SITUATION REPORT: Occasional strategy piece communicating our views on key themes - macro, micro and market - driving investment strategy. Includes changes to estimates, ratings and targets. Click HERE to download reports.
COMPANY REPORTS: Includes quarterly updates on formally covered companies (enhanced Snapshot format), Deal Analytics when a major transaction is announced, and estimate, rating, and target revisions. May also include occasional "deep dive" analysis. Click HERE to order reports.
LANGENOTES: Short, 1-2 page commentary on anything we deem relevant to the sector and one or more companies under coverage. On occasion they may be used to change estimates, ratings or targets. Click HERE to download reports.
- Relevance based organization - segments and business units within segments are organized by relevance, not management "positioning."
- Structured review - includes thesis support and refutation, lateral calls, break out by geography and end market.
|Asia||Resources (oil and gas, mining)|
|Latin America||Power & Energy (generation, trans/distr.)|
|Europe||Transportation (road, rail, marine)|
|North America||Machinery / Automation|
|Australia||Ind. Machinery / General Industrial|
|Brazil||HVAC / Construction|
|Middle East/Africa||Consumer related|
|India||Aerospace / Defense|
INTEGRATED COMPANY DASHBOARD (ICD): Three-in-one product includes Snapshot (quarterly analysis), Dashboard (10 quarter trends for the company) and Business Unit Trends (10 quarter segment level deep dive) on 42 of the 55 monitored companies. Analyzes critical metrics - orders, sales, profit and key anecdotal information. Click HERE to order reports.
SNAPSHOT - as above.
- Orders - graph of core change for company, and each segment, highlighting key drivers of change and relative size of each segment.
- Backlog - as above and where available (primarily European companies).
- Revenue - graph of core change for company, and each segment, high-lighting drivers, relative segment size and our forward view.
- Revenue, by region - we analyze sales trends by each region, using core change (ex deals and currency) whenever possible, and illustrate relative importance to the company.
- Segment profit, margin - graphical study of margins for company, each segment, and relative importance of each. Where significant we will point out key areas of upside and risk.
- Balance Sheet - graphical analysis. We keep it simple, tracking net working capital / sales, net debt / total assets and net debt / equity. Also watch gross cash.
- Cash flow -- graphical study of free cash flow (FCF) as a percentage of revenue and also compared to equity as a "quick and dirty" proxy for ROE.
- Graphical review on orders, revenue, profit and margin.
- Supplemental data - disclosed, derived or inferred, on core and overall growth in each including momentum analysis where possible.
- Written log covering the last several quarters.