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Answered By: Lippincott Library Last Updated: Jan 26, 2024     Views: 167828

Use LSEG Workspace  (formerly Refinitiv).

• To find analyst reports (also known as sell-side, broker, or equity research reports) for a specific company, search for that firm's ticker symbol or name in the top search box. Then, on the News & Research  menu, click on Company Research . Use filters near the top of the page to refine your search. 
• To screen for analyst reports based on a set of criteria, type  ADVRES in the search bar and select the Research Advanced Search app, or click on  Research in the main menu. then, click on Advanced Research . You can filter for reports by industry, geography, contributor, keywords, and more.

Note: LSEG Workspace has a  150-page daily limit for viewing and downloading research content. This limit is in lieu of retail prices listed on reports and resets at 12:00 AM Eastern Time daily.

Bloomberg (see access details ) contains some analyst reports.

• Type your company's ticker symbol, then hit the yellow EQUITY key, then type BRC and hit the green GO key.
• To find reports by industry or keyword, type RES and hit the green GO key.

Morningstar equity research reports and analyst cash flow models can be found in PitchBook .

Hoovers contains some analyst reports as well.

• Type in a company name and select the company you want.
• Scroll down the screen; if available, analyst reports appear under Advanced on the left side.
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What’s in an Equity Research Report?

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Even though you can easily find real equity research reports via the magical tool known as “Google,” we’ve continued to get questions on this topic.

Whenever I see the same question over and over again, you know what I do: I bash my head in repeatedly and contemplate jumping off a building…

…and then I write an article to answer the question.

To understand an equity research report, you must understand what goes into a  stock pitch first.

The idea is similar, but an ER report is a “watered-down” version of a stock pitch.

But banks have some very solid reasons for publishing equity research reports:

Why Do Equity Research Reports Matter?

You might remember from previous articles that equity research teams do not spend that much time writing these reports .

Most of their time is spent speaking with management teams and institutional investors and sharing their views on sectors and companies.

However, equity research reports are still important because:

• You do still spend some time doing the required modeling work (~15%) and writing the reports (~20%).
• You might have to write a research report as part of the interview process.

For example, if you apply to an equity research role or an equity research internship , especially in an off-cycle process, you might be asked to draft a short report on a company.

And then in roles outside of ER, you need to know how to interpret reports quickly and extract the key information.

Equity Research Reports: Myth vs. Reality

If you want to understand equity research reports, you have to understand first why banks publish them: to earn higher commissions from trading activity.

A bank wants to encourage institutional investors to buy more shares of the companies it covers.

Doing so generates more trading volume and higher commissions for the bank.

This is why you rarely, if ever, see “Sell” ratings, and why “Hold” ratings are far less common than “Buy” ratings.

Different Types of Equity Research Reports

One last point before getting into the tutorial: There are many different types of research reports.

“Initiating Coverage” reports tend to be long – 50-100 pages or more – and have tons of industry research and data.

“Sector Reports” on entire industries are also very long. And there are other types, which you can read about here .

In this tutorial, we’re focusing on the “Company Update” or “Company Note”-type reports, which are the most common ones.

The Full Tutorial, Video, and Sample Equity Research Reports

For our full walk-through of equity research reports, please see the video below:

Table of Contents:

• 1:43: Part 1: Stock Pitches vs. Equity Research Reports
• 6:00: Part 2: The 4 Main Differences in Research Reports
• 12:46: Part 3: Sample Reports and the Typical Sections
• 20:53: Recap and Summary

You can get the reports and documents referenced in the video here:

• Equity Research Report – Jazz Pharmaceuticals [JAZZ] – OUTPERFORM [BUY] Recommendation [PDF]
• Equity Research Report – Shawbrook [SHAW] – NEUTRAL [HOLD] Recommendation [PDF]
• Equity Research Reports vs. Stock Pitches – Slides [PDF]

If you want the text version instead, keep reading:

Watered-Down Stock Pitches

You should think of equity research reports as “watered-down stock pitches.”

If you’ve forgotten, a hedge fund or asset management stock pitch ( sample stock pitch here ) has the following components:

• Part 1: Recommendation
• Part 2: Company Background
• Part 3: Investment Thesis
• Part 4: Catalysts
• Part 5: Valuation
• Part 6: Investment Risks and How to Mitigate Them
• Part 7: The Worst-Case Scenario and How to Avoid It

In a stock pitch, you’ll spend most of your time and energy on the Catalysts, Valuation, and Investment Risks because you want to express a VERY different view of the company .

For example, the company’s stock price is $100, but you believe it’s worth only $50 because it’s about to report earnings 80% lower than expectations.

Therefore, you recommend shorting the stock. You also recommend purchasing call options at an exercise price of $125 to limit your losses to 25% if the stock moves in the opposite direction.

In an equity research report, you’ll still express a view of the company that’s different from the consensus, but your view won’t be dramatically different.

You’ll spend more time on the Company Background and Valuation sections, and far less time and space on the Catalysts and Risk Factors. And you won’t even write a Worst-Case Scenario section.

If a company seems overvalued by 50%, a research analyst would probably write a “Hold” recommendation, say that there’s “uncertainty around several customers,” and claim that the company’s current market value is appropriate.

Oh, and by the way, one risk factor is that the company might report lower-than-expected earnings.

The Four Main Differences in Equity Research Reports

The main differences are as follows:

1) There’s More Emphasis on Recent Results and Announcements

For example, how does a recent product announcement, clinical trial result, or earnings report impact the company?

You’ll almost always see recent news and updates on the first page of a research report:

These factors may play a role in hedge fund stock pitches as well, but more so in short recommendations since timing is more important there.

2) Far-Outside-the-Mainstream Views Are Less Common

One comical example of this trend is how all 15 equity research analysts covering Enron rated it a “buy” right before it collapsed :

Sell-side analysts are far less likely to point out that the emperor has no clothes than buy-side analysts.

3) Research Reports Give “Target Prices” Rather Than Target Price Ranges

For example, the company is trading at $50.00 right now, but we expect its price to increase to exactly $75.00 in the next twelve months.

This idea is completely ridiculous because valuation is always about the range of possible outcomes, not a specific outcome.

Despite horrendously low accuracy , this practice continues.

To be fair, many analysts do give target prices in different cases, which is an improvement:

4) The Investment Thesis, Catalysts, and Risk Factors Are “Looser”

These sections tend to be “afterthoughts” in most reports.

For example, the bank might give a few reasons why it expects the company’s share price to rise: the company will capture more market share than expected, it will be able to increase its product prices more rapidly than expected, and a competitor is about to go bankrupt.

However, the sell-side analyst will not tie these factors to specific share-price impacts as a buy-side analyst would.

Similarly, the report might mention catalysts and investment risks, but there won’t be a link to a specific valuation impact from each factor.

So the typical stock pitch logic (“We think there’s a 50% chance of gaining 80% and a 50% chance of losing 20%”) won’t be spelled out explicitly:

Your Sample Equity Research Reports

To illustrate these concepts, I’m sharing two equity research reports from our financial modeling courses :

The first one is from the valuation case study in our Advanced Financial Modeling course , and the second one is from the main case study in our Bank Modeling course .

These are comprehensive examples, backed by industry data and outside research, but if you want a shorter/simpler example you can recreate in a few hours, the Core Financial Modeling course has just that.

In each case, we started by creating traditional HF/AM stock pitches and valuations and then made our views weaker in the research reports.

The Typical Sections of an Equity Research Report

So let’s briefly go through the main sections of these reports, using the two examples above:

Page 1: Update, Rating, Price Target, and Recent Results

The first page of an “Update” report states the bank’s recommendation (Buy, Hold, or Sell, sometimes with slightly different terminology), and gives recent updates on the company.

For example, in both these reports we reference recent earnings results from the companies and expectations for the next fiscal year:

We also give a “target price,” explain where it comes from, and give our estimates for the company’s key financial metrics.

We mention catalysts in both reports, but we don’t link anything to a specific valuation impact.

One problem with providing a specific “target price” is that it must be based on specific multiples and specific assumptions in a DCF or DDM.

So with Jazz, we explain that the $170.00 target is based on 20.7x and 15.3x EV/EBITDA multiples for the comps, and a discount rate of 8.07% and Terminal FCF growth rate of 0.3% in the DCF.

Next: Operations and Financial Summary

Next, you’ll see a section with lots of graphs and charts detailing the company’s financial performance, market share, and important metrics and ratios.

For a pharmaceutical company like Jazz, you might see revenue by product, pricing and # of patients per product per year, and EBITDA margins.

For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios:

This section of the report explains how the analyst or equity research associate forecast the company’s performance and came up with the numbers used in the valuation.

The valuation section is the one that’s most similar in a research report and a stock pitch.

In both fields, you explain how you arrived at the company’s implied value, which usually involves pasting in a DCF or DDM analysis and comparable companies and transactions.

The methodologies are the same, but the assumptions might differ substantially.

In research, you’re also more likely to point to specific multiples, such as the 75 th percentile EV/EBITDA multiple, and explain why they are the most meaningful ones.

For example, you might argue that since the company’s growth rates and margins exceed the medians of the set, it deserves to be valued at the 75 th percentile multiples rather than the median multiples:

Investment Thesis, Catalysts, and Risks

This section is short, and it is more of an afterthought than anything else.

We do give reasons for why these companies might be mis-priced, but the reasoning isn’t that detailed.

For example, in the Shawbrook report we state that the U.K. mortgage market might slow down and that regulatory changes might reduce the market size and the company’s market share:

Those are legitimate catalysts, but the report doesn’t explain their share-price impact in the same way that a stock pitch would.

Finally, banks present Investment Risks mostly so they can say, “Well, we warned you there were risks and that our recommendation might be wrong.”

By contrast, buy-side analysts present Investment Risks so they can say, “There is a legitimate chance we could lose 50% – let’s hedge against that risk with options or other investments so that our fund does not collapse .”

How These Reports Both Differ from the Corresponding Stock Pitches

The Jazz equity research report corresponds to a “Long” pitch that’s much stronger:

• We estimate its intrinsic value as $180 – $220 / share , up from $170 in the report.
• We estimate the per-share impact of each catalyst: price increases add 15% to the share price, more patients from marketing efforts add 10%, and later-than-expected generics competition adds 15%.
• We also estimate the per-share impact from the risk factors and conclude that in the worst case , the company’s share price might decline from $130 to $75-$80. But in all likelihood, even if we’re wrong, the company is simply valued appropriately at $130.
• And then we explain how to hedge against these risks with put options.

The same differences apply to the Shawbrook research report vs. the stock pitch, but the stock pitch there is a “Short” recommendation where we claim that the company is overvalued by 30-50%.

And that sums up the differences perfectly: A Short recommendation with 30-50% downside in a stock pitch turns into a “Hold” recommendation with roughly equal upside and downside in a sell-side research report.

I’ve been harsh on equity research here, but I don’t want to disparage it too much.

There are many positives: You do get more creativity than in IB, it might be better for hedge fund or asset management exits, and it’s more fun to follow companies than to grind through grunt work on deals.

But no matter how you slice it, most equity research reports are watered-down stock pitches.

So, make sure you understand the “strong stuff” first before you downgrade – even if your long-term goal is equity research.

You might be interested in:

• The Equity Research Analyst Career Path: The Best Escape from a Ph.D. Program, or a Pathway into the Abyss?
• Private Equity Regulation : 2023 Changes and Impact on Finance Careers
• Stock Pitch Guide: How to Pitch a Stock in Interviews and Win Offers

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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15 thoughts on “ What’s in an Equity Research Report? ”

Hi Brian, what softwares are available to publish Research Reports?

We use Word templates. Some large banks have specialized/custom programs, but not sure how common they are.

Is it possible if you can send me a template in word of an equity report? It will help the graduate stock management fund a lot at Umass Boston.

We only have PDF versions for these, but Word should be able to open any PDF reasonably well.

Do you also provide a pre constructed version of an ER in word?

We have editable examples of equity research reports in Word, but we generally only share PDF versions on this site.

Hey Brian Can you please help me with coverage initiated reports on oil companies. I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field. I searched but reports could not be found even for a price. Thanks

We have an example of an oil & gas stock pitch on this site… do a search…

https://mergersandinquisitions.com/oil-gas-stock-pitch/

Beyond that, sorry, we cannot look for reports and then share them with you or we’d be inundated with requests to do that every day.

No worries. Thanks!

Hi! Brian! Do u know how investment bankers design and layout an equity research? the software they use. like MS Word, Adobe Indesign or something…? And how to create and layout one? Thanks

where can I get free equity research report? I am a Chinese student and now study in Australia. Is the Morning Star a good resource for research report?

Get a TD Ameritrade to access free reports there for certain companies.

How do you view the ER industry since the trading commission has been down 50% since 2007. And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?

In addition the whole S&T environment is becoming highly automated.

People have been predicting the death of equity research for over a decade, but it’s still here. It may not be around in 100 years, but it will still be around in another 10 years, though it will be smaller and less relevant.

Yes, things are becoming more automated, but the actual job of an equity research analyst or associate hasn’t changed dramatically. A machine can’t speak with investors to assess their sentiment on a company – only humans can do that.

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Here’s How to Write an Equity Research Report: The Best Guide

October 17, 2016

Equity Research is a rewarding career.

