Company data, Company Evaluation & Outlook, Investment Case, Proprietary Distribution Channel, Analyst Access

We appreciate the Stage Program. One of the biggest advantages of Stage is that there is no direct contractual relationship between the research provider and us.

Joachim Matha, Head IR, Valiant

Service

Stage offers independent research coverage and is the place to secure coverage by Baader Helvea and/or UBS and/or ZKB. Stage is orchestrated by SIX in partnership with Baader Helvea, UBS, Zürcher Kantonalbank, and Finanz und Wirtschaft. The Stage offer includes:

  • Overview and synthesis of company key data
  • Evaluation and outlook of the company and of the segment(s) in which it is operating (e.g., peer group analysis, rating estimation, financial model with forecast, company valuation range)
  • Recommendation (rating) on whether to buy or sell the shares of the company
  • Distribution of the research by the service provider to its client base

There is no contractual relation between the listed company and the research partners because SIX acts as intermediary between these parties. This ensures the independence of the research reports.

Stage has a modular set-up. Listed companies have the choice between: (i) company key data only – meaning a factsheet; and (ii) a full research coverage – meaning a factsheet and research reports.

The factsheet is prepared by Finanz und Wirtschaft. It takes the form of a two-pager that is regularly updated. Listed companies have the option to display the factsheet on their own website.

The research reports are provided by Baader Helvea, UBS, Zürcher Kantonalbank. Listed companies can choose from how many research partners they want to be covered. SIX then randomly allocates the research mandates among its three research partners. The research reports are updated at least twice a year (only once in the first year of the participation in the program). Research reports are fully integrated into the partners’ existing research product portfolio and distributed through their channels.

Click here for more details and to download the brochure.


Client Coverage

Fast-growing SMEs, mature SMEs


Industry Coverage

All


At a Glance

  • Independence due to absence of contractual relation between the issuer and the research partners
  • Research coverage offered by Baader Helvea, UBS, and ZKB
  • Baader Helvea  is  part  of  the  Baader  Bank  Group,  one  of the leading family-run full-service investment banks serving customers across the German-speaking region
  • UBS is  the  world’s  largest and only truly global wealth manager and provides coverage of around 3,000 stocks as well as other asset classes and economies around the world
  • Zürcher Kantonalbank is a leading universal bank in the Greater Zurich Area, with national roots and international reach
  • Finanz und Wirtschaft boasts Switzerland’s largest editorial team of economic experts who explain the complex correlations between the global economy and the financial markets

Examples of Research Coverage

  • Please contact us for more information

Pricing & Duration

  • CHF 3’000/ year for the Factsheet from FuW and Information, Education, and Network by SIX
  • CHF 32’000/ year the coverage by one research partner (randomly selected), Factsheet from FuW and Information, Education, and Network by SIX
  • CHF 48’000/ year the coverage by two research partners (randomly selected), Factsheet from FuW and Information, Education, and Network by SIX
  • CHF 78’000/ year the coverage by the three research partners, Factsheet from FuW and Information, Education, and Network by SIX
  • The minimum contractual duration varies between 1 and 2 years depending on the chosen package.

Contact Information

Krishna Tewari, Relationship Manager, SIX Swiss Exchange,
contact form, +41 58 399 2245

About the Service Provider

Baader Helvea is part of the Baader Bank Group, one of the leading family-run full-service investment banks serving customers across the German-speaking region. Its staff of approximately 400 people, located in Munich, Frankfurt, Zurich, Stuttgart, Dusseldorf, London, New York and Los Angeles supports customers and their needs across the business areas of Market Making, Capital Markets, Institutional Brokerage, Asset Management Services, Banking Services and Research.
www.baaderbank.com

UBS is comprised of four interdependent business divisions which are supported by Group Functions. UBS operates across the globe providing financial advice and solutions to private, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS employs more than 60,000 people and is the world’s largest and only truly global wealth manager. Its Research function, which sits within Group Functions, provides question-driven, evidence-based research to leading institutional investors globally. Its analysts, economists and strategists have adapted the traditional scientific method to their coverage of around 3,000 stocks as well as other asset classes and economies around the globe. They present their findings in a clear, transparent way that acknowledges the role of uncertainty in any investment decision, answering the investment questions that matter most to their clients.
www.ubs.com

Zürcher Kantonalbank is a leading universal bank in the Greater Zurich Area, with national roots and international reach. It is an independent public-law institution of the Canton of Zurich and has received top ratings from the rating agencies Standard & Poor’s, Moody’s and Fitch (AAA or Aaa). With more than 5,000 employees, Zürcher Kantonalbank offers its clients a comprehensive range of products and services. The bank’s core activities include financing businesses, asset and wealth management, trading, capital market transactions, deposits, payment transactions and card business. Zürcher Kantonalbank provides customers and distribution partners with a comprehensive  range of investment and retirement provision products and services. With its Swisscanto Invest by Zürcher Kantonalbank brand, the Zürcher Kantonalbank Group is one of the largest fund providers in Switzerland. It is known for its vanguard role in sustain- able investments and its funds regularly achieve national and international recognition.
www.zkb.ch

