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ENG 327: Writing for the Professions
Introduction to Public Company Research

A. Basic facts to learn first B. Six sources of company research         1. Company Profiles         2. Annual Reports         3. Corporate Web Sites         4. Analyst Reports & Stock Quotes         5. Industry Analysis         6. Articles C. Do you have a good mix of sources? D. Citation Guides

Business Librarian: Steve Cramer
smcramer@uncg.edu
336-256-0346
AIM & Google Talk: stevebizlib
Windows Messenger: smcramer@uncg.edu

A. Basic facts to learn first

1. Is the company private or public?

• Public companies have stock traded on an open market.
  • These companies are required to file financial information with the government.
  • Therefore, if a company is publicly owned, financial information is easy to find.
• A private company has few (or no) shareholders.
  • Privately-owned stock is not available for market trade.
  • Detailed financial information about a private company is proprietary and therefore not available to the public

2. Is it an operating unit?

• Operating units of "parent companies" include subsidiaries, divisions, and affiliates.
• If you want financial information on a subsidiary, you need to look up the parent company's info.

3. Is it a U.S.-based or international company?

• Many company research sources focus on either U.S. companies or international companies.
• Some non-U.S. companies (ex. Sony) offer stock on U.S. stock exchanges.

How to answer these questions?  

• Look up your company in one of the Company Profile sources (our first stop -- see below)
• Once you know the answers, you can target your research. For example, if you know a company is private, you don't need to bother finding a stock report or SEC filing.

B. Six Sources of company research

1. Company Profiles
These sources usually provide an address and phone number, name of the CEO, NAICS & SIC codes, estimated sales, and number of employees. Directories of public companies often provide much more: biographies of officers, detailed financial information, stock reports, news, analyses of business strategies and recent developments, etc.

Examples: MarketLine, Osiris, ReferenceUSA

2. Annual Reports
These are self-published by each public company. An annual report provides a glossy, promotional section and an unaudited financial section. Together, both sections can provide a wide-variety of information (just don't forget the lack of objectivity).

3. Corporate Web Site
News, business strategies, annual reports, advertising campaigns, and other information are often available from the web site of a company.

4. Analyst Reports & Stock Quotes
In addition to an analysis of a company's stock, these reports often include performance forecasts, company strategies, and financial data not available anywhere else.

Examples: Morningstar, S&P NetAdvantage, Yahoo Finance

5. Industry Analysis
To learn about the context of a company's work, and to compare a company to its competitors, use industry analyses. A complete industrial analysis usually includes a review of that industries' recent performance, its current status, and an outlook for the future. Many analyses include a combination of text and statistical data.

Examples: S&P NetAdvantage, IBIS, MarketLine

6. Articles from Magazines, Trade Journals, etc.
Articles from trade journals, business newspapers, and general business magazines are often the best sources of current information and analysis. They are an especially important source of information for private companies.

Examples: Business Source Premier, General OneFile (InfoTrac)

C. Do you have a good mix of sources?