To keep up, you need a strong foundation with the judgment to think critically, act independently, and be relentlessly analytical.

That’s why I wrote this guide — to empower you with the equity research(ER) report writing skills to stay ahead in the equity research career.

There is almost NO guide available that teaches you how to write an equity research report.

From textbooks to online video tutorials, you can check and let me know if you find one.

And, I felt that I should write a detailed and step-by-step guide— a guide that really starts at the beginning to equip already-intelligent analysts with a healthy balance of conceptual and practical advice.

The Advanced Guide to Equity Research Report Writing takes your writing to the next level.

Who Is This Guide for?

I wrote this guide for an audience of equity research analysts , investment banking professionals, industry analysts, market research professionals, business management students, and freelance writers.

Most of all, I want you to walk away from this guide feeling confident about your equity report writing skill.

What Is an Equity Research Report

This chapter explains what exactly an ER report is.

The questions like—Who makes it? Who reads and uses it? What are the different types of equity research reports?—are answered clearly and elaborately.

It briefly talks about the various key contents of an ER report.

And lastly, it explains the need to provide a disclaimer at the end of an ER report.

So before understanding how to write an ER report, let’s try to understand what exactly an equity ER is.

FINRA , the Financial Industry Regulatory Authority, defines an equity research report, in Rule 2711 (a)(8) as,

 “A written or electronic communication that includes an analysis of equity securities of individual companies or industries , and that provides information reasonably sufficient upon which to base an investment decision.

Readers of Equity Research, more so than anything else, identify trends that make investment decisions easier to justify.

In simpler words, equity research is a document written and published by a brokerage house or securities firm for its clients to help them to make better decisions regarding which stocks to choose for profitable investment.

The report should be such that it should convince the client to make a decision.

The report should be crisp; the point of view should be clearly structured and articulated concisely.

In the investment industry, equity reports usually refer to ‘sell-side’ research, or investment research created by brokerage houses.

Such research is circulated to the corporate and retail clients of the brokerage house that publishes it.

Research produced by the ‘buy-side’, which includes mutual funds, pension funds, and portfolio managers, is usually for internal use and is not distributed to outside parties.

a. Different types of equity reports

In the above paragraph, we saw terms such as ‘sell-side’ and ‘buy-side’.

Let’s quickly understand what these terms mean:

There are two main types of equity research reports:

i. Sell-Side reports

Sell-side reports are the most common type of equity research reports in circulation.

They are normally produced by investment banks , typically for their clients to guide their investment decisions.

A sell-side analyst works for a brokerage firm or bank which manages individual clients and makes investment recommendations to them.

Sell-side analysts issue the often-heard recommendations of “buy”, “hold”, “neutral”, or “sell”.

These recommendations help clients make decisions to buy or sell stocks.

This is favourable for the brokerage firm as each time a client takes a decision to trade; the brokerage firm gets a commission on the transactions.

Click here to see some examples of sell-side reports

ii. Buy-Side reports

The ‘buy-side’ reports are internal reports, produced for the bank itself, and are guided by differing perspectives and motivations.

A buy-side analyst generally works for a mutual fund or a pension fund company.

They perform research and make recommendations to the money managers of the fund that hires them.

Buy-side analysts will verify how promising an investment seems and how well it fits with the fund’s investment strategy.

These recommendations are made exclusively for the benefit of the fund that employs them and is not available to anyone outside the fund.

Within the buy/sell group, there are other types of reports like initiating coverage reports, standard reports, Issue reports, Investor notes, and sector reports.

iii. Initiating coverage reports

The initiating coverage reports are conducted on firms that the bank has begun following and are typically more comprehensive in nature.

Initiating coverage reports analyze a company’s historical financial information, order books, efficiency, SWOT, cash-flows, and future earning potential, basis which it estimates the future earnings of the company and its P/E multiples.

Click here to see some examples of initiating coverage reports

iv. Standard reports

After an initiating report is produced standard reports will follow for as long as the brokerage house continues to track the stock.

Stocks that are tracked are typically part of an index like the SENSEX or are amongst the top stocks in an industry as these are the stocks that investors care about and are traded in larger volumes.

v. Issue reports

These reports are issued when generally companies announce earnings each quarter (Quarterly earnings reports).

vi. Investor notes

These reports are published a few times in between for incremental information and news.

For example – investor conference companies hold a big M&A deal or a major new product announcement from a competitor.

These are usually short-run updates and are typically just quantitative in nature.

vii. Sector reports

A sector report is a document that evaluates a given industry and the companies involved in it.

It is often included as part of a business plan and typically seeks to establish how one company can gain an advantage in industry through detailed research on competition, products, and customers.

Click here to download the sector report

b. Contents of an equity research report

Now that we have understood the different types of equity research reports, let’s try to see the contents of an ER report.

An ER report should not be more than 10 to 15 pages long and should be very crisp and concise.

It should give the reader a clear understanding of the opinion of the analyst writing the report.

An ER report typically has the following contents:

1. Analyst opinion and summary

2. Key highlights of the company

3. A snapshot of the industry

4. Financial ratio analysis

5. Financial Modeling and Valuation analysis

6. Risk factors

7. Disclosure and rationale of rating

Usually, most of the equity research reports have this information; however, there is no hard and fast rule in which an ER report should be written.

We will study in detail (with examples) how to write each of these segments of an ER report in the forthcoming chapters.

c. Importance of Disclaimers in Analyst Reports

As every ER report is an investment document, and investors use it to make decisions for buying or selling securities based on it, it is important for the report to have certain disclaimers to show un-biases of the analyst writing the report.

Some typical disclaimers are as follows:

• Every ER report entirely reflects views and personal opinions of the analyst as on the date of publication
• The equity research analyst does not have an interest in the shares of the company
• Compensation of the analyst is not linked directly to any specific research recommendations contained in the report

Financial Analysts or equity research analysts working in brokerage firms or sell-side analysts write equity research reports.

Equity research report writing process

Equity Research Report writing

After completing the fundamental analysis, financial statement analysis, ratio analysis, and valuation, the last part of the equity research process is writing equity research reports.

As an equity research analyst, you need to analyze the industry and the company first and then write the stock research report.

This step is paramount in your equity research analysis career .

This is important to write the equity research reports in such a way that your clients understand every word of it.

It’s also important to include relevant analysis that you’ve done in the report.

How to write a report

Let’s see each step of writing an equity research report in detail.

1. Company fundamental analysis

a) Macroeconomic Analysis

b) Checking public information of the company

c) Discussion/ interviews with company management

d) Prepare a 5-year cash flow model and earnings forecast model

e) Review your operational and financial assumptions

f) Assess management and competitive environment, buyers, suppliers, substitutes, porter 5-forces model that tells you the competitive advantage of the company.

2. Company valuation analysis

1. Use intrinsic valuation—Discounted Cash Flow(DCF) method

2. Relative valuation

3. sum-of-the-parts valuation method, wherever required.

Pointers for writing equity research reports

I’ve created a list of pointers purely based on my experience and observations and a bit of research about dos and don’ts while writing an equity research report.

1. A clear view of the company

Before writing the report, have a clear view of the company in terms of—Investment rationale, risk assessment, key growth drivers, cost drivers, and revenue drivers.

2. Recommendation/Rating

Clearly write the company’s name at the top of the report and mention your recommendation—buy, sell, hold.

You can also use the words—outperform, underperform, neutral or accumulate based on your valuation.

Have an image of an equity research report in your mind, and so you won’t miss these details.

Usually, there are templates available in your company and you need to write the report using these templates.

3. Target price

You need to mention the target price based on your valuation along with the recommendation.

4. Investment rationale

Write clearly your investment rationale. Why do you think the share price will go up/down?

5. Share price chart

Include a price chart of the stock that will show the last 52-weeks’ share price movement.

6.Business model

Mention the analysis of the company’s business model and how will it perform in the next 2-3 years.

7. Key ratio analysis

Include important ratio analysis of the company and 52-week high-low share price on a stock exchange.

Include market capitalization, Enterprise Value(EV), Earnings Before Interest Tax and Depreciation (EBITDA), EV/EBITDA, and dividend yield (%)

8. Product profile and segments

Analyze the company’s product profile, its various segments, and brands. Include current sales and forecasted revenue figures, cost, market size, company’s market share, competition, the company’s performance in domestic and other markets.

9. Economy-Industry-Company (E-I-C) Analysis

Cover the company’s fundamental analysis with supportive data.

10. Intrinsic and relative valuation

Perform DCF analysis and relative valuation. Relative valuation should be done with the company’s peers on the basis of Price-Earnings ratio (P/E), Price to Book ratio (P/B), Price to Sales (P/S), Return on Equity (ROE) and Return on Capital Employed (ROCE).

11. Reasoning for recommendation

Write proper reasoning for your recommendation. For example—Why buy the stock or why not to buy the stock. So, your reasoning has to be strong.

12. Unlock the value

Write what can unlock/increase/reduce the value of the company .

13. Legal matters

If the company is battling any case, write what could be its effects on the stock price.

14. Common industry points

While writing industry reports, write the points which are common for all players in the industry, for example, regulatory limitation, excise duty, oil prices, etc.

15. Covering all the areas in an equity research report

While writing the equity research report, assume that the reader is new to the company and he doesn’t have any idea about its business.

So, your report should include precise information about—product, financials, management, market, future plans of the company, growth estimates, and the risk factors of the company.

In short, as an equity research analyst, your equity analysis report writing process should be structured and you should follow the dos and don’ts mentioned in this post.

Sample equity research reports (PDFs):

The Walt Disney Company

If you have any queries, Speak Your Mind.

Key Takeaways

• Equity research report writing is a skill . You need to build this skill to go to the next level in your career . Top-notch careers in finance–equity research, investment banking , asset management, financial research, Knowledge Process Outsourcing (KPO) units value this skill in high regard.
• There are different types of research reports–sell-side, buy-side, initiating coverage, standard, issue, investor notes, and sector reports. As an analyst, you should know all these reports.
• Contents of an equity research report include Analyst opinion and summary, Key highlights of the company,  A snapshot of the industry, Financial and ratio analysis, Valuation analysis, Risk factors, and Disclosure and rationale of rating. I’m going to cover all these sections in detail with examples in the coming chapters.

Now You Try It

I hope you can see the potential of equity research report writing skills for your career.

Yes, it takes hard work to create something great.

But with this skill, you already know ahead of time that your hard work is going to pay off.

I want you to give the skill a try and let me know how it works for you.

If you have a question or thought, leave a comment below and I’ll get right to it.

• Download BIWS Course sample videos here .
• Read Students’ Testimonials here .

Avadhut is the Founder of FinanceWalk. He enjoys writing on Finance Careers topics. Check our Financial Modeling Courses . Contact us for  Career Coaching based on Your Inner GPS.

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How To Do Equity Research: An Actionable Guide

ContentsWho Is This Guide for?What Is an Equity Research Reporta. Different types of equity reportsi. Sell-Side reportsii. Buy-Side reportsiii. Initiating coverage reportsiv. Standard reportsv. Issue reportsvi. Investor notesvii. Sector reportsb. Contents of an equity research reportc. Importance of Disclaimers in Analyst ReportsEquity research report writing processHow to write a report1. Company fundamental analysis2. Company valuation analysisPointers for writing equity research reports1. A clear view of the company2. Recommendation/Rating3. Target price4. Investment rationale5. Share price chart6.Business model7. Key ratio analysis8. Product profile ...

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The Value of Equity Research

Equity research is an invaluable asset for anyone looking to stay up-to-date on market and industry trends. In this guide, you will learn about the type of information contained in equity research, the value it offers to corporate professionals, and how the most advanced teams are already leveraging the expertise of Wall Street’s top analysts to inform critical business decisions.

Get the guide

Introduction.

Equity research, which forms a multi-billion dollar industry for investment banks, is produced by thousands of analysts worldwide to provide the market with valuable information on companies, industries, and market trends. Today, over 90% of equity research is consumed by fund managers, who have the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For corporate strategy professionals who lack this access, however, equity research has historically been challenging to obtain and navigate.

To help corporations circumvent these challenges, AlphaSense has introduced Wall Street Insights, the first and only equity research collection purpose-built for the corporate user. Through the AlphaSense platform, any business making strategic plans or product decisions, conducting competitive analysis, evaluating M&A, or engaging in investor relations can now tap into the deep industry expertise of Wall Street’s top analysts.

What is Equity Research?

Equity research is developed by sell-side firms to help investors and hedge fund managers discover market opportunities and make informed investment decisions. Increasingly, this expert analysis has also been identified by forward-looking corporations as a highly valuable tool to inform strategic decision-making.

There are thousands of sell-side firms that employ expert analysts around the globe to write equity research for the market. The majority of firms producing equity research are hyper-focused and only have one or two analysts developing reports on a specific industry. However, larger firms, such as Morgan Stanley and Bank of America, collectively employ thousands of analysts to write reports on thousands of public companies–covering everything from TMT giants to niche products.

Equity research analysts are deep subject matter experts who are often former executives, industry veterans, or academics. These analysts conduct in-depth research and publish reports on corporations, industries, and macro trends, offering an expert lens into a subject.

Historically, over 90% of equity research was consumed by buy-side fund managers, who had the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For buy-side professionals, equity research is a critical tool to inform sound investment decisions backed by expert insights.

