criterion yourself — this is a pointer, not advice.
Active Coverage
Each holding carries its full four-layer summary. Open one for the guided read.
(Primary Lens) When How Synthesis
What changed since last week?
A factual diff of what the engine re-read — evidence to interpret, not alerts to act on.
Pro re-reads every holding each week and shows a factual diff of what changed — layer by layer, evidence to interpret rather than alerts to act on.
What are the major movements in the market and your watchlist today?
We only surface major moves:
a) Broad market: flagged when the day move of the SPY is ≥ 1.5%. SPY's typical day is ~0.8%, and 1.5% is roughly two standard deviations from this mean. Only ~5% of days exhibit such a move.
b) A watchlist stock: flagged when the move exceeds 2× its own 20-day average daily range, with a floor of 4%. A relative approach is adopted to account for the differing volatilities of each stock.
S&P 500 Today
Data by TradingView.
Macro Releases
US releases, medium & high importance. Data by TradingView.
Where the Cycle Stands
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Judge the decision, not the result.
Every thesis you lock before reading a report lands here. The point isn't whether the trade worked — it's whether your process was sound. Strong process with a poor outcome is just variance; thin process with a good outcome is luck you can't repeat.
Your decisions sit on the horizontal axis the moment you lock them — that's process, fully in your control. They rise or fall vertically only as outcomes resolve over time.
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Falsified if: {{ e.pre }}
Over time this plots how confident you were against how the decision actually resolved. Well-calibrated investors sit near the diagonal — high conviction earning strong outcomes, low conviction on the ones that didn't work. Your decisions appear on the conviction axis the moment you lock them and rise or fall as outcomes resolve.
Hover any dagger-marked term in a report to add it here. This is a quiet map of the vocabulary you've built — no streaks, no points, just coverage.
No decisions logged yet.
Open any company, switch to Deep Dive, and lock your thesis before the analysis reveals. Each locked thesis becomes a journal entry here — scored on process, tracked on outcome.
The evidence against you, on purpose.
Once a thesis is locked, confirmation bias does the rest. This feed inverts it: every locked parameter is re-checked nightly against fresh statements, and library watchdog headlines that press on a thesis land here too. Nothing on this page validates you.
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Nothing challenging your theses yet.
Lock a thesis with falsification parameters and the nightly sweep starts hunting for evidence against it. Quiet here is earned, not assumed.
What you actually hold.
Positions weight the loop by real exposure. Each tile is sized by market value and coloured by thesis health: your locked conviction, blended with the engine's margin of safety and timing read. A drift badge means the Falsification Feed has evidence against a position you still hold.
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A repeat entry for the same ticker replaces the holding. Averaging across lots is your arithmetic, not ours.
Grey tiles have no locked thesis or library report to read health from. Positions without a live quote are sized at cost basis.
Prices via the live quote proxy; may be delayed. Educational reference only, never advice. Positions are your own assertions and never leave your account.
No positions recorded yet.
Add what you hold and the Thesis Heatmap will weight every locked thesis, margin of safety and drift alert by your real exposure.
Screen the market in plain language.
Describe what you are looking for. Aperto reads the request into explicit filters and shows them back to you, then runs them over the covered library where the engine has real scores, and over the wider market where it does not. No score is ever invented for a company without a report.
Discovery is a Pro tool.
Natural-language screening over the covered library and the wider market, with the parsed filters and data provenance shown on every result.
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Margin of safety is re-derived from the live price against each report's intrinsic value. Sorted by margin of safety.
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Educational reference only, never advice. Screening data by FMP; quotes may be delayed.
Start from an idea, not a ticker.
Describe a trend or a structural thesis in plain language. Aperto breaks it into an upstream, midstream and downstream value chain, then grounds every company against a live profile and the scores the engine has already earned. Any name it cannot verify is dropped, never invented.
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Flagged by arithmetic alone: a link that grounds to two or fewer verifiable public companies, or where one name carries at least 65% of the link's market value.
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Educational reference only, never advice. The value chain is generated, then every constituent is validated against a live profile before it is shown.
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Educational reference only, never advice. Theme membership is curated and validated against live company profiles, not generated on the fly.
Or start from a curated theme.
Each theme is a curated narrative about where durable value might sit, with its constituents ranked by the scores the engine has already earned. Companies without a report show live market figures only; a score is never invented to make a theme look complete.
ETF Research is a Pro tool.
Fund portfolios from primary SEC filings, with the engine's scores aggregated across every holding Aperto has covered and an honest account of what it has not.
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Weighted by each holding's share of fund net assets, renormalised over the covered slice only.
Educational reference only, never advice. Holdings per the fund's SEC N-PORT filing; fund metadata by FMP; figures may be delayed.
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What do you think, before the engine tells you?
Commit to your view on this fund before the data does. Aperto locks and timestamps your logic, then runs the critique.
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Falsified if: {{ committedPre }}
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The five-pillar business-quality read, weighted across every holding Aperto has scored. Each pillar states the share of fund assets its score is drawn from, so a thin slice never masquerades as the whole fund.
