How to Develop a Value Investing Checklist

Introduction

You're trying to find undervalued, resilient businesses; this post gives a compact, repeatable 7-point checklist you can apply to individual stocks you plan to hold for 3-5+ years. It's scoped to bottom-up, single-stock value investing-no macro timing or short-term trades-so you can judge company durability, cash generation, and capital allocation. The checklist emphasizes measurable items: earnings quality, cash flow conversion, competitive moat, sensible leverage, and an explicit margin of safety, all enforced by valuation discipline. One-liner: focus on margin of safety, durable cash flows, and valuation discipline; you'll defintely trade noise for repeatable decisions.

Key Takeaways

• Use a compact, repeatable 7-point checklist for 3-5+ year, bottom-up value investments.
• Define investment objectives up front: required return, time horizon, explicit margin of safety, and concentration limits.
• Screen quantitatively (5-10 year revenue/earnings consistency, positive FCF, manageable leverage, stable ROIC) before deep diligence.
• Deeply verify cash generation and quality: normalize cash flows, assess moat/pricing power, review management and accounting risks.
• Value conservatively with a primary DCF and secondary comps, set explicit margin-of-safety and documented entry/exit rules; enforce portfolio risk controls and regular reviews.

Investment philosophy and objectives

You want a repeatable rule-set that tells you when to buy, hold, or sell a stock for multi‑year returns; be explicit about the return you need, how long you will wait, and how much volatility you can tolerate. Here's the direct takeaway: set numeric targets up front and stick to them.

Specify required return, time horizon, and acceptable volatility

Decide the minimum annual return you need from a single-stock position and translate that into a buy-price discipline. Start with a required nominal return target - for many value investors that's between 10% and 15% per year; pick one that matches your goals, tax status, and other options.

Choose a holding period before you buy. For value investing use at least a 3-7 year horizon for most positions and 7-10+ years for turnaround or compounder situations. Shorter horizons force different tactics; longer horizons let you wait out mean‑reversion.

Translate acceptable volatility into rules you can act on: set a maximum expected drawdown you will accept (example: 30-50% for individual stocks) and a stress-test for scenarios where earnings are down 30-50% for two years. Use these rules to size positions.

• Step: set required return in writing.
• Step: pick a minimum time horizon per thesis.
• Step: define max drawdown and stress scenarios.

Here's the quick math: if you require 12% p.a. and current yield on the business is 4% (cash return), you need expected growth or buybacks to add roughly 8% to reach your target-if not, price must be lower.

What this estimate hides: required return is personal-higher targets raise turnover and risk; be realistic about taxes and fees. One-liner: know what you need the investment to deliver before buying.

Define margin of safety (target gap between price and intrinsic value)

Define margin of safety as the percentage gap between your conservative intrinsic value and the market price. Put the target on paper before modeling so emotion doesn't creep in during diligence. Typical targets: 25-40% for steady businesses; widen to 40-60% for cyclicals, early-stage turnarounds, or when management is untested.

Build three scenarios: bear, base, and bull. Use conservative assumptions for the base case in your buy decision. Example (hypothetical FY2025 baseline): normalized free cash flow $100 million, conservative long‑term growth 2%, discount rate 10% - compute present value, then demand a buy price at least 25-40% below that base-case value.

Steps to set margin of safety:

• Calculate intrinsic value with a DCF using conservative growth and margins.
• Strip out one‑offs and normalize FY2025 cash flows where applicable.
• Compare base-case value to bear-case and set your target gap.
• Increase the gap for governance, cyclicality, or accounting risk.

What this estimate hides: margin-of-safety isn't insurance against flawed models-if your inputs are wrong, a big margin helps but doesn't guarantee safety. One-liner: aim for a clear percentage gap and widen it when uncertainty rises.

Set concentration limits and diversification rules

Translate conviction into position sizing rules so your best ideas move the portfolio but don't break it. Set a hard per-holding cap and a top-holdings concentration cap. A practical rule: max 8-12% position size per idea, and keep top‑5 holdings to 40-60% of portfolio value depending on your risk appetite.

Define your number of core holdings and reserve capacity. Typical frameworks: a concentrated value approach uses 10-15 core ideas; a more diversified one uses 20-30. Always hold 5-15% in cash or liquid alternatives to add to winners or buy dislocations.

