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« Someone’s sitting in the shade today because someone planted a tree a long time ago.
Warren Buffet


At GiraffEquity, ethics resonate particularly with us as governance analysis is one of the three pillars of our methodology. We regularly analyze companies’ relationships with their stakeholders, discuss the professional practices of these stakeholders and suggest improvements in our Reports. It is therefore important for us to be particularly exemplary when it comes to ethics, as this is not merely a question of compliance with regulation but also a matter of honor, credibility and consistency with our role.

Pursuant to article 327-6 of the AMF General Regulation, the present Code of Ethics sets out GiraffEquity’s principles of independence, integrity, skill and organization, as well as the methods used to prepare its analyses.

GiraffEquity, its directors and analysts commit to the principles of this Code of Ethics and to make reference to this code in the Products they design and publish.


GiraffEquity is genuinely independent and is committed to preserving its independence, both intellectually and financially. Independence has a high cost but experience has taught us that it promotes creativity and is a vital condition for producing objective and unbiased opinions.

GiraffEquity freely picks the companies that are the subject of its research. It is not sponsored by any issuer or any originator. We do not accept any compensation, gift, or advantage which could give rise to suspicion regarding our independence of judgment.

Our other activities do not impair the objectivity of our analyses. GiraffEquity, its leaders and analysts undertake to identify and mention any potential material conflict of interest, and to apply the regulation relative to personal transactions. They notably refrain from buying, holding or selling the securities of any relevant company they cover.


We are committed to acting with honesty, fairness and impartiality and to respecting the financial market’s integrity and the rules governing it: this first and foremost includes European market abuse regulation n° 596/2014/EU. And if we can help improve the efficiency of these rules in the public interest, then we will continue to make suggestions to this end.

In our relationships with our prospects and clients, we are committed to acting with respect and loyalty. Our research and work aim to primarily serve our client’s interests before those of GiraffEquity, its leaders and contributors.

We limit the scope of our activities in accordance with our skills and make our best efforts, with care and diligence, to produce quality research that is helpful and suited to the different needs of our clients. We also take time to regularly update and deepen our professional knowledge.


Equity is incorporated in our company name and is at the heart of our methodology. When analyzing a company, we do not favor the interests of one stakeholder group over others but remain impartial. Our thoughts and conclusions are those that an independent director of such a company could make, with the aim of promoting continuous improvement and sustainable development, in respect of all stakeholders.

Our Reports are prepared using public information. They include opinions, projections and ratings which, once published, may influence the price of the relevant companies’ securities. Therefore, we strive to ensure that they remain under embargo until their disclosure on the Website, and are made available for purchase to all Professional Clients at the same time. Once published, we may authorize any mode of publication of our Reports, in accordance with market practices.


GiraffEquity seeks to ensure that it has adequate organization and procedures to conduct its business with independence, integrity and equity. In particular, we believe that our Conflicts of interest policy meets these requirements. Our organization also complies with applicable insurance and archive storage regulations. Lastly, we attach great importance to preserving the confidentiality of our clients’ personal data and the content of our mutual relationship. This principle is the basis of a sustainable trusted relationship.

GiraffEquity does not accept any assignment that would require technical, financial or human resources beyond its own resources, unless to collaborate with one or several persons possessing complementary skills and/or complementary means. In that case, GiraffEquity shall inform its prospect or client before signing any engagement letter.


Research scope

GiraffEquity’s systemic research (referred to herein as “our research”) is independent and based on proprietary methodology which specifically regards the governance, strategy and financials of listed companies. Our research is substantial, based on carefully selected data and integrated fundamental analysis. It has a bottom-up approach and favors the long term over the short term.

We offer two kinds of Products for sale based on our research: Reports and Forecasting and Valuation Documents.

The primary aim of our Reports is to provide a comprehensive overview of the mid- to long-term strengths, weaknesses, threats and opportunities of the companies analyzed, value their quality on a fair and purely fundamental basis, track their turning points and/or inject fresh ideas for reducing their risks and improving their performance and efficiency, in respect of all stakeholders.

Over and above our Reports, we offer non-personalized Forecasting and Valuation Documents, based on time-tested proprietary models, which provide access to our earnings forecasts and quantitative valuation assessments for a selection of companies under coverage.

Our Reports are available on the Website under single-user license in PDF format but are also readable in HTML. Our Forecasting and Valuation Documents will not be published on the Website. They are exclusively available upon approved request, and can be purchased only as part of an assignment of communication and non-personalized presentation.