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A fund has no single intrinsic value, but it has a weighted margin of safety. {{ etfrMethodology }}
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Switch to Deep Dive for the per-lens valuation aggregation across the covered holdings.
Each lens aggregates only over the covered holdings where that model ran; lens coverage differs because the engine selects a different model set per company.
Rate and risk shifts hit every holding at once. Aperto pushes each shock through each covered company's own WACC decomposition and engine sensitivity grid, then re-weights the result into a live fund safety score.
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A fund has no single thesis verdict; it holds a distribution. This is the covered slice's HOW verdict by weight, then each holding's open falsification tests, heaviest position first.
Switch to Deep Dive for each covered holding's open falsification tests.
Chart data by TradingView; quotes may be delayed.
Prices via Financial Modeling Prep; the implied fund IV is the price scaled by the covered-slice safety score. Educational reference, not advice.
Your account
🔒 Aperto never uses your email for marketing, nor shares it with third parties.
Scale your coverage, not your education.
Every tier gets full-depth reports and the education tools. More slots, new-ticker generation and advanced tools come with Plus and Pro.
Prices in SGD · billing via Stripe · cancel anytime.
Showing the work is the whole point.
Aperto automatically extracts data from 10-K and 10-Q filings to fuel a transparent, four-layer analysis. Instead of hiding the math behind an opaque score, we provide a fully auditable trail from raw financial statements to final conclusion.
Glass-box architecture
A glass box, not a black box: every figure is reconstructible from disclosed inputs, every assumption is visible and adjustable, and every report shows its working. (Aperto is Italian for open — transparency is the posture of the tool.) You reason; the engine shows its reasoning back.
Why should I invest in this business?
Five weighted sections — economic moat (35%), business quality (25%), management (20%), competitive landscape (15%), industry & macro (5%) — each scored 0–3 across sub-categories and rolled into a 0–100 composite. Judgment-based sub-categories use Bear / Base / Bull scenarios (40/40/20) to surface conditionality. The composite plus a strength-and-durability gate set the moat rating.
What is the fair value of the business?
Up to ten valuation lenses are screened; the structurally appropriate ones are kept and weighted by how tight their Monte Carlo distributions are. When cross-model agreement is low (CV above 35%), the framework anchors on the Primary DFCF lens rather than blending — and reports intrinsic value as a range, never a single false-precise number.
When is the right time to invest?
A 0–11 confluence score across seven blocks — support location, momentum, trend, market and sector relative strength, ADX direction, and volume. It is an entry-timing discipline only and is deliberately silent on exits; it never fires when the margin-of-safety criterion isn't met.
How do I know if the thesis has been invalidated?
Eight structured tests run against the latest filings after publication — demand, moat, reinvestment runway, capital structure, regulatory licence, management response, key-person, and precedent. Verdicts are noise, watch condition, or structural invalidation. It explicitly rejects valuation overshoots, earnings misses, technical breakdowns and macro mood as sell signals.
Five-Pillar Business Quality Assessment
Before price ever enters the conversation, the WHY layer asks whether the company can compound. It scores five distinct pillars across their sub-categories on a tight 0–3 scale. These judgments roll into a 0–100 composite, passing the final rating through a strict strength and durability gate.
The Five Structural Pillars
The 35 / 25 / 20 / 15 / 5 weighting is not arbitrary. It ranks the five drivers by how durably each one governs long-run returns, so the things that decide a decade outweigh the things that decide a quarter.
Asymmetric Scenario Weighting
Judgment-based sub-categories are scored under three scenarios rather than one point estimate, and the weighting is deliberately downside-aware: the bear and base cases together carry 80%. The asymmetry encodes a simple investing truth: protecting against the downside matters more than reaching for the upside. It also surfaces conditionality, showing exactly which assumptions the thesis depends on.
The Moat Gate
The final moat rating is not the composite alone. A company must clear a strength-and-durability gate as well. A high score built on an advantage that is wide but fragile, or durable but thin, is held back. Width without durability fades, and durability without width never earned excess returns to begin with.
The Objectivity Tier System
Sub-categories are not scored arbitrarily. Each is assigned to one of three operational layers, which determines how much human judgment is even permitted to touch it:
Sector-Specific Adjustments
Aperto dynamically morphs its scoring criteria depending on the business model rather than treating all sectors as a generic block. It isolates the specific core metrics that actually govern each industry, whether that is ARR / NRR for Technology-SaaS, process-node cycles for Semiconductors, regulatory constraints for Banks, or statutory gearing and distribution caps for REITs, so a company is always measured against the yardstick its own sector rewards.
Composite Verdict Bands & Foundations
The 0–100 composite maps to five descriptive bands:
Multi-Model Parallel Architecture
WHAT runs a bank of independent valuation engines in parallel, keeps only the ones structurally appropriate for the business, and synthesises what survives into a single defensible intrinsic-value range, never a false-precise point estimate.
The Quality Gate: Upstream Prerequisites
The WHAT layer is programmatically locked unless the upstream WHY layer registers a YES or WARN analytical readiness classification. Aperto enforces a strict structural sequence: a business must possess a viable, trackable data foundation before mathematical valuation models are permitted to run.
