SummaryBusiness AssessmentFinancial Shape AssessmentA-List RatingsValuation Appraisal
Sell-side ResearchSponsored ResearchBenefits of A-List
Why Equity?Why A-List?

Research Process

Stage 3: A-List Ratings

We award our subject companies one of three ratings for at-a-glance understanding of how they measure up to our selection criteria.

A-List Company
Companies that pass substantially all of the financial shape criteria are designated ‘A-List Company’ and proceed to an appraisal of valuation (stage 4). These are exceptionally good businesses that can justify significant allocation of investment capital, subject to their current market price not exceeding our appraised fair valuation range. We publish an initial core report and ongoing research coverage.

B-Team Company
Companies that fall short of the ‘A-List’ criteria in areas which could be resolved over time are designated ‘B-Team Company.’ These companies still meet most of our financial shape criteria and may still be acceptable to some investors. They therefore proceed to an appraisal of valuation (stage 4). Again, we publish an initial core report and ongoing research coverage.

Not Accepted
Companies that fail our financial shape assessment are designated ‘Not Accepted.’ They do not proceed to valuation appraisal and research coverage ceases after our initial company report. Although these companies have failed our financial shape assessment, they have passed our business assessment and the resulting findings can provide useful information.

We therefore still publish initial reports on companies rated Not Accepted.