Vision Research Alerts
Alerts are basically an initiation piece, providing an in-depth analysis of the fundamentals surrounding a company and its industry, the qualitative issues or catalysts, and valuation (absolute, relative to peers, and relative to itself over time). We aim to issue close to 20 ideas per year in the US, approximately 10 Non-US ideas per year, and the quantity of IPO reports is determined by the equity calendar and the size of offerings in a given year. We primarily cover companies in Consumer, Industrial, and TMT sectors. Our analysis can include any of the following: review of transcripts and filings of the individual equity and any of its public customers, competitors, and suppliers; contacting PE firms that own an investment in the same space and any other public or private customers, competitors, and suppliers; industry trends; assessment of management and the business or business model and competitive landscape; visiting stores and on-line product and price comparisons; evaluation of the large holders and insider stock transactions; quality of earnings or forensic accounting analysis; and valuation work.
Our US product is focused on uncovering alpha-generating ideas inside the U.S. markets. Our target market cap exceeds $750mn, with AD$V > $10mn. The actual median for market cap and AD$V has been multiples of these targets.
Our international product is focused on uncovering alpha-generating ideas outside of the U.S. markets. Our target market cap also exceeds $750mn, with AD$V > $10mn. The actual median for market cap and AD$V has been multiples of these targets. At the present time, the majority of these companies are European.
Our IPO product is focused on IPOs in our core industries, attempting to get institutional investors up to speed quickly on an upcoming new-issue. Clients receive these reports prior to pricing to help our clients make investment decisions regarding participation at the time of or subsequent to the equity offering. Our target market cap exceeds $750mn, with AD$V > $10mn. Our hope is that our familiarity with these new equities will provide opportunities to capitalize on their mispricings subsequent to the IPO by publishing a report in one of our other products.