Case library · Pari Passu

Casual dining restaurants · initiation of coverageAdvanced

Texas Roadhouse

The best operator in casual dining has fallen from $216.30 to $161.50 on a sector sell-off, a false social-media rumor and beef-led cost inflation. Initiate coverage: is the stock cheap, fair or expensive?

Investment banking & equity researchFrom SEC filingstake-home, 1–2 days (about 11.5–13.5 hours)

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Public-sector software · equity researchAdvanced

Tyler Technologies

The public-sector software leader is 37% below its high after the 2026 software sell-off, mid-way through a SaaS transition and a convert-funded buyback. SaaS compounder or AI casualty?

Investment banking & equity researchFrom SEC filingstake-home, 1–2 days (about 12–14 hours)

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HVAC/R distribution · equity researchAdvanced

Watsco

The largest HVAC distributor in the Americas has fallen from $459.00 to $279.90 after a 2Q26 miss and a gross-margin reset. Is it cheap now, or has the market re-based an over-earning business?

Investment banking & equity researchFrom SEC filingstake-home, 1–2 days (about 12–14 hours)

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