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Our Coverage

 

We cover companies across a variety of sectors and geographic markets. We generally avoid companies with a market cap of less than £250m because of the difficulty of accessing shares in size and the reduced levels of certainty inherent in a smaller business. We are drawn to sectors with strong economics and avoid other sectors entirely. Ultimately we are sector and market cap agnostic.

We put forward companies which you may have overlooked, dismissed as over-priced or where our angle, and the case for investment, is not yet recognised by the market. Examples of our coverage include Coloplast A/S, Fuchs Petrolub AG, Mead Johnson Nutrition Inc. and Abcam plc. New companies are reviewed and added when appropriate.

We have just one closed position - Autonomy plc (acquired by Hewlett-Packard in October 2011 at £25.50 per share). We initiated coverage in December 2010 at £13.59 (A-List Company - fair value appraisal up to £37.91 per share). The uplift in market value on take-out was c.£4bn, an 87% gain in just ten months.   

Subscribers have access to all our reports, models and forecasts for download from this website. Companies are listed by category (‘A-List,’ ‘B-Team’ and ‘Not Accepted’) linking to a dedicated page for each company.

Each company is the subject of a core initial report, containing at least five years of historic financials and incorporating the findings of our four-stage review process (business and financial shape assessments, ratings, and - for A-List and B-Team companies only - valuation). We look at the company's product offering, its competitive positioning, management, business model and capital history. Our financial assessment looks at profit margins, growth rates, financial structure, cash generation, capital deployment and return on capital. Forecast models span the next 4-5 yrs and include estimated balance sheets, cash flow statements and anticipated rates of return on equity.  

These reports and models are updated semi-annually as new figures come in and as the business evolves. Beyond that, we only write if there is something important to say – perhaps following a company visit or a significant development in the business. Subscribers receive e-mail notifcation when a new report or spreadsheet is published.

Our reports do not make recommendations to buy, sell or hold and do not provide investment advice. Our research is informative and readable, but subscribers must make their own investment decisions.

 

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