# Target company graph: a live model of the company you're selling

> For every mandate, Mindro builds a target company graph: a live model of the target's financials, operations, contracts and people, with every figure traceable to its source document.

URL: https://www.mindro.co/target-company-graph
Last updated: 23 October 2026

**Short answer:** For every mandate, Mindro builds a target company graph: a live, structured model of the target company, built from thousands of data points in the client's materials. Financials, segments, operations, contracts and people are linked to one another, and every figure traces back to its source document. The IM, teaser and buyer work are drafted from it.

[[target-graph]]

The firm brain is your accumulated knowledge across mandates. The target company graph is the live model of this one company.

## What is in the target graph

The target graph is the digital twin of the target company: a structured model of the business, not a pile of documents.

It is scoped like a full due diligence, in ten domains:

- **Financials:** quality of earnings, P&L, cash conversion, working capital, net debt and debt-like items, capex, forecast and KPIs.
- **Commercial:** customers, concentration, cohorts and churn, pricing, pipeline and channels.
- **Market:** market size, growth drivers, competitors and positioning.
- **Operations:** supply chain, suppliers, sites and capacity, quality and procurement.
- **Technology and data:** IT systems, cybersecurity, data and privacy, licences and product technology.
- **People and HR:** management, key persons, organisation, compensation, pensions and employment terms.
- **Legal:** corporate structure, material contracts, change of control, litigation, IP, regulatory and permits, and real estate.
- **Tax:** tax returns, tax audits, transfer pricing and tax losses.
- **ESG:** environmental, emissions, health and safety, and governance.
- **Risk and insurance:** insurance, claims history, contingent liabilities and the risk register.

Every data point is linked to the document supplied by the client that it came from, such as the financial VDD and databook, management presentations, contracts and board minutes, and items are linked across domains: a change-of-control clause to the customers it affects, leases and pensions to net debt, key-person risk to management.

## Traceable to source

Every figure in the target graph links to its source. Every figure and statement in the IM is backed by evidence, one click away: back to the exact place it came from, even a single clause in a contract amendment.

[[trace]]

## How it is built during the mandate

1. **Connect client materials.** Financials, management documents, contracts and prior memos (Excel, PowerPoint, Word, PDF and similar).
2. **Extract.** The data extraction desk pulls facts and figures into the target graph.
3. **Verify.** The verification desk checks them against their sources. When new materials arrive, the target graph is updated.

[See how Mindro creates an IM](https://www.mindro.co/information-memorandum)

## What it powers

- **Information memorandum:** the IM is drafted from the target graph, on your firm's own layouts. [IM creation](https://www.mindro.co/information-memorandum)
- **Teaser:** the short, anonymised version, from the same facts.
- **Buyer matching:** the target's profile matched against historic buyer behaviour and buyer data. [Use cases](https://www.mindro.co/use-cases)

## How it uses the firm brain

The firm brain brings your precedents, sector layouts and templates to the mandate. The target graph brings the facts about this one company. The target's confidential data stays inside the mandate.

## Governed by default

The target graph is held in Mindro's governed environment in Europe, every data access is logged by user, tool and time, and it is never used for training. [Security and trust](https://www.mindro.co/security)

[The firm brain](https://www.mindro.co/firm-brain) · [Information memorandum](https://www.mindro.co/information-memorandum) · [Security and trust](https://www.mindro.co/security) · [Book a briefing](https://calendar.app.google/v8efpXpfcV2MsCQ36)