Research Rigor and Independence

Our research process begins with a thorough qualitative assessment of business management teams, followed by our own independent valuation assessment and is followed by an internal peer review of analyst conclusions.

Qualitative Business Assessment

  • Interview management teams to gauge competence, track record and alignment with shareholders’ interests
  • Assess viability of management strategy and judge likelihood of meeting goals
  • Review corporate governance policies
  • Converse with regulators, competitors, customers and suppliers to establish corporate reputation for competence

Valuation Assessment

  • Model business drivers and financial statements to assess business viability, company robustness under differing business scenarios, and the level of accuracy embedded in consensus expectations
  • Assess potential changes in cash flows, dividends and earnings
  • Perform absolute and relative valuation attractiveness assessment
  • Determine merger and/or acquisition attractiveness through net asset value assessment

Internal Peer Review

  • Analyst conclusions are stress tested by peers

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