Today, equity research is increasingly relied upon by corporate teams as a high-value source of information. These teams leverage equity research to make strategic business plans, conduct competitive analysis, evaluate mergers and acquisitions, and make product and marketing decisions. For corporations, the value of equity research lies in the detailed coverage of their company, their competitors, and how they are performing related to the marketplace they are within.

What is an Equity Research Report?

An equity research report is a document prepared by an equity research analyst that often provides insight on whether investors should buy, hold, or sell shares of a public company. In an equity research report, an analyst lays out their recommendation, target price, investment thesis, valuation, and risks.

There are multiple forms of equity research, including (but not limited to):

An update report that highlights the latest news, company announcements, earnings reports, Buy Sell Hold ratings, M&A activity, anything that impacts the value of the company.

A comprehensive company report that is compiled when an analyst or firm initiates their coverage of a stock. Initiation reports cover all of the divisions and products of a company in-depth to provide a baseline of what the company is and how it is performing. Initiation reports can be tens to hundreds of pages long, depending on the complexity of a company.

General industry updates that cover a group of similar companies within a sector. Industry-specific reports typically dive into additional factors such as loan growth, interest rates, interest income, net income, and regulatory capital.

A report compiled by research firms either daily or weekly. These reports can often be a great place to get more in-depth insight on commodities and also get market opinions from commodity analysts or traders who write the reports.

A quick 1-2 page report that comments on a news release from a company or other quick information

What is Included in a Typical Equity Research Report?

Research reports don’t need to follow a specific formula. Analysts at different investment banks have some latitude in determining the look and feel of their reports. But more often than not, research reports follow a certain protocol of what investors expect them to look like.

A typical equity research report includes in-depth industry research, management analysis, financial histories, trends, forecasting, valuations, and recommendations for investors. Sometimes called broker research reports or investment research reports, equity research reports are designed to provide a comprehensive snapshot that investors or corporate leaders can leverage to make informed decisions.

Here’s a quick overview of what a standard equity research report covers:

This section covers events, such as quarterly results, guidance, and general company updates.

Upgrades/Downgrades are positive or negative changes in an analyst’s outlook of a particular stock valuation. These updates are usually triggered by qualitative and quantitative analysis that contributes to an increase or decrease in the financial valuation of that security.

Estimates are detailed projections of what a company will earn over the next several years. Valuations of those earnings estimates form price targets. The price target is based on assumptions about the asset’s future supply & demand and fundamentals.

Management Overview and Commentary helps potential investors understand the quality and makeup of a company’s management team. This section can also include a history of leadership within the company and their record with capital allocation, ESG, compensation, incentives, stock ownership. Plus, an overview of the company’s board of directors.

This section covers competitors, industry trends, and a company’s standing among its sector. Industry research includes everything from politics to economics, social trends, technological innovation, and more.

Historical Financial Results typically cover the history of a company’s stock, plus expectations based on the current market and events surrounding it. To determine if a company is at or above market expectations, Analysts must deeply understand the history of a specific industry and find patterns or trends to support their recommendations.

Based on the market analysis, historical financial results, etc., an analyst will run equity valuation models. In some cases, analysts will run more than one valuation model to determine the worth of company stock or asset.

Absolute valuation models : calculates a company’s or asset’s inherent value.

Relative equity valuation models : calculates a company’s or asset’s value relative to another company or asset. Relative valuations base their numbers on price/sales, price/earnings, price/cash flow.

An equity research analyst’s recommendation to buy, hold, or sell. The analyst also will have a target price that tells investors where they expect the stock to be in a year’s time.

What Does an Equity Research Analyst Do?

Equity research analysts exist on both the buy-side and the sell-side of the financial services market. Although these roles differ, both buy-side and sell-side analysts produce reports, projections, and recommendations for specific companies and stocks.

An equity research analyst specializes in a group of companies in a particular industry or country to develop high-level expertise and produce accurate projects and recommendations. Since ER analysts generally focus on a small set of stocks (5-20), they become specialists in those specific companies and industries that they evaluate or follow. These analysts monitor market data and news reports and speak to contacts within the companies/industries they study to update their research daily.

Analysts need to comprehend everything about their ‘coverage’ to give investment endorsements. Equity research analysts must be conversant with the business regulations and regime policies within the country to decide how it will affect the market environment and business in general. The more you understand the industries in detail, the easier it will be for you to decipher market dynamics.

One prevalent aspect of an equity research analyst’s job is building and maintaining valuable relationships with corporate leaders, clients, and peers. Equity research is largely about an analyst’s ability to service clients and provide insightful ideas that positively influence their investing strategy.

EQUITY RESEARCH ANALYSTS:

• Analyze stocks to help portfolio managers make better-informed investment decisions.
• Analyze a stock against market activity to predict a stock’s outlook.
• Develop investment models and provide trading strategies.
• Provide expertise on markets and industries based on their competitive analysis, business analysis, and market research.
• Use data to model and measure the financial risk associated with particular investment decisions.
• Understand the details of various markets to compare a company’s and sector’s stock

Buy-Side vs. Sell-Side Analysts

Although the roles of buy-side and sell-side analysts do overlap in some respects, the purpose of their research differs.

How Do Corporates Currently Access Equity Research?

If you were to Google “equity research reports,” you would not get access to equity research, earnings call transcripts or trade journals. You would, however, discover an unmanageable amount of noise to sift through.

Accessing equity research reports is highly dependent on relationships and entitlements, particularly for corporate teams. Unlike financial firms and investor relations teams, who can access equity research by procuring the right entitlements, corporate teams have a much harder time finding and purchasing high-quality equity research.

If you were to search online for equity research, for example, you would be presented with sub-par options such as:

Some websites allow you to search for research reports on companies or by firms. Some of the reports are free, but you must pay for most of them. Prices range from just $15 to thousands of dollars.

If you want just the bottom-line recommendations from analysts, many sites summarize the data. Nearly all the websites that provide stock quotes also compile analyst recommendations, however, you will only get the big picture and not any of the detailed analysis.

Some independent research providers sell their reports directly to investors. These reports typically include an overview of what a stock’s price could be, plus an analysis of the company’s earnings. These reports often cost less than $100 but can be more.

The majority of equity research is completely unsearchable, which is why AlphaSense’s Wall Street Insights is changing the game for corporations globally. Now, with WSI, corporations can leverage this high-quality research to augment their understanding of specific companies and industries; plus, AlphaSense’s corporate clients can now conduct more meaningful analysis and make more data-driven decisions.

Real-Time Research : Real-Time research is available to eligible users (based on an entitlement) immediately upon publication by the broker. Financial Services users with entitlements are the primary consumers of real-time research, while some Corporate professionals are also eligible. Payment for real-time research is made directly from clients to brokers through trading commissions or hard dollar agreements.

Aftermarket Research : Aftermarket research is a collection of many of the same documents as the real-time collection, but it is available after a zero to fifteen-day delay. Investment bankers, consultants, and corporate users are the primary consumers of Aftermarket research.

What is Wall Street Insights?

Wall Street Insights is the first and only equity research collection purpose-built for the corporate market, providing corporations unprecedented access to a deep pool of equity research reports from thousands of expert analysts.

Through partnerships with Morgan Stanley, Bank of America, Barclays, Bernstein, Bernstein Autonomous, Cowen, Deutsche Bank, Evercore ISI, HSBC, and others, corporate professionals can now access the world’s most revered equity research, indexed and searchable in the AlphaSense platform.

From macro market trends and industry analyses to company deep-dives, the Wall Street Insights content collection provides corporate professionals with a 360-degree view of every market. With the valuable expertise of thousands of analysts on your side, corporate teams can quickly compare insights, validate internal assumptions, and generate new ideas to guide critical business decisions and strategies.

In terms of search and accessibility, Wall Street Insights is the first of its kind. Not only does AlphaSense offer hard-to-find equity research reports, but we also provide a robust and seamless search experience.

What Research Do You Get Access to with WSI?

Get access to the world’s leading equity research with Wall Street Insights. Download the e-book to learn more about equity research from Morgan Stanley, Barclays, Bernstein, Deutsche Bank, and more.

“We are delighted to partner with AlphaSense to expand access to Morgan Stanley’s global research platform,” says Simon Bound, Global Head of Research at Morgan Stanley. We have over 600 publishing analysts covering companies, industries, commodities, and macroeconomic developments across more than 50 countries. Morgan Stanley will bring corporates a unique perspective from our best in class analysts, a global platform, and a collaborative culture that enables us to unravel the most complex market and industry trends.”

How Can Companies Leverage Equity Research?

Discover how the world’s most innovative companies leverage Wall Street Insights to make critical business decisions every day. Download the e-book to read real case studies from a Corporate Development team and a Corporate Strategy team.

“AlphaSense’s corporate users are typically Corporate Strategy, Corporate Development, and Investor Relations professionals. Today, thousands of enterprises rely on equity research to power data-driven decision making. These teams leverage equity research reports to:”

• Create investment ideas
• Monitor peers in real-time (and discover what equity research is being produced about them)
• Model and evaluate companies (for M&A or general benchmarking)
• Dive deep into customers, partners, and prospects
• Get up-to-speed quickly on specific industry trends
• Prepare for earnings season

Ready to explore the world’s leading equity research

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How to Write an Equity Research Report

By Brian Dzingai |

 Reviewed By Rebecca Baldridge |

November 15, 2022

What is an Equity Research Report?

An equity research report may focus on a specific stock or industry sector, currency, commodity, or fixed-income instrument, or even on a geographic region or country, and generally make buy or sell recommendations. These reports are produced by a variety of sources, ranging from market research firms to in-house research departments at large financial institutions or boutique investment banks.

Key Learning Points

• An equity research report is a document prepared by an analyst that provides a recommendation to buy, hold, or sell shares of a public company. 
• An equity research report is a document prepared by an analyst who is part of an investment research team in a brokerage firm or investment bank
• It provides an overview of the business, the industry it operates in, the management team, the company’s financial performance, and risks, and includes a target price and investment recommendation.
• It is intended to help an investor decide whether to invest in a stock.

Equity Research Report Structure

An equity research report can include varying levels of detail, and although there is no industry standard when it comes to formatting, there are common elements to all equity research reports. This guide includes some fundamental features and information that should be considered essential to any research report, as well as some tips for making your analysis and report as effective as possible. 

Access the download to see a real-world example of an Equity Research Report, annotated to show each element discussed below. 

Basic Information

The research report should begin with basic information about the firm, including the company’s ticker symbol, the primary exchange where its shares are traded, the primary sector and industry in which it operates, the current stock price and market capitalization, the target stock price, and the investment recommendation. 

In addition, a security’s liquidity and float are important considerations for the equity analyst. The liquidity of a stock refers to the degree to which it can be purchased and sold without affecting the price. The analyst should understand that periods of financial stress can affect liquidity. A stock’s float refers to the number of shares that are publicly owned and available for trading and generally excludes restricted shares and insider holdings. The float of a stock can be significantly smaller than its market capitalization and thus is an important consideration for large institutional investors, especially when it comes to investing in companies with smaller market capitalizations. Consequently, a relatively small float deserves mention. Finally, it is good practice to identify the major shareholders of a firm. 

Business Description 

This section should include a detailed description of the company and its products and services. It should convey a clear understanding of the company’s economics, including a discussion of the key drivers of revenues and expenses. Much of this information can be sourced from the company itself and from its regulatory filings as well as from industry publications. 

Industry Overview and Competitive Positioning

This section should include an overview of the industry dynamics, including a competitive analysis of the industry. Most firms’ annual reports include some discussion of the competitive environment. A group of peer companies should be developed for competitive analysis. The “Porter’s Five Forces” framework for industry analysis is an effective tool for examining the health and competitive intensity of an industry. Production capacity levels, pricing, distribution, and stability of market share are also important considerations. 

It is important to note that there are different paths to success. Strength of brand, cost leadership, and access to protected technology or resources are just some of the ways in which companies set themselves apart from the competition. Famed investor Warren Buffett describes a firm’s competitive advantage as an economic “moat.” He says, “In business, I look for economic castles protected by unbreachable moats.” 

Investment Summary

This section should include a brief description of the company, significant recent developments, an earnings forecast, a valuation summary, and the recommended investment action. If the purchase or sale of a security is being advised, there should be a clear and concise explanation as to why the security is deemed to be mispriced. That is, what is the market currently not properly discounting in the stock’s price, and what will prompt the market to re-price the security? 

This section should include a thorough valuation of the company using conventional valuation metrics and formulas. Equity valuation models can derive either absolute or relative values. Absolute valuation models derive an asset’s intrinsic value and generally take the form of discounted cash flow models. Relative equity valuation models estimate a stock’s value relative to another stock and can be based on a number of different metrics, including price/sales, price/earnings, price/cash flow, and price/book value. Because model outputs can vary, more than one valuation model should be used. 

Financial Analysis

This section should include a detailed analysis of the company’s historical financial performance and a forecast of future performance. Financial results are commonly manipulated to portray firms in the most favorable light. It is the responsibility of the analyst to understand the underlying financial reality. Accordingly, a careful reading of the footnotes of a company’s financial disclosures is an essential part of any examination of earnings quality. Non-recurring events, the use of off-balance-sheet financing, income and reserve recognition, and depreciation policies are all examples of items that can distort a firm’s financial results. 

