Costigan Reports Inc.

Conflict-free independent research of mid and small cap North American equities

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What we do

Costigan Reports Inc. is an independent and conflict-free global equity research boutique company based in Vancouver, Canada. Founded in 2015 by Robert J. Costigan CFA, CAIA, FRM and daughter Carolyn, Costigan Reports was created to bring timely, actionable long and short equity investment ideas to our clients.

Ours is a mosaic approach. We first apply a fundamental bottom-up analysis of material public information and combine it with non-material, non-public information. We specifically seek out and endeavour to take advantage of what we believe is a market misprice of a given company.

For our long recommendations, we search for companies with specific attributes: strong operating cash flow, strong balance sheet, good corporate governance with clearly defined capital deployment strategy, and a catalyst to move the stock higher over the near-term (one year) and medium-term (three years). We believe we can help add alpha by providing in-depth analysis of companies which generally are not widely followed by the street. 

For our short recommendations, we search for companies with the following specific concerns: declining or negative operating cash flow, high debt or increasing leverage, poor corporate governance, and instances where we believe the market is currently overpaying in the hope of future growth which may never materialize.


Bob Costigan CFA, CAIA, FRM

We maintain coverage of a highly specific list of investment ideas which compliment the in-house research of our clientele. Bob believes that, more than ever, critical thinking is essential to outperform. Our goal is to help our clients outperform their peers and the market.

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Independent Investment Research

Costigan Reports is a trading name of Messels Limited which is authorised & regulated by the Financial Conduct Authority of the UK

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