Our Products have only an illustrative value and cannot, in every respect and especially if considered alone, induce i) a solicitation or a recommendation to hold, buy or sell any security and/or ii) an assessment of the risk and performance of an investment in any security or other financial instrument. GiraffEquity is not a ratings agency and is not subject to ratings agency rules and regulations.

Our Products are based on limited information; they cannot constitute an exhaustive analysis of risks involved nor do they intend to. In addition, i) an accurate business forecast later confirmed by reported market data may nevertheless lead to share price depreciation, ii) a share price appreciation in the long term may expose investors to short-term unrealized losses that may not be sustainable and/or acceptable by each investor, iii) any reference to past performance/data should not be taken as an indication of future performance/data.

Our Products may only contribute to providing professional decision-makers with non-personalized systemic research and analysis on potential and specific risks and opportunities, within the limits of our methodology. They should be rounded out with other data, reports and analysis in accordance with each individual’s own processes and under the sole responsibility of such professional decision-makers. GiraffEquity specifically recommends that investors make their investment decisions cautiously and independently, in accordance with the conclusions of their proprietary investigations and according to their own judgment and risk-aversion profile and, if applicable, after taking advice from their own qualified investment advisors.

Important notice for investors: there are numerous factors whose analysis is beyond the scope of our research and methodology and which may adversely - either directly or indirectly - affect the value, price and income of any security, or the investment strategy value in such security or related instruments, in particular those issued by the companies mentioned in our Products. Such factors include political risks, catastrophe risks, interest rate policy, commercial laws and tax environment, currency fluctuations, listing and trading conditions, financial instrument deadlines, corporate actions leading to dilution effects or discrimination of rights between shareholders, supply and demand effects, flash crashes, high frequency trading, market rumors and the effects of investor behavior.

Information collection

Information provides the building blocks for our analysis. In addition to publicly available information on the internet, newspaper stands or bookshops, we collect information via multiple channels. These channels include professional databases and participation in meetings, general shareholders’ meetings, conferences, trade fairs or on-site visits, which are usually open to a large number of participants.

We may interview the leaders and stakeholder representatives of the companies we cover directly. The aim of such interviews is generally to request details or clarification on public information in order to raise awareness and knowledge about the governance, business model and value chain of these companies. In any case, these interviews are not intended to seek out confidential or inside information. If we were to gain access to such information, we would refrain from using it or disclosing it to other parties until official disclosure.


The production of our Products requires expertise, considerable time and genuine thought. We remain open-minded and our positions are based on objective and reasonable criteria. We commit to being fair and accurate in our assessments. For each company we cover, we aim to produce “substantive research” as defined in COBS 11.6.5 (“Use of dealing commission”), including intellectual rigor, original thoughts, new insights, and meaningful conclusions based on analysis of data.

Earnings forecasts, valuation assessments and ratings

In our Reports, we do not usually publish our detailed earnings forecasts, target prices and ratings such as “buy”, “hold” or “sell”. Our Reports may sometimes contain quality ratings and risk maps in accordance with proprietary methodology. Such quality ratings regard the companies themselves – and not their securities – and can take the form of a radar diagram that highlights their main strengths and weaknesses and measures their performance on a scale of one to ten.

In our Forecasting and Valuation Documents, we provide earnings forecasts and valuation assessments, based on time-tested proprietary models.


We undertake to present our opinions and ideas in a clear and concise manner. Within our Products, we endeavor to ensure that:

• the author’s identity is disclosed on the front page;
• facts are distinguished from interpretations, assumptions, estimates, opinions and other types of non-factual information;
• substantial material sources are indicated, as appropriate;
• sources are reliable or, should a degree of uncertainty on the reliability exist, this is indicated;
• forecasts and projections are indicated as such and, if applicable, the main underlying assumptions are disclosed;
• any methodology used to evaluate a company is summarized in an appropriate manner, in accordance with professional practices;
• potential material conflicts of interest involving GiraffEquity and the author(s) with the relevant companies are indicated. 


Any opinion contained in a Product reflects the judgment of GiraffEquity and the author(s) only at the time of publication and is subject to change without notice.

While we endeavor to enhance and update our Reports whenever necessary, we cannot guarantee it. Accordingly, we disclaim any obligation to do so. At any time, we can also decide to stop coverage of any company at our discretion and without prior notice.

© 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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