AI-Native Equity Research Global Small-Cap Coverage

We find what the market
misses

Independent reports on mispriced global small-caps. These businesses aren't obscure. They're just too small for the money that moves markets to bother with. That's the gap Sifter Research exists to occupy.

Read published research See the method
82
Evaluation
questions
< 5%
Ideas that pass
the screen
Global
Geographic
universe
Zero
Compromises
on rigor
About

The research no one else bothers to do.

Sifter Research publishes free, complete equity research on global small-caps. Companies too small for institutions, too complex for generalists, too far from home for most analysts.

See how we select, analyse and value each company →
40+
Markets in the research universe
3
Valuation scenarios per company
15+
Pages per deep-dive report
Free
All reports. No subscription required
The Method

A research machine built on old principles.

Old filters. New infrastructure. The AI improves the process. Human judgment closes every decision.

01

Screen

AI-assisted screening across global small-caps. Most fail in under two minutes.

02

Analysis

Every serious candidate passes the 82-question Multibagger Checklist. Business quality, moat durability, management incentives, capital allocation. Primary sources wherever possible.

  • "Can I explain exactly why the customer buys from this company and not a competitor?"
  • "Is the moat widening or narrowing over time?"
  • "Are current margins high because of skill or because the cycle is favorable?"
  • "If the stock drops 50% tomorrow, do I buy more with confidence or panic?"
03

Value

Three scenarios. Bear, base, bull. Every assumption explicit, every number traceable. Always.

04

Publish

The full report, in English and Italian when available. The thesis, the risks, the numbers. Everything visible, everything debatable. No gates, no teasing.

Published Research

Current work.

Full-length equity research. Independent analysis, no financial advice. Available in English and Italian when available, always free and ungated.

THEON
AMS · Netherlands/Greece · Defense Electronics
Theon International Plc

"A founder-led, ITAR-free specialist holding >50% of the European night-vision market, with 27%+ EBITDA margins, €1.4B in soft backlog and an asset-light model that scales revenue faster than capital. At €33, quality is priced. The vertical integration thesis is not."

April 2026 · 42 pages · English
Archive
No. 06
EV/EBITDA FY26e
~18.5×
EBITDA Margin
27.1%
Soft Backlog
€1,414M
ROCE
33%
Read full report →
VLE
TSX · Canada/Thailand · Upstream Oil
Valeura Energy Inc.

"A plain-vanilla oil label applied to a four-field Gulf of Thailand producer with US$306M cash, zero debt and a visible Wassana step-change in Q2 2027. The market is still underestimating the infrastructure, reserve-life and cash-generation story."

March 2026 · 52 pages · English
Archive
No. 05
EV/EBITDA
~2.5×
Oil Production
23,242 bbls/d
Cash
US$306M
LT Debt
Zero
Read full report →
MKO
TSXV/OTCQX · Canada · Precious Metals
Mako Mining Corp.

"A junior gold label applied to a debt-free producer with a 7–9 g/t deposit, US$78M net cash and zero long-term debt, and three development assets funded internally. The market is pricing the current mine. The pipeline is not yet in the price."

March 2026 · 32 pages · English
Archive
No. 04
EV/EBITDA
~9.1×
ROA TTM
19.2%
Net Cash
US$78M
LT Debt
Zero
Read full report → ↓ 1-page memo
OII
NYSE · United States · Industrial Technology
Oceaneering International, Inc.

"An oilfield services label applied to a company with a 60% structural share in subsea robotics, a defense-certified robotics division growing at 17% annually, and net cash of $189M. The market is still pricing the whole enterprise through a single cyclical lens."

March 2026 · 21 Pages · English & Italian
Archive
No. 03
EV/EBITDA
9.0×
P/E Adj
17.7×
FCF
$208M
Net Cash
$189M
Read full report →
3316.HK
HKEX · Hong Kong · Property Services
Binjiang Service Group

"Zero financial debt, 37.6% ROE, RMB 3.6B in net cash — trading at sub-10× earnings, with 62% of market cap in liquid financial assets."

February 2026 · 17 pages · Available in English & Italian
Archive
No. 02
P/E TTM
9.71×
EV/EBITDA
2.93×
Div Yield
7.5%
ROE
37.6%
Read full report →
FILA.MI
Euronext Milan · Italy · Consumer Brands
Fabbrica Italiana Lapis ed Affini S.p.A.

"A global stationery business with 25 iconic brands, implicitly priced at 3.5× EBITDA after stripping out a €348m listed Indian stake the market appears to ignore entirely."

February 2026 · 20 pages · Available in English & Italian
Archive
No. 01
EV/EBITDA
3.5×
P/E TTM
8.2×
Market Cap
€470m
FCF Yield
~13%
Read full report →
Philosophy

The philosophy is old.
The stack is not.

Value investing. AI-native infrastructure. In that order.

What does not change

Value discipline,
permanently.

  • Margin of safety comes before everything else. Always.
  • The edge is in seeing differently, not more.
  • Downside first. Upside follows.
  • Patience and selectivity outrank activity. Every time.
  • Human judgment closes every position. That part never changes.
What changes materially

AI leverage.

  • The universe is wider. The filter is still the same 82 questions it always was.
  • Global screening now covers markets no solo analyst could sustain alone.
  • Filing reads, translation, data extraction: compressed to minutes, not days.
  • Cross-market comparison across languages and geographies becomes routine.
  • Human time concentrates on judgment and valuation. Where it actually belongs.
Founder
Alessandro Montalbano
Signed by

Alessandro Montalbano

Founder · Research Analyst, Sifter Research
A decade of personal investing · Former M&A analyst · Quantitative Finance & Management Engineering

Over the years, I've spent a lot of time on investment platforms, forums, newsletters and communities. Great ideas everywhere: tickers, theses, one-liners that make you think. But I always had the same problem: when I find something interesting, I still have to do all the research myself. Every time.

I looked for research that was actually complete, a real deep-dive where you can follow the reasoning, check the numbers and disagree with the conclusion if you want. Rarely found it. Especially on small-caps, where institutional coverage is thin and mispricing opportunities are real. So I built it myself.

Read more about the process and the checklist →
"The goal is to understand a few neglected businesses better than the market does."
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Newsletter

The research. The Newsletter.

Every report here is the product of the same rigorous process. The research is the product. The selectivity is the value-add.

Subscribe in English → Subscribe in Italian
What you'll receive

The full reasoning from someone with no position to protect and no client to please.

Access to research that institutional capital structurally cannot act on. The position sizes are too small. The markets too illiquid. The coverage too thin. That's your edge, if you're willing to look where they can't.