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Lighthouse Analysis - Service Description

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The Instituto Español de Analistas Financieros (IEAF) - the Spanish institute of financial analysts - has created Lighthouse (LH), an independent financial analysis service, intended to cover so-called "orphan securities" listed on the Spanish Stock Exchange, i.e. those without effective and regular coverage by the sell-side. LH is born as a Project of IEAF Servicios de Análisis, a Company owned by Instituto Español de Analistas Financieros.

*Analysis of Historical Financial Statements: It is not a conventional fundamental analysis: it does not include financial projections, valuation, or recommendation. It is limited to a systematic analysis of the company's historical financial statements (-5y). It aims to be a useful tool for the investor to know more about the company and to form a first judgment on its potential interest. These types of reports (called “What the numbers say”) will be published exclusively for those companies for which financial projections are not available.

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