I work in CVC for a large, name-brand tech company (not Mag7) and want to read equity research reports on public companies. I’m an associate and don’t have enough money to have a direct relationship with the big financial institutions.
I have some friends who are ER associates and junior analysts at middle market firms. Do they have the authority to just give me an account?
Generally not. Most research are automatically distributed to clients that are paying for research either directly or through soft dollars. So it'll be difficult to get access to every piece of published research. Here are a couple suggestions: 1) Ask your ER friends to send you relevant research directly. Tell them you're interested in xyz sector or xyz company and every time they publish a report on those to send it over. Most published research are short updates so you can have them just send you the deep dive reports. 2) Merrill Lynch gives access to their equity research reports. Sign up for a Merrill brokerage account, add like $1 in there, and you'll have access to all research reports. 3) Find someone with a ThomsonOne or CapIQ account who is willing to share their login and you'll have access to a wide variety of research.
My basic understanding of ER is that it only exists to drive brokerage and investment banking fees.
Because I work in CVC/Corp Dev for a tech company that could theoretically make Billion dollar acquisitions, could I play that angle at all?
I'd say the vast majority of the revenue comes from those two things. About 70% of BB ER firm revenues come from the large pods today (ie Citadel, Millennium) etc). Smaller firms may allow you to purchase research directly or you can negotiate a deal with the portals but it won't be cheap.
Say in a year, how many reports of a single company would be deep-dives (think 30+ pages) vs. short updates? And are those deep-dives mainly on the back of 1. initiations; and 2. structural shift in investment thesis
I would categorize it between 1) industry deep dives that mention the company and 2) individual company reports.
Analysts would publish maybe 4-5 industry deep dives that cover the entire sector, including the company. Then for individual company reports, if they've just started covering the company there would a long initiation report. But outside of that, if it's a large company, maybe 1-2 deep dives a year with 30+ pages. And for short updates, there are recurring reports (ie earnings, channel checks, monthly trends). The other piece is if a company announces something big like an acquisition or Investor day, there would be a write-up but those are likely less than 30 pages.
Here's an old but good list of what you can get for free with an individual brokerage account. Many of these accounts have very low minimums.
https://www.reddit.com/r/stocks/comments/rth0nc/equity_research_availab…
Potentially leverage your IBD relationships at the banks where you want to access research. Given you work at a corporate, if your firm is considered a highly-rated client of their IBD, you may be able to get full access to their portal as part of their client coverage (or at least receive reports on a given sector). Rules may differ by region so not sure if this is relevant in your case. Also likely to only work at full-service banks vs. the independent research houses / brokerages
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