Financial modeling of future results helps to measure the effects of changes in certain inputs on the various financial statements. Analysts should be especially careful, however, about extrapolating past trends into the future. This is especially important in the case of cyclical firms. Projecting forward from the top or bottom of a business cycle is a common mistake. 

Finally, it can be informative to use industry-specific financial ratios as part of the financial analysis. Examples include proven reserves/shares for oil companies, revenue/subscribers for cable or wireless companies, and revenue/available rooms for the hotel industry. 

Investment Risks

This section should address potential negative industry and company developments that could pose a risk to the investment thesis. Risks can be operational or financial or related to regulatory issues or legal proceedings. 

Although companies are generally obligated to discuss risks in their regulatory disclosures, risks are often subjective and hard to quantify (e.g., the threat of a competing technology). It is the job of the analyst to make these determinations. Of course, disclosures of “qualified opinions” from auditors and “material weakness in internal control over financial reporting” should be automatic red flags for analysts. 

Environmental, Social & Governance (ESG)

This section should include information on how the company manages the relationships related to Environmental, Social, and Governance. Below are some examples within these three areas that can have a lasting impact on the company’s short- and long-term prospects:

• E nvironmental – how is the company working towards the conservation of the natural world? This can include climate change and carbon emissions, air and water pollution, energy efficiency, waste management, and more. 
• S ocial – how does the company consider people and relationships? This can include community relations, human rights, gender and diversity, labor standards, customer satisfaction, and employee engagement. 
• G overnance – what are the standards for running the company? This can include board composition, audit committee structure, executive compensation, succession planning, leadership experience, and bribery and corruption policies. 

Enroll in our online ESG course and learn to identify the principles of ESG and how they are applied to investment strategies.

If you are interested in a career as an equity research analysts or in fixed income research, our online course covers all the key skills needed as either a sell side analyst in an investment bank or a buy side analyst working in an investment management firm.  

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Example of an equity research report.

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How to Write an Equity Research Report

If you're interested in the financial industry or you're studying finance, you've probably heard of equity research reports. These documents are crucial for investment banking and trading firms that need to analyze and evaluate different strategics in the market. But what exactly are equity research reports, and how can you write one yourself? In this article, we'll guide you through the process of creating an equity research report, step-by-step.

Understanding the purpose of an equity research report.

The first step to writing a great equity research report is understanding its purpose. At its core, an equity research report is a document that provides in-depth analysis and valuation of a company's stock. The report is written for investors who want to understand whether the company is a good investment opportunity.

Equity research analysts spend countless hours researching and analyzing a company's financial statements, industry trends, and economic conditions before they write their report. They use a variety of analytical tools and techniques to evaluate a company's performance, including financial ratios, discounted cash flow analysis, and market multiples.

One of the key goals of an equity research report is to provide investors with an objective and unbiased assessment of a company's future prospects. Analysts are expected to be independent and free of conflicts of interest, so that investors can trust the information they provide.

What is an Equity Research Report?

An equity research report is a comprehensive document that contains detailed information on a particular company, industry, or asset. The report is prepared by an equity analyst, who works for an investment banking or trading firm.

Equity research reports typically include a variety of sections, including an executive summary, company overview, industry analysis, financial analysis, valuation, and investment recommendation. The executive summary provides a brief overview of the report's findings, while the company overview provides a detailed description of the company's business model, products, and services.

The industry analysis section provides an overview of the company's industry, including market size, growth prospects, and competitive landscape. The financial analysis section provides an in-depth analysis of the company's financial statements, including income statements, balance sheets, and cash flow statements.

The valuation section provides an estimate of the company's intrinsic value, based on a variety of factors, including earnings, cash flow, and assets. The investment recommendation section provides the analyst's opinion on whether the stock is a buy, hold, or sell, based on their analysis of the company's financial health and future prospects.

Importance of Equity Research Reports in the Financial Industry

Equity research reports are important in the financial industry because they help investors make informed decisions about which stocks to buy, hold or sell. These documents provide valuable information on a company's financial health, strategy, and overall performance.

Equity research reports are also important for companies, as they can help them attract new investors and improve their stock price. A positive equity research report can increase investor confidence in a company, leading to increased demand for its stock and a higher stock price.

However, equity research reports can also be controversial, as analysts may have conflicts of interest that can bias their recommendations. For example, an analyst may work for an investment bank that has a financial interest in the company being analyzed, which could lead to a biased report.

Overall, equity research reports play an important role in the financial industry, providing investors with valuable information that can help them make informed investment decisions.

Preparing to Write an Equity Research Report

Equity research reports are crucial in the world of finance as they help investors make informed decisions. These reports are written by equity research analysts, who analyze a company's financial performance and provide recommendations to investors. Before you start writing your equity research report, you need to gather relevant information and perform extensive research on the company you're analyzing. The following steps will help you prepare for your report:

Gathering Relevant Company Information

Before you start analyzing a company, you need to know everything about it. You must start by gathering information on the company you're analyzing. This includes the company's official name, primary business, history, management team, and more. You can find this information on the company's official website, annual reports, regulatory filings, and other relevant sources. It is important to ensure that the information you gather is accurate and up-to-date.

For instance, if you're analyzing a tech company, you need to know what products or services they offer. You also need to know how long they've been in business, who their key executives are, and what their mission statement is. This information will help you gain a better understanding of the company and its operations.

Analyzing Financial Statements

Once you have gathered information about the company, you need to analyze its financial statements. Financial statements are the company's official records that show its financial performance. These documents include the balance sheet, income statement, and cash flow statement. You can use financial ratios and financial modeling techniques to analyze the company's financial health.

For instance, you can use the price-to-earnings ratio (P/E ratio) to determine whether a company's stock is undervalued or overvalued. You can also use the debt-to-equity ratio to determine whether a company is financially stable or not. By analyzing a company's financial statements, you can gain insights into its profitability, liquidity, and solvency.

Conducting Industry and Competitor Analysis

Finally, you need to conduct industry and competitor analysis. This involves researching the industry in which the company operates, as well as analyzing its competitors. Understanding the competitive landscape can help you evaluate the company's strengths and weaknesses and identify future growth opportunities.

For instance, if you're analyzing a company in the retail industry, you need to know who its competitors are and what they're doing. This will help you identify the company's competitive advantage and determine whether it can sustain its growth in the long run. Industry analysis can also help you identify trends and changes in the market that may affect the company's performance.

In conclusion, writing an equity research report requires extensive research and analysis. By gathering relevant company information, analyzing financial statements, and conducting industry and competitor analysis, you can provide investors with valuable insights and recommendations.

Writing the Executive Summary

The executive summary is a crucial part of the equity research report. It provides a concise overview of the report's key findings and investment recommendations. In essence, it serves as a snapshot of the entire report, allowing investors to quickly grasp the main points and decide whether to read the full report.

However, writing a great executive summary can be a challenge. It requires the writer to condense a large amount of information into a few paragraphs while still conveying the most important details. Here are some tips for writing a great executive summary:

Key Components of an Executive Summary

A great executive summary should include the following components:

• Company Overview: This section should include a brief summary of the company you're analyzing. It should cover the company's history, its products or services, and its mission statement. This section should also include any recent news or developments that are relevant to the company's performance.
• Industry Analysis: This section provides an overview of the industry in which the company operates. It should cover the size of the industry, its growth prospects, and any major trends or challenges facing the industry. This section should also include an analysis of the company's position within the industry.
• Financial Analysis: This section provides an overview of the company's financial performance. It should cover the company's revenue, profitability, and cash flow. This section should also include an analysis of the company's financial ratios, such as its price-to-earnings ratio and its debt-to-equity ratio.
• Investment Recommendations: This section should include your buy, hold, or sell recommendations, along with the target price and time horizon. It should be based on your analysis of the company's financial performance, its position within the industry, and any other relevant factors.

Tips for Writing a Concise and Informative Executive Summary

When writing your executive summary, you should keep the following tips in mind:

• Keep it short and concise: Aim for a summary that is one or two paragraphs long. Remember that the purpose of the executive summary is to provide a quick overview of the report, so it should be brief and to the point.
• Focus on the most important information: Highlight the key findings and recommendations that are most relevant to investors. Avoid getting bogged down in details that are not essential to the investment decision.
• Use clear and concise language: Avoid using jargon or technical terms that investors may not understand. Use simple, straightforward language that is easy to understand.
• Include a call to action: End your executive summary with a clear call to action, such as "Buy," "Hold," or "Sell." This will help investors quickly understand your investment recommendation.

By following these tips, you can write an executive summary that effectively communicates your investment analysis and recommendations to investors. Remember that the executive summary is often the first thing investors will read, so it's important to make a strong first impression.

Assessing the Company's Business Model and Strategy

After writing your executive summary, the next step is to assess the company's business model and strategy. This is an important step in determining the company's strengths and weaknesses, and identifying areas for improvement.

When assessing the company's business model and strategy, it's important to consider a variety of factors. These may include the company's competitive advantage, growth strategy, and financial performance.

Evaluating the Company's Competitive Advantage

One key factor to consider when evaluating the company's competitive advantage is product differentiation. Does the company offer unique products or services that distinguish it from its competitors? This can be a major advantage, as it can help the company attract and retain customers.

Another important factor to consider is cost advantage. Does the company have lower production costs than its competitors? This can help the company maintain a competitive edge by offering lower prices or higher profit margins.

Brand recognition is also an important factor to consider. Is the company's brand well-known and respected? A strong brand can help the company build customer loyalty and increase its market share.

Analyzing the Company's Growth Strategy

Another key factor to consider when assessing the company's business model and strategy is its growth strategy. This includes the company's plans for expansion, research and development, and mergers and acquisitions.

Expansion can be a key driver of growth for a company, but it can also be risky. It's important to evaluate the company's expansion plans carefully to ensure that they are well thought out and have a high likelihood of success.

Research and development is another important factor to consider. Is the company investing in new products or technologies that could give it a competitive advantage in the future? If so, this could be a good sign for the company's long-term growth potential.

Mergers and acquisitions can also be a key part of a company's growth strategy. However, it's important to evaluate these deals carefully to ensure that they make strategic sense and will create value for the company's shareholders.

In conclusion, assessing the company's business model and strategy is an important step in the due diligence process. By carefully evaluating the company's competitive advantage, growth strategy, and financial performance, you can gain valuable insights into the company's strengths and weaknesses, and make informed investment decisions.

Performing Financial Analysis

Once you have gathered all the necessary financial data, the next step is to perform financial analysis to evaluate the company's financial health. This is a crucial step in the investment process, as it helps investors make informed decisions about whether or not to invest in a particular company.

Financial analysis involves using a variety of tools and techniques to analyze the company's financial statements, including financial ratios, cash flow analysis, and valuation methods.

Ratio Analysis

Ratio analysis is a popular method of financial analysis that involves comparing different financial ratios to evaluate the company's financial health. Financial ratios are useful because they allow investors to compare a company's performance over time, or against its competitors or industry benchmarks.

Some of the most common financial ratios used in ratio analysis include the debt-to-equity ratio, return on equity, and profit margin. These ratios can provide valuable insights into a company's financial health, including its ability to generate profits, manage debt, and create shareholder value.

Cash Flow Analysis

Cash flow analysis is another important tool for evaluating a company's financial health. This involves analyzing the company's cash flow statement to understand its ability to generate cash and fund operations.

When performing cash flow analysis, it's important to look at the company's operating cash flow, investing cash flow, and financing cash flow. By understanding how the company generates and uses cash, investors can gain a better understanding of its financial health and future prospects.

Valuation Methods

Valuation methods are used to determine a company's fair value. There are several different valuation methods that investors can use, including discounted cash flow analysis, multiples analysis, and precedent transactions analysis.

Discounted cash flow analysis involves estimating the future cash flows of a company and discounting them back to their present value. Multiples analysis involves comparing a company's financial ratios to those of its peers or industry benchmarks. Precedent transactions analysis involves looking at the prices paid for similar companies in the past to estimate the fair value of the company being analyzed.

By using a combination of financial analysis tools and techniques, investors can gain a comprehensive understanding of a company's financial health and make informed investment decisions.

Providing Investment Recommendations

After performing financial analysis and evaluating the company's business model and strategy, the next step is to provide investment recommendations. This is a critical step in the investment process, as it can have a significant impact on the performance of your investment portfolio.

When providing investment recommendations, it's important to consider a variety of factors and to provide a clear and concise recommendation that reflects your analysis and evaluation of the company's financial health, competitive advantages, growth potential, and valuation.

Buy, Hold, or Sell Recommendations

Your investment recommendations should be based on a thorough analysis of the company's financial health, competitive advantages, growth potential, and valuation. Based on this analysis, you should provide a clear and concise recommendation to buy, hold, or sell the company's stock.

If you recommend buying the stock, you should provide a detailed explanation of why you believe the stock is undervalued and has strong growth potential. If you recommend holding the stock, you should explain why you believe the stock is fairly valued and has limited upside potential. If you recommend selling the stock, you should explain why you believe the stock is overvalued and has limited growth potential.

Risk Factors and Considerations

When providing investment recommendations, it's important to consider and highlight the risks associated with investing in the company. These risks can include regulatory risks, competitive risks, and operational risks.

