Institutional Equity Research for Undercovered Public Companies
Alliance Equity Research publishes independent and company-sponsored research on undercovered, emerging, and high-potential public companies globally.
Search AER-covered companies and Insights, or explore listed companies across supported global markets.
Latest Research
Recent initiation reports, research updates and company commentary from Alliance Equity Research.
ASML Holding N.V.
ASML
A Near-Monopoly Lithography Franchise Powering Global Semiconductor Supply Chain with EUV Dominance and High-NA Optionality
Initiation coverage examining EUV leadership, High-NA optionality, DUV economics, installed-base services, competitive moat, semiconductor demand drivers, valuation summary, and key risks.
Dexcom, Inc.
DXCM
Dominant CGM Franchise Leveraging Technology, Coverage Expansion, and Consumer Tailwinds to Sustain Multi-Year Growth
Initiation coverage examining CGM market leadership, product strategy, reimbursement expansion, recurring sensor economics, international growth, valuation summary, and key risks.
Explore Coverage
AER-covered companies combine public-company information with our proprietary research, updates, and commentary.
Find AER-Covered Companies
Explore AER-covered companies by sector, region, and market capitalization.
Insights
Commentary, market context, and research process notes from Alliance Equity Research.
Surrozen’s FDA Clearance Unlocks $95 Million and a Clinical Test
SZN-8141 can now enter the clinic just as Merck has validated Wnt activation in diabetic macular edema. A pre-committed $95.1 million financing gives Surrozen capital to test whether combining Wnt activation with VEGF inhibition can improve on either mechanism alone.
5E Bought a $147 Million Revenue Boron Business for Roughly $36 Million, but the Discount Comes With Real Risk
5E Advanced Materials has acquired Searles Valley Minerals through bankruptcy, turning a pre-revenue developer into an operating U.S. borates producer. The purchase price looks exceptionally low relative to the acquired business's historical sales, but 14.5% PIK seller financing, a short-term bridge loan, meaningful equity dilution and Searles Valley's recent losses show why the assets were available so cheaply.
Onsemi Cut $1.3 Billion From Its Synaptics Deal and Made Both Stocks More Valuable
Onsemi’s revised Synaptics acquisition replaces a roughly $7 billion all-stock transaction with a $5.7 billion cash deal after an unsolicited competing proposal. The unusual result is better economics for the buyer, greater certainty for the seller and a positive market reaction for both stocks.
Foghorn Lost Its Lilly Partnership, but the 40% Workforce Cut Changes the Valuation Math
Foghorn Therapeutics has discontinued FHD-909 and effectively ended a collaboration that brought in $380 million of upfront cash and equity from Lilly. The clinical failure removes its most advanced partnered asset, but a 40% workforce reduction extends cash runway into the second half of 2029 and leaves the company with $167.6 million of June cash and securities against a market value of roughly $200 million.
Broadcom’s $42 Billion Anthropic Loan Shows AI Chip Demand Is Becoming a Financing Business
Broadcom has agreed to lend Anthropic as much as $42 billion to finance AI infrastructure while also supplying the custom silicon and equipment behind that infrastructure. The structure can lock in enormous semiconductor demand, but it also converts part of Broadcom’s customer opportunity into credit and concentration risk.
Lynas Is Buying 44% of Its Combined Rare Earth Resource for 5.9% Dilution
Lynas Rare Earths’ A$968 million all-share acquisition of Meteoric Resources would increase its Measured and Indicated rare earth resource by roughly 79% while giving Meteoric shareholders only 5.9% of the combined company. The resource arithmetic looks attractive, but Caldeira still requires more than US$500 million of development capital and introduces a different processing route, jurisdiction and execution profile.
Jabil’s $22 Billion AI Business Shows the Buildout Is Moving Beyond GPUs
Jabil expects AI-related revenue to rise 54% to roughly $22.1 billion in fiscal 2027, approaching half of company-wide sales. The outlook shows how AI spending is spreading beyond processors into servers, networking, power, cooling and manufacturing, while making Jabil increasingly dependent on the durability of the AI infrastructure cycle.
AAR’s $4 Billion MRO Holdings Deal Is Really a Bet on Aircraft Scarcity
AAR is acquiring 65% of MRO Holdings in a transaction that would increase its revenue by more than 30% and lift pro forma adjusted EBITDA margins from roughly 12% to 16% before synergies. The strategic logic rests on a less obvious aviation constraint: delayed aircraft replacement is increasing the maintenance burden on an aging global fleet, while skilled labor and hangar capacity remain difficult to add quickly.
AstraZeneca’s $2 Billion Summit Investment Is More Than Validation for Ivonescimab
AstraZeneca is investing $2 billion in Summit Therapeutics at an effective $18.36 per share while leaving ivonescimab’s commercial rights with Summit. The transaction removes a major financing constraint ahead of a November FDA decision, but it also highlights why the economics of strategic equity can differ materially from a conventional licensing deal or acquisition.
Research Built Around the Model
Alliance Equity Research develops written company analysis and detailed financial models together. The model is used to test operating assumptions, financial outcomes, scenarios, and valuation frameworks.
- Fundamental company analysis
- Integrated financial modeling
- Scenario-based valuation framework
- Ongoing coverage after initiation
Operating Drivers
RevenuePricingVolumeKPIsFinancial Forecast
Illustrative forecast structure, without financial values Metric FY1 FY2 FY3 FY4 Revenue Forecast output placeholder Forecast output placeholder Forecast output placeholder Forecast output placeholder EBITDA Forecast output placeholder Forecast output placeholder Forecast output placeholder Forecast output placeholder FCF Forecast output placeholder Forecast output placeholder Forecast output placeholder Forecast output placeholder Scenarios & Sensitivities
BaseUpsideDownsideValuation
DCF · Trading Multiples
Published Research
Is Your Company Undercovered?
Alliance Equity Research works with listed, recently listed, and companies preparing to list. Coverage may include initiation research, detailed financial modeling, and ongoing research updates.
- Initiation Research
- Financial Model
- Ongoing Updates
Investor Discovery
- AER Website
- AlphaSense
- FactSet
- Distribution Partners
Stay Current with AER
Choose the research and Insights updates you want to receive.