Research Methodology
How EERP research is built.
A single, repeatable framework applied across every company we cover, under the EU Code of Conduct for issuer-sponsored research.
After MiFID II reduced sell-side coverage across European listed companies, sponsored research filled the gap — but as a marketing communication category, without analytical perimeter or independence guarantees. The EU Listing Act and the EU Code of Conduct for issuer-sponsored research — adopted by the European Commission in May 2026 and awaiting publication in the Official Journal of the EU — are set to rebuild that category. EERP was built to operate inside the new framework from day one.
Our reports are to carry formal BUY / HOLD / SELL ratings with 12-month price targets, produced to the analytical, formatting and disclosure standards that financial data platforms typically require for consensus inclusion (final inclusion remains at each platform's discretion), and to meet the same analytical standard as traditional sell-side coverage. Every report is produced with named analyst accountability, mandatory disclosures, and full editorial independence from commercial functions.
Every coverage mandate follows four stages, each with defined deliverables, internal review gates, and documented audit trails.
Stage 1
Onboarding
Our analysts assemble a structured information map covering management, customers, suppliers, competitors, regulators, and the macro environment, identifying the sector-specific KPIs that will anchor the model.
Primary research channels are established early: management interviews, expert calls, and, where relevant, customer and supplier checks. Secondary research runs in parallel: regulatory filings, annual reports, industry data, academic literature, and competitor disclosures.
The goal is to map the company's operating reality before forming any view.
Deliverables: Information map, KPI framework, initial model skeleton, peer group definition, and research log.
Stage 2
Initiating coverage
We define the core investment thesis, identify the three to five variables that move the stock, map the catalyst pathway, and build the risk framework.
Financial models are driver-based, constructed from the operating variables that determine revenue, margins, and cash flow rather than from historical extrapolation. Every model includes a three-statement structure, DCF valuation, peer multiples, and scenario analysis across base, bull, and bear cases.
Every initiation is to pass through internal review: technical audit of assumptions, scenario validation, peer comparison, and compliance review under the EU Code of Conduct for issuer-sponsored research and Delegated Regulation (EU) 2016/958.
Deliverables: Full financial model, valuation dashboard, thesis summary, and draft initiation report.
Stage 3
Publication and distribution
Every report is to follow a standardised structure: snapshot, thesis, catalysts, valuation, financials, risks, industry context, company deep-dive, model summary, and appendices. Institutional investors find the same information in the same place across every company we cover.
The initiation report runs 15 to 20 pages and is to be co-signed by the covering analyst and the Head of Research. Every report goes through final compliance sign-off before publication.
Research is to reach the entire market on publication day. There are to be no paywalls, no logins, and no selective distribution. Distribution is to run through professional wire services and financial media channels. Financial models are to be available for download in standardised Excel format, including the full DCF and three-statement model.
Deliverables: Published initiation report, downloadable Excel model, and wire/media distribution.
Stage 4
Continuous coverage
Quarterly updates are to include a revised model, refreshed thesis, and updated target price. Flash notes are to follow promptly after any material event, including earnings, M&A, guidance changes, or regulatory developments.
The financial model is to be refreshed quarterly and fully rebuilt annually. Each annual review includes a complete thesis reassessment, valuation recalibration, and risk framework update.
Minimum contract duration is two years, with 50% paid upfront, in line with the EU Code of Conduct for issuer-sponsored research, so issuers build an institutional track record and the market receives a sustained, auditable research signal over the life of the contract.
Deliverables: Quarterly model updates, flash notes on material events, and annual rebuild.
Independence and standards
EERP enforces editorial independence by contract.
No commercial function shapes our conclusions. Named analysts and the Head of Research carry personal accountability on every recommendation. EERP downgrades when fundamentals warrant it, regardless of the commercial relationship.
All research is produced under the rules in force today — Regulation (EU) 596/2014 (MAR, Article 20) and Delegated Regulation (EU) 2016/958 — and to the standard of the EU Code of Conduct for issuer-sponsored research adopted by the European Commission in May 2026, ahead of its entry into force. Full disclosures, conflict-of-interest policies, and the complete rating methodology are available on our Disclosures and EU Code of Conduct Adherence pages.