EquiVal Research has been providing flexible, customer-specific research products for around 15 years.
Research-on-Demand: Unlike sell-side research, clients can determine both the timing of the analysis and which securities are to be analysed.
We offer independent analysis of existing shareholdings and new investment ideas. EquiVal Research regards its services as a complement to buy-side research.
Analyses are not transaction-driven; they are designed specifically to meet the portfolio manager's requirements.
Our client-specific research ranges from qualitative assessments to model-based determination of enterprise value, including an analysis of value drivers and sensitivity.
Reverse valuation can be used to make market expectations transparent and examine price targets.
Our focus is on analysing and evaluating financial data, because a company’s intrinsic value is reflected in its figures, not its equity story.
Enterprise value is determined using the economic value-added method, which measures profit for the period after deduction of the return requirements of all lenders and investors.
Economic value added is the link between the enterprise value and the operating business. It can be used to identify all relevant value drivers (margin, capital employed, financing structure).
Sensitivity analyses show the extent to which the valuation can vary as a result of changes in key parameters such as the return on capital and growth expectations.
Piers Nestler trained as a journalist and obtained a BSc in economics from University College London in the early 1980s.
He then entered the equities business. Since then his career has been dedicated to analysing German and international stocks.
His broad experience is rooted in many years as an analyst covering different sectors of industry at various banks (including Delbrück & Co and Metzler Bank).
Before setting up EquiVal Research, Piers Nestler built up an equity research department for institutional clients at the former LRP Landesbank Rheinland-Pfalz, where he developed a valuation model based on the shareholder value concept.
He was also involved in a number of capital market transactions, especially IPOs.
In 2002 he founded EquiVal Research, which serves institutional investors in Germany and abroad.
Piers Nestler is a member of the DVFA.
EquiVal GmbH & Co. KG
+49 611 532 53 08