For example, if the company operates in a highly regulated industry, you should consider the potential impact of changes in regulations on the company's financial performance. Similarly, if the company operates in a highly competitive industry, you should consider the potential impact of increased competition on the company's market share and profitability.

Target Price and Time Horizon

Finally, when providing investment recommendations, you should provide a target price and time horizon. The target price represents the price at which you believe the stock is undervalued, while the time horizon represents the period over which the target price is expected to be achieved.

When determining the target price and time horizon, it's important to consider a variety of factors, including the company's financial performance, industry trends, and macroeconomic conditions. Additionally, it's important to periodically review and update your target price and time horizon as new information becomes available.

Overall, providing investment recommendations requires a thorough analysis of the company's financial health, competitive advantages, growth potential, and valuation. By considering a variety of factors and providing a clear and concise recommendation, you can help investors make informed investment decisions and achieve their investment goals.

Formatting and Presenting the Equity Research Report

The final step is to format and present your equity research report. Here are some tips for formatting your report:

Structuring the Report for Clarity and Flow

Your report should be structured in a logical and easy-to-follow way. You should use headings and subheadings to break up the content into different sections. Each section should be clearly labeled, with a brief summary of its contents.

It's important to keep in mind that your report will likely be read by busy investors who are looking for information quickly. By structuring your report in a clear and organized way, you can make it easier for them to find the information they need.

One effective way to structure your report is to begin with an executive summary that provides a high-level overview of the company's financial performance and prospects. This can be followed by sections that provide more detail on the company's financial statements, industry trends, and competitive landscape.

Visual Aids and Supporting Data

You can use charts, graphs, and tables to present data in a visual and clear way. These visual aids can help investors understand complex financial information more easily.

When using visual aids, it's important to keep them simple and easy to read. Use clear labels and avoid cluttering the chart or graph with too much information. You should also ensure that the visual aids support the points you are making in your report.

In addition to visual aids, you should also include supporting data in your report. This can include financial ratios, industry benchmarks, and other relevant data points. By including this data, you can provide additional context for your analysis and help investors make informed decisions.

Proofreading and Editing the Report

Finally, you should proofread and edit your report for clarity, grammar, and style. It's a good idea to have a colleague or mentor review your report before submitting it to ensure that it is error-free and presents a cohesive picture of the company's financial health.

When proofreading your report, pay close attention to the language you are using. Avoid technical jargon and use clear, concise language that is accessible to a wide range of readers. You should also ensure that your report is well-organized and easy to read, with a consistent style throughout.

By taking the time to format and present your equity research report effectively, you can increase its impact and make it more likely to be read and acted upon by investors.

Conclusion and Key Takeaways

In summary, writing an equity research report involves gathering relevant information, performing financial analysis, evaluating a company's business model and strategy, and providing investment recommendations. By following these steps and formatting your report in a clear and concise way, you can create a valuable resource for investors in the financial industry.

Recap of the Equity Research Report Process

The equity research report process involves:

• Gathering relevant information about the company.
• Analyzing the company's financial health.
• Evaluating the company's business model and strategy.
• Providing investment recommendations.
• Formatting and presenting the equity research report.

Importance of Continuous Learning and Improvement in Equity Research

Finally, it's important to note that equity research is a constantly evolving field. To be successful, you must have a strong foundation and continuously improve your skills and knowledge through ongoing education and professional development.

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All About Equity Research [The ONLY Guide You’ll Need in 2024]

Equity research is a key pillar in the world of finance that bridges the gap between companies, investors, and the market . In this guide, we will delve deep into the world of equity research, exploring its purpose, the process, the roles involved, and the skills required to succeed in this field.

We’ll also discuss the types of equity research, dissect the intricacies of equity research reports, and shed light on the exciting job opportunities this sector offers. Furthermore, we will touch upon the evolving trends in equity research and how they’re shaping the industry’s future.

Let’s get started-

What Is Equity Research?

In the world of finance, ‘equity’ refers to the ownership of assets after all debts associated with those assets are paid off. In simpler terms, if you were to sell all of your company’s assets and pay off its debts, the leftover money would represent your company’s equity. Hence, equity research is an in-depth analysis of a company’s total equity or value.

But equity research isn’t just a mere calculation of assets and liabilities. It’s a rigorous, methodical examination of all the aspects that contribute to a company’s financial performance, and thus, its equity. It is akin to a detective’s investigation, digging through layers of financial statements, market trends, sector overviews, and macroeconomic factors to arrive at a comprehensive understanding of a company’s financial standing and future prospects.

Understanding Equity Research With a Simple Example

Let’s illustrate this with an example. Suppose an equity research analyst is studying a pharmaceutical company . They won’t only look at the balance sheets or profit and loss statements. They’ll consider factors such as the company’s research and development efforts, the potential market for new drugs, any pending patents, the status of regulatory approvals, and even the broader trends in the healthcare industry.

They might investigate how the company performed during different economic conditions, how well its product pipeline compares to competitors, and how regulatory changes could impact future earnings.

The analyst will also look at macroeconomic indicators. For instance, if a new law threatens to increase the cost of a raw material vital to the company’s main product, that could impact the company’s future profitability, and the analyst would need to factor this into their analysis.

At the end of this investigation, the equity research analyst forms an estimation of the company’s intrinsic value, which they then compare to its current market value . If the intrinsic value is significantly higher than the market value, the analyst might recommend the stock as a good buy, as it’s likely undervalued . On the other hand, if the market value is much higher than the intrinsic value, the stock might be overpriced , and the analyst might recommend investors to sell or avoid it.

Equity research, in essence, is this deep dive into the world of a company’s financials , providing a guide to investors, helping them navigate through their investment journey. It’s the compass that points towards profitable investment decisions.

Roles and Responsibilities of an Equity Research Analyst

An Equity Research Analyst acts as a conduit between investors and the ever-dynamic financial markets, providing them with information and insights necessary to make sound investment decisions. Let’s see how their day looks like –

Deep-Dive Research

Their day-to-day responsibilities start with conducting extensive research i nto specific companies or sectors. They meticulously scrutinize financial reports, balance sheets, cash flow statements, and earnings releases. However, their research isn’t limited to mere numbers. They also keep tabs on industry trends, regulatory changes, and macroeconomic factors that could impact the companies they are following.

Example – An analyst is covering technology companies, they need to be abreast of developments like privacy legislation, advancements in artificial intelligence, or shifts in consumer behavior towards tech products. This requires constant learning and staying updated with news and trends in the sector.

Financial Modelling and Valuation

Equity Research Analysts are also adept at creating complex financial models . They use these models to project future earnings , based on various potential scenarios. Based on these projections, they calculate the intrinsic value of a company’s shares.

Example – Let’s say there’s an auto company that’s planning to launch a new electric car model. An Equity Research Analyst covering this company would build a financial model to estimate additional revenues from this new model, the costs associated with its production, the potential impact on the company’s market share, and so on. They would then use these estimates to calculate what this could mean for the company’s future profitability , and how it could impact the company’s share price.

Also Read: All About Financial Modeling [The ONLY Guide You’ll Need in 2024]

Writing Equity Research Reports

One of the key deliverables of an Equity Research Analyst is the Equity Research Report. These reports encapsulate the findings of their research and analysis in a format that’s digestible for investors. The report typically includes

• An overview of the company
• A summary of recent developments
• Detailed financial analysis
• Future projections, and
• Most importantly, an investment recommendation (buy, hold, or sell)

The equity research reports have a broad audience – institutional investors, retail investors, fund managers, and sometimes, the companies themselves. Given the diverse readership, the reports need to be accurate, unbiased, and clear. A well-written report can significantly influence investment decisions, underscoring the responsibility on the analyst’s shoulders.

Communication and Presentation

Finally, an Equity Research Analyst often has to present their findings to clients, fund managers, or within their own organizations. This could be through conference calls, presentations, or even TV interviews. Hence, strong communication skills and the ability to explain complex financial concepts in a simple way are essential traits for an Equity Research Analyst.

The Process of Equity Research

The process of equity research is like peeling back the layers of an onion to reveal the core truth about a company’s financial health and potential. It involves multiple steps, each equally important in creating a well-rounded view of the company.

Step 1: Selection of Companies

The first step in equity research is the selection of companies. Analysts often specialize in specific sectors or industries , such as technology, healthcare, or energy. The choice of companies to analyze within those sectors depends on several factors, including market capitalization, relevance in the industry, or particular events like mergers or IPOs.

Step 2: Industry Analysis

After choosing the companies, analysts start with a broad industry analysis . They look at the industry size, growth rate, major competitors, regulatory environment, and key trends. This macro view provides context for the company’s operations and potential growth.

Step 3: Company Analysis

Once they’ve understood the industry context, analysts move onto detailed company analysis. This involves a deep dive into the company’s financial statements, including balance sheets, income statements, and cash flow statements. They also examine the company’s business model, products or services, competitive positioning, management quality, and corporate governance practices.

Step 4: Financial Modelling and Projections

After developing an in-depth understanding of the company, analysts use this information to build detailed financial models. These models involve projections of the company’s future revenues, expenses, and earnings, often under different scenarios. For example, they might project how the company’s earnings could be affected under different economic conditions or if a new product line succeeds or fails.

Step 5: Valuation

The next step is the valuation, where analysts use techniques such as Discounted Cash Flow (DCF) analysis, Price/Earnings (P/E) ratio, or Comparables analysis to estimate the intrinsic value of the company’s shares . This value is then compared with the current market price to determine whether the company’s shares are undervalued or overvalued.

Step 6: Report Writing and Recommendation

Finally, analysts compile their research findings, financial model outputs, and valuation results into a comprehensive equity research report . The report also includes a recommendation, typically a ‘buy’, ‘hold’, or ‘sell’ for the company’s stock based on the analyst’s analysis.

It’s important to note that equity research is a continuous process . Companies release financial information quarterly, industry trends evolve, and macroeconomic conditions change. Therefore, analysts regularly update their reports to reflect the most recent data and insights.

Key Aspects of Equity Research Reports

An Equity Research Report is a comprehensive document that encapsulates an analyst’s view of a company, sector, or industry . These reports are essential tools that investors use to understand and navigate the financial markets. Here are the key aspects of an equity research report:

Executive Summary

Every report begins with an executive summary that provides a brief overview of the analyst’s findings and recommendations. This part is designed to provide a quick snapshot of the key takeaways from the report.

Company Overview

This section provides a detailed description of the company , including its history, management, product or service offerings, and business model. It also includes an overview of the company’s key strategies and competitive advantages. This information helps readers understand the company’s operations and its position within its industry.

Industry Overview

The industry overview offers an analysis of the broader sector or industry in which the company operates. It covers aspects such as industry size, growth rates, key trends, major competitors, and regulatory environment . This context is crucial in understanding the company’s potential for growth and the challenges it might face.

Financial Analysis

In this part of the report, the analyst presents their detailed analysis of the company’s financials. This usually includes examination of the i ncome statement, balance sheet, and cash flow statement. The analyst may also discuss financial ratios, growth rates, profitability metrics, and other key financial indicators. This section provides insights into the company’s financial health and performance.

Financial Projections and Valuation

The heart of the equity research report is the financial projections and valuation section. Here, the analyst lays out their forecasts for the company’s future earnings and financial performance. They also present their valuation of the company’s stock, typically arrived at using financial modelling techniques like Discounted Cash Flow (DCF), Price/Earnings (P/E) ratio, or Comparables analysis.

Investment Thesis and Recommendations

In the final section, the analyst presents their investment thesis – their argument for why an investor should or should not invest in the company’s stock. They also provide a clear investment recommendation, typically a ‘buy’, ‘hold’, or ‘sell’ rating. This section is the culmination of all the analyst’s research and analysis.

Types of Equity Research

Equity research is carried out by different types of institutions for various purposes . Understanding the differences among them can help in comprehending the perspectives and potential biases in the research. Here are the key types of equity research:

Sell-Side Equity Research

Sell-side analysts work for brokerage firms and investment banks. Their research is primarily aimed at selling securities, providing investment recommendations, and facilitating transactions , which helps their companies earn brokerage and transaction fees. Sell-side research is generally freely available, and the firms distribute it widely to attract business from institutional and retail investors.

Buy-Side Equity Research

Buy-side analysts work for institutional investors such as mutual funds, hedge funds, pension funds, and insurance companies. They conduct research to assist the fund’s managers in making investment decisions for the fund’s portfolio. Their research is typically proprietary and is used solely for the benefit of the fund that employs them.

Independent Equity Research

Independent equity research firms are third-party entities that aren’t directly involved in trading securities. They sell their research to hedge funds, asset managers, and sometimes individual investors . Since these firms don’t have a trading department and aren’t seeking investment banking business, their research is perceived as unbiased. They have gained popularity over the past decade due to their perceived objectivity.

Internal Equity Research

Large corporations often have their internal equity research teams. These analysts perform research on competitors, suppliers, and customers to assist in strategic decision-making. This research is generally not available to the public as it is used for internal corporate strategy and planning purposes.

Each type of equity research has its strengths and weaknesses , and they all play essential roles in the financial ecosystem. Understanding their differences and potential biases can help investors and decision-makers use this research more effectively.

