backtests
Net Debt/EBITDA in Sweden: The Best Developed-Market Result in 22 Exchanges Out of 22 exchanges we tested the Net Debt/EBITDA screen across, Sweden's Stockholm Stock Exchange produced the best result among developed markets: 10.29% CAGR, +2.28% above SPY annually, Sharpe ratio 0.412. The
backtests
Private equity firms live by the Net Debt/EBITDA ratio. Under 2x means a company can repay its debt in two years of operating earnings. It's the first filter PE analysts run when sizing up an acquisition. We tested whether that same logic translates to public equity alpha
backtests
The Net Debt/EBITDA screen that underperforms on the full US market produced 21.55% CAGR on Indian stocks over 25 years, 10.43 percentage points above the Sensex annually. We tested it across BSE and NSE from 2000 to 2025, with full transaction costs and next-day execution. Here'
backtests
We ran the same Net Debt/EBITDA screen across 22 global exchanges, same signal, same parameters, same transaction cost model, from 2000 to 2025. The results range from 21.55% CAGR in India to 1.44% in Israel. The spread is large enough that the exchange you apply this signal
backtests
We screened every German stock on XETRA for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 9.28% CAGR vs 4.51% for the DAX, turning $10,000 into $91,877 vs $30,139. Germany's industrial value stocks