EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Sandvik (SAND SS) Sweden

Industrials

Iron Blue Financials

Following publication of its 2022 annual report, Iron Blue increase their SAND score to 24/60 from 22/60 to reflect higher stripped out one-off costs (restructuring and wind-down of Russian operations) and changed DB pension liabilities assumptions (higher discount rate, lower salary increase expectations vs. peers). Regarding governance, Iron Blue continues to flag that half of the board could be deemed non-independent and non-audit payments made to PwC are above average.

Edition: 168

- 01 September, 2023