Analyst Surveys

In an effort to identify the most commonly used models and metrics by professional investment analysts, the Research Team compiled a list of those analysts covering the subject firms in May 2016 as represented by FactSet Research Systems (FactSet). The listing includes analyst names, firm of their employ, email address, and those firms for which they’re responsible to provide coverage.

Each of the 703 analysts in the sample were sent a Qualtrics survey seeking input on the types of valuation models and metrics they use in their analysis.  The survey includes with respect to how consistently the subject analysts use particular model forms, how they form the variables used in their preferred models, and whether or not they are prepared for their survey responses to be shared with the public.  In addition, the analysts were asked to share their short and long-term expected growth rates for each of the firms they cover included in the study sample.

Emails and surveys were released the week of June 20, 2016 and responses are currently being evaluated.  Survey outcomes are expected to be released in January 2017 along with the outcomes of the valuation study.

The analyst responses are not expected to change the valuation metrics or models used in the Valuation Project, but are intended to be used to inform interested parties in the academic and non-academic communities of those tools being used in valuing firms.