About
How we work
Dorrsum studies long-term capital cycles across energy, digital infrastructure, and critical supply chains before building transparent, bottom-up financial models for every investment thesis.
Philosophy
Before we value companies, we understand the industries that shape them.
A company model without industry context usually just restates the consensus. We begin with long-term capital cycles, identify where value is created and captured across the supply chain, and only then build company models with assumptions that investors can challenge and stress-test. Policy changes to those models, such as the margin of safety, are deliberate and logged so investors can see them.
We believe long-term investment outcomes are driven first by industry structure and capital allocation, and only then by company execution. Understanding both provides the context needed to assess valuation with conviction.
Every model is built from public filings using a bottom-up approach, incorporating three-statement forecasts, DCFs, reverse DCFs, and scenario analysis, before being benchmarked against sell-side expectations and rating agency assumptions.
Our research process
From capital cycle to investment thesis.
1. Capital Cycle
Where long money is going for the next decade.
2. Industry Landscape
Who operates, who supplies, who buys.
3. Industry Economics
Where margin and constraint actually sit.
4. Competitive Landscape
Who is best-in-class, public and private.
5. Financial Model
Company model you can open and stress-test.
6. Investment Thesis
What we'd do with the capital, and why.
The report is done when the thesis is modelled, not when the industry note is written.
Who this is for
Fundamental investors
Long-only and value-oriented investors seeking transparent assumptions rather than consensus price targets.
Family offices & private allocators
Allocators with exposure to energy transition, data centres, fibre networks, and grid equipment seeking independent structural context before sizing a position.
Corporate development & strategy teams
Executives at operators, developers, and financiers seeking a ground-up view of industry economics before committing capital or entering a market.
Founder
I use finance and AI to read industry transitions earlier.
Sudipto Mondal
Founder
I founded Dorrsum to produce independent research on energy, digital infrastructure, and critical supply chains through the lens of long-term capital cycles.
Before founding Dorrsum, I worked across banking and consulting at Standard Chartered, J.P. Morgan, Nomura, and Deloitte. Those experiences shaped how I approach investing: start by understanding the industry, then build conviction from first principles.
Traditional investment research remains surprisingly inefficient. Analysts often spend the majority of their time collecting, cleaning, and formatting data before they can begin the work that actually creates value—understanding businesses, testing assumptions, and forming independent views.
I built Dorrsum to change that.
AI is central to my workflow—not as a replacement for analysis, but as a force multiplier. It automates repetitive tasks such as gathering filings, structuring financial data, and maintaining models, allowing me to spend more time interpreting businesses, challenging market narratives, stress-testing assumptions, and exercising independent judgment.
I believe the future of investment research belongs to those who combine technology with rigorous, independent thinking to produce clearer insights and better investment decisions. Dorrsum is built around that belief.