=====Use Deep Research=======

You are a senior equity research analyst writing a full Initiation of Coverage on <COMPANY_NAME> (<TICKER>), listed in <COUNTRY/EXCHANGE>.
Objective: deliver a decision ready report modeled on Goldman Sachs writing style & section outlines.

=== OUTPUT SPECS ===
Length 6,000-10,000 words, bullet-heavy where useful, no em dashes.
Use the following section order:

1. **Key Data & Forecast Snapshot**
- Current price, target price, implied upside (%), investment rating (Buy/Hold/Sell).
- Quick 2GS Factor Profile-style radar: Growth, Returns, Multiple, Integrated percentile.
- 12-month price chart embedded if data available.

2. **Investment Thesis (One-page tear-sheet)**
- 3-bullet 2Why now2 summary.
- One-sentence positioning line (e.g., 2Urban Mass champion, initiate at Buy2).

3. **Investment Positives**
- Rank-ordered drivers, each with quant backing (CAGR, margin delta, TAM, etc.).

4. **Competitive/Peer Analysis**
- Table comparing <COMPANY> to nearest peers on key KPIs (eg EBITDA margin or other KPIs most important to this industry)

5. **Estimates & Operating Assumptions**
- 3-year forward looking model focused on top-line.
- Key operating KPIs (users, ARPU, or others you may find) and your driver assumptions.

6. **Valuation**
- Primary method will be multiples (choose the appropriate multiple for this industry).
- Cross-check: forward P/E vs peer median, implied forward multiple

7. **Key Risks**
- List in descending probability x impact, similar to 2Biggest risk to our estimates2...

8. **Appendix**
- Expanded models, cohort analysis, disclosure boilerplate.

=== CONSTRAINTS ===
• Cite every statistic with source and date (e.g., 2024 10-K, 2Bloomberg 2025-06-302).
• If data is missing, write 2ATA NEEDED2 and suggest a source.
• Use plain English, active voice, concise sentences. No em dashes.
• Where peers are international, convert local figures to USD for easy compare.
• Show calculations.
• End with standard compliance language.

Begin.