Equity research, built from primary sources.
Ardmore produces long-form equity research built from primary filings, original models and a stated view. Every report carries a recommendation, a price target and the full reasoning behind both, including the case against.
- Research
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- Coverage
- Industrials · Metals & Mining · Energy · TMT · Financials
- Method
- Bottom-up fundamental analysis
- Format
- Full report and supporting model
- Basis
- Primary filings, transcripts, original models
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Sourcing
Primary sources first
Every figure traces back to a filing, a transcript or a disclosed company document. Where an estimate is ours, it is labelled as ours, and the assumption behind it is shown.
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Position
A view, stated plainly
The argument follows the conclusion rather than hiding behind it, so a reader can disagree with the reasoning directly.
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Risk
The bear case, in full
Downside risks are given the same rigour as the thesis, sized rather than listed. A report that only argues one side of a position is not finished.
Each name is worked through in full before a view is issued.
A company enters coverage when the work justifies a view worth stating, and the report follows once the analysis is complete rather than to meet a schedule.