Тhe Listed SME Research Hub is a website which offers access to equity research reports for 20 qualified SMEs . The Hub was launched in May 2020 in partnership with the stock exchanges of Bulgaria, Croatia, North Macedonia, Romania, Serbia and Slovenia. Following the successful launch, the programme was expanded to cover the markets of Estonia, Latvia and Lithuania in partnership with Nasdaq Baltics.

The Hub is part of the Research Coverage Programme, an initiative supported by the European Bank for Reconstruction and Development (EBRD) and fully funded by the TaiwanBusiness EBRD Cooperation Fund. The pilot Programme aims to increase public access to research coverage of listed SMEs and fill the information gap for under-researched listed companies. Subscribe to the Hub’s newsletter to get the latest research reports and updates. 

The companies considered for the Programme met the SME growth market issuers criteria stipulated in MiFID II. Additional selection conditions included regular reporting in English, sizable free float and not having established research coverage. 

The Programme companies entered into MoUs with the partner exchanges. to receive a two-year research coverage free of charge. Research coverage includes an initiation report, semi-annual update reports, and corporate events flash notes. 

The research is prepared independently based on disclosed financial reports and company updates. Research material in preparation is not distributed to the companies, the EBRD or the stock exchanges before its publication, and editorial rights are limited to the research provider.

For any queries about the Programme and the Hub, please contact us.

The Research Provider

The Programme’s partner, WOOD&Co (WOOD) independently provides research coverage for the participating companies. WOOD is an investment bank in emerging Europe, headquartered in Prague, with offices in London, Milan, Warsaw, Bucharest. The equity research analysts from WOOD focus on a fundamental approach to company analysis and valuation.

The EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, and integrated. The EBRD is investing in changing people’s lives from central Europe to Central Asia, the Western Balkans and the southern and eastern Mediterranean region. Since 1991, EBRD have invested over €125 billion in more than 5,100 projects. With an emphasis on working with the private sector, EBRD invest in projects, engage in policy dialogue and provide technical advice which fosters innovation and builds modern economies that are competitive, well-governed, green, inclusive, resilient and integrated. The Bank is owned by 69 countries as well as the EU and the EIB.

The project is taking place within the Local Currency and Capital Markets Development (LC2) initiative, which supports developing the local capital markets based on international standards and best practices.