RE: New Progressive Research Report Out2 Mar 2023 12:06
Last page "disclaimers and disclosures" sets out their relationship ....Progressive are a professional research house and this is all they do ...they are paid by their clients including MATD. They are FCA regulated and use only public information. In essence they analyse what is out there and available to all of us, but then put it together in the form of research. As a service this is probably more independent /better than a market maker or broker who would be looking to profit from their research (these guys cannot). Of course, if MATD/other clients of Progressive didn't like what they were reading then they could/would sack Progressive.
As an investor it is a useful service IMO. I think they summarise the opportunity well but more thought needs to go on oil price, USD/GBP, DCF at 10% versus a properly risk adjusted WACC and, importantly, the probability analysis of the various potential components to their RENAV.
It is however a very good base to learn from.