Investment Research Support Services

For cross-border mandates involving the US and India, the US-listed peer set provides the valuation anchor, including comparable trading multiples and the beta reference point used to benchmark the Indian company.
The key adjustments are made on the Indian side. These include adding a country risk premium to the discount rate, normalizing growth assumptions for inflation differentials across currency environments, and applying an unlevered beta framework adjusted for the local cost of debt and liquidity premium.
For GCC mandates, the same methodology applies, with country, market, and liquidity adjustments calibrated to the relevant regional capital market.

We build valuation frameworks that scale from Seed through Pre-IPO, with pre-money and post-money analysis structured around cap table implications, anti-dilution mechanics, and investor return outcomes. A Series A investor and a Series C investor are underwriting different stages of the business. The valuation framework reflects those differences at every round.

Sophisticated investors rarely reject a raise because of the deck; they reject it because the model does not hold up. The real test is whether the fundraising advisor understands the assumptions well enough to defend them and whether the valuation has been built for the specific investor class reviewing it. Polish without that foundation lasts only until the first serious question-usually in the second meeting.

Macroeconomic inputs are embedded directly into the model architecture. Yield-curve signals inform terminal growth assumptions and recession scenarios, while monetary policy transmission is reflected explicitly in sector valuations. In capital-intensive sectors, where the cost of debt is a key value driver, credit-spread analysis is integrated into the model rather than added later as commentary.

We conduct shadow due diligence on the financial model before the Virtual Data Room (VDR) opens. This includes bridging management accounts to audited financials, documenting revenue recognition and unit economics assumptions, and structuring the model around the questions a buy-side analyst is likely to ask. The objective is to reduce friction during diligence, not create another layer of documentation.

Perusal Global operates as a white-label research partner. Everything we produce-including financial models, initiating coverage reports, buy-side and sell-side research, due diligence reports, and investor materials-is delivered under the client’s name.
For sell-side clients, the research is published under the brokerage firm’s brand and distributed to its institutional investor audience, with no reference to Perusal Global. For buy-side clients, the work is used internally to support investment analysis and decision-making.
We produce the work. The client owns it, publishes or uses it, and retains responsibility for the final output.

The client defines the requirement-an initiating coverage report, a transaction model, a due diligence report, or a fundraising package. We build the work within the client’s house style, publication templates, and research framework, where applicable. Drafts are reviewed by the client’s team, and the final output is delivered in a form that can be published or used directly.
Perusal Global does not make investment recommendations, advise investors directly, or publish research independently. We produce the underlying research and analysis; the client retains ownership of the final output, the investment view, the recommendation, and the end-client relationship.

Our client work spans the US, UK and Europe, the GCC, and India. Cross-border valuation across the US, India, and GCC is a particular area of depth, with country risk premium adjustments, inflation differential normalization, and GAAP-to-IFRS reconciliations handled as an integral part of the engagement.

For a mid-cap or growth-stage company with adequate data availability, a full initiating coverage report typically takes three to six weeks. The engagement may include a business model deep-dive, peer benchmarking, management assessment, earnings quality analysis, an integrated financial model, and the investment thesis. The timeline depends primarily on sector complexity and access to primary data. For brokerage clients working to a fixed publication schedule, the engagement is scoped to the calendar from the outset.

Clients typically engage us at one of three points. Capacity: the coverage universe or transaction pipeline has outgrown the internal team, while hiring cannot keep pace with demand. Depth: the mandate requires sector expertise or a modeling capability that is not available in-house. Independence: a valuation, investment thesis, or diligence view needs to be developed outside the team that already holds a position on it. Where none of these conditions applies, an internal build is often the better answer-and we will say so.

Most of our clients already have an internal research team. We work as an extension of it, taking on the build-intensive work-the financial model, initiating coverage report, or sector deep-dive-so senior analysts can focus on judgment, investment conclusions, and client engagement. The direction remains with the client; the execution is handled by us.

Published research answers the question its author chose to address. A terminal provides data and inputs, but not the judgment required for a specific decision. Our work is built around the decision in front of the client, with assumptions that are transparent, traceable, and open to challenge-the standard an investment committee or institutional client will apply. Where existing research is sufficient, we will say so.

Most mandates begin in one area and extend into another. A fundraise typically requires the financial model and investor materials to be developed together. A transaction approaching commitment may require both commercial due diligence and valuation support. Rather than fitting the brief into a predefined service line, start with the decision at hand. We will map the requirement to the relevant capabilities and scope only the work that adds value.

Fees vary by service and reflect the scope of the engagement, depth of analysis, seniority of the team involved, number of markets or entities covered, and whether the mandate is a one-time build or an ongoing research partnership. A standalone valuation and continuous research coverage are fundamentally different engagements and are priced accordingly. Once the deliverables and timeline are defined, we provide a complete scope and fixed quotation before work begins, with no open-ended billing.