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Equities Research

This research guide delves into the multifaceted world of equities research, highlighting both the strengths and weaknesses of publicly available information. Key benefits include a wealth of sources, and the assurance provided by filing requirements of public companies. However, challenges like information overload, potential biases, and complexities in sourcing are also discussed. The guide emphasizes the importance of a structured research process and provides four critical steps for effective and ethical information gathering, ensuring researchers can make informed decisions.

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Equities Research

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  1. Equities Research “The Good, The Bad and The Ugly”

  2. Equities Research: The Good • Business and the Economy well covered in media • Public companies have filing requirements • Good variety of sources to work with • Same/similar info in different places • Archive (history) depends on source • Presentation options (excel downloads?)

  3. Equities Research: The Bad • Business and the Economy well covered in media • lots and lots of information • reliability/bias issues • Overlap • Private companies (parent/subsidiary issues) • Complexity of sources • Reliability of sources

  4. Business Research: The Ugly

  5. You Need a Plan

  6. Research Process Four Steps: • Nature and Extent of Information Needed • Access Information Effectively and Efficiently • Evaluate Critically and Incorporate into Knowledge Base/Value System • Use Information Ethically and Legally

  7. Step One Nature and Extent

  8. Choose Your Topic Wisely • public companies • Canada • Banks • Energy • United States • Automotive • Pharma • Airlines

  9. Income Stmt/ Balance Sheet stock analysis comparators Financial History, background, overview Abbott Laboratories Industry Info Management Team Drug Pipeline Recent News

  10. Income Stmt/ Balance Sheet stock analysis comparators Financial History, background, overview Abbott Laboratories Industry Info Management Team Drug Pipeline company website, Company profile, book Mergent, FPInfomart factiva, industry canada Recent News news articles company website, proxy

  11. Step Two Access Information Effectively and Efficiently

  12. Company Websites • Company overview • Annual Report • Financial statements • News releases • Speeches • Product information • Management Team • and more…..(all from the company’s perspective)

  13. Company Research Databases • Broadest Coverage • Hoover’s • Business Source Complete • Most In-depth • Mergent (for US) • FPInfomart (for CAN) • Filings • SEC/EDGAR • SEDAR

  14. More Company Research Databases • Additional Information • Factiva – global news and company reports • GMID – market information • Industry Canada – industry information • Lexis-Nexis – a few analyst reports • Datastream

  15. Hoover’s

  16. Hoovers

  17. Business Source Complete

  18. Mergent

  19. Compare by Company or Industry/Sector

  20. FP Infomart

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