Independent research on the businesses you are considering buying.
Our research is written for a buyer with capital at risk. It states a view, shows the evidence and says what would change it.
The same company looks different depending on who is asking and who pays.
We cover both sides, and we build the data and AI tools that make either one faster.
Research published to clients
Written by brokerage and investment bank analysts. Useful for estimates, industry context and consensus. Shaped by the business that publishes it.
Read about sell-side researchResearch built to decide
Done inside funds and private equity firms to support a specific investment. Private, forward-looking and judged by returns.
Read about buy-side researchResearch with AI and live data
Automated market data pipelines and an AI analyst that works inside your business, with a person reviewing every output.
Read about equity research AI| Question | Sell-side | Buy-side |
|---|---|---|
| Who writes it | Broker and bank analysts | Analysts at funds and PE firms |
| Who reads it | Many clients | One investment committee |
| What it is for | Informing clients, supporting trading and banking relationships | Deciding whether to invest and at what price |
| Typical output | Initiations, earnings notes, ratings, price targets | Thesis, model, downside case, committee memo |
| Time horizon | Often 12 months or a quarter at a time | The whole holding period |
| Regulation | Analyst independence and disclosure rules apply to the firms and analysts | Governed by the fund's own regulation and policies |
A research note built like a committee paper.
Each report is structured so a partner can read the first two pages and know the answer, and an associate can trace every claim to its source.
- Investment view with valuation range and the three drivers that matter most
- Business and unit economics covering revenue quality, margin structure and cash conversion
- Market and competitive position with share, pricing power and switching costs
- Management case review comparing plan against history and peers
- Risks and mitigants ranked by impact on returns
- Appendix with sources, comp sets and adjustments
Choose the depth the decision needs.
Target screen
A short note on a single company or a shortlist, with business summary, peer multiples and the main reasons to proceed or pass. Typically a few days.
Full initiation
A complete report on one target with a valuation range, a competitive assessment and a downside case. Typically two to three weeks.
Sector study
A view of an industry's growth, margin structure and consolidation logic, supporting a buy-and-build thesis or a fund's sector focus.
Four methods, reconciled in one view.
We triangulate rather than rely on one number, and we show which assumptions move the answer most.
Trading comparables
Peer sets selected on growth, margin and end-market, with outliers explained rather than dropped.
Precedent transactions
Control multiples adjusted for size, timing and deal structure.
Discounted cash flow
Explicit forecast, terminal value cross-checks and a sensitivity grid on WACC and growth.
LBO analysis
What a sponsor can pay and still reach the target IRR under realistic leverage.