Company perspectives
Research
Sharing selected research
Flutter Entertainment
Flutter Entertainment operates online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Paddy Power, Betfair and Sisal. Our initiating coverage examines FanDuel’s US growth and profitability, international tax and margin pressures, debt reduction and the risks posed by prediction markets.
Read full analysis (PDF)StoneX Group
StoneX Group provides clearing, execution, payments and physical commodity services to commercial, institutional and retail clients worldwide. Our analysis examines how the acquisition of R.J. O'Brien reshapes its earnings base, weighing franchise strength against sensitivity to market volatility, interest rates and credit risk, and assessing what its valuation already assumes.
Read full analysis (PDF)Fiserv
Fiserv provides payments and financial technology to merchants and financial institutions, through platforms including Clover and core banking systems. This report explores the prospects for revenue stabilisation and margin recovery, assessing cash generation, debt and the execution and legal risks surrounding the business.
Read full analysis (PDF)Marex Group
Marex Group provides clearing, execution, market making and hedging services across commodity and financial markets. This analysis examines the durability of its returns, the contribution of acquisitions and the strength of its clearing and prime services businesses, alongside capital requirements, market volatility and counterparty risk.
Read full analysis (PDF)Brookfield Corporation
Brookfield Corporation combines alternative asset management, wealth and insurance solutions, and ownership of real assets. Our analysis evaluates these businesses and the discount to net asset value, with particular attention to earnings quality, the conversion of carried interest into cash and capital allocation.
Read full analysis (PDF)BNP Paribas
BNP Paribas is a diversified European banking group spanning commercial banking, corporate and institutional banking, and investment services. Our analysis examines profitability, cost efficiency, the integration of AXA Investment Managers and capital distributions, alongside the credit, litigation and execution risks that could shape shareholder returns.
Read full analysis (PDF)Amadeus IT Group
Amadeus IT Group supplies technology connecting airlines, travel sellers and travellers, alongside software for airline operations. Our report examines pricing power and growth in airline IT against pressure on distribution bookings, exploring how changing travel channels and new technology could affect long-term cash generation and valuation.
Read full analysis (PDF)IMPORTANT DISCLAIMER
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