Services for Investors

What makes us different

Our research is unusual in that we offer the analysis of unquoted companies and sectors. The analysis is of a similar or even better quality than most investment banks’ research departments. Whether you are a private equity firm contemplating an investment in a new industry or a family owned business assessing the merits of an IPO, our experienced team can offer an independent and impartial informed assessment. Our only interest is in helping you, our client, unlike many so-called “independent” advisors, and we shall give a fast and high quality response.

Quoted company analysis

We produce reports whcih analyse quoted companies globally. These are not investment research as they have no recommendations or price targets. Nevertheless, they feature in-depth analysis of companies, covering both their business and their financial statements. They are just as useful to investors as a report from a major investment bank. If you need the price target to make an investment decision, you probably should not be reading our investment research, as it's more in-depth, more thematic and more focused on the ability to generate cash. Read more here

Unquoted company analysis

We specialise in unquoted UK companies where the data is readily available through Companies House statutory filings. We are affiliated with two companies which specialise in research in international quoted companies, one with expertise in smaller companies and one which focuses on the world’s 2000 largest quoted companies. You can contact us in the first instance on info@behindthebalancesheet.com for further information.


We offer the following main services:

Valuation: we specialise in the valuation of industrial B2B companies but we also have expertise in consumer and agricultural sectors. An affiliate company has additional sector expertise, notably oils and minerals, agriculture, and technology.

Sector assessment:  Specifically designed for private equity looking at potential new sectors, we can review the attractions and growth opportunities available to a potential target. Our work is macro based rather than a micro-analysis of an individual sub-sector – we are equipped to evaluate the pros and cons of investing in the waste sector or the landfill sector, but we are unable to help with an evaluation of the relative merits of an investment in waste in Cardiff or Aberdeen; the reason is we do top-down analysis akin to that performed by an equity analyst in an investment bank.

IPO Assessment: As a family business, it’s often quite hard to get quality advice as to the merits of floating your business. The simple fact is that almost everyone you approach has a vested interest in advising you to float in order to pick up lucrative fees. In contrast, we have no vested interest  care and are much more likely to advise you that dealing with City sell-side equity analysts can be an arduous process which you might be relieved to avoid, than to push you towards a float.

Independence: Our firm is small and young and our only real asset and certainly our greatest asset is our reputation for quality and integrity. This is similarly true of our longer established affiliate companies. We take this extremely seriously and would rather turn down work for which we are not qualified than have disappointed clients. Accordingly, please do not be offended if we turn down assignments, or if we do not recommend alternative providers.