This page carries the disclosures for Latticework Business Intelligence and the register of our recommendations. It is free to read. Every report, one-page summary, post and slide deck that carries one of our ratings points here, and the disclosures specific to each recommendation are added below as it is published.
Who produces our research. Latticework Business Intelligence is produced by BeyondProxy AG, a stock corporation (Aktiengesellschaft) incorporated in Switzerland, registered office 8700 Küsnacht ZH, Switzerland, which publishes as “Latticework by MOI Global.” The natural person responsible for producing it is John Mihaljevic, Founder of MOI Global. The research and drafting are carried out with the assistance of AI tools working under written rules set by the person named above, who directs the work, reviews the text and is responsible for its content. John Mihaljevic is a CFA charterholder and is subject to the CFA Institute Code of Ethics and Standards of Professional Conduct. Neither BeyondProxy AG nor any affiliate is authorized or registered as an investment adviser, broker-dealer or investment firm in any jurisdiction.
What our ratings mean. Our rating compares the total return we expect from a company’s shares with the total return we expect from a market index over the next three to five years. The index is the S&P 500 total return index in U.S. dollars unless a report names another.
Long-Term Overweight: we expect the shares’ annualized total return over the next three to five years to exceed the index’s by more than 2 percentage points a year.
Long-Term Neutral: we expect the two to be within 2 percentage points a year of each other, either way.
Long-Term Underweight: we expect the shares’ annualized total return to fall short of the index’s by more than 2 percentage points a year.
The rating is a relative call. A Long-Term Overweight share can lose money if the index falls, and a Long-Term Underweight share can rise. The rating is not a price target, and we do not set one. The horizon is three to five years because our work values businesses, not quarters: it rests on the cash a business will earn over years, and a rating says nothing about the next quarter.
How we set a rating.
The valuation. We value the business with a discounted cash flow model, run thousands of times with inputs drawn from ranges the evidence supports. Every cash flow is discounted at a fixed 10%, the return an owner requires, with 8% and 12% shown beside it. The result is an intrinsic value range per share, the middle half of the outcomes at 10%. It is our estimate of business value on stated assumptions, not a forecast of where the shares will trade.
The lock. We build the model without looking at the share price and lock it, with a dated hash of the locked files, before anyone on the team consults any market data.
After the lock. We then look at the market: what peers trade for, what acquirers have paid in comparable transactions, and the share price at a stated reference close. These comparisons are a cross-check; they do not change the locked range, and they express no view on the value of any peer.
The expected return. We compute the shares’ expected annualized total return as (1.10) × (V / P)^(1/4) − 1, where V is the median value per share at 10%, P the reference price, and 1/4 assumes the gap between price and value closes over four years, the middle of our horizon.
The index return. We estimate it as the index’s dividend yield plus its net buyback yield plus long-run nominal earnings growth, at a constant multiple.
The rating. The difference between the two expected returns sets the rating. Each report states both, their inputs and sources, and the same test over three and five years.
Both expected returns are estimates for the rating’s test, not forecasts. They assume different things (the shares’ price converges to our value, the index’s multiple stays where it is), and either assumption can fail.
Prices, dates and times. Each recommendation states its reference price with the date, time and source of that price, the date and time the report was completed, and the date and time it was first disseminated, in U.S. Eastern Time.
How often we update. We publish a note when the evidence changes, and we revalue only when the evidence moves an input outside its range: a note within a day of each quarterly result, a note after investor days and material events, and a full revaluation, locked again under the same rule, when one of a report’s stated kill criteria trips. Each quarterly note restates the rating against a new reference price. Between notes, a rating is not reset for share price moves alone, so it may be out of date if the price has moved. We may stop covering a company at any time; if we do, we will say so in a note.