The Seven Underlying Models
Each engine is purpose-built for a different corporate architecture. The framework screens all seven, then discards the ones that don't fit the company in front of it.
The Valuation Operational Matrix
Each engine is routed to the architecture it fits, guarded by an institutional safeguard, and defends against a specific retail mistake.
Dynamic Algorithmic Synthesis
Aperto rejects naive model averaging. The engine evaluates active valuation branches through a cross-validation framework, applying data-richness penalties and a model independence check to mathematically discount redundant or data-starved models, producing a single, defensible intrinsic value range.
Dynamic Margin of Safety
The required margin of safety is an algorithmic output, not a fixed guess. The engine cross-references the volatility spread of the active valuation models against the fundamental score inherited from the WHY layer. High business quality shrinks the required buffer; high model divergence expands it.
The Rigorous Equity Bridge
The backend builds an institutional-grade Equity Bridge by stripping out net debt, adjusting for non-operating assets, isolating minority interests, and executing a full option-dilution check via the Treasury Stock Method to calculate the true, fully diluted share baseline.
Expectations Investing via Implied Reversals
Rather than relying purely on speculative future projections, Aperto runs an automated Reverse DCF loop. It reverse-engineers the current market price to isolate the exact growth rates, operating margins, and capital efficiency metrics the market is currently pricing into the stock, so you can judge for yourself whether those performance hurdles are realistic.
Optionality, Surfaced Not Hidden
When the market price sits above the entire surviving lens cluster, Aperto does not quietly stretch a model to reach it. It labels the gap for what it is: the premium the market is ascribing to optionality the cash-flow models cannot yet see, such as an unproven new business line or a call on a future market. You get to decide whether that optionality is worth paying for, rather than having it smuggled into a single point estimate.
The Fundamental-First Sequence
WHEN is the final mathematical filter in the pipeline. It never predicts. It only times execution on assets that have already earned their place through fundamentals and value.
The Non-Predictive Execution Filter
The WHEN layer represents the final mathematical filter in the WHY → WHAT → WHEN pipeline. Aperto enforces a strict fundamental-led hierarchy: long-term investment conviction rests entirely on structural business quality and intrinsic value, while technical analysis serves purely as a secondary operational filter. It runs exclusively on assets that have already cleared the fundamental quality gate (WHY) and the intrinsic value gate (WHAT) to optimize tactical execution routing when risk-to-reward parameters are most favorable.
Multi-Axis Indicators
The engine scans 6 distinct scored axes and 2 confirmation clusters across a rigorous Monthly → Weekly → Daily structural cascade to compile a unified 11-point confluence score.
The Multi-Timeframe Structural Cascade
To eliminate short-term market noise traps, Aperto enforces structural alignment down the time horizon: Monthly charts isolate structural macro floors, Weekly charts confirm intermediate trend-reversal signatures, and Daily charts are reserved strictly for tactical execution routing.
Statistical Calibration Matrix
The empirical alignment tiers, each mapped to what it means and the retail mistake it prevents.
Empirical Calibration Constraints
Aperto's boundaries are mathematically calibrated against long-run historical equity data. A tier change requires a 95% Confidence Interval step-up above a random-entry baseline. Broader environmental conditions like the Average Directional Index (ADX) and the Volatility Index (VIX) are treated as non-scored regime overlays to isolate macro market friction.
Programmatic Risk Controls
The execution engine actively monitors data integrity. For recent corporate listings or asset spin-offs lacking deep cyclical price metrics, the backend raises a strict HISTORY-LIMITED guardrail that suppresses arbitrary technical scores until a statistically viable tracking window is established.
How is a structural thesis invalidated?
HOW is a fundamentals-only monitor that runs eight structured stress tests against the latest filings once a report is published. It exists to answer a single question. Has the original thesis actually broken? Everything about it is built to hold that line and to tune out the noise that so often gets mistaken for a real answer.
The Fundamentals-Only Invalidation Gate
The HOW layer executes a pure, fundamentals-only exit framework built for long-horizon compounding assets. Aperto completely rejects price-based selling mechanisms like technical stop-losses or short-term valuation overshoots, as these fluctuations routinely mean-revert without changing corporate cash-generation capacity. The platform deliberately drops traditional retail trading terminology, shifting the focus away from reactionary selling and toward disciplined thesis-invalidation checks.
The Eight Core Diagnostic Stress Tests
Each test targets one load-bearing pillar of a typical long thesis. If a pillar cracks, the thesis is in question; if the headlines are loud but every pillar holds, it isn't.
The Analytical Diagnostic Ledger
Every review resolves to one of four diagnostic states, each carrying a defined portfolio action and defending against a specific retail mistake.
The Re-Underwriting Mandate
Aperto completely rejects passive portfolio trimming or incremental position hedging. When any core critical diagnostic stress test registers a definitive FAIL verdict, the platform triggers an immediate re-underwriting mandate. This forces the analyst to completely abandon previous structural assumptions, return directly to a blank-slate WHY layer evaluation, and re-prove the corporate compounding thesis from scratch.