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« An error does not become truth by reason of multiplied propagation, nor does truth become error because nobody sees it.
Mohandas K. Gandhi


Gilles Raffort, senior analyst, is the founder of GiraffEquity.

Bio. In 1997, after graduating from the University of Paris-Dauphine in Financial & Economics along with a Masters in Management of Technology and Innovation, Gilles Raffort joined the brokerage industry as a sell-side equity analyst. Working for thirteen years successively for ING, Oddo, Fortis and Citi, he progressed from being an expert in the European Hotels & Tourism industry to becoming a French Midcap stock-picker.

He has been regularly rewarded for the quality of his research by institutional investors and corporate top executives. The accuracy of his earnings forecasts and stock recommendations has been highlighted on numerous occasions by unbiased benchmarks.

In 2010, he collaborated on the creation of a thematic international equity fund based on customer satisfaction, a leading indicator of value creation. 

In 2011, he founded GiraffEquity with the vision of offering alternative corporate research to professional investors. The ultimate purpose has been to favor the allocation of resources towards companies which have truly committed to continuously improving their governance and strategic processes, thereby strengthening long-term value creation and respect for all stakeholders. Since 2011, Gilles Raffort has also served as lecturer in Financial and Stock Analysis for Masters' students and as speaker for vocational training institutes.

Gilles Raffort is a member of the French Society of Financial Analysts (SFAF) and a holder of the AMF Professional Certification of regulatory knowledge for market professionals.

GiraffEquity is a French limited liability company, based in Paris. Totally independent, GiraffEquity receives no compensation from any issuer for any service and no commission from brokerage or trading venues. This is for the benefit of market integrity and investor confidence.

In June 2016, GiraffEquity received the 'Finance Innovation' label in the 'Asset management' category, as part of the 3rd edition of Fin&Tech Community organized by the Paris financial services cluster.


When looking at equity long-term investment, sell-side research fails to cater for the needs of professional investors. It has a marketing bias, focuses too much on short term financial issues and generally does not provide all the relevant knowledge for making sound investment decisions.

In addition, we believe that there is a severe lack of fair-minded corporate research that does not systematically favor one stakeholder group over another. Listed companies are too often advised by management consulting firms whose prevailing approach has only two dimensions: strategy and finance.

Lastly, we assume that intuition, consciousness and responsibility will not be automated for a long time to come.

All these convictions led us to pioneer a new kind of corporate integrated research, exclusively focused on quality and free of conflicts of interests. GiraffEquity provides objective insights into companies’ governance, strategy and financials, tracks their turning points and generates fresh ideas to identify the best picks and avoid the highest risks.


GiraffEquity research is intended for professional decision-makers. Our written research is particularly suitable for those who have a great interest in the companies we cover, be they asset managers, shareholders, directors or other professional stakeholders.

Our revenues are based on the sole value of our independent and substantive research, which complies with MiFID II requirements and can in no way be considered as a solicitation to invest or sell.

Our Reports are priced transparently, on a pay-per-use license basis, which allow you to buy only the individual pieces you are interested in. Our auxiliary services are paid on a fee basis, depending on your specific demand.

Our research is restricted to the happy few who take the risk of purchasing the pieces they believe will usefully complement their decision-making process, just as we took the risk of researching our Reports with no guarantee of take-up, so we offer no free trial.

We pay great attention to your satisfaction as a user and are eager to listen to your recommendations in order to improve the utility and quality of our work.


This independent and nomadic animal embodies in many ways the spirit and values we wish to instil in our work. A giraffe rises above events while keeping its feet on the ground. It is quiet, observes silently and does not shout. It is wise, fairly peaceful and it has almost no predators. This striking biodiversity icon appears today as a universal ambassador for environmental protection and this is a cause we sincerely believe in.


We address responsible professionals who endeavor to think logically and sensibly before making substantial investment decisions and who are concerned about the consequences they can have in the real world. To this end, we take the time to explore, decrypt and think out of the box before writing. We are committed to adding value and saving you time by effectively challenging your views, stimulating your thinking and bringing new and useful ideas.

© Copyright 2011-2019 GiraffEquity - All Rights Reserved

Far-sighted and fair-minded systemic analysis. Independent corporate research for institutional investors and professional stakeholders. Three-pillar architecture: Governance, Strategy and Financials. Integrated fundamental analysis. Quality ratings and risk maps. Tracking turning points. Idea-driven research. Focus on French Small & Midcaps. Direct access to valuable, targeted information.

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