Equity Research Support


A renowned investment bank based in the US, which offers research, advisory, corporate finance, trading and other financial services. The company has extensive experience of covering numerous stocks across varied sectors and geographies, with a strong focus on cleantech and biotech sectors.


The client has an extensive coverage universe in the cleantech sector, with new stock identification from time to time. There is an ongoing requirement of publishing initiation coverage reports and preparing financial models for the newly identified companies. Moreover, the financial models of the coverage universe need to be updated for quarterly results periodically. Perusal Global was engaged by the company on a retainer basis to prepare initiation coverage reports, plug & play financial models and update financial models for quarterly results.


  • We assisted the client in preparing initiation coverage reports, plug & play financial models and updating financial models periodically for incorporating quarterly results.
  • The initiation coverage report includes scanning the company website, SEC filings, investor presentations, press releases and conference call transcripts, with an aim to gain deeper insights into the company’s background, its products and services, business strengths, etc.
  • Additionally, we map the company’s competitive positioning, growth strategies, forecast capital/operating expenditure, etc.
  • Other aspects of the report include industry analysis, risk assessment, financial overview and company outlook.
  • We also prepare plug & play financial models for a period of ten years (including projections for six years), with the quarterly breakdown for two historical and two projected years. This range enables us to capture the effects of various industry cycles and seasonality of the company’s business.
  • Our financial model includes deep tissue build-up of revenue and unit economics for direct as well as operating expenditures, business scale-up plans, associated capital and operating costs, fund requirement analysis, flexible capital structuring plan with a provision for addition of share capital or debt, profitability analysis encompassing tax assumptions, working capital requirement analysis, cash flow and free cash flow analysis, return and ratio analysis and valuation of the company based on discounted cash flow method.

Value Delivered

  1. Having an extended team helped the client to focus on other core activities such as identifying stocks, interacting with client/management, attending conferences, etc.
  2. The initiation coverage reports and plug & play financial models prepared by us require minor tweaks by the client based on the feedback from the company management meeting.
  3. Provided greater flexibility to the client along with the ability to scale quickly on demand.
  4. Fostered alpha creation by tracking news on a regular basis and providing real-time alerts to the client.
  5. In-depth analysis and quality output, following an SOP-driven and quality control approach.

We look forward to doing great things with you
anywhere in the world.