Research
Distribution of Investment Banking Research Ratings - Archive
We are required by the Financial Services Authority to provide a split of our research recommendations, based on all recommendations made over the past calendar quarter for all companies under coverage. We are also separately required to provide the same information for clients with whom we have had a corporate relationship in the past 12 months. An archive of the historical distribution of research recommendations is provided here.
Archive
FOR THE PERIOD 01 JULY 2011 TO 30 SEPTEMBER 2011
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 255 | 68% | 40.80% |
| Sell 2 | 7 | 2% | 0% |
| Hold | 111 | 30% | 5.30% |
| Total | 373 | 100% | 46.10% |
For the period 01 April to 30 June 2011
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 196 | 59% | 40.80% |
| Sell 2 | 7 | 2% | 0% |
| Hold | 132 | 39% | 5.30% |
| Total | 335 | 100% | 46.10% |
For the period 01 January to 31 March 2011:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 241 | 62% | 42% |
| Sell 2 | 14 | 4% | 0% |
| Hold | 134 | 34% | 8.20% |
| Total | 389 | 100% | 50.20% |
For the period 01 October to 31 December 2010:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 184 | 73% | 49.50% |
| Sell 2 | 5 | 2% | 0% |
| Hold | 62 | 25% | 1.61% |
| Total | 251 | 100% | 51.10% |
For the period 01 July to 30 September 2010:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 296 | 29% | 45% |
| Sell 2 | 21 | 5% | 0% |
| Hold | 111 | 26% | 2% |
| Total | 428 | 100% | 47% |
For the period 01 April to 30 June 2010:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 213 | 83% | 71% |
| Sell 2 | 4 | 2% | 0% |
| Hold | 39 | 15% | 11% |
| Total | 256 | 100% | 82% |
For the period 01 January to 31 March 2010:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 145 | 72% | 51% |
| Sell 2 | 7 | 3% | 0% |
| Hold | 51 | 25% | 2% |
| Total | 203 | 100% | 53% |
For the period 01 October to 31 December 2009:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 151 | 77% | 43% |
| Sell 2 | 11 | 6% | 0% |
| Hold | 34 | 17% | 3% |
| Total | 196 | 100% | 46% |
* Includes AIM and Official List companies.
For the period 01 July to 30 September 2009:
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 179 | 79% | 38% |
| Sell 2 | 19 | 8% | 0% |
| Hold | 28 | 12% | 1% |
| Total | 226 | 100% | 39% |
* Includes AIM and Official List companies.
For the period 1 April to 30 June 2009
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 201 | 83% | 47% |
| Sell 2 | 11 | 5% | 0% |
| Hold | 31 | 13% | 3% |
| Total | 243 | 100% | 50% |
For the period 1 January to 31 March 2009
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 167 | 72% | 44% |
| Sell 2 | 21 | 9% | 0% |
| Hold | 43 | 19% | 3% |
| Total | 231 | 100% | 47% |
For the period 1 October to 31 December 2008
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 151 | 74% | 51% |
| Sell 2 | 9 | 4% | 0% |
| Hold | 43 | 21% | 4% |
| Total | 203 | 100% | 55% |
For the period 1 July to 30 September 2008
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 163 | 76% | 33% |
| Sell 2 | 11 | 5% | 0% |
| Hold | 40 | 19% | 3% |
| Total | 214 | 100% | 36% |
For the period 1 April to 30 June 2008
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 75 | 72% | 42% |
| Sell 2 | 2 | 2% | 0% |
| Hold | 28 | 27% | 7% |
| Total | 105 | 100% | 49% |
For the period 1 January to 31 March 2008
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 79 | 75% | 45% |
| Sell 2 | 1 | 1% | 0% |
| Hold | 26 | 25% | 7% |
| Total | 106 | 100% | 52% |
For the period 1 October to 31 December 2007
| Recommendation | Numbers | % | Proportion of Clients that we have had a Corporate relationship with in previous 12 months % |
|---|---|---|---|
| Buy 1 | 87 | 81% | 47% |
| Sell 2 | 0 | 0% | 0% |
| Hold | 20 | 19% | 7% |
| Total | 107 | 100% | 54% |
BD Investment Banking Equity Sales and Research Recommendation definition
Expected absolute performance over next 12 months
Buy - 20%+ upside to BD 12m Price Target
Add - 10% - 20% upside to BD 12m Price Target
Hold – minus 10% to +10% to BD 12m Price Target
Reduce – minus 10% to 20% downside to BD 12m Price Target
Sell - minus 20% or more downside to BD 12m Price Target
1 “Buy includes “Strong Buy”, “Add” and “Buy” recommendations.
2 “Sell” includes “Take Profits”, “Reduce” and “Sell” recommendations.
Footnote
The tables above relate only the Investment Banking Equity Sales and Research divisions of Brewin Dolphin. Information in respect of the Investment Management division of Brewin Dolphin can be found here.