Skills Required for a Career in Equity Research

Equity research is a challenging and intellectually demanding field that requires a combination of hard and soft skills. If you’re considering a career in equity research, here are the key skills you’ll need to succeed:

Financial Literacy

A fundamental understanding of financial principles is the bedrock of equity research. This includes knowledge of financial accounting, corporate finance, economics, and statistics . Analysts need to be comfortable reading and interpreting financial statements, calculating financial ratios, and understanding economic indicators.

Analytical Skills

Equity research involves extensive data analysis. Analysts need to sift through large volumes of data, spot trends, interpret complex information , and draw meaningful conclusions. Strong analytical skills are crucial to understand the past performance of a company and make accurate forecasts about its future.

Financial Modelling

Financial modelling is an essential tool in an equity researcher’s arsenal. Analysts use financial models to forecast a company’s future revenues and earnings and estimate the intrinsic value of its shares. Proficiency in Excel and familiarity with valuation techniques such as discounted cash flow (DCF) and comparable company analysis is a must.

Attention to Detail

The devil is often in the details when it comes to equity research. Analysts need to pay close attention to the footnotes in financial statements, the nuances in a CEO’s comments during an earnings call, or the implications of a regulatory change. A small detail can sometimes have a significant impact on a company’s valuation.

Communication Skills

Analysts need to communicate their findings effectively. This includes writing clear, concise research reports that can be understood by people without a financial background. It also involves presenting and defending their views to clients, colleagues, and sometimes, the media. Strong written and verbal communication skills are vital.

Curiosity and Continuous Learning

Equity research analysts need to stay on top of industry trends, economic news, and changes in financial regulations. This requires a natural curiosity and a commitment to continuous learning. An analyst who stops learning risks falling behind in the fast-paced world of finance.

Job Opportunities in Equity Research

Equity research provides a host of job opportunities in a range of firms including investment banks, asset management companies, research firms etc. Let’s understand these roles, their typical responsibilities, average salaries in India, and potential employers:

Equity Research Analyst

As an Equity Research Analyst, you’ll delve deep into company financials, industry trends, and macroeconomic factors to provide investment recommendations. You may focus on a specific sector or cover a broad range of industries. This role involves financial modelling, report writing, and communicating with clients and company representatives.

Average Salary in India : ₹ 7-10 Lakhs per annum Employers : Major employers include JP Morgan, Goldman Sachs, Morgan Stanley, Credit Suisse, Kotak Securities.

Associate Analyst

Those just starting in equity research often begin as Associate Analysts. Working closely with senior analysts, Associates help in collecting data, building financial models, and drafting research reports. It’s a role that provides a solid foundation in the fundamentals of equity research.

Average Salary in India : ₹ 4-6 Lakhs per annum Employers : Firms like Ernst & Young, KPMG, Deloitte, and PwC.

Senior Analyst/Research Director

With experience, an Analyst or Associate can move up to become a Senior Analyst or Research Director. These roles involve more strategic oversight, including deciding which companies or sectors to cover, mentoring junior analysts, and representing the firm to clients, the media, and the public.

Average Salary in India : ₹ 12-20 Lakhs per annum Employers : Multinational banks and brokerage firms like Citigroup, Barclays, ICICI Securities.

Portfolio Manager

Some equity research analysts transition into portfolio management roles over time. As a Portfolio Manager, you would use the insights from equity research to make investment decisions for a fund or portfolio. This role requires a deep understanding of financial markets, risk management, and asset allocation strategies.

Average Salary in India : ₹ 15-25 Lakhs per annum Employers : Asset management companies like HDFC Asset Management, ICICI Prudential, Reliance Nippon Life Asset Management.

Equity Strategist

Equity Strategists work with a macro view, examining factors like economic indicators, industry trends, and market data to provide investment strategies and identify attractive sectors or themes in the market. While less company-specific than an analyst role, strategists still utilize many of the research and analytical skills developed in equity research.

Average Salary in India : ₹ 10-18 Lakhs per annum Employers : Major investment banks and financial services firms like Deutsche Bank, HSBC, UBS.

Investor Relations Role

Equity research analysts can also move into investor relations roles within companies. These professionals communicate with shareholders, analysts, and the broader financial community. Understanding the perspective of equity analysts is valuable in this role since you’ll be communicating key financial and strategic information about the company to the investment community.

Average Salary in India : ₹ 9-15 Lakhs per annum Employers : Large corporations across industries like Tata Group, Reliance Industries, Infosys, Wipro.

Sales & Trading

Some equity research professionals transition into roles in sales & trading. In this capacity, they use their deep knowledge of industries and companies to advise clients on investment strategies, facilitate transactions, and connect buyers and sellers in the financial market.

Average Salary in India : ₹ 8-16 Lakhs per annum Employers : Banks and brokerage firms such as Axis Bank, HDFC Bank, Edelweiss, Sharekhan.

Trends and Future of Equity Research

Equity research, like all facets of finance, is continually evolving in response to changing regulations, technologies, and investor behaviours. Here are some of the current trends and potential future developments in the field:

Digitization and Automation

The digitization of financial information and the development of advanced data analytics tools are transforming the way analysts conduct research. Automated tools are increasingly being used to collect and process data, allowing analysts to focus more on interpreting the data and generating insights.

For example , artificial intelligence (AI) and machine learning (ML) tools are now used to analyze financial statements, track sentiment in news articles and social media, and even to predict future stock price movements.

Increased Regulatory Oversight

In recent years, regulators around the world have been placing increased scrutiny on equity research to promote transparency and prevent conflicts of interest.

For example , the European Union’s MiFID II regulations now require investment firms to separate the costs of research from trading fees. This has led to more demand for independent research and is forcing sell-side firms to demonstrate the value of their research more explicitly.

Demand for ESG Analysis

There’s a growing trend among investors to consider Environmental, Social, and Governance (ESG) factors in their investment decisions. This is leading to increased demand for equity research that includes analysis of companies’ ESG performance. Analysts are now required to assess factors such as a company’s carbon footprint, its labor practices, and its board diversity in addition to its financial performance.

Crowdsourced Equity Research

Crowdsourced equity research platforms, where independent analysts and investors share their research and opinions, are gaining popularity. These platforms offer a wider range of views and analyses than traditional equity research sources. However, they also pose new challenges in terms of verifying the credibility of the information.

Emergence of Alternative Data

Equity researchers are increasingly using alternative data – information derived from non-traditional sources like s ocial media sentiment, satellite imagery, or website traffic data – to gain additional insights into a company’s performance. These data sources can provide real-time indicators that can complement traditional financial data and provide an edge to the analysts.

Equity research serves as a vital link between companies, investors, and the financial markets . It involves detailed analysis of financial data, sector trends, and macroeconomic factors to formulate clear, actionable investment recommendations.

With its varied roles – from Equity Research Analysts to Portfolio Managers, and from Equity Strategists to Investor Relations Roles – this field offers numerous career paths, each with its own unique blend of challenges and rewards.

Whether you’re a finance enthusiast exploring career paths or an investor seeking insights into your investment choices, understanding the nuances of equity research is highly beneficial. So take the leap, dive deep, and explore the rewarding world of equity research!

Frequently Asked Questions

Equity research analysts examine financial data, conduct analyses, build financial models, and write research reports to make investment recommendations.

Skills include strong analytical abilities, understanding of financial markets, proficiency in financial modeling, and excellent communication skills.

CA Yash Jain

Bain & Co. 5000+ Students Trained in the field of Investment Banking, FRM & CFA

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Where can I find equity research reports that projects apples revenues from 2010-2015? Thanks

If you are still in school, check out your college's library. My school's library offers online access to research reports through the school's online portal or whatever.

I guess this type of stuff is not free to the public?

XYZ US Equity BRC

are you referring to bloomberg terminal?

Wall street equity research reports are not freely available. They're like $100 a page.

http://www.raymondjames.com/rsch.htm

Ray Jay says contact financial advisors

There are a bunch of other ways to go about acquiring reports.

I don't know how in depth you want, but I get analyst reports from Bloomberg (the terminal) all the time. PM me with the tickers and I can email you PDF's tomorrow when I am on.

could you please help me with RJ's research report on Antero Midstream Partners (NYSE:AM). My mail id is sharma(dot)dhiraj0 @ gmail (dot) com

Just sign up for a brokerage account but don't deposit funds. You still have access to everything on there for a while. TD Ameritrade gives you reports from CS , S&P, and a few less well-known companies. Like LIBOR said check with your school, you may have access even if you already graduated.

Best ER Reports Available Online ( Originally Posted: 04/29/2010 )

Who provides the best ER reports online? I have an Ameritrade account and can access reports from Credit Suisse, The Street.Com, Ford Equity Research, and S&P but I just wanted to know what shop has the best reports that the common man has access to.

I personally like CS reports. MS isn't too bad. Big 5 Canadian banks are great for mining too...

Where do you get a feed of MS reports?

You won't be able to find any online unless you somehow have access to themarkets.com or ThomsonOne. No firms give out their research for "free", at least not to the common man that is. You may be able to find some ER reports flow through to news articles (e.g., Barrons) since they're usually distributed to the media once published. But outside of that, you won't be able to get your hands on one unless you have a buddy at a sell-side firm or one who works on the buy-side that has access to them.

The Credit Suisse reports are ok. I actually like S&P reports the best, but as someone who has aspirations in ER I also would like to have reports from a major bank as a reference.

I wonder why CS provides reports to Ameritrade while the rest of the BB's don't. I'm sure they get a hefty fee, but it just sticks out to me that one BB would play in that market and the rest don't.

Is anybody a suscriber to Zack's? Their monthly fee is only $9.99 and they seem to have a solid rep with retail investors, from what I've heard.

CS reports to Schwab too. Personally, CS is avg... nothing really special in my opinion.

Used to be that GS gave Schwab research. That was cool.

I'd pay for briefing or streetaccount to get abridged research, rather than counting on it via your online broker.

CS appears with TD Ameritrade, and also with ETrade, if you have $100k placed with them.

BarCap reports appear with Fidelity.

ER is a sophisticated form of marketing. Banks can no longer really generate revenue from this department anymore; at least, not directly. However, the function is still necessary to support the S&T platform. By allowing people access to their reports, they building up brand recognition and goodwill - if they can't get revenue out of the department, then they can at least get something else.

To be honest, out of the ones you've mentioned, I actually find Ford Equity Research to be the most accurate. They keep it simple, and it's hard for their trends to go wrong. However, their formulaic approach is a bit too obvious (outdated information on certain companies). S&P reports tell you the most about the company, but I'm not convinced at all by their prescience. With Credit Suisse, I've noticed that the less they rely on formulas and the more confident they are with their analysts' insight, the better their calls tend to be.

Any idea as to how much a subscription to ThomsonOne or themarket.com goes for on an annual basis? I would imagine at least $1K/month?

top ER firms=barcap, jp , bank of america

Equity Research Report ( Originally Posted: 12/26/2011 )

Does anybody know where I could find an example of an ER report? Just trying to get insight on structure and formatting. Thanks in advance

find equity research reports ( Originally Posted: 10/17/2014 )

my school has Thomson One Banker. How do I find equity research reports from it?

Call the help line and ask?

If you don't subscribe to any you won't see them.

Equity Research Reports ( Originally Posted: 02/02/2010 )

Are there free equity research reports anywhere on the internet? They don't have to be current.

Message me your email address and I'll send you one.

Not sure if this is what you had in mind, but here you go. http://www.freeman.tulane.edu/burkenroad/companies.php

How to find existing ER reports on Google? ( Originally Posted: 06/09/2013 )

I tried a few search options, but couldn't find anything... How do you find existing reports of stocks that are covered?

I want to pick a few stocks for an ER interview that I have...

If you sign up for a free Fidelity account you can access Credit Suisse reports. Other than that I've never been able to access reports outside of a database like Bloomberg or Thomson One.

Illuminate: If you sign up for a free Fidelity account you can access Credit Suisse reports. Other than that I've never been able to access reports outside of a database like Bloomberg or Thomson One.

Thanks a lot, man... just realized I had access to Thomson One through the school's database... They have everything I need :)

Interview Help: Equity Research Report ( Originally Posted: 03/18/2016 )

Freshman here.

Can someone help me with Equity Research reports (research reports, industry data etc.) for Apple? I have to prepare a detailed model on Apple for an ib interview and I would just like to read the reports that are out there but are not available for free. If someone can pass them to me, that would be great.

Really appreciate it.

If you're inexperienced and you do a pitch on apple, it's likely you'll be crushed

I am not really making a pitch. I am a freshman and I have been looking for an M&A summer internship in my home country (Scandinavia). I finally manage to convince an MD to interview me. He liked my story but he is not sure about my modelling skills. He asked me to create a detailed financial model (with scenario analysis), Merger Model & an lbo model.

After few people advised me on Apple in my previous post, I went through their annual report and I feel a bit comfortable working on them. So that's why, I picked Apple. Can you recommend me some other company which is not a household name but also fairly easy to value for a first timer?

I'm not sure if I would pitch Apple if the focus of the interview is on your modeling ability - it's very heavily covered (arguably one of the most watched companies in the world), and their massive amount of difficult-to-quantify brand equity might make some parts of the valuation a little bit more difficult. If you're projecting out earnings, for example, it would be very difficult to just fix a mature and steady rate of growth because it fluctuates very heavily (and others would argue that the smartphone market is becoming saturated and more competitive, etc.).

