Perusal Global

Frequently Asked Questions

No. We provide company analysis as a research support service. We deliver the analytical work: the financial model, the peer benchmarking, the investment thesis, the coverage update. The client owns the research and publishes it under their name.

The DCF and peer benchmarking in an initiation report are produced from the same integrated three-statement model built as part of the engagement. The valuation in the report traces back to the model assumptions, which means any investor reading the report and interrogating the valuation is looking at the same numbers the model was built on. That connection is what makes the thesis defensible rather than asserted.

An engagement starts with a scoping conversation; which company, what the analytical output needs to answer, who the audience is, and what primary source data is available. From there we set the research architecture, validate the key assumptions and financials against primary sources, and build the model and the report in parallel. The client reviews drafts, provides access to management where relevant, and approves the final output before it goes out under their name. Most project engagements deliver within 3 to 8 weeks depending on depth and data availability.

Earnings quality analysis examines whether reported profitability reflects underlying cash generation or is inflated by accounting treatment such as aggressive revenue recognition, working capital movements, or one-off items. We look at cash conversion relative to reported profits, revenue recognition policy against sector norms, the sustainability of margin drivers, and any gap between GAAP and adjusted earnings the company is asking investors to use. Low earnings quality doesn't disqualify an investment, but it changes the due diligence standard the thesis needs to meet before a capital commitment is made.

The screening criteria are set around the mandate's parameters, sector constraints, geographic focus, market-cap range, return expectations, rather than applied generically. Top-down screening identifies where within the mandate's universe the macro and sector dynamics are most favorable. Bottom-up screening then tests which specific companies within that universe have the financial characteristics historically associated with the type of return the mandate is looking for. Back-testing of the screening criteria against historical performance validates whether the methodology would have found the right companies before they were widely recognized. The output is a ranked short list with the analytical rationale for each name.

M&A announcements covering both the acquirer and the target, including accretion/dilution analysis, strategic rationale assessment, and revised valuation. Spin-offs and demergers where the sum-of-parts valuation needs to be rebuilt from the separated entities. Restructurings where the scenario modeling needs to reflect the new cost structure and capital allocation. Management changes at the CEO or CFO level where the investment thesis may need to be reassessed against a different track record. Regulatory events in sectors where policy exposure directly affects company value, including biotech, cleantech, and fintech. In each case the work is scoped to the specific event and delivered to the analyst's timeline, not the earnings calendar.

Our company analysis work covers US, European, GCC, and Indian companies, with 350+ US and European companies and 250+ GCC and Indian companies covered for global investment banks and brokerage firms. Cross-border mandates, where an Indian or GCC company is being benchmarked against US or European listed peers, are a particular area of depth.