Finanz und Wirtschaft addresses experienced private and professional investors. Switzerland’s largest editorial team of economic experts explains the complex correlations between the global economy and the financial markets digitally on a daily basis and in print twice a week (Wednesday and Saturday). FuW covers all companies listed in Switzerland as well as major international corporations. It also provides investment recommendations and offers an extensive market data section in print and online. The research product “FuW – The Analysis” covers 100 Swiss companies.
www.fuw.ch/uber-uns

Company data, Company Evaluation & Outlook, Investment Case, Proprietary Distribution Channel, Public Distribution, Analyst Access

Service

Market solutions SMID 360°

  • Overview and synthesis of company key data
  • Evaluation and outlook of the company and of the segment(s) in which it is operating (e.g., peer group analysis, rating estimation, financial model with forecast, company valuation range)
  • Recommendation on whether to buy, hold, or sell the shares of the company
  • Distribution of the research by the service provider to its client base (e.g., via newsletter, email, investor presentations)
  • Option to make research freely available to the public on websites and/or via third-party distribution channels (e.g., in newsletters, magazines, mobile apps, social media)
  • Access to the research analyst(s) to deep dive on evaluation, outlook, and conclusions

The SMID 360° service to issuers has been launched in 2014 and serves more than 130 clients in Europe. These single-stock coverages benefit from Kepler Cheuvreux’ sectorial expertise and regular reports. SMID 360-type equity research represents today approx. 13% of Kepler Cheuvreux’ overall equity coverage.

The initiation report is about 40-60 pages long and includes an ESG profile. Follow-on reports are about 5-10 pages long depending on the company’s news flow. Additionally, Kepler Cheuvreux provides a commentary for every major news that the company publishes in the market. The research is exclusively in English.

The research reports are distributed to Kepler Cheuvreux’ global client base (1’300 institutional investors) and accessible anytime for professional investors via its self-service research hub. The research reports are also considered for Kepler Cheuvreux’ regular equity sales pushes (cherry-picking newsletter).

Additionally, the company’s investor-relevant activities (e.g., events, roadshows, thematic roadshows) are marketed by Kepler Cheuvreux through its various distribution channels.


Client Coverage

Fast-growing SMEs, mature SMEs


Industry Coverage

All


About the Service Provider

Kepler Cheuvreux is a leading independent European financial services company that specialises in Research, Execution, Fixed Income and Credit, Structured Solutions, Corporate Finance, and Asset Management. The Group employs around 600 people and is present in 13 major financial centres in Europe and the US.

At a Glance

With more than 1’000 stocks under coverage, Kepler Cheuvreux has the largest research footprint in Europe. Research coverage stretches across more than 30 sectors and is conducted by a team of over 100 equity analysts who operate from 11 research offices in the major European financial centres.

  • Founded in July 1997 as the equity brokerage and research business of Bank Julius Bär
  • Client base of 1’300 Institutional investors worldwide
  • Self-service research hub for professional investors (non-clients of Kepler Cheuvreux) (MIFID II compliant)
  • #1 in Country Equity Research coverage in Continental Europe (Extel 2021)
  • #8 in ECM Europe
  • #5 in IPO in Europe (ECM European League Table 2019 – 2020)
  • Presence in 13 major financial centres in Europe and the US with both presence in Geneva and Zurich

Examples of Research Coverage

#1 in Country Equity Research coverage in Continental Europe (Extel 2021). Coverage of more than 1’000 stocks in Europe across more than 30 sectors.

  • Research coverage of 77 Swiss listed companies
  • Research coverage of companies with market valuation below CHF 500m (LM holding, Orascom Development, Varia US properties)
  • Please contact us to receive examples of research reports

Pricing & Duration

  • CHF 40’000 /year
  • 1 year minimum contract duration (with automatic renewal for another year)

Contact Information

Company Data, Company Evaluation & Outlook, Investment Case, Proprietary Distribution Channel

Service

In-depth, concise & idea driven research for alpha seeking investors.