At the end of the day though, if you feel comfortable with Apple and their business model you should just go ahead and do it.

Can anyone pull an equity research report for me? ( Originally Posted: 10/21/2009 )

Unfortunately I don't have access to equity research reports and I could really use a few pulled for a firm that I have to look into. Can anyone pm me and help me out?

GibsonLA: Unfortunately I don't have access to equity research reports and I could really use a few pulled for a firm that I have to look into. Can anyone pm me and help me out?

Which sector are you looking for?

PM me with what you are looking for and I'll see what I can find.

quadruple post

Help: Equity Research Report ( Originally Posted: 11/17/2009 )

I was wondering if any of you with access to equity research reports could help me out and pull a few reports for a specific firm. It would really help me with a project that I'm working on.

Thank you in advance

Your brokerage account should offer free reports. I know trade king do and so do etrade.

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An equity research report is the document prepared by an analyst which provides a recommendation on whether investors should purchase hold, or sell shares of public company. Additionally, it provides an overview of the business, the industry it operates in, the management team, its financial performance risks, and the target price. The equity research is the study of the equities or stocks for the investment purpose. You can also see more on  Research Report in Google Docs Templates.

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Step 2: knowing about its products and services, step 3: understanding its relation with customer, step 4: research and development capability, step 5: knowing the industry, more in report templates, simple equity agreement template, property equity share purchase agreement template, real estate equity share agreement, real estate equity share agreement example, simple property equity share agreement, basic real estate equity share agreement, equity loan investment agreement template.

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Equity Research Report

• Great for beginners
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Equity research reports are essential for effective stock analysis and decisions. A great report includes accurate data, insightful analysis, and clear visuals for better understanding of the market trends.

ClickUp's Equity Research Report Template gives you all the tools you need to confidently assess your portfolio holdings or potential investments. It lets you:

• Capture, organize, and analyze data quickly and accurately
• Move beyond spreadsheets with no-code dashboards and powerful visualizations
• Share reports publicly or privately with teammates—all in one place.

Analyze like a pro with ClickUp's Equity Research Report Template!

Equity research reports can provide investors with valuable insight into a company’s performance and potential. An equity research report template offers a number of benefits, including:

• Providing a consistent format for comparing various investments quickly and accurately
• Simplifying the process of creating detailed, comprehensive reports
• Helping analysts standardize their research processes
• Improving communication between analysts and clients

ClickUp's Equity Research Report Template is designed to help you organize and write equity research reports. This Doc template includes:

• Custom Statuses: Create tasks with specific custom statuses to keep track of the different stages of your equity research report
• Custom Fields: Categorize and add attributes to manage your equity research report to ensure accuracy and consistency
• Custom Views: Start with this Doc template and build out your ClickUp workflow which includes List, Gantt, Workload, Calendar, and more
• Project Management: Improve equity research report tracking with comment reactions, collaborative editing, automations, AI, and more

Creating an equity research report can be a challenging task, but it doesn’t have to be. By following these steps, you can easily create a comprehensive, professional looking report that will be sure to impress any investor.

Start by gathering the necessary information about the company you’re researching. This includes financial statements, company news, analyst reports, and other relevant data.

Create tasks in ClickUp to track the information you need and assign them to team members for research.

Once you have all the necessary data, it’s time to analyze it. Look at the company’s financial performance, its competitive landscape, and other factors that could affect its stock price.

Create custom fields in ClickUp to track and analyze the data points that are most relevant to the company.

Now it’s time to start writing the report. Start with a brief overview of the company and its industry, followed by your analysis of the data.

Use a Doc in ClickUp to write the report and collaborate with your team .

Adding visuals to the report can help make the data easier to digest. Use charts and graphs to illustrate key points and add clarity to your analysis.

Use the Table view in ClickUp to create visuals and charts to support your analysis.

Once the report is finished, it’s important to give it a professional look. This includes adding headers, footers, page numbers, and any other elements that will make the report look polished and presentable.

Use the Board view in ClickUp to format and organize your report for a professional appearance.

Once you’ve finished formatting the report, it’s time to review it again for accuracy and any last minute changes. When you’re satisfied with the results, you can send it to investors or other stakeholders.

Set a Milestone in ClickUp to mark the completion of the report and send it out.

Equity analysts can use this Equity Research Report Template to help everyone stay on the same page when it comes to analyzing stocks and preparing reports.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create an equity research report:

• Create a project for each equity research report
• Assign tasks to team members and designate a timeline
• Collaborate with stakeholders to research and analyze potential investments
• Organize tasks into categories to keep track of progress
• Set up notifications to stay up-to-date on progress
• Hold regular meetings to discuss progress and any issues
• Monitor and analyze tasks to ensure maximum productivity

Get Started with Our Equity Research Report Template Today

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LSEG Workspace replaced Eikon, Thomson ONE, and Refinitiv Workspace. It has a premium package of analyst reports called After Market Research (formerly known as Investext).

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Active Vs. Passive Funds by Investment Category

What are the odds of succeeding with active funds vs. passive funds?

Key Takeaways

Long-term success rates were generally higher among active real estate, bond, and small-cap equity funds.

Long-term success rates were generally the lowest among active US large-cap strategies.

Active investing strategies often come with higher expenses for manager skills and involvement. Over the past decade, inflows have tilted toward passive funds as investors seek out cost-effective and broad market exposure.

Are active funds worth the premium in fees and expenses?

Based on 2023 data, Morningstar’s investment research assesses the long-term success rates of active funds compared with passive funds. Here are the categories that stood out and the ones that fell short.

For the full breakdown, download the free report .

Do Actively or Passively Managed Funds Attract More Inflows?

In 2024, total assets in US passive strategies surpassed those in active ones for the first time. Recent data reflects a bigger trend.

Passive funds have attracted more inflows than active funds for the past nine years, according to Morningstar fund flow data .

Elsewhere, passive long-term strategies continue to lag. Outside of the United States, passive strategies only make up 26% of assets under management.

How We Created the Active/Passive Barometer

Our researchers used Morningstar’s comprehensive fund data to calculate a category’s success rate, or the percentage of active funds that survived and outperformed a composite of passive funds over time.

Why a composite?

This “benchmark” reflects the net-of-fees performance of investable passive funds. It factors expenses into analysis for a more parallel look at trends in active-fund success.

The report spans nearly 8,338 unique funds with approximately $18 trillion in assets, or about 55% of the US fund market, at the end of 2023.

Active Funds Fell Short of Passive Funds in 2023

In 2023, actively managed mutual funds and ETFs fell short of their passive peers. While notching an improvement over 2022, slightly less than half (47%) of active strategies survived and delivered higher net-of-fees returns than their average passive counterpart.

Actively managed funds’ recent surge did little to change their long-term track record. Less than one out of every four active strategies survived and beat their average passive counterpart over the ten years through December 2023.

One type of active investment strategy generally trails in long-term success rates.

Active large-cap equity funds

The US large-cap market has been particularly challenging for active managers due to its competitiveness and representative indexes. Just 12% of them survived and beat their average passive rival over the decade through December 2023.

Index strategies using alternative weighting schemes likely lowered the hurdle active funds had to clear. For instance, momentum strategies held what worked in 2022 rather than piling into the market-leading “Magnificent Seven” stocks. Likewise, those stocks made up a much smaller portion of equal-weighted portfolios.

Active US large-cap managers fared better in 2023. Their 50% success rate marked a 4-percentage-point increase from 2022.

The negative skew of distributions of excess returns indicates that the penalty for poor manager selection tended to be greater than the reward for choosing a winner.

When Does Active Management Outperform Passive Management?

Don’t declare passive investing the winner yet.

Active fund performance varies across investment categories and periods. In some regions, they remain the dominant approach in assets under management.

Active fixed-income funds

Active bond managers turned in a 53% success rate in 2023, a swift rebound from last year’s 30% figure. Intermediate-core bond funds led the pack with the highest success rate of the category.

Intermediate-core bond funds invest primarily in investment-grade US fixed-income debt with 2–10-year durations. These fund managers tend to take more credit risk than indexed peers. This likely aided active funds in 2023 as markets rewarded credit risk, after hurting them the year prior.

Rolling success rates for surviving active intermediate-core bond funds. Active managers held a 57% success rate, up from 38% in 2022.

Mortality and distribution of 10-year annualized excess returns for surviving active intermediate-core bonds. Although just half of funds survived the full period, 63% of the ones that did succeeded.

Active real estate funds

In less-transparent markets, portfolio managers may have an edge in expertise. Over the decade through 2023, 51% of actively managed real estate funds survived and beat their average passive peer, making it the only category group whose 10-year success ratio exceeded 50%.

Differences in performance between US and ex-US real estate securities cause active managers’ success rates to ebb and flow. Some category funds invest exclusively outside the United States, while others are more global.

Active strategies’ 55% success rate marked a 22-percentage-point gain over 2022, returning to a level more in line with their relatively solid long-term results.

The long tail to the left indicates the potential penalty for picking the wrong active real estate fund.

Active small-cap equity funds

Small-growth territory has been relatively kind to active managers in the long term.

That may be because the small-cap market is less efficiently priced. Active managers may have more opportunities to find mispriced stocks in markets where information is less accessible.

Active small-cap funds have a 41% success rate over the past 10 years, the highest among all US and foreign stock categories. The long right tail in their excess returns distribution indicates that success can sometimes mean winning big.

In 2023, small-cap managers saw their one-year success rates drop to their lowest levels in several years.

The mortality and distribution of 10-year annualized excess returns for surviving active small-growth funds. The long right tail indicates that success can mean winning big.

Cheaper active funds succeed more often

The cheapest active funds succeeded more often than the priciest ones. Over the 10 years through December 2023, over 29% of active funds in the cheapest quintile beat their average passive peer, compared with 18% for those in the priciest quintile.

How to Compare Active vs. Passive Investing in Direct

The Active/Passive Barometer helps investors calibrate the odds of succeeding with active funds in different categories.

From there, how do you pick the winners to invest in?

Assessing fund activeness

High tracking error and active share don’t guarantee superior performance but do offer one way for active funds to justify their fees. Some active funds closely replicate the asset weightings of an index fund, but at a higher price point.

Divide a fund’s active share or tracking error by its expense ratio and compare it to a custom benchmark or peer group.

This gives you one indicator of the difference between an active fund and its cheaper passive alternatives.

Assessing portfolio manager track record

When evaluating active managers, our researchers consider factors such as the people managing the portfolio, their process, and whether the parent firm aligns its interests with investors.

With interactive research , portfolio managers can perform complex analyses faster than ever.

• The Portfolio Manager Handbook shows a holistic picture of a portfolio manager’s career, including strategies managed over time and how those strategies performed compared with peers during the manager’s tenure.
• The Investment Research Assistant helps investors discover features that differentiate a strategy from its peer group and benchmark.
• U.S. Fund Fee Trends shows trends in the universe of US mutual funds and ETFs.

Download the Active/Passive Barometer

Related Blog Posts

Center Report Uses Research To Fight Attacks On DEI

Today, the USC Race and Equity Center released a new report in response to politicized attacks on diversity, equity, and inclusion initiatives in higher education. Truths About DEI on College Campuses: Evidence-Based Expert Responses to Politicized Misinformation , the 62-page document, was produced by Shaun Harper, our center’s founder and executive director.

University Professor and Provost Professor in the Rossier School of Education, Price School of Public Policy, and Marshall School of Business at the University of Southern California, Harper has been at the forefront of efforts to counter misinformation, disinformation, exaggerations, and lies about DEI in educational institutions and businesses. “This important new report is just one additional way our center is leveraging its research, resources, reputation, and networks to fight back against those who are aiming to further divide Americans and ultimately destroy our democracy,” he says.

Last summer, our center launched the National DEI Defense Fund , which helps students, families, and educators across the country who are negatively impacted by the elimination and defunding of DEI initiatives. The report highlights four universities that are in the crosshairs of such politicized attacks: University of Virginia, University of Florida, University of Louisville, and the University of Wisconsin System.

On March 7, the U.S. House of Representatives held a two-hour hearing titled, “Divisive, Excessive, Ineffective: The Real Impact of DEI on College Campuses,” which inspired Harper to unite 11 other highly-respected experts on DEI in higher education for rapid responses to the voluminous inaccuracies that Republican congresspersons and witnesses conveyed on Capitol Hill. Less than two weeks later, our center is releasing this helpful compendium of evidence-based essays.

In addition to Harper, these scholars contributed to the report:

Mitchell J. Chang, Ph.D. , professor of education and Asian American Studies at the University of California, Los Angeles. Chang also is UCLA’s interim Vice Provost for Equity, Diversity, and Inclusion.

Eddie R. Cole, Ph.D. , associate professor of education and history at the University of California, Los Angeles. Cole also is the Joy Foundation Fellow at the Harvard Radcliffe Institute. He is author of the book, The Campus Color Line: College Presidents and the Struggle for Black Freedom (Princeton University Press, 2020).

Lori Patton Davis, Ph.D. , professor of education at The Ohio State University. Davis was the first Black woman president of the Association for the Study of Higher Education. She was inducted into the National Academy of Education in 2022.

