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Research Firm: StarMine from Refinitiv

• Methodology Recommendations Accuracy Analysis  
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About the Firm

StarMine from Refinitiv is focused primarily on building quantitative factor models for institutional investors. StarMine from Refinitiv's equity analytics and research management tools help investment firms around the globe generate alpha and process equity information more efficiently. They are one of the largest and most trusted sources of objective equity research performance scores. Their performance scoring helps investors anticipate trends in analyst sentiment, anticipate surprises, evaluate financial statements for measures of earnings quality, and more.

Methodology

StarMine from Refinitiv's sophisticated scoring system facilitates fair comparison of firm recommendation performance across widely disparate industries and market conditions. StarMine from Refinitiv uses recommendations from research providers and the past performance of their recommendations at the sector level to create a quantitative metric, the StarMine from Refinitiv Relative Accuracy Score, for a given stock.

The Equity Summary Score provides a consolidated view of the ratings from a number of independent research providers on Fidelity.com. Historically, the maximum number of providers has been between 10 and 12. However, some stocks are not rated by all research providers. Since the model uses a number of ratings to arrive at an Equity Summary Score, only stocks that have four or more firms rating them have an Equity Summary Score. The StarMine from Refinitiv model underlying the Equity Summary Score has a few key components:

Normalize – Look at the research providers' buy and sell ratings distributions to understand which ratings are scarce and therefore more important.

The distribution of ratings from each of the independent research firms are normalized to make them more comparable with each other. For example, some research providers may issue a large number of buy recommendations and few sell recommendations, and vice versa. StarMine from Refinitiv adjusts for this by overweighting "scarce" ratings and underweighting "plentiful" ratings. By normalizing the distribution of ratings, the model can recognize the "scarcity value" of ratings that are infrequently given which adds additional information to the model.

Weight – Look at the 24 month relative firm/sector ratings accuracy and use that information to determine which firms' ratings have the most weight in the aggregated Equity Summary Score.

For over five years, provided on Fidelity.com, StarMine from Refinitiv has run its sophisticated scoring system to facilitate a fair comparison of research provider recommendation performance across widely disparate industries and market conditions. The StarMine from Refinitiv Relative Accuracy Score for each research provider uses the past performance of the provider's individual stock recommendations with that of its peers in each sector to calculate a statistical aggregation ranging from 1 to 100. It is calculated over a 24 month period based on the performance of a research firm within a given sector against its peer set of other firms in the market rating stocks in this sector. The calculation is analogous to a "batting average score", that is how often stocks rated "buy" outperform the market and stocks rated "sell" underperform the market as a whole. To get a score higher than 50, the industry-relative return of a firm's recommendations within a sector must, when taken together, be greater than those of the median provider.

Calculate – The normalized analysts' recommendations and the accuracy weightings are combined to create a single score. For the largest 1500 stocks by market capitalization, these scores are then forcibly ranked against all the other scores to create a standardized Equity Summary Score on a scale of 0.1 to 10.0 for the 1500 stocks. This means that there will be a uniform distribution of scores provided by the model and thereby assisting investors in evaluating the largest stocks [in terms of capitalization], which typically make up the majority of individual investors portfolios. Finally, smaller cap stocks are then slotted into this distribution without a force ranking, and may not exhibit the same balanced distribution.

Learn more about the Equity Summary Score Methodology (PDF) .

A monthly Equity Summary Scorecard is available to view the aggregate, historical, theoretical performance of the Equity Summary Scores/Sentiments across all covered stocks.

Research firms covering over 6,000 stocks.

What's Provided on Fidelity.com

Equity summary score.

The Equity Summary Score provides a consolidated view of the ratings from a number of independent research providers on Fidelity.com. Historically, the maximum number of providers has been between 10 and 12. However, some stocks are not rated by all research providers. Since the model uses a number of ratings to arrive at an Equity Summary Score, only stocks that have four or more firms rating them have an Equity Summary Score. Review Understanding and Using the Equity Summary Score Methodology (PDF) to learn more.

Equity Summary Scorecard

Each month StarMine from Refinitiv provides the historical, theoretical performance of the Equity Summary Scores across all covered stocks. The scorecard includes Total Return by Sentiment; Performance by Sector and Market Cap; and Universe Distribution to help you understand and compare the performance and composition of the Equity Summary Score model. View the current Scorecard .

