Company Analysis & Insights
Initiating coverage reports, investment thesis development, idea generation, and portfolio monitoring, produced as a research support service for brokerage firms, asset managers, and institutional investors.
Initiating coverage reports, investment thesis development, idea generation, and portfolio monitoring, produced as a research support service for brokerage firms, asset managers, and institutional investors.
It covers what the business does, what the sector looks like, what the recent financials show, but stops short of stress-testing the assumptions the investor is actually relying on: whether revenue growth is sustainable or accounting-driven, whether the earnings quality holds up under scrutiny, whether the valuation is defensible at the current price. What it produces is a summary of information the investor already has access to. That is not what an investment decision requires.
Perusal Global provides fundamental research as a support service. We validate investment theses, write initiating coverage reports, run idea generation analyses, and produce portfolio monitoring research for brokerage firms, asset managers, and PE and VC deal teams. The work carries the client's name. We provide the evaluative framework behind it: the integrated financial model, the peer benchmarking, and the earnings quality assessment that allows the client to defend their position with rigour. Every engagement is senior-led; the analyst who scopes the work writes the report.
An initiation report stands on its investment thesis - a specific, defensible reason the company is worth owning at the current valuation. Without that, it is a company profile.
Brokerage firms and sell-side research desks that need to initiate or maintain coverage on companies outside the primary coverage universe, be it sectors, geographies, or market-cap ranges, where the in-house analyst depth doesn't reach the standard the institutional audience expects.
Asset managers and buy-side investment teams who need the fundamental research to validate and defend a position decision viz. entry timing, sizing, or exit, where the existing consensus coverage lacks the rigour or independence to rely on in front of an investment committee.
PE and VC deal teams who need company-level intelligence, earnings quality, management track record, competitive dynamics, that goes deeper than a due diligence checklist and feeds directly into the investment thesis before a capital commitment is made.
Growth-stage companies approaching institutional investors for the first time, where a pre-fundraising initiation report establishes the institutional credibility of the business before the first investor conversation.
The financial model and the research report are the same piece of work. The DCF and peer benchmarking in an initiating coverage report trace directly to the integrated three-statement model built as part of the same engagement. The investment thesis the client brings, or the coverage position the analyst is establishing, is stress-tested against the financial analysis. Earnings quality assessment, management strategy evaluation, and peer benchmarking all run in parallel with the modeling.
We sit inside the research workflow of the teams commissioning the work. What we provide is the analyst hours, the sector knowledge, and the methodology to produce research the client's institutional audience will hold to a high standard. The analyst who builds the model writes the report, no separation between the quantitative and qualitative work and no handoff between scoping and delivery.
The DCF and peer benchmarking in an initiation report are produced from the same integrated three-statement model built as part of the engagement. The valuation in the report traces back to the model assumptions, which means any investor reading the report and interrogating the valuation is looking at the same numbers the model was built on. That connection is what makes the thesis defensible rather than asserted.
An engagement starts with a scoping conversation; which company, what the analytical output needs to answer, who the audience is, and what primary source data is available. From there we set the research architecture, validate the key assumptions and financials against primary sources, and build the model and the report in parallel. The client reviews drafts, provides access to management where relevant, and approves the final output before it goes out under their name. Most project engagements deliver within 3 to 8 weeks depending on depth and data availability.
Earnings quality analysis examines whether reported profitability reflects underlying cash generation or is inflated by accounting treatment such as aggressive revenue recognition, working capital movements, or one-off items. We look at cash conversion relative to reported profits, revenue recognition policy against sector norms, the sustainability of margin drivers, and any gap between GAAP and adjusted earnings the company is asking investors to use. Low earnings quality doesn't disqualify an investment, but it changes the due diligence standard the thesis needs to meet before a capital commitment is made.
The screening criteria are set around the mandate's parameters, sector constraints, geographic focus, market-cap range, return expectations, rather than applied generically. Top-down screening identifies where within the mandate's universe the macro and sector dynamics are most favorable. Bottom-up screening then tests which specific companies within that universe have the financial characteristics historically associated with the type of return the mandate is looking for. Back-testing of the screening criteria against historical performance validates whether the methodology would have found the right companies before they were widely recognized. The output is a ranked short list with the analytical rationale for each name.
M&A announcements covering both the acquirer and the target, including accretion/dilution analysis, strategic rationale assessment, and revised valuation. Spin-offs and demergers where the sum-of-parts valuation needs to be rebuilt from the separated entities. Restructurings where the scenario modeling needs to reflect the new cost structure and capital allocation. Management changes at the CEO or CFO level where the investment thesis may need to be reassessed against a different track record. Regulatory events in sectors where policy exposure directly affects company value, including biotech, cleantech, and fintech. In each case the work is scoped to the specific event and delivered to the analyst's timeline, not the earnings calendar.
Our company analysis work covers US, European, GCC, and Indian companies, with 350+ US and European companies and 250+ GCC and Indian companies covered for global investment banks and brokerage firms. Cross-border mandates, where an Indian or GCC company is being benchmarked against US or European listed peers, are a particular area of depth.
The first conversation is about what the analysis needs to answer; the coverage gap, the investment decision, the thesis that needs building, the position that needs monitoring. Not about selling a service.