  • Overview and synthesis of company key data
  • Evaluation and outlook of the company and of the segment(s) in which it is operating (e.g., peer group analysis, financial model with forecast, company valuation range)
  • Distribution of the research by the service provider to its client base (e.g., via newsletter, email, investor presentations)

Comprehensive initiation of coverage (IOC) report is about 20–30 pages long. Follow-on, update reports are about 5–10 pages long and are published at least twice per year (one in the IOC year) by Octavian’s own Zurich-based research analyst team.  Reports include investment case, company key data, detailed financial models (history / forecasting) and company valuation (fair value range)

Research reports are released in compliance with MIFID inducement rules through Octavian’s existing distribution platform to its institutional and professional investor client base (Swiss and International) and its corporate client’s additional suggested accounts.

Readership and corporate access services offered as additional paid services: Investor group lunch events (“Quick Bites”), roadshows, Octavian Seminar participation; Access to research library, analysts and readership data.


Client Coverage

Fast-growing SMEs, mature SMEs, large Corporations


Industry Coverage

All, specialized in healthcare, industrials and financial services


About the Service Provider

Founded in April 2017 by eight members of the former Bank am Bellevue team, Octavian is a specialized Swiss equity research, brokerage and corporate finance advisory boutique based in Zurich.

At a Glance

Senior attention guaranteed - combined >250 years of relevant work experience by the co-founders (all previous Bank am Bellevue).

  • Investor trust: recommendations have a long-term track record of outperformance
  • Specialization in Swiss equities and local insights allow seeing opportunities ahead of the broad market
  • Organization of high quality investor events (i.e., Octavian Seminar Zurich & Flims, Quick Bites, etc.)
  • No conflict of interest - fully dedicated to deliver maximum value to clients
  • Fully independent and entrepreneurially driven 100% owned and managed by the eight co-founders 

Examples of Research Coverage

  • Targeted coverage universe of 70 - 90 public companies in Switzerland (>80% of SPI market cap)
  • For some samples of our research please click here

 

Pricing & Duration

  • CHF 40’000 /year*
  • Initial two years minimum term, thereafter yearly extension

* In case of an ECM transaction there is a 25% discount on the research fee for that year.


Contact Information

  • Alessandro Foletti, Head Research,
    afo@octavian.ch, +41(0)44 518 08 28
  • Laura Pfeifer-Rossi, Deputy Head Research,
    lp@octavian.ch, +41(0)44 518 08 37

Company Data, Company Evaluation & Outlook, Investment Case, Proprietary Distribution Channel, Public Distribution, Analyst Access

Service

Highly-qualified team of analysts provides well-founded equity analyses to capital market participants

  • Overview of company key data
  • Evaluation and outlook of the company and of the segment(s) in which it is operating (e.g., peer group analysis, rating estimation, financial model with forecast, company valuation range)
  • Recommendation on whether to buy, hold or sell the share so the company
  • Distribution of the research by the service provider to its client base (e.g., via newsletter, email, investor presentations, mobile app).
  • Option to make research freely available to the public on websites and/or via third-party distribution channels (e.g., in newsletters, magazines, mobile apps, social media).
  • Access to the research analyst(s) to deep dive on evaluation, outlook, and conclusions

The initiation report (coverage inclusion) is approximately 30 to 40 pages long and includes a description of the company's profile, business model, business segments, strategy, competitors, industry trends, and corporate governance (e.g., shareholdings, capital structure, significant shareholders, board of directors, management, compensation policy and system, change of control, and defensive measures). It also includes a SWOT analysis, investment case, 12-month price target, and valuation of the company (revenue, margin and profit forecast, multiples, sector valuation, discounted cash flow (DCF), economic value added, as appropriate, also e.g. historical valuation and sum of the parts valuation).

Follow-up reports ("commentaries") are published depending on the company's news flow (up to 15 commentaries per year). They are about 4-20 pages long. In addition, a preview is published before each publication of the company's figures (2-4 pages).

There is an additional distribution of research reports via Bloomberg, FactSet, and Capital IQ. Earnings estimates, 12-month price target, and recommendation are furthermore published via AWP and Bloomberg.

Covered companies are invited to ZOOM meetings with CEOs/CFOs and to roundtables (Corporate Access).


Client Coverage

Fast-growing SMEs, mature SMEs, large Corporations


Industry Coverage

All


About the Service Provider

Research Partners was founded in 2014, it is the largest provider of independent equity research in Switzerland. The focus is on companies listed on the SIX. The qualified team of analysts provides independent and well-founded equity research to capital market participants. Research Partners stands for highest research quality and our clients include asset managers, family offices, fund managers, pension funds and banks.

