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A structured checklist for evaluating European micro-cap companies. Covers financial health, management quality, competitive positioning, liquidity risks, and governance red flags specific to small listed companies.

How we score companies across 8 dimensions: Growth, Profitability, Cash Flow, Balance Sheet, Valuation, Governance, Transparency, and Liquidity. Learn what each score means and how to interpret the composite rating.

An overview of the 17 exchanges we cover, from Euronext Access to AIM London to First North. Understand listing requirements, trading hours, settlement rules, and how market structure affects micro-cap investing.

Applying DCF, comparable company analysis, and asset-based valuation to micro-caps. Special considerations for illiquid stocks, limited analyst coverage, and the premium/discount dynamics unique to small companies.

How to think about illiquid positions: measuring days-to-liquidate, understanding bid-ask spreads, sizing positions appropriately, and building patience into your investment process for thinly traded stocks.

What to look for in investor letters and shareholder communications. Identifying signal from noise, evaluating capital allocation philosophy, and extracting actionable ideas from European micro-cap fund managers.