[01] Author Profile
Milan Charvat
Co-Founder & CEO, Bulios
Co-Founder & CEO of Bulios.com, an investment platform with 100,000+ members. Editor-in-Chief at Warengo.com, a Czech investment magazine, since 2018. 18 years in financial media.
[02] BIOGRAPHY
Milan Charvat is the Co-Founder and CEO of Bulios.com, an investment platform serving over 100,000 members across 20+ languages. He began his career at iDnes.cz, one of the largest Czech media houses, before founding his own media brand and publishing a print business magazine. In 2018, he co-founded Warengo.com, a Czech investment magazine, where he has served as Editor-in-Chief ever since.
An active equity investor for over a decade, Milan combines fundamental analysis with an entrepreneur's perspective on business quality. As a tech entrepreneur himself, he focuses on dissecting companies from the inside out — evaluating business models, competitive moats, and capital allocation — to determine whether a stock's market price reflects its true underlying value. His investment approach draws heavily on the value investing tradition of Benjamin Graham and Warren Buffett, with particular expertise in the technology sector.
Fair Price Index was launched by Bulios in February 2026 to solve a problem Milan and his co-founder had experienced firsthand as retail investors: the lack of institutional-grade valuation data accessible to everyday investors. As the product lead, Milan oversees Fair Price Index, which applies a three-method blended valuation model — DCF, relative valuation, and analyst consensus — to over 37,000 stocks globally, making professional-grade fair value analysis available to anyone.
[03] CREDENTIALS
[04] AREAS OF EXPERTISE
[05] CONNECT
[06] ARTICLES BY MILAN CHARVAT (14)
How to Build a Multi-Stage DCF Model
Learn how to build a two-stage and three-stage DCF model step by step. Covers high-growth phase, transition phase, terminal value, sensitivity analysis, and common mistakes. Includes formulas and a worked example.
Adjusting WACC for Country Risk: How to Value International Stocks
Learn how to adjust the discount rate for country risk when valuing stocks in emerging and frontier markets. Covers country risk premium, sovereign spread method, Damodaran approach, and practical examples for international DCF analysis.
P/E Ratio Explained: What It Tells You About a Stock
Learn what the P/E ratio is, how to calculate it with the formula, what counts as a good P/E ratio by sector, and how to use it to find undervalued stocks. Includes interactive calculator, real stock examples, and sector averages table.
The Graham Number: Benjamin Graham's Formula for Finding Undervalued Stocks
Learn the Graham Number formula, calculate it instantly with our free interactive calculator, see real stock examples with a comparison table, and understand when Benjamin Graham's classic valuation method works and when it does not.
EV/EBITDA Explained: A Better Valuation Metric Than P/E?
Learn what EV/EBITDA is, how to calculate it step by step with our free calculator, what counts as a good ratio by sector, and why analysts prefer it over P/E. Includes formula, real examples, sector benchmarks, and common mistakes.
How to Tell If a Stock Is Overvalued or Undervalued
Learn the key methods investors use to determine whether a stock is priced above or below its real worth. Includes fair value comparison, valuation ratios, 5 warning signs of overvaluation, real examples, value traps, and a step-by-step checklist.
What Is Intrinsic Value? How to Calculate a Stock's True Worth
Learn what intrinsic value means in investing, how it differs from market price, the three main methods to calculate it (DCF, relative valuation, asset-based), and how to use it to find undervalued stocks. Includes formula, examples, and common mistakes.
How to Value a Stock: 5 Methods Every Investor Should Know
Learn 5 proven methods to determine whether a stock is fairly priced: DCF analysis, P/E ratio, EV/EBITDA, Graham Number, and free cash flow yield. Includes when to use each method, real examples, and a step-by-step framework.
What Is DCF? A Beginner's Guide to Discounted Cash Flow
Learn what Discounted Cash Flow (DCF) means in simple terms, why it matters for stock investors, the three key ingredients of any DCF analysis, and how Fair Price Index uses it. Beginner-friendly guide.
Free Cash Flow Explained: Why It Matters More Than Earnings
Learn what free cash flow is, how to calculate it, why it is more reliable than net income, what good FCF looks like, and how to use FCF yield in stock analysis. Includes formula, examples, and red flags.
What Is Fair Value? A Simple Guide for Investors
Learn what fair value means, how it is calculated using DCF, relative valuation, and analyst consensus, and how to use it to find overvalued and undervalued stocks. Includes real examples and formulas.
DCF Model Explained: How Discounted Cash Flow Analysis Works
Learn how the DCF model works step by step, including the formula, how to project cash flows, choose a discount rate, calculate terminal value, and interpret the result. Includes practical examples.
What Is Margin of Safety? Warren Buffett's Key Investing Principle
Learn what margin of safety means in investing, how to calculate it, what percentage Warren Buffett and Benjamin Graham recommend, and how to apply it to your stock picks. Includes real examples.
How to Read Stock Fundamentals: P/E, ROE, and Dividend Yield
Learn the three most important stock metrics every investor needs: P/E ratio, Return on Equity, and Dividend Yield. Includes formulas, real stock examples, sector comparisons, and how to use all three together.
EDITORIAL STANDARDS
All content on Fair Price Index is data-driven and based on the blended valuation model described in our methodology. Articles are written for educational purposes and do not constitute investment advice. Fair Price Index is operated by Bulios, investment platform serving 100,000+ members.