At a Glance

  • Largest provider of independent equity research in Switzerland
  • Focus on companies listed on SIX
  • 11 well experienced equity analysts
  • Broad network in the Swiss financial industry with access to key decision makers
  • Extensive client base with asset managers, family offices, fund managers, pension funds and banks
  • Board members with extensive experience in the Swiss Small Cap sector
  • Expertise sought after by the media
  • Founded in 2014

Examples of Research Coverage

  • Coverage of 89 companies listed on SIX
  • If you are interested in an example, please contact us

 

Pricing & Duration

  • CHF 35‘500 /year in the first year (Initiative of Coverage and Maintenance-Research); CHF 20‘000 /year thereafter
  • 2 year minimum contract duration
  • Further offers are available on request

 


Contact Information

Company Data, Company Evaluation & Outlook, Proprietary Distribution Channel, Public Distribution, Analyst Access

Service

Presentation of the company in a feature research-article as part of HB’s daily research publication "WegWeiser,” which is sent to hundreds of customers and dozens of selected financial journalists.

  • Overview and synthesis of company key data
  • Evaluation and outlook of the company and of the segment(s) in which it is operating (e.g., financial model with forecast, company valuation range)
  • Qualitative statement about the attractiveness of the business model
  • Distribution of the research by the service provider to its client base (e.g., via newsletter, email, investor presentations, mobile app)
  • Option to make research freely available to the public on company websites and/or via third-party distribution channels (e.g., in newsletters, magazines, mobile apps, social media)
  • Access to the research analyst(s) to deep dive on evaluation, outlook, and conclusions

A feature-research article as part of the daily research “WegWeiser” is around 4-6 pages long (~ 1000-1500 words, including pictures, tables and charts). "WegWeiser" comments are updated/published following results and other important corporate news, like acquisitions.

Besides writing research, Helvetische Bank shares its in-depth experience with SME-issuers. Helvetische Bank provides a detailed second opinion on the strengths and weaknesses of the company's presentation/communication to investors (necessitates a coverage of at least four months). Helvetische Bank also offers in-house test runs (Helvetische Bank Research and other HB investment professionals) for investor presentations, including constructive feedback. 

All important events of the company will also be displayed and commented in the "WegWeiser."

Additional services (not included in this offer) from Helvetische Bank include the organization of external test runs with investors to improve the company’s capital market presence and to gather feedback (so-called “early-look meetings”) before raising additional equity/debt on public markets.


Client Coverage

Fast-growing SMEs, mature SMEs


Industry Coverage

All except biotech; specialized in industrial sectors


About the Service Provider

Helvetische Bank’s capital market experts from our Corporate Finance, Research and Active Advisory practices combine for an average experience of more than 20 years. At the same time, being a small and agile challenger, Helvetische Bank aims to keep processes lean for clients in order to carefully treat client’s own resources during a transaction. www.helvetischebank.ch

At a Glance

Swiss investment bank focusing on advising SMEs in capital market transactions on SIX. Alternative to larger investment banks by structuring transactions to the needs of SME companies and by addressing non-standard investor categories.

  • Research team with decades of experience in various sectors in the Swiss capital market.
  • In-depth knowledge regarding corporate and investor communications from thousands of client meetings with institutional investors in Europe, the UK and the USA over an extensive time range.
  • Daily research update “WegWeiser” distributed to its client base and financial journalists
  • Strong network to non-standard investor categories (such as family offices, (U)HNWI and independent asset managers)
  • Market leader in SIX listed CHF bond transactions with a nominal amount below CHF 100m
  • Helvetische Bank is successfully operating in the Swiss capital market since 2011

Examples of Research Coverage

  • Ordinary and regular research coverage on a large number of Swiss small- and mid-caps on the SIX Swiss Exchange and a few private companies (Swiss and German), where we issued bonds, via our daily "WegWeiser"  
  • Extensive Research coverage for debut bonds on the SIX Swiss Exchange, also for private companies in Switzerland and Germany (not included in the standard flat fee)
  • Small- and mid-caps companies regularly covered include: Switzerland; ALSO, Arbonia, Artum (private company), Ascom, Autoneum, Bauwerk Group (private company), Belimo, Bobst, Bossard, Burkhalter, Bystronic, Cembra Money Bank, Comet, CPH, Crealogix, Interroll, Feintool, Flughafen Zürich, HBM Healthcare, Inficon, Landis+Gyr, Logitech, mobilezone, Poenina, Pierer Mobility, Schaffner, Schweiter, Sensirion, Swissquote, VAT Group, V-Zug, Zehnder Group – Germany: va-Q-tec (public company), Schön Klinik (private company)
  • Examples of our research publications can be shared on request (see contact information)

Pricing & Duration

  • CHF 6’000/year in the first year (all-in fee); CHF 4’000/year thereafter
  • Minimal duration of contract: One year

Contact Information

  • Remo Rosenau, Head of Research,
    rro@hbagz.ch, +41 44 204 57 30
  • Manuel Peter, Research-Analyst,
    mpe@hbagz.ch, +41 204 57 31