Methodology
Data sources
Figures come from the companies' own filings: SEC filings for US companies (10-Q and 10-K), periodic reports published via PAP Biznes for Polish companies, and ROIC.AI for some fundamentals. Earnings-call transcripts: since October 2026 we transcribe new calls ourselves from their recordings; earlier calls come from ROIC.AI. Share prices come from Yahoo Finance. Every company page names its sources.
Company pages are rebuilt when new reports and calls come out. Share prices and the valuations that use them are refreshed during trading hours.
Figures and periods
Polish periodic reports are often cumulative: a half-year report shows January–June, not just the second quarter. btlines compares them with the same period a year earlier and labels them, for example "H1 2026".
Companies with a fiscal year that does not end in December name their quarters differently (Nike's June–August quarter is its "Q1 2027"). btlines labels quarters by calendar so companies are comparable, and shows the company's own fiscal label next to it.
We check figures against other sources and fix errors we find, but extraction from reports is automatic and mistakes happen — for example a wrong period or unit. Always check the company's original report before relying on anything here. Nothing on btlines is investment advice.
AI and its checks
Partly. Summaries, translations, the "What stood out" line and the "Why" notes are written by a language model running on our own machine, from the report's own sentences. Every AI sentence is checked before it is published: numbers must appear in the source, units must match, and anything that fails is left out. Figures are read from the filings, not generated, and the tone score uses no AI at all. New call transcripts are made by speech recognition (Whisper) on our own machine, which also tells the speakers apart; names of people can be misspelled.
Tone score
It counts positive and negative finance words in the call or report, adjusted for length, and ranks the result against every other company: calls against calls, formal reports against reports. "Very upbeat" is the top tenth, "cautious" the bottom tenth. It is a signal about the language, not a verdict on the business. Formal reports contain legally required risk wording, so their tone moves little.
Valuation
It is a reverse discounted cash flow: free cash flow from the last full year is grown for 10 years, discounted back, plus a terminal value. The page shows the growth the current price already assumes and a fair value at the growth you choose — by default the company's 3-year revenue growth (capped at 20%). Banks and insurers are valued on net income. It is a simplified model to explore assumptions, not a price target.
FCF growth is how fast cash flow grows over the next 10 years. The discount rate is the yearly return you want for the risk (higher means a lower fair value; 8–12% is typical). Terminal growth is growth forever after year 10, usually 2–3%, and must stay below the discount rate. The margin of safety lowers the buy-below price to leave room for wrong assumptions.
The model needs positive free cash flow or net income from a full fiscal year. Companies that are burning cash, newly listed companies without a full year of filings, and companies whose figures are reported in a different currency than their share price are shown without a value rather than with a misleading one.
The undervalued ranking
It sorts companies by how far the share price is below the model's fair value, with growth set to each company's 3-year revenue growth (capped at 20%; 10% when there is no 3-year history) and the standard discount rate, terminal growth and margin of safety — the same figures a company page opens with. Top of the list means the price is furthest below that fair value. Companies without a valuation are left out. It is a screen for further reading, not a recommendation: a low price can reflect real problems the model doesn't see.