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Bottom-up research
The Bottom-up research team comprises 15 analysts located in various countries, covering mainly European, US and Asian companies. They provide equity recommendations as well as internal credit ratings to portfolio managers combining the positive aspects of both approaches:
  • Equity analysis: focus on expectations on revenues and profitability evolution
  • Credit analysis: focus on debt distribution and cash flows
In this way we are able to analyze the full profile of a company in an organic manner and identify the financial instrument with the most attractive risk/return profile (equity, convertible bond, corporate bond)
The Bottom-up team activity is characterized by:
  • Companies’ analysis based on macro sectors’ view defined also with the macroeconomic research team. Once most attractive sectors are identified, related companies are analyzed and meetings with some of them are set;
  • Proprietary valuation models comprising 3-steps DCF and multiple-based models;
  • Definition of 2 equity lists: long-term (stocks to buy with 1-year investment horizon and no-loss objective); mark-to-market (tactical list aimed at overperforming the benchmark).
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