• Rule: size by risk, not only conviction.
• Rule: add to position only when fundamentals improve or price meets pre‑set rules.
• Rule: trim when thesis deteriorates; avoid price-only stop‑losses.
• Rule: rebalance quarterly versus fundamentals, not daily price moves.

Quick example: if your portfolio target is $1,000,000, a 10% max position equals $100,000; top‑5 cap at 50% means cumulative top‑5 holdings ≤ $500,000. If a holding falls 50% but fundamentals are intact, stick to your rules for averaging or holding - but if fundamentals break, act to protect capital.

One-liner: protect capital with rules, not hope; set clear size and concentration limits and follow them, even when markets are noisy. (Yes, you'll feel defintely tempted to break them-don't.)

Screening criteria (quick filters)

Revenue and earnings consistency over 5-10 years

You're starting with a large universe; your job is to cut it to a shortlist fast so you can spend time on real candidates. Use the most recent fiscal year, FY2025, as the end point for all multi-year checks.

Steps to run consistent-growth filters:

• Pull annual revenue and diluted EPS for the last 5 and 10 fiscal years ending FY2025.
• Calculate CAGR (compound annual growth rate): Revenue CAGR = (RevenueFY2025 / RevenueFY2020)^(1/5) - 1. Do the same for EPS.
• Set hard thresholds: require revenue CAGR ≥ 5% over 5 years or EPS CAGR ≥ 5% (use 3% for mature utilities/REITs).
• Require no more than 2 negative revenue years in a 10-year window; no more than 1 negative EPS year in the last 5.
• Flag large one-offs: if FY2025 includes > 10% non-recurring items vs normalised EBITDA, mark for normalization.

Quick math example: revenue FY2020 = $500m, FY2025 = $750m → CAGR = (750/500)^(1/5) - 1 = 8.45%. If EPS CAGR is similar, the company passes consistency.

Best practices and caveats:

• Use constant-currency figures for companies with > 25% foreign sales.
• Normalize for M&A: strip revenue from acquisitions in the trailing 12-36 months to test organic growth.
• Be cautious with accounting shifts (e.g., revenue recognition rule changes) - they can fake consistency.

Solvency filters: positive free cash flow and manageable leverage

You need businesses that actually produce cash and can survive stress. Start with the last three fiscal years ending in FY2025 and require consistency.

Concrete checks:

• Require positive annual free cash flow (FCF) in at least 2 of the last 3 years including FY2025.
• Calculate FCF = Operating cash flow - Capital expenditures. Require average FCF margin ≥ 5% of revenue over 3 years.
• Leverage rules: Net debt / EBITDA ≤ 3.0x for cyclical businesses, ≤ 1.5x for high-growth or tech names. Use FY2025 Net debt and trailing-12-month EBITDA.
• Interest coverage (EBIT / interest expense) ≥ 5x as a minimum; flag 2-5x for further review.

Calculation example: FY2025 operating cash flow = $180m, capex = $40m → FCF = $140m. If revenue FY2025 = $2,800m → FCF margin = 140/2800 = 5.0%.

Best practices and warnings:

• Adjust for lease liabilities (treat operating leases as debt using present value) when computing Net debt.
• Check covenant language on credit agreements - a Net debt / EBITDA covenant breach can force equity dilution even if current numbers look OK.
• If FCF is volatile but structural (seasonal or inventory-driven), require a 12-month rolling FCF check; don't drop otherwise solid names for seasonality alone.

Profitability filters: stable ROIC versus peers

You want businesses that earn returns above their cost of capital and can keep doing it. Use FY2025 NOPAT and invested capital as the most recent datapoints, then compare a 3-5 year trend.

How to compute and screen ROIC (return on invested capital):

• Calculate NOPAT (net operating profit after tax) = Operating income × (1 - tax rate). Use reported operating income for FY2025 and the company's effective tax rate.
• Compute Invested Capital = Total equity + Net debt - Non-operating assets (cash beyond working capital, marketable securities). Use FY2025 balance sheet values.
• ROIC = NOPAT / Invested Capital. Require ROIC ≥ WACC (weighted average cost of capital); practical screening thresholds: ROIC ≥ 10% for industrials, ≥ 15% for software, adjust by industry norms.
• Compare ROIC to peers: require a spread ≥ 200 bps (2 percentage points) vs the 3-year median peer ROIC for a credible moat; if spread < 0, fail the moat screen.