Liliana M. Garces, Ed.D. , W.K. Kellogg Professor in the College of Education at the University of Texas at Austin. Garces also holds courtesy appointments at the UT School of Law and the Center for Mexican American Studies.

Joy Gaston Gayles, Ph.D. , Alumni Association Distinguished Graduate Professor and head of the Educational Leadership, Policy, and Human Development Department at North Carolina State University. Gayles also is a past president of the Association for the Study of Higher Education.

Toby S. Jenkins, Ph.D. , professor in the College of Education at the University of South Carolina. Jenkins also is Associate Provost for Faculty Development. Her seven books include, The Hip-Hop Mindset: Success Strategies for Educators and Other Professionals (Teachers College Press, 2023).

Walter M. Kimbrough, Ph.D. , executive in residence at the USC Race and Equity Center. Kimbrough served as the 7th president of Philander Smith College and the 12th president of Dillard University, two HBCUs.

Julie J. Park, Ph.D. , associate professor in the College of Education at the University of Maryland. Park’s books include, Race on Campus: Debunking Myths with Data (Harvard Education Press, 2018) and When Diversity Drops: Race, Religion, and Affirmative Action in Higher Education (Rutgers University Press, 2013).

Victor B. Sáenz, Ph.D. , L.D. Haskew Centennial Professor and Associate Dean for Student Success, Community Engagement, and Administration in the College of Education at the University of Texas at Austin. Sáenz also is co-founder and executive director of Project MALES (Mentoring to Achieve Latino Educational Success), a UT research and mentoring initiative.

Shawn M. Smith, M.D. , a physician at the Ann & Robert H. Lurie Children’s Hospital of Chicago. Smith also is an Assistant Professor of Pediatrics at the Northwestern University Feinberg School of Medicine.

Lisa Wolf-Wendel, Ph.D. , Roy A. Roberts Distinguished Professor of Higher Education at the University of Kansas. Wolf-Wendel also is Associate Dean for Research and Graduate Studies in KU’s School of Education and Human Sciences. She served as the 2012-13 president of the Association for the Study of Higher Education.

Beyond widely disseminating it through our center’s contact databases and social media platforms, we also submitted this collection of papers to the House Subcommittee on Higher Education and Workforce Development for inclusion in the hearing record. A grant from Spencer Foundation is generously supporting our center’s DEI defense activities, including the production and dissemination of this report.

“We invite Americans to use this document to dispel ridiculous, unsubstantiated claims about DEI,” Harper added. “We hope these truths are helpful, politicized lies are not.”

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• Gender equity in global rheumatology awards
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• http://orcid.org/0000-0001-9306-545X Debaditya Roy 1 ,
• http://orcid.org/0000-0002-9107-3218 Laura Andreoli 2 , 3 ,
• http://orcid.org/0000-0002-3504-2177 Pavel V Ovseiko 4 ,
• Dzifa Dey 5 ,
• Yuva Ravindran 6 ,
• Shikha Singla 7 ,
• Ana María Arredondo González 8 ,
• Carlos Enrique Toro-Gutiérrez 9 ,
• http://orcid.org/0000-0003-2753-2990 Latika Gupta 6 , 10
• 1 Department of Clinical Immunology and Rheumatology , Institute of Postgraduate Medical Education and Research , Kolkata , West Bengal , India
• 2 Department of Clinical and Experimental Sciences , University of Brescia , Brescia , Italy
• 3 Unit of Rheumatology and Clinical Immunology , ASST Spedali Civili di Brescia , Brescia , Italy
• 4 Radcliffe Department of Medicine , University of Oxford , Oxford , UK
• 5 Rheumatology Unit, Department of Medicine and Therapeutics , Korle bu Teaching Hospital , Accra , Ghana
• 6 Department of Rheumatology , Royal Wolverhampton Hospitals NHS Trust , Wolverhampton , UK
• 7 Medical College of Wisconsin , Milwaukee , Wisconsin , USA
• 8 Rheumatology , Fundación Universitaria de Ciencias de la Salud “FUCS” , Bogotá , Colombia
• 9 Reference Center in Osteoporosis, Rheumatology and Dermatology , Pontificia Universidad Javeriana Cali Facultad de Ciencias de la Salud , Cali , Valle del Cauca , Colombia
• 10 Division of Musculoskeletal and Dermatological Sciences , Centre for Musculoskeletal Research, School of Biological Sciences, The University of Manchester , Manchester , UK
• Correspondence to Professor Latika Gupta, Department of Rheumatology, Royal Wolverhampton Hospitals NHS Trust, Wolverhampton, UK; drlatikagupta{at}gmail.com

https://doi.org/10.1136/ard-2024-225670

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• Health services research
• Epidemiology
• Autoimmune Diseases

Globally, there has been a growing interest in addressing gender disparities in leadership positions within rheumatology, 1 editorial boards of rheumatology journals, 2 conference speakers 3 and authorship of research publications and guidelines. 4 5 The causes of gender disparity in rheumatology are complex and multifactorial, including an interplay of historically late entrance of a larger number of women into medicine only in the second half of the 20th century, social and professional gender norms, organisational gender climate, unconscious gender bias, gender discrimination and a scarcity of senior female mentors and role models. 6

Professional awards serve important functions in recognising exemplary individuals who uphold the values and objectives cherished by award-granting institutions. 7 Unlike monetary remuneration directly linked to financial incentives, symbolic awards are tied predominantly to intangible social and professional gains afforded by prestige and eminence. Under certain conditions, awards can galvanise motivation and amplify performance. 8 Therefore, professional awards can promote the values of equity, elevate social and professional standing of awardees, and increase the pool of senior role models.

Supplemental material

Among 1173 total awardees of the six international award-granting bodies in our dataset from 1972 to 2023, 977 (83.29%) awardees were men compared with 196 (16.70%) female recipients ( online supplemental file ). Notably, EULAR showed relatively higher gender parity, with 31.03% female recipients, followed by AFLAR and ACR. In contrast, PANLAR and APLAR had the lowest female representation at 21.8% and 14.28%, respectively ( figure 1 ). Similarly, the Carol-Nachman Prize and Medal exhibited one of the lowest gender representations, with 14.75% female awardees. This disparity is particularly concerning given the substantial contributions of female rheumatologists to the field.

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(A) Award categories. (B) World Map showing % female gender award distribution. (C) Total global rheumatology awards distribution (1972–2023). (D) Decadal trends of awards (1972–2023).

However, an encouraging trend towards narrowing the gender gap was observed over the decades, with a shift from 11.62% female awardees pre-1990 to 36.17% from 2021 onwards. The significant under-representation of female rheumatology award winners warrants focus on organisational measures for gender equity in recognising excellence across the field. While our dataset comprised of six major international award-granting bodies in the field of rheumatology is by no means exhaustive and excludes research/training fellowship grants, it highlights that considerable progress is still required to achieve gender equity across a wide range of international awards from young investigator awards to lifetime achievement awards and to the world’s most prestigious prize in rheumatology. We advocate for international rheumatology associations and other award-granting institutions to accelerate progress towards equity by introducing constructive initiatives that recognise excellence across the field and foster positive change.

Diversifying selection committees of award-granting institutions and award nominee pools by taking into account their gender, geography, ethnicity and age could broaden representation among nominees. For young investigator awards, evaluating nominees solely on academic age rather than biological age could help level the field for those who take parental or career breaks. Given that only a few major awards bear the names of renowned female rheumatologists, naming future rheumatology awards after eminent female pioneers could give deserved visibility to pioneering women whose contributions have propelled rheumatology thus far. Finally, advertising awards more widely and enhancing transparency in the award nomination and selection processes could widen the pool of qualified nominees.

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Patient consent for publication.

Not applicable.

Ethics approval

• Khursheed T ,
• Ovseiko PV , et al
• Ovseiko P ,
• Khursheed T , et al
• van Mens LJ ,
• Kiltz U , et al
• Vantaggiato E , et al
• Barajas-Ochoa A ,
• Peláez-Ballestas I ,
• Ramirez-Trejo M , et al
• Andreoli L ,
• Ovseiko PV ,
• Hassan N , et al

Supplementary materials

Supplementary data.

This web only file has been produced by the BMJ Publishing Group from an electronic file supplied by the author(s) and has not been edited for content.

• Data supplement 1

Handling editor Josef S Smolen

Twitter @debaditya_roy, @lauraandreoli80, @anaarredondo8, @LatikaGupta_

Contributors Conceptualisation and visualisation: LG and LA. Data curation: all authors. Formal analysis: DR and LG. Methods: PVO and LG. Investigation: all authors. Writing of the original draft: DR and LG. Writing, review and editing: all authors. Supervision: LG. Project administration: LG and LA.

Funding The authors have not declared a specific grant for this research from any funding agency in the public, commercial or not-for-profit sectors.

Map disclaimer The inclusion of any map (including the depiction of any boundaries there), or of any geographical or locational reference, does not imply the expression of any opinion whatsoever on the part of BMJ concerning the legal status of any country, territory, jurisdiction or area or its authorities. Any such expression remains solely that of the relevant source and is not endorsed by BMJ. Maps are provided without any warranty of any kind, either expressed or implied.

Competing interests None declared.

Patient and public involvement Patients and/or the public were not involved in the design, or conduct, or reporting, or dissemination plans of this research.

Provenance and peer review Not commissioned; externally peer reviewed.

Supplemental material This content has been supplied by the author(s). It has not been vetted by BMJ Publishing Group Limited (BMJ) and may not have been peer-reviewed. Any opinions or recommendations discussed are solely those of the author(s) and are not endorsed by BMJ. BMJ disclaims all liability and responsibility arising from any reliance placed on the content. Where the content includes any translated material, BMJ does not warrant the accuracy and reliability of the translations (including but not limited to local regulations, clinical guidelines, terminology, drug names and drug dosages), and is not responsible for any error and/or omissions arising from translation and adaptation or otherwise.

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Is Fidelity High Dividend ETF (FDVV) a Strong ETF Right Now?

The Fidelity High Dividend ETF ( FDVV Quick Quote FDVV - Free Report ) was launched on 09/12/2016, and is a smart beta exchange traded fund designed to offer broad exposure to the Style Box - All Cap Value category of the market.

What Are Smart Beta ETFs?

The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.

A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.

If you're the kind of investor who would rather try and beat the market through good stock selection, then smart beta funds are your best choice; this fund class is known for tracking non-cap weighted strategies.

This kind of index follows this same mindset, as it attempts to pick stocks that have better chances of risk-return performance; non-cap weighted strategies base selection on certain fundamental characteristics, or a mix of such characteristics.

The smart beta space gives investors many different choices, from equal-weighting, one of the simplest strategies, to more complicated ones like fundamental and volatility/momentum based weighting. However, not all of these methodologies have been able to deliver remarkable returns.

Fund Sponsor & Index

Managed by Fidelity, FDVV has amassed assets over $2.44 billion, making it one of the largest ETFs in the Style Box - All Cap Value. Before fees and expenses, this particular fund seeks to match the performance of the Fidelity Core Dividend Index.

The Fidelity High Dividend Index reflects the performance of stocks of large and mid-capitalization high-dividend-paying companies that are expected to continue to pay and grow their dividends.

Cost & Other Expenses

Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.

With one of the least expensive products in the space, this ETF has annual operating expenses of 0.15%.

It has a 12-month trailing dividend yield of 3.24%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

FDVV's heaviest allocation is in the Information Technology sector, which is about 28.70% of the portfolio. Its Financials and Energy round out the top three.

Taking into account individual holdings, Apple Inc ( AAPL Quick Quote AAPL - Free Report ) accounts for about 6.53% of the fund's total assets, followed by Microsoft Corp ( MSFT Quick Quote MSFT - Free Report ) and Nvidia Corp ( NVDA Quick Quote NVDA - Free Report ) .

Its top 10 holdings account for approximately 31.3% of FDVV's total assets under management.

Performance and Risk

The ETF return is roughly 7.43% and was up about 24.96% so far this year and in the past one year (as of 03/22/2024), respectively. FDVV has traded between $36.50 and $45.05 during this last 52-week period.

The fund has a beta of 1.02 and standard deviation of 15.63% for the trailing three-year period. With about 110 holdings, it effectively diversifies company-specific risk.

Alternatives

Fidelity High Dividend ETF is a reasonable option for investors seeking to outperform the Style Box - All Cap Value segment of the market. However, there are other ETFs in the space which investors could consider.

Dimensional U.S. Targeted Value ETF ( DFAT Quick Quote DFAT - Free Report ) tracks ---------------------------------------- and the iShares Core S&P U.S. Value ETF ( IUSV Quick Quote IUSV - Free Report ) tracks S&P 900 Value Index. Dimensional U.S. Targeted Value ETF has $9.88 billion in assets, iShares Core S&P U.S. Value ETF has $16.72 billion. DFAT has an expense ratio of 0.28% and IUSV charges 0.04%.

Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - All Cap Value.

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center .

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Apple Inc. (AAPL) - free report >>

Microsoft Corporation (MSFT) - free report >>

NVIDIA Corporation (NVDA) - free report >>

Fidelity High Dividend ETF (FDVV) - free report >>

iShares Core S&P U.S. Value ETF (IUSV) - free report >>

Dimensional U.S. Targeted Value ETF (DFAT) - free report >>

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