Glossary
The language of the category.
- Issuer-sponsored research
- Equity research funded by the analysed company, with the relationship disclosed. Under the EU Code of Conduct it becomes a regulated category with a protected label.
- EU Code of Conduct
- The Delegated Regulation establishing the EU code of conduct for issuer-sponsored research, adopted by the European Commission on 21 May 2026; sets binding standards on independence, disclosure, contracts and conflicts.
- Listing Act
- The 2024 EU package (Regulation (EU) 2024/2809 and Directive (EU) 2024/2811) that amended MAR and MiFID II, reversed part of the 2018 unbundling and mandated the EU Code of Conduct.
- MAR
- Regulation (EU) 596/2014 on market abuse. Its Article 20 governs investment recommendations — objective presentation and disclosure of conflicts.
- Delegated Regulation (EU) 2016/958
- Implements MAR Article 20 — the technical rules EERP complies with today on every report.
- Unbundling
- The 2018 MiFID II rule that separated payment for research from execution, which collapsed sell-side coverage of smaller issuers. The Listing Act partly reverses it.
- Sponsored vs. independent research
- Independent research is paid by the reader/investor; sponsored research is paid by the issuer. The EU Code brings sponsored research up to a regulated, disclosed standard.
- Price target
- A 12-month fair-value estimate per share, derived from a driver-based valuation, behind every rating.
- BUY / HOLD / SELL
- EERP's absolute 12-month total-return scale: BUY ≥ +15%, HOLD −15% to +15%, SELL ≤ −15%.
- Coverage gap
- The absence of analyst coverage on hundreds of listed companies since 2018 — the problem EERP exists to address.