Example math: FY2025 operating income = $150m, tax rate = 21% → NOPAT = 150 × 0.79 = $118.5m. Invested capital = $1,000m → ROIC = 118.5/1000 = 11.85%.

Practical considerations:

• Use consistent peer groups (same business model and capital intensity). Industry ROIC norms make a big difference.
• Watch share buybacks that shrink invested capital and mechanically boost ROIC - adjust for buyback-driven changes when testing sustainability.
• If ROIC is rising because of cost cuts, ask if growth and pricing power can sustain it; if it's rising because of cyclical recovery, stress-test for down-cycles.

Screen to a short list before deep diligence

Fundamental analysis checklist

You're deciding whether to hold a stock for several years and need a repeatable way to confirm cash flows, durable advantages, and honest reporting before you buy. Quick takeaway: verify historical cash, test business quality, and stress-test management and accounting.

Verify historical and normalized cash flows

Start with raw cash-flow statements: pull operating cash flow and capital expenditures from the last 8-10 fiscal years (10‑K and cash flow statement footnotes are the source). Calculate free cash flow (FCF) each year as operating cash flow minus capex, then reconcile to reported net income to spot recurring gaps.

Practical steps you can run in a spreadsheet:

• List OCF and capex for the last 8-10 years.
• Compute annual FCF = OCF - capex.
• Remove one-offs: subtract asset-sale proceeds, litigation inflows, pandemic relief, and M&A-related cash (note tax effects).
• Calculate median and mean FCF for the last 5 years and the last 10 years; use median to mute outliers.
• Check FCF consistency: flag if less than 7 of 10 years are positive, or if 5‑year median FCF is negative.

Quick math example: OCF = $200m, capex = $50m, FCF = $150m. If a one-time asset sale added $40m, normalize FCF = $110m for that year. Use the normalized median as your base-case cash-flow input for valuation.

Best practices and caveats:

• Prefer cash-based measures over net income; treat non-cash charges carefully (stock comp is real dilution).
• When a company grows by M&A, adjust historical FCF pro forma where possible.
• What this hides: cyclicals can look good at peaks-use cycle-adjusted averages for cyclical industries.

One-liner: verify cash with 8-10 years of data and normalize by removing one-offs so your valuation rests on durable free cash flow.

Assess business quality: moat, pricing power, and reinvestment returns

Translate qualitative moats into quantitative checks. Measure pricing power with margin stability, competitive advantage with customer concentration and switching costs, and reinvestment returns with ROIC (return on invested capital).

Concrete checks and thresholds:

• Gross margin stability: flag if gross margin shifts by more than 200 basis points (2%) without clear reason.
• ROIC: target companies with ROIC > 12-15% as evidence they earn returns above typical WACC.
• Reinvestment math: compute reinvestment rate = 1 - (dividends + buybacks)/FCF, then estimate growth ≈ ROIC × reinvestment rate.
• Customer concentration: flag if top 3 customers > 30% of revenue.
• Churn/switching costs: seek multi-year customer lifetime values or long contract durations that justify pricing power.

Quick math example: ROIC = 20%, reinvestment rate = 20% → sustainable growth ≈ 4%. If you assume top-line growth higher, you must show where the extra reinvestment return comes from.

Best practices:

• Benchmark margins and ROIC to peers and to industry medians for the last 5 years.
• Favor businesses where reinvested dollars earn above cost of capital; defintely avoid companies that repeatedly raise capital to cover operating losses.
• Document the economic reason for the moat-network effects, switching costs, regulation-not just marketing claims.

One-liner: quantify the moat with margin stability and ROIC so you buy businesses that can reinvest profitably.

Evaluate management and check accounting risks

Management quality and accounting integrity are make-or-break. Look for alignment (ownership), consistent capital allocation, and clean accounting notes. Use simple quantitative screens and direct footnote checks.

Management: ownership and allocation - practical checks

• Insider ownership: consider > 5% material and > 20% founder-led as strong alignment.
• Capital allocation track record: calculate cumulative returns to shareholders (dividends + buybacks + net debt paydown) as a % of cumulative FCF over past 5 years; target > 50% as shareholder-friendly.
• Share count trend: flag share-count increase > 5% annually from dilution or equity comp.
• M&A track record: compare acquired asset goodwill to post-acquisition ROIC; acquisitions that lower company ROIC are value-destroying.