Register of our recommendations. The table below lists every recommendation we have disseminated over the past twelve months: the date and time first disseminated, the issuer and instrument, the persons responsible, the rating, the price target (we set none), the intrinsic value range at 10%, the reference price and its time, and the validity. When a recommendation differs from one we made in the preceding twelve months, it says what changed and gives the date of the earlier one. No other MOI Global publication carries investment recommendations.
No recommendations have been disseminated yet. The first, on Nike, Inc. (NYSE: NKE), is scheduled for October 2, 2026.
Distribution of our ratings. Long-Term Overweight: 0; Long-Term Neutral: 0; Long-Term Underweight: 0. We have supplied investment banking or other investment services to none of the issuers we cover. This section is updated with each recommendation.
Conflicts of interest and holdings.
Holdings. Each recommendation states whether BeyondProxy AG, the persons responsible and any company they control hold shares, options or other derivatives of the issuer, long or short, at the time of first dissemination.
Market roles. BeyondProxy AG is not a market maker or liquidity provider in any security, has not led or co-led any offer of securities, and does not provide investment services to the issuers it covers.
Pay. Contributors are paid a salary. No one’s pay depends on a rating or a value range, or on how any share performs.
Trading policy. The persons responsible and BeyondProxy AG do not trade in an issuer’s securities from the start of work on a report until ten trading days after its first dissemination, and do not trade against a current rating. Any exception will be disclosed in the next note.
Certification. The views in each report are the views of the persons named above. No part of their pay was, is or will be related to the specific rating or views in it.
Independence from issuers. Our research is not commissioned or paid for, in full or in part, by the issuers we cover or by any underwriter or dealer of their securities. Reports are not shown to issuers before publication.
What kind of publication this is. Latticework Business Intelligence is a financial publication issued on a regular schedule to the public: free and paid subscribers worldwide. It offers the same content to every reader. It is impersonal research: it does not take into account any reader’s objectives, financial situation or needs, and it is not personal investment advice, an offer to buy or sell any security, or a solicitation of one. Readers should consider whether any investment suits their own circumstances, and seek advice from a professional adviser where appropriate. We do not manage money, execute trades or provide personalized advice to subscribers.
Where our research is not intended to be used.
Restricted jurisdictions. Our research is not directed at, and is not intended for distribution to or use by, any person in a jurisdiction where its distribution would require BeyondProxy AG to be licensed or registered, or would be unlawful; in particular, it is not intended for persons in Australia, Hong Kong or Singapore.
UK readers. In the United Kingdom, our research is published by a person that is not authorized by the Financial Conduct Authority. The protections of the UK regulatory system for authorized firms do not apply.
General advice. For readers who receive it despite these restrictions, any advice in it is general. It does not consider the reader’s objectives, financial situation or needs, and readers should consider its appropriateness to them before acting on it.
Forward-looking statements and past performance. Our reports contain forward-looking statements, including forecasts, estimates of value and expected returns. They rest on assumptions that may prove wrong, and actual results will differ, possibly by a wide margin. Past performance of any company, of its shares or of an index is not a reliable indicator of future results. Figures are believed accurate as of the dates stated but are not warranted. Nothing in our research is legal, tax or accounting advice.
Trademarks and copyright. S&P 500 is a trademark of Standard & Poor’s Financial Services LLC; we use the index’s name and published characteristics only as a benchmark. Company names and marks belong to their owners, and our research is not endorsed by any issuer or index provider. © 2026 BeyondProxy AG. Anyone who shares, quotes or summarizes a rating or a value range must keep the rating, the value range, the reference price with its date and time, and a link to this page together, and must not alter them.
For professional investors. BeyondProxy AG is not engaged in execution services and is not part of a financial services group that includes an investment firm offering execution or brokerage services. The research is sold only by subscription, at published prices, and is not paid for by any issuer; free posts and slide decks are openly available to the public. For FINRA members distributing it: BeyondProxy AG has no affiliation or business or contractual relationship with any broker-dealer that is reasonably likely to inform the content of its research, and it decides the content without input from any distributor.