We believe we are Wall Street's #1 Independent Research firm, based on the length, substance, and in depth analytics of our initiate coverage reports. We know of no fundamental Wall Street securities firm, past or present, whose length and comprehensive approach to fundamental securities analysis equals the excellence of our reports. The Cohen Research Culture is devoted to the highest level of academic integrity in Wall Street. Our documents define excellence, are unique and are the Gold Standard of our profession. We believe we are the best in our business and back it up by the written word.
Our Brain Trust Sets Wall Street's Standard
of Securities Analysis Excellence
Our outside analyst documents are in depth, detailed, and averaged 149 pages long in 2008. We have added 3 new short term documents: (15 to 20 pages, 20 - 25 pages and 30 - 35 page reports). Outside analysts include PhD's, MD's, MBAs, CFA's (chartered financial analyst), CPA's (certified public accountant) and more than 20 outside analysts covering most industries who are available to assist our commercial advertisement efforts. Certain of our longer reports are written by teams of two or more people at the highest academic levels. Our firm and our analysts are a Brain Trust. The backbone of our non distributed outside analyst documents includes investigative discovery into significant corporate events, thorough review of SEC filings, in depth financial analysis, valuations, and management profiles.
Institutional Fundamental and Accounting Projects
Longs and Shorts - For mostly non distributed documents, we write detailed analytical fundamental, accounting, and liquidity commercial advertisements for hedge funds (shorts/longs) and traditional institutional investors (longs). Clients may hire us to analyze one or more of their stocks. The depth of this discovery is normally a few levels deeper and more comprehensive than traditional Wall Street research. Our estimates include Optimistic Case, Base Case and 'Pessimistic Case. We invite you to read our 99 page report on Six Flags, PKS and our 135 page report on Downey Savings and Loan (DSL $20.29 to a penny).
The Cohen Financial and Valuation ModelTM
The Cohen Financial and Valuation ModelTM, an analytical and portfolio management system, is a 50+ page income statement model with (25+) equity valuation and 5 cash flow analytical models and other Cohen developed metrics. The Model includes approximately 200 Charts, Graphs and tables. Our model covers about 8,500 public companies. We will customize our model for any institution's stock picking method. This financial software analyzes a financial statement, creating a financial report for investment strategy. We also customize our model for corporate master budgets. The model is not used is our commercial advertisement investor awareness programs.
Cohen 50 - 200 Page Reports
The following factors separate our firm from other fundamental independent research firms:
1. Cohen Independent Research* Group, Inc. performance is shown between November 2, 2002 and November 1, 2008 on all companies that have received written coverage. We do not have comparative performance statistics during this time period from other fundamental independent research firms. We have moved the majority of our reports into shorter length reports on both the Cohen and Grass Roots websites and have ceased our performance calculations on our longer reports during this recession. We are not aware of investor awareness campaigns for the stocks during this time period.
Our 50 - 220 Page Reports: 2002 to 2009: Within 30 days after initiate coverage: +36.2%
1. In depth research between 50 and 225 pages
2. Lowest cost per page of initiate coverage.
3. Highest number of pages in initiate coverage report averaging 149 pages in 2008.
4. Number of analysts (usually two or more: PhD, MD, CFA, CPA, MBA, technology analysts) and 20 industry analysts covering most sectors.
5. Number of pages in valuation analysis and model building assumptions.
6. Valuation: Optimistic, Base, Pessimistic cases.
7. Net Cash Flow from Operations analysis.
8. Picture summary: graph/chart statistical analysis.
9. Growth drivers analysis.
10. Our PIPEs and Reverse Merger sections model a company's capital account with alternative financing assumptions, creating a post deal company with forecasted income statement, balance sheet and cash flow statements.
11. Longer reports are divided into three sections: Quickview (4 pages), 25 page report (basic report) 50 - 100 page Appendix. Reports include Table of Contents.
12. Numerous colored pictures that give life to company's story.
13. Our quarterly update reports are normally between 8 and 12 pages and have ranged as high as 30-40 pages.
14. Our website attracts thousands of retail and institutional investors because we have more financial content on the site than any independent fundamental research firm in Wall Street.
We have reviewed research reports from other independent firms. Our outside analysts regularly forecast 5 year Income Statements, Balance Sheets and Cash Flow Statements, Most competitive firms, independent and otherwise, do not provide this kind of sophisticated in depth forecasting and securities analysis. We are not aware of any fundamental independent research firm that provides all of the following: included in our in our documents: e.g. Discounted Cash Flow Valuations (Optimistic, Base, Pessimistic case), detailed 5 year Cash Flow analysis and projections, liquidity/leverage analysis, capitalization account analysis, complete statistical analytics, budgeting product/divisional analysis, earnings surprise analysis. Our reports can be written by teams of 2 to 3 analysts or more. Our valuation analysis and model building sections are often times longer then our competitors' entire research reports.
The Cohen Financial and Valuation ModelTM powers our in-house analytical research engine. There is no independent research firm of which we are aware, that provides the brain power from our CFA/CPA/Ph.D, MBA analytics, metrics, and securities analysis at a depth that we believe is unavailable in model form from any independent research firm. Despite our best efforts and in depth approach to our profession, our outside analysts writing our reports do not provide an investor reasonably sufficient information for any investor to make an investment decision to purchase or sell a stock. Our disclaimer states that all information herein should be viewed as a commercial advertisement and is not intended to be used for investment advise. (see our disclaimer)
CR disclaims all potentially illegal corporate and individual trading activities and has no knowledge or inside information or participation in any illegal activities, including illegal trading, of any of its profiled companies. Such activities might include: causes of potential bankruptcy, fraud, fraudulent and false dissemination of Information, insider trading, corporate non-disclosure, trading manipulation, and other legal and regulatory violations. CR and it is outside sources have no firsthand knowledge of any profiled company's capabilities, intent, resources, financing, operations, politics, inner workings, plans, management competence and decisions, internal corporate goals, ethical standards, nor their ability to reach their corporate goals. Investing in micro cap and small cap securities is speculative and carries a high degree of risk. Investors can lose their entire investment. Investors should understand that statements regarding future prospects may not be realized. Under no circumstances is this report/release/advertisement to be used or considered as an offer to sell or a solicitation of any offer to buy any security or other debt instruments, or any options, futures or other derivatives related to such securities herein. CR does not supervise any outside analyst and does not guarantee any report to be error-free or factually accurate. Research reports, aka commercial advertisements, include forecasted valuations and forecasted price targets that are accepted securities analysis protocol in the academic community. These valuations and price targets are academically appropriate and include assumptions that the company will raise capital to meet the analyst's projections. These price targets and valuations, including business prospects, are theory and should not be relied upon for investment decisions. We do not provide information reasonably sufficient upon which any investor can base an investment decision. Investors should do their own research. Do not base any investment decision on information in our reports. All information herein should be viewed as a commercial advertisement and is not intended to be used for investment advice. Do your own research; ask you financial advisors and make your own decisions separate from our documents.