Equity Research & Investment Insights
Initiating coverage reports, investment thesis development, and portfolio monitoring delivered as institutional research support for brokerage firms, asset managers, and institutional investors.
Most company research produced for institutional investors describes businesses rather than validating the assumptions that matter.
It explains what the business does, the market it operates in, and the recent financial results. What it rarely does is test the assumptions the investment case depends on: whether growth is sustainable, whether earnings quality holds up under examination, and whether the valuation remains defensible at the current price. The output is often a summary of publicly available information rather than independent analysis that helps an investor make a better decision.
Our Operating Model
Perusal Global provides equity research and investment insights as a research support service. We validate investment theses, write initiating coverage reports, 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 research 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. Our in-house AI technology carry the retrieval and screening load, so senior analyst hours go to judgement rather than assembly.
The value of an initiation report lies in its investment thesis. Without a clear, defensible case for owning the stock at its current valuation, it is simply a description of the business.
Who This is for
Brokerage firms and sell-side research desks that need to initiate or maintain coverage beyond their core universe, across sectors, geographies, or market-cap segments where internal analyst capacity or domain depth is insufficient to meet institutional standards.
Asset managers and buy-side investment teams seeking independent fundamental research to support entry, sizing, and exit decisions where existing consensus coverage is not sufficiently rigorous or objective to withstand investment committee challenge.
PE and VC deal teams that need company-level intelligence on earnings quality, management track record, and competitive dynamics - analysis that goes beyond a due diligence checklist and feeds directly into the investment thesis before capital is committed.
Growth-stage companies approaching institutional investors for the first time, where a pre-fundraising initiation report establishes the credibility of the business, validates the investment case, and frames the opportunity before the first investor conversation.
How We Work
The research report and financial model are developed as one integrated piece of work. The DCF, peer benchmarking, and valuation conclusions in an initiating coverage report trace directly to the three-statement model built during the same engagement. The investment thesis brought by the client, or the coverage position being established by the analyst, is tested against the financial evidence rather than treated as a predetermined conclusion. Earnings quality, management strategy, competitive positioning, and peer performance are assessed alongside the model as part of the same analytical process.
We work within the research workflow of the team commissioning the engagement, providing the analyst capacity, sector knowledge, and methodology required to produce research that meets institutional standards. AI-assisted screening across filings, earnings transcripts, and peer data expands the coverage universe without weakening analytical depth. The analyst who builds the model also writes the report, ensuring there is no separation between the quantitative and qualitative analysis and no handoff between scoping, execution, and delivery.
Our Equity Research & Investment Insights Capabilities
Initiating Coverage Reports (ICR)
Equity research’s most demanding mandate: a clearly documented investment thesis supported by a fully integrated valuation model developed alongside the report.
Periodic Coverage Updates & Earnings Intelligence
Coverage maintained through each earnings cycle, with the model updated after every result so the valuation reflects the latest operating performance and market conditions.
Investment Thesis Development & Proposal Assessment
The research behind the investment decision. We develop and pressure-test the investment case; the client decides whether capital should be committed.
Portfolio Monitoring & Performance Research
Continuous validation throughout the holding period: whether the position is performing in line with the investment thesis and whether the assumptions supporting it remain intact.
Special Situations & Event-Driven Research
Research for events that can materially reprice a company, including transactions, separations, restructurings, and governance changes.
Buy-Side & Sell-Side Research Support
White-label research execution aligned to the analyst's mandate, whether supporting sell-side coverage for a research desk or buy-side analysis behind an investment position or transaction.
How We Engage
Project-Based
A clearly defined engagement with a specific deliverable, whether an initiation report, investment thesis build, or special situations note. Most projects are scoped and completed within three to eight weeks, depending on the depth and complexity of the work.
Dedicated Analyst
A dedicated analyst embedded within the client’s research team on an ongoing basis, maintaining coverage models, writing earnings updates, producing periodic research, and responding to ad hoc requests. The analyst develops a working knowledge of the coverage universe, the client’s house style, and the institutional audience the research is written for, eliminating the need for repeated briefing.
