Works from a mandate
Give it the question, the source set, and the standard of work. It pursues the objective through multiple research steps.
Launching September 1·Early access requests open
Research you can defend.
More research capacity. Every conclusion traceable. Give Analyst One the mandate and the source set — it turns them into cited analysis, reports and workbooks. Your team decides what becomes final.
Analyst One / workspace / ryanair-2026-lbo● LIVE
3 sources¹ AR · p.4² AR · p.152³ AR · p.5
Analyst One · Research intelligence
Built around how private markets actually work.
Data rooms, governing clauses and reviewable work product stay connected to the evidence. Analyst One carries the research forward; the investment team retains final judgment.
Selects the right tools
Workspace search, exact-text grep, graph queries, page inspection — chosen as the work develops.
Produces work product
The output is a cited report or workbook that persists — not another chat transcript.
Operates under review
Evidence stays inspectable and proposed changes wait for sign-off. The analyst decides what becomes final.
Live today
Interrogate the data room
Search across every document in a workflow — 'covenant' near 'EBITDA' — and land on the exact clause.
Read what you don't have time to
A 200-page 10-K parsed in about two minutes. Tables stay tables, every extraction cited.
Memos that survive review
IC memos, diligence briefs, and LP letters drafted from your documents. Citations stay attached through every edit.
Shipping soonCollaboration · Data-room connectors · API & CLI · Live market dataSee the full product →
Walkthrough · one workflow
From mandate to memo.
One real workflow: a 340-page annual report in; a cited IC memo and a formula-driven model out. Four steps.
Scroll ↓
01Upload
Bring in your information.
Drop the annual report, the CIM, the credit agreement. Felix OCR parses every page — tables stay tables, footnotes stay attached — and the workflow graph links what it finds.
Ryanair 2026 LBO · LibrarySTEP 01
Drop files · 1 ready+ 1 new
PDFRyanair-2026-Annual-Report.pdf340 pp · 25.2 MB
01 · OCRFelix OCR340/340
02 · ExtractEntities2,993 found
03 · GraphWorkflow links7,627 edges
04 · IndexChunks · embeddings3,671 chunks
02Ask
Interrogate the workflow.
Ask the open question. The agent searches the workspace, walks the graph, inspects the exact pages — and answers with every material claim tied to its source.
Ryanair 2026 LBO · Felix IntelligenceSTEP 02
"How is fuel risk hedged, and what underwrites the growth plan?"
FY27 jet fuel is 80% hedged at $668/mt1. The contracted Boeing schedule (150 firm MAX-10s, 150 options) grows the fleet from 647 to 800 aircraft by FY342, underpinning the 300m-passenger target3.
1 · AR p.1522 · AR p.2233 · AR p.8
03Report
Draft work that survives review.
Findings become a cited IC memo and the supporting workbook. Edit any paragraph — the citations stay attached.
Ryanair · IC Memo (draft)STEP 03
Generated · editable · cited▸ Saved 2s ago
Ryanair Holdings plc — Take-Private Investment Committee Memo
Confidential · For discussion purposes only · 12 pp
Executive summary
We recommend a take-private acquisition of Ryanair Holdings plc at €32.00 per share — a ~23% premium, an equity purchase price of ≈ €33.4 billion (enterprise value ~€31.3bn, or 8.4× FY26A EBITDA). The base case delivers a ~28.9% IRR / 3.6× MoM over a five-year hold; the DCF independently supports €36–38 per share at an 8.0% WACC.
Company overview
Europe's largest airline by passengers — over 3,600 flights daily across ~240 airports1, 208m revenue passengers in FY26 at a 94% load factor2. Revenue €15,544m, EBITDA €3,747m, net cash €2,086m, 647 aircraft; investment-grade BBB+ (S&P, Fitch).
Investment thesis · 1. Structural cost advantage
Unit cost excluding fuel of €36 per passenger vs €62 (Wizz), €90 (easyJet), €147–253 (legacy)3. All 620 owned 737s unencumbered; 95% of bookings direct through Ryanair.com.
Key risks & mitigants · 1. Fuel price volatility
FY27 jet fuel 80% hedged at $668/mt4; downside case tested to covenant headroom under a cyclical demand shock
6 sources1 · AR p.42 · AR p.1703 · AR p.64 · AR p.152
04Review & send
You decide what becomes final.
Proposed changes wait for your sign-off. Then take the work anywhere: beautifully rendered PDF and Word, live-formula spreadsheets, or Markdown your AI agents can read — citations intact in every format.
Ryanair · IC Memo · Review & sendSTEP 04
Pending review · 1Nothing ships unreviewed
OKAccept proposed update§II figures · 2 editsReview
Export as · citations travel with every format
PDFPrint-cited memoTypeset render · 12 pp
XLSX5Y 3-statement · DCF · LBO135 rows · live formulas
DOCXEditable WordTrack changes · linked sources
MDMarkdown for AI agentsClaude · Codex · CLI-ready
Send to IC distribution8 partners · 28 May▸
Built from the desk
“We built the tool we wanted at 2am, deep in a model, a data room or a quarterly report.”
Felix Research founding team
Investment professionals · London
Early access · First reactions
From the first desks.
“What really impressed me was Analyst One’s ability to immediately understand a complex and not particularly well-articulated concept. It grasped the intended meaning from the outset, whereas I had to read the section three times and spend some time thinking it through before fully understanding it.”
“Wait — this is actually so great.”
“Now I get why you’ve been working on this for so long.”
Launching September 1 · Early access requests open
That was one mandate. Bring us yours.
Access is strictly gated. Leave your work email and we'll review the request directly with your firm.
We'll only email you about Analyst One access — see our Privacy Policy.
The Felix View
Browse The Felix View →Read for signal, not noise.
Noise to Signal · Market update
Read the latest issue →The weekly newsletter for investment professionals.
The AI trade, macro, M&A and public markets — every figure sourced.
Substack · Company blog
Read on Substack ↗Field notes and essays from the team.
Noise to Signal · Free by email
New issues land in your inbox as they publish.
We'll only email you new issues — see our Privacy Policy.
The team
Built by investors who ran the process by hand first.
Roots in private equity, AI governance, alternative-asset trading, and defense-grade engineering.
Ben Jaletzke
Founder & CEO
James Hall
Co-Founder, Sales
Dimitri Lesas
Founding Engineer
Nicusor Popescu
Chief of Staff
Sav Moyo
Advisor
September 1
Give your analyst a challenge.
Analyst One launches September 1. Access is strictly gated. Send us your work email, or see the full product — pricing, security, and the workflow end to end.