Accounting risks - red flags and how to test them

• OCF / Net Income ratio < 0.8 for multiple years - signalling earnings not backed by cash.
• Receivables growing faster than revenue by > 10 percentage points over 3 years - check revenue recognition and collectability.
• Large and repeated reserve releases (credit losses, warranty) that materially boost profit - check footnote rollforwards.
• Related-party revenue or transactions > 5% of sales - require full disclosure and substantiation.
• Frequent accounting-policy changes or auditor emphasis-of-matter paragraphs - escalate to red flag.

How to investigate practically:

• Read MD&A and footnote rollforwards for allowances and deferred revenues.
• Reconcile revenue, receivables, and cash collections; compute Days Sales Outstanding (DSO) and flag if DSO increases by > 20 days in 3 years.
• Check auditor opinion and related-party schedules in the annual report.
• Use insider-trading filings and proxy statements to confirm ownership and compensation incentives.

Quick math example: FCF = $200m, returns to shareholders = repurchases $30m + dividends $10m = $40m, return rate = 20% of FCF - that argues for improvement in capital allocation if your threshold is 50%.

One-liner: focus on management ownership, capital allocation metrics, and concrete accounting tests so you're buying honesty, not optimism.

Valuation and margin-of-safety rules

You need a repeatable way to turn forecasts into a buy price so you don't buy hope; below I give a DCF-first framework, a companion comps check, conservative scenario math with worked numbers, and explicit rules for margin of safety and exits.

Select primary valuation and secondary comparables

Start with a DCF (discounted cash flow) as your primary method because it ties price to future cash generation. Use comparables (comps) - peers' EV/EBIT, EV/EBITDA, and P/E - as a secondary sanity check to catch extreme model inputs or market anomalies.

Practical steps:

• Project unlevered free cash flow (FCFF) 5-10 years.
• Discount FCFF using WACC (weighted average cost of capital) for enterprise value.
• Calculate terminal value with a Gordon growth (perpetuity) or exit multiple.
• Run an equity check: EV minus net debt equals equity value; divide by shares.
• Build comps table of closest peers: EV/EBITDA, P/E, growth, and ROIC.

Best practices:

• Match comps on business mix and margins, not just industry label.
• Prefer EV-based multiples for capital-intensive firms.
• Use median and 25th/75th percentiles - don't rely on a single peer.
• Keep the DCF as the foundation; use comps to question big swings in implied multiples or growth.

One clean action: build a DCF tab and a comps tab in your model; cross-check every material assumption between them.

Build conservative scenarios and show the math

Run three scenarios: bear, base, and bull. Keep inputs simple and transparent: revenue growth, margin progression, reinvestment rate (capex plus working capital), and terminal growth. Show present-value math line by line so a reviewer can follow each assumption to cash.

Illustrative DCF math (worked example - hypothetical):

• Starting FCFF (FY1): $100,000,000
• Explicit period: 5 years
• Bearn-case growth: 2% year 1-5; margin flat; discount rate 12%
• Base-case growth: 5% year 1-5; margin +200 bps; discount rate 10%
• Bull-case growth: 8% year 1-5; margin +400 bps; discount rate 9%
• Terminal growth (Gordon): bear 1%, base 2.5%, bull 3.5%

Quick math steps (base case):

• Project FCFF years 1-5 using growth.
• Discount each FCFF by (1+WACC)^t and sum to get PV of cash flows.
• Compute terminal value = FCFF5 × (1 + g) / (WACC - g); discount it back.
• Enterprise value = PV(FCFF) + PV(terminal); equity value = EV - net debt.
• Divide by shares outstanding to get intrinsic per-share value.

Example results (rounded, hypothetical): bear intrinsic $22/share; base intrinsic $35/share; bull intrinsic $50/share. Keep every assumption in separate cells so you can run sensitivity tables.

What this hides: terminal growth drives a lot of value - defintely stress-test g and WACC by +/- 1 percentage point and show the range.

Set margin-of-safety, document exit price, and define upside targets

Before you buy, write the buy rules: maximum purchase price, target upside, and concrete exit triggers tied to fundamentals. Treat margin of safety as a hard rule, not a guideline.