On-Demand Block
A committed block of analyst hours deployed across the research calendar, from earnings-season support and selected coverage initiations to special situations analysis as events unfold. Designed for research desks that need flexible overflow capacity without committing to a fully dedicated resource.
Sectors We Cover
Our work is grounded in the sectors we know deeply. Domain knowledge changes the questions worth asking and the answers worth trusting, so every engagement is led by people who understand the industry, not just the discipline. Whichever sector you operate in, the work is shaped by how that market actually behaves, where the value sits, where the risks hide, and what a credible case looks like to the people you are trying to convince.
We also cover:
Frequently Asked Questions
The DCF and peer benchmarking in an initiation report are derived from the same integrated three-statement model built during the engagement. Every valuation conclusion traces back to the underlying assumptions, so an investor reviewing the report is testing the same numbers on which the model is based. That connection is what makes the investment thesis defensible rather than merely asserted.
An engagement begins with a scoping conversation covering the company, the questions the research must answer, the intended audience, and the primary-source information available. We then establish the research architecture, validate the key assumptions and reported financials against primary evidence, and develop the financial model and research report in parallel.
The client reviews the drafts, facilitates access to management where relevant, and approves the final output before it is published or used under the client’s name. Most project engagements are completed within three to eight weeks, depending on the depth of analysis and availability of data.
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.
Special situations research covers events that can materially change a company’s valuation or investment thesis. This includes M&A announcements involving both the acquirer and the target, with accretion and dilution analysis, assessment of the strategic rationale, and revised valuation; spin-offs and demergers requiring the sum-of-the-parts valuation to be rebuilt around the separated entities; and restructurings where the financial model must reflect a new cost base, operating structure, or capital-allocation framework. It also includes CEO or CFO transitions where the investment case may need to be reassessed against a different management track record, and regulatory developments in sectors where policy exposure has a direct bearing on company value, including biotech, cleantech, and fintech. Each engagement is scoped around the specific event and delivered to the analyst’s timetable rather than the earnings calendar.
Our equity research experience spans companies across the US, Europe, the GCC, and India. We have covered more than 350 US and European companies and over 250 GCC and Indian companies for global investment banks and brokerage firms. Cross-border mandates are a particular area of strength, especially where Indian or GCC companies need to be benchmarked against listed peers in the US or Europe.
When opening coverage on a company and the first report needs to carry institutional weight; when a client or investment committee requires a documented view on a name the desk does not currently follow; or when the coverage universe must expand faster than internal headcount allows. An initiation report establishes the desk’s credibility on the company, which is why it demands the greatest depth of research, modelling, and judgement.
The client’s analysts retain ownership of the investment view and the client relationship. We take on the execution behind it: the financial model, peer benchmarking, earnings-quality assessment, and sector analysis. These are typically the most time-intensive parts of the research process and the areas where additional capacity creates the greatest leverage. The analyst sets the brief, reviews and challenges the work, and publishes the final research under the firm’s name.
A publication-ready output delivered in the client’s house format, including the research report, underlying financial model, peer set and benchmarking, and supporting exhibits. Every material assumption is documented and traceable, so the analysis can be explained and defended when challenged by an institutional reader.
The same research build supports a different decision for asset managers and deal teams. The work may involve developing an investment thesis, monitoring an existing position, assessing earnings quality for a company under evaluation, or running a screen against back-tested criteria. The research is not published. It supports an internal investment decision and is structured around the evidence the investment committee needs to evaluate.
Fees vary by the scope and structure of the engagement, the depth of analysis, the seniority of the resources assigned, and the coverage required-whether a single initiation, periodic support through an earnings cycle, or ongoing monitoring across a broader universe of companies.
Once the brief and coverage load are clear, we define the scope and provide a complete quotation before any work begins.
Ready to Work?
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.