Voyant Americas, Voyant Europe and Voyant APAC
Since 2007, Voyant has provided buy-side equity investors with early identification of deteriorating
situations before these risks materialize in significant stock price declines. The team is comprised of
experienced auditors and equity research analysts employing a differentiated research process that
routinely uncovers investment risks overlooked by traditional investment research.
Voyant provides three subscription-based research services, covering North America (Voyant Americas),
Europe (Voyant Europe) and APAC (Voyant APAC).
Coverage is initiated on approximately 12 companies per quarter with update reports published quarterly
until coverage is closed. Most companies under coverage operate in the consumer, technology, media,
telecommunication, industrial, materials and healthcare sectors with market capitalizations above $1B
USD, trading more than $15M of daily volume with less than 15% of the float sold short.
The first stage of our research process is a quantitative examination of our investable universe across
revenue and earnings quality, inventory turnover and composition, capitalization trends, and cash flows.
This initial screening process results in a subset of companies exhibiting characteristics that are
consistent with unsustainable financial performance.
The second stage of the research process combines extensive fundamental research with expertise in
working capital and earnings manipulation. Fundamental analysis includes communication with management
teams, analysis of competitive and long-term secular threats, and emerging operational risks. Earnings
quality deterioration and aggressive accounting tactics are examined in order to gauge downside risk to
investor expectations.
The third stage includes an examination of motivational factors such as compensation structures, company
disclosure changes, risk factor language and internal control weaknesses such as auditor changes, ERP
rollouts, executive turnover and weak financial reporting practices.
Our short sale ideas are often catalyzed by disappointing pre-announcements, weak reported results,
guidance revisions, financial restatements, or other material adverse events.
We provide continuous coverage of every short sale recommendation until our thesis is validated or
weakened. All clients are provided with unlimited access to the analyst team and access to an archive of
all previously published research reports.