Research & Reports

Built a ten-year DCF on Greggs plc (LSE: GRG) in Excel, including revenue build by shop estate and like-for-like growth, IFRS 16 lease adjustments, WACC from comparable company betas, and scenario and sensitivity analysis. Presented as a seventeen-slide pitch deck concluding HOLD.

NVIDIA and Broadcom sit at opposite ends of the same buildout. One sells merchant compute to the whole market on the CUDA stack; the other designs custom accelerators for a handful of hyperscalers. This note explains why CIBFS has taken both, weighted 75/25 toward NVIDIA. The weighting is not defended on growth. Broadcom's guided quarter implies faster revenue growth than NVIDIA's, and the note retires that argument on its own page rather than leave a reader to find it. What remains is a twelve-point gap in GAAP operating margin on identical gross margins, a net cash balance sheet against a leveraged one, and a lower multiple once both companies are placed on the same accounting basis. A second check also went against us. The filings show NVIDIA is marginally more customer-concentrated than the other, so the breadth-of-demand argument was rewritten rather than set aside. Every multiple is derived from company guidance, with the workings shown. Paper portfolio; not investment advice. Research by Amanda Abreu Gray, Investment Analyst. Published 7 September 2026.

A BUY recommendation on British Petroleum (LSE: BP) framed around the 2026 Iran oil supply shock. The pitch argues that BP is well-positioned to benefit from elevated and sustained crude prices, drawing on the supply disruption thesis to support the entry case. Covers the macro setup, BP's operational leverage to higher oil, and the investment rationale behind the buy call.

A DCF valuation of WD-40 Company against a share price of $238.20, deriving an implied intrinsic value of $224.65 — meaning the stock trades at a 5.7% premium to the model. Educational discussion materials walking through the discounted cash flow analysis and underlying assumptions, produced as a team modelling exercise.

A focused market piece on gold price action, examining how recent macro and currency dynamics have shaped the precious metal's trajectory. The report breaks down the drivers behind gold's moves - real rates, dollar strength, central bank demand, and risk-off flows - and considers what the current setup implies for the metal going forward.

An industry coverage report examining the wave of RAM price increases and their downstream effects on memory manufacturer equities and the broader semiconductor / hardware supply chain. Covers the supply-demand dynamics driving the price moves, implications for listed manufacturers, and the global outlook for the memory market.

A US-focused M&A report covering the November 2024 to October 2025 window, examining how fiscal policy shifts and political uncertainty have shaped deal activity through the first year of the Trump second term. Sister piece to the UK-focused M&A Trend Outlook from earlier in the year.

A concise breakdown of the Mars/Kellanova acquisition at $83.50 per share, totalling $35.9Bn. The piece covers the deal premium (44% over 30-day VWAP, 33% over 52-week high), the financing structure - cash plus a $29Bn bridge loan from Citi and JPMorgan to be refinanced via long-term debt - and the advisor lineup featuring Lazard, Goldman Sachs, and Citigroup.

A 32-page institutional-style portfolio analytics report, covering account overview, historical performance vs. benchmark, open positions, concentration analysis, ESG, allocation by asset class / instrument / region / sector, risk measures, and performance attribution against the S&P 500. Likely produced for the CIBFS Investment Fund.

A rates strategy piece covering UK gilts, US Treasuries, and German Bunds. Analyses the geopolitical cross-currents (Ukraine peace prospects vs. escalating trade tensions), central bank pivots from the Fed, ECB, and BoE, fiscal expansion risks (notably Germany's landmark spending), and recommends a barbell strategy with a curve steepener trade - overweight short-dated quality, underweight long-duration.

The main instalment of the 2025 shipping sector report, focused on the Red Sea / Suez Canal disruption. Examines the 67% decline in Suez traffic from Houthi attacks, the Cape of Good Hope rerouting effectively removing ~9% of global shipping capacity, the implications for freight rates and carrier economics, and the policy backdrop under the Trump administration.

The companion primer to the main 2025 shipping report, providing the foundational context on the sector - structure, key players, freight dynamics, and the macro backdrop - designed to be read alongside the main report covering the Red Sea disruption and rerouting impact.

A forward-looking report on the UK M&A landscape in 2025, identifying the structural trends and tactical predictions expected to shape deal activity. Covers the macro and regulatory backdrop, sector hotspots, and the outlook for deal flow, valuations, and cross-border activity in the year ahead.

Equity research on Nubank, the Latin American digital banking giant. The report analyses Nu's dominant market position - 114m users across Brazil, Mexico, and Colombia, third-largest financial institution in Brazil by customer count - and examines its structural cost advantage (~$0.80/month cost-to-serve), profitable scale, and disruption of legacy incumbents like Itaú, Bradesco, and Santander Brazil.

A design-led equity research report on Uber Technologies, presented in a polished black-and-purple visual format. The report is image-based with custom layouts (no extractable text), suggesting a presentation-style deliverable rather than a traditional text-heavy research note.

A market report on the Russia-Ukraine peace process, written shortly after the Trump administration's Riyadh talks with Russia (excluding Ukraine and the EU). Lays out three scenarios - comprehensive peace deal (unlikely), limited ceasefire (most likely), and stalemate - and examines market pricing of a 50–70% ceasefire probability via Ukrainian Eurobond recovery clauses, alongside GDP and reconstruction investment scenarios benefiting Poland and Romania.

A market report capturing the opening salvos of the second Trump-era trade war. Covers the tariff announcements on Mexico, Canada, and China, the sharp market reaction (S&P/BMV IPC and TSX drops, USD appreciation, commodity surge in oil/metals/gold), the reciprocal tariff plan targeting VATs and subsidies, global responses including India and the EU, and a critique of the underlying tariff logic on currency and inflation pass-through.

A solo stock pitch on Nucor, the US steelmaker, prepared and presented as a private and confidential draft. Walks through the investment thesis, business overview, and recommendation, paired with the accompanying DCF model in the broader Reports folder.