Methodology
How each report is put together, what the ratings mean, and the legal disclaimer.
About the publication
Pelagic Research covers listed companies in marine industries, energy and sustainability. Companies in these sectors tend to need a lot of capital, their earnings move with the cycle, and regulation affects them heavily. That makes them hard to value, and the market sometimes gets the price wrong.
One or two reports come out each month, and each one covers a single company. Every report follows the same structure, so they are easy to compare.
Business and industry
How the company makes money, how it compares with competitors, and the state of supply and demand in its industry.
Thesis
Why the share price looks wrong, and what could cause it to change.
Valuation
A financial model with bull, base and bear cases, and a 12-month price target.
Risks
The main things that could make the thesis wrong.
Ratings
- The shares are expected to deliver a positive total return over the next 12 months.
- The shares look fairly valued at the current price.
- The shares are expected to fall or underperform over the next 12 months.
- The report gives no recommendation, for example a report on an industry or theme.
Disclaimer
Pelagic Research is an independent, personal research publication. All content on this website and in any report is provided for informational and educational purposes only and reflects the author's opinion at the time of publication.
- Nothing published by Pelagic Research constitutes investment, financial, tax or legal advice, or an offer or solicitation to buy or sell any security.
- Pelagic Research is not a registered investment adviser, broker-dealer or financial institution.
- Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Opinions, estimates and price targets are subject to change without notice.
- The author may hold, or may in future take, positions in securities discussed. Any such positions will be disclosed in the relevant report.
- Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.
- Always do your own research and consult a qualified, licensed professional before making any investment decision.
Contact
For questions, feedback or suggestions for companies to cover, email me at email.