About The First Share
Independent research on listed companies in the United States, Europe and the United Kingdom, written for investors who see a share as part-ownership of a real business.
Why "The First Share"
In 1602, the Dutch East India Company offered shares to the public in Amsterdam, in what is widely regarded as the world's first IPO. More than four centuries later, the idea is unchanged: a share is a claim on a real business, and over time its value follows the cash that business generates. That is where all our research starts.
How we work
- We value businesses, not tickers. We start with cash flow, capital intensity and the durability of the business model, not with the share price.
- We think in scenarios. Every full analysis has a bear, base and bull case, so you can see what has to go right, and what can go wrong.
- We look through complex structures. Holding companies and conglomerates are valued part by part.
- We count every cost. Stock-based compensation is a real expense, and we treat it as one.
- We keep score in public. Every rating and fair value we publish stays on the record, including the calls that turned out wrong.
Independence and disclosure
The First Share is independent. We do not publish sponsored research and we do not accept payment from the companies we cover. Advertising is always clearly labelled and never influences our analysis; Owner Yield members see no ads at all.
When an author holds a position in a company they write about, we disclose it in the article. Our editorial standards and disclosure policy explains the rules in full.
Who is behind The First Share
The First Share was founded by [Your name], an independent equity analyst based in the Netherlands. [Your name] has analysed European and US equities for [number] years, with a particular focus on holding companies, infrastructure, energy, materials and technology, and builds a full financial model for every company covered.
Not investment advice
Everything on The First Share is general information and opinion. It does not take your personal circumstances into account and is not a personal recommendation to buy or sell any security. Investing involves risk, including the loss of the money you invest. Past performance is not a reliable indicator of future results.
Publisher
The First Share is published by [legal entity name], [street address], [postcode and city], the Netherlands. Chamber of Commerce (KvK) number: [number]. VAT number: [number]. Email: [email address].