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RESEARCH AND ANALYSIS

McCall, Aitken, McKenzie & Co has long been turning over stones, making observations and formulating a view on matters affecting clients now, and in the future. Because we are independent we are not afraid to take a view and give you plenty to think about.

Stones


McCall, Aitken, McKenzie & Co is primarily a fundamental investment analyst, looking at each company in its own right before a rigorous global peer group review. We couple this to our macro view of certain sectors and the top down is confirmatory. This discipline, also includes an understanding of fund managers needs in identifying longer term value opportunities in quiet corners, disruptive change and market inefficiencies, more prevalent in smaller and mid cap companies than large caps.

RESEARCH METHODOLOGY

We publish proprietary forecasts for Earnings, but also score the consensus market view through our proprietary Risk to Consensus Index (RTCI*). We concentrate on clean earnings progression, free cashflow and dividends as the primary sorting mechanism,

We know that our style and methodology will produce contra market indicators from time to time as best demonstrated in our early ‘in' to the Energy Services cycle.

Our recommendations are clear with price targets where appropriate, and are classified in the box below.

Rating
Definition**
Buy
Accumulate
Hold
Reduce
Sell
15%+ upside relative to the FTSE ALL-SHARE
5-15% upside relative to the FTSE ALL-SHARE
Between -5% to 5% relative to the FTSE ALL-SHARE
5-15% downside relative to the FTSE ALL-SHARE
>15% downside relative to the FTSE ALL-SHARE
**Performance Expectations are with respect to Total Return over a 12 month horizon


Our independence and lack of conflict means we can take a clear view and change when conditions and facts dictate. Think of us as a speedboat rather than tanker.

We will not carry out maintenance research for the sake of it and prefer to pick up themes and trends before the bandwagon rolls into view. From time to time we have initiated coverage of stocks suggested by clients as poorly understood and see that as a key differentiator.

We are listening.........




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