About & standards
Seven Gates Research
Independent research on companies, markets and power. Nigerian in knowledge rather than costume, internationally intelligible, sceptical of cant and willing to change its mind when the evidence changes.
The seven gates
Ownership & governance
Who controls the asset, who gets paid first, and whether minority shareholders have meaningful protection.
Business economics
Returns on capital, pricing power, reinvestment needs and the actual cash engine underneath the story.
Financial integrity
Cash conversion, leverage, accounting quality and the small footnotes that occasionally contain the larger truth.
Capital allocation
Whether management compounds, dilutes, overpays or simply mistakes activity for value creation.
Competitive endurance
How long the economics can survive competition, regulation, technology and the occasional macro ambush.
Valuation & return
A good company can still be a poor purchase. Price is always part of the argument.
Downside & catalysts
What breaks the thesis, what changes the odds, and what evidence would force us to change our mind.