Rules and examples:

• Margin-of-safety threshold: choose 25-40% depending on visibility. Use 30% as a default for typical mid-cap businesses.
• Max buy price = intrinsic value × (1 - MOS). Example: intrinsic $50, MOS 30% → max buy = $35.
• Upside target: document a primary exit at intrinsic value (OR a time-bound IRR). Example: aim for 50% upside within 3-5 years or a 12% IRR.
• Stop/review triggers: require re-review (not automatic sell) if any of these occur - ROIC down > 300 bps, two consecutive quarters of negative FCF, or a management-capex deviation > 20% vs plan.
• Record an explicit sell price and rationale in the memo before purchase - e.g., sell if price reaches intrinsic or if long-term ROIC falls below a hurdle.

Practical checklist items to lock in pre-purchase:

• Write intrinsic value and MOS into the trade ticket.
• Set alerts for fundamental triggers, not just price moves.
• Log target holding horizon (years) and expected IRR.

One-liner: Be precise with inputs and conservative with assumptions.

Next step: add a MOS cell and an exit-price field to your model; Finance: update trade ticket template to require these before any buy order.

Portfolio construction and risk controls

You need rules that keep a value portfolio safe and nimble; the fastest way to lose long-term returns is fuzzy limits. Takeaway: cap position sizes, tie exits to business health not daily price swings, and monitor on a quarterly schedule with clear liquidity and tax rules.

Position sizing and concentration

You're sizing positions before you buy so one mistake can't sink the portfolio. The direct rule: set a hard cap per holding and a top-5 concentration limit that match your conviction and required return.

Practical rules and steps:

• Set a default single-position cap at 5% of portfolio value for normal conviction.
• Increase to 8-10% only with documented, repeatable edge and extra due diligence; log reason in the memo.
• Cap top-5 holdings at 30-40% of portfolio for a balanced concentrated approach; only allow >40% with committee sign-off.
• Use dollar examples: on a $1,000,000 portfolio, default max = $50,000; high-conviction max = $100,000.
• Force diversification rules: no more than 2 positions from the same industry exceeding the single-position cap.

How to implement in practice:

• Build a position-sizing table in your trade worksheet that auto-calculates max lots and remaining capacity.
• Require a written override explaining why the position exceeds the default cap; keep override time-limited (e.g., 6 months).
• Rebalance yearly or when any holding breaches the cap due to price moves.

One-liner: cap risk with clear limits, not hope.

Stop-loss and fundamental review triggers

You want triggers that force a fact-based check, not reflex selling on volatility. Short takeaway: prefer fundamental triggers (business metrics) over mechanical price stops, but use price-based trailing stops as a backstop for smaller, illiquid holdings.

Concrete fundamental triggers to set now:

• Revenue decline > 15% year-over-year (YoY) or a missed guidance gap > 5% versus company guidance.
• Normalized free cash flow drops > 25% versus trailing three-year average.
• Net debt/EBITDA increases by more than 2 turns year-over-year or crosses a preset limit (e.g., > 3.5x for industrials).
• Management issues: insider selling that materially exceeds historical patterns, unexplained dilution > 5% in 12 months, or audit/restatement events.
• Loss of a single customer that represents > 20% of revenue or clear moat erosion (price competition, tech disruption evidence).

Action steps when a trigger fires:

• Open a formal review within 5 business days and document findings in the investment memo.
• Classify outcome: recoverable (monitor; no sale), partial sell to restore allocation, or full exit if the thesis breaks.
• If selling, reduce exposure to target cap within 30 days to avoid panic execution; use limit orders if illiquid.
• Use a soft price-based backstop for small, illiquid stakes: trailing stop at 20%, but only after a fundamental check confirms no thesis change.

One-liner: tie action to the business, not the ticker.

Monitoring cadence, liquidity, tax, and downside protection rules

You want a schedule and operational rules that catch problems early and preserve optionality. Short takeaway: quarterly deep reviews, event-driven checks, liquidity rules tied to average daily volume, a tax-aware sell plan, and explicit downside buffers.

Monitoring schedule and KPIs:

• Quarterly fundamental review within 10 business days of company earnings; scorecard items: revenue, FCF, ROIC, margin, and net debt/EBITDA.
• Monthly watchlist: track insider activity, analyst estimate revisions, regulatory filings, and macro signals relevant to holdings.
• Event-driven alerts: earnings misses, 8-K filings, management changes, or M&A rumors trigger an immediate review.

