About
Our research approach.
Longhand publishes independent investment research on companies, industries and the economies around them.
How the reports are built
Each report presents its thesis, valuation and main risks. Reports are published in full, with the supporting evidence and calculations.
An initiation runs from the executive summary through the company profile, the industry backdrop, the financial history, forecasts and valuation, to the risks and the rating. The historical statements and the working behind the numbers sit in the appendices, so each figure can be traced back to the company’s filings.
Prices, targets and ratings are as they stood on the day a report was published, and they are not revised afterwards. A change of view is published as an update.
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Rating key
Ratings follow the upside to the target price at publication.
- Upside above 15%
- Between 10% downside and 15% upside
- Downside of more than 10%
Report types
- Initiation
- The first full report on a company, with a rating and target.
- Update
- A change in view after results or news.
- Sector
- Companies in one industry, side by side.
- Macro
- Rates, currencies and the flows behind markets.