PERSISTENCE
MATTERS
GLOBAL INDUSTRIALS INTELLIGENCE

RESEARCH LIBRARY

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.

INDUSTRY UPDATE: One page + data update, published on occasion, to highlight clients and other institutional investors on our top picks and market view. 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.

FIELD NOTES: Information gleaned from field trips, trade shows, or proprietary field work. Click HERE to order reports.

SNAPSHOTS: Full quarterly analyis in highly concise, information rich format. Less is more. We summarize driving two hours into two minutes.
- Detailed revenue analysis - core, deals, currency by segment whether or not disclosed by the company.
- 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.

Click HERE to order reports.

GEOGRAPHIES VERTICALS
Asia Resources (oil and gas, mining)
Latin America Power & Energy (generation, trans/distr.)
Europe Transportation (road, rail, marine)
North America Machinery / Automation
China Flow Control
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.

DASHBOARD - company drivers over past 10 quarters. Includes, where disclosed, for each geography and segment, trends for orders, backlog, revenue, profit, and margin, along with balance sheet analysis, cash flow, and our own selected commentary.
  1. Orders - graph of core change for company, and each segment, highlighting key drivers of change and relative size of each segment.
  2. Backlog - as above and where available (primarily European companies).
  3. Revenue - graph of core change for company, and each segment, high-lighting drivers, relative segment size and our forward view.
  4. 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.
  5. 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.
  6. 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.
  7. 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.

BUSINESS UNIT TRENDS - deep dive into each segment over past 10 quarters. Each segment will include:
  1. Graphical review on orders, revenue, profit and margin.
  2. Supplemental data - disclosed, derived or inferred, on core and overall growth in each including momentum analysis where possible.
  3. Written log covering the last several quarters.