Liquidity and execution rules:

• Require 30-day average daily volume (ADV) sufficient to sell a position within 10 days without moving the market more than ~1%.
• Practical test: position size should be ≤ 10% of 30-day ADV × share price to ensure exit capacity in a stress window.
• For very illiquid names, limit initial allocation to 1-2% and plan staged exits.

Tax and downside protection:

• Prefer long-term holdings: hold > 12 months for long-term capital gains unless the thesis breaks.
• Use tax-loss harvesting to offset gains-document wash-sale rules and harvest within the same tax year.
• Maintain a cash buffer of 5-10% for rebalancing and opportunistic buys after drawdowns.
• Set a portfolio-level max drawdown rule (example: 20-25%) that triggers a broader strategy review and potential de-risking.
• Consider protective puts for concentrated, short-duration risk where downside > 30% is unacceptable; keep hedging costs below 1-2% of position value annually.

Operational steps to implement:

• Build an automated dashboard that flags KPI breaches and liquidity tests.
• Assign trade ops to execute rebalances within specified timelines; log all decisions with owner and date.
• Run annual tax-impact simulations in November to plan sells and harvesting before year-end.

One-liner: protect capital with rules, not hope.

You: schedule the quarterly scorecard and add liquidity/tax checks to the trade worksheet by Friday; operations: implement alerts in the trading system.

Implementation and next steps for the checklist

You need a repeatable, spreadsheet-first checklist that forces clear buy/no-buy decisions and an owner to run a trial. Build the template, test it on a small batch of live names, and start measuring outcomes this quarter.

Implementation: build the checklist in a spreadsheet or investment memo template

Start with a single-sheet checklist that maps directly to your diligence flow: screening, fundamentals, valuation, and risk controls. Keep columns for each required datapoint so the sheet can auto-fail a candidate if a rule breaks.

• Include columns: Ticker, Industry, FY2025 Revenue, FY2025 Free Cash Flow, 3-year ROIC, Net Debt, Intrinsic Value
• Add rule columns: Minimum ROIC pass/fail; Positive FCF pass/fail; Leverage (Net Debt/EBITDA) pass/fail
• Build formulas: intrinsic value cell = present value of forecast FCFs + terminal value; show Scenario A/B/C inputs on a separate tab
• Use validation: dropdowns for moat (none, weak, moderate, strong) and management quality (poor, mixed, good, excellent)
• Link an investment memo template: thesis, key risks, three valuation scenarios, margin-of-safety, position size

Here's the quick math to automate: project FY2026-FY2030 FCF, discount at your chosen rate, add a terminal value using terminal growth, then compute margin-of-safety = 1 - Market Price / Intrinsic Value.

One-liner: force decisions with columns and fail-fast rules.

Trial: apply to 5 candidate stocks and record decisions and outcomes

Run the checklist on a focused, manageable sample of 5 stocks across 2-3 sectors. Capture every input, the final verdict, and the time spent-then follow each name for at least 12 months.

• Pick candidates: 3 screened winners, 2 borderline cases
• Record FY2025 baseline metrics: revenue, FCF, net debt, trailing 12-month (TTM) EPS
• Run valuation scenarios: conservative, base, optimistic with discount rates (example: conservative 10% discount, terminal growth 2%)
• Set explicit margin-of-safety target: prefer 25-40% below intrinsic value
• Log decision rationale in memo: key catalyst, top 3 risks, exit price, position size
• Track outcomes weekly for first 90 days, then monthly; update FY2025 vs FY2026 actuals

Best practice: treat the trial as an experiment-measure hit rate, average time per analysis, and the largest judgment errors.

One-liner: test with five names, learn fast, and codify what failed.

Owner and next step: You - draft the first checklist template by Friday

Assign clear ownership: you build the spreadsheet, populate one worked example, and circulate for review. Use a shared file so reviewers can comment on rules and thresholds.

• Create the file with tabs: Inputs, Rules, Scenarios, Memo, Backtests
• Populate one worked example using FY2025 actuals for that name (revenue, FCF, net debt)
• Schedule a 45-minute review with at least one peer within 3 business days
• Decide acceptance criteria for the trial: minimum 60% of checklist items documented for each stock
• Set monitoring: quarterly fundamental review and automatic alerts if FY2025 FCF drops >20% YoY

One-liner: you own the template and the first live trial-no delegating this step.

Next step: draft the first checklist template and one worked example by Dec 5, 2025 - Owner: you.