StarMine from Refinitiv Relative Accuracy Score

The StarMine from Refinitiv Relative Accuracy Score measures the historical accuracy of analysts' recommendations. This independent and objective score can help you focus on firms with the strongest track record in deciding which stocks are investment-worthy.

The StarMine from Refinitiv Relative Accuracy Score is a relative measure that compares a firm's sector recommendation performance with that of its peers over the last 24 months. Scores range from 1 to 100 and are based on a statistical aggregation of how well a firm performed on all of its individual stock recommendations in a given sector. StarMine from Refinitiv first calculates the individual scores for each set of recommendations for a single stock over a 24 month period. Then StarMine from Refinitiv rolls up these individual performance scores into a firm's sector score. A firm scores well on an individual stock if it recommends a "Buy" and the stock outperforms its industry, a "Hold" that stays in-line with its industry, or a "Sell" that underperforms its industry. The StarMine from Refinitiv Relative Accuracy Score is computed by taking a simple average of the firm's single-stock recommendation scores on all stocks in a sector, and statistically adjusting to compensate for the differences in coverage among brokers. To get a score higher than 50, the industry-relative return of a firm's recommendations within a sector must, when taken together, be greater than those of the median firm.

StarMine from Refinitiv SmartEstimate and Predicted Surprise

StarMine from Refinitiv utilizes their sophisticated scoring system to provide a smart-weighted earnings estimate. The SmartEstimate is a calculation of the analyst's historical accuracy and timeliness of estimates that provides a weighted estimate rather than a simple average of analyst estimates (Current Consensus). The Predicted Surprise equals the difference between Current Consensus and the StarMine from Refinitiv SmartEstimate.

View Another Research Firm

Potential next steps.

• Find current analyst opinions using our Stock Screener.
• Check out the Research Scorecards to help you understand and compare historical performance of research providers ratings individually and in aggregate.

About Methodology

Analyst-driven methodology, quantitative model-driven methodology, other methodologies, how to choose.

Firms that take an analyst-driven approach have experts review market conditions and data as well as company information to create a recommendation. Typically, research firms have an approach or model that they use as a starting point for analysis to ensure a degree of consistency across multiple analysts.

The advantage of following a firm that has analyst-driven research is in the flexibility and insight that an individual can bring to the analysis. Critical market news or other developments that might be important to the future price of a stock generally won't be included in pure quantitative models. For example, consider a pharmaceutical company that has a critical drug review pending with the FDA. An analyst would typically review and discuss the potential impact of that upcoming drug and include that analysis in making a recommendation. Finally, another reason people use analyst-driven research is for the quality of the writing and insight that only a person can really bring to this work.

Firms that take a model-driven approach use quantitative models that process company financial data and market information (stock price and volume) to drive recommendations. Models are generally built and fine-tuned over a period of many years through a rigorous analytic process. Quantitative models are not subject to influence or interference from outside sources, so they are objective in that respect. They impose discipline and consistency on the research firm.

Because much of the analytical work is performed by computers, these firms are often able to cover a broader range of stocks, as well as update their recommendations more frequently based on company financial changes or market changes. There are many types of models in use by firms that may generate differing recommendations.

A few firms provide specialized analysis that can help you in researching stocks, including:

• Earnings Consensus & Analysis, which collects current and historical earnings estimates and compares them to actual results.
• Recommendations Accuracy Analysis, which offers quantitative analysis of the quality of firms' stock recommendations.
• Research Firm Performance Analysis, which ranks research firms by historical performance.
• Stock recommendation analysis, which evaluates the theoretical performance of research firms' buy, sell, or hold ratings.
• Stock chart pattern recognition, which evaluates chart and indicator patterns in the context of technical analysis.

Often, this type of research is used to complement or support other, more typical types of research.

As you think about which research firms to use, keep these three things in mind:

Review the firm score cards to see how well the firm's research ratings have performed in the past.

Look for a firm whose approach is consistent with your approach to investing. If you are an investor who prefers to own value stocks, then look for a research provider that stresses a value equity style.

Be sure to read sample reports from the firms whose research you're considering to ensure they provide you the information and insight that you are looking for.

Keep in mind that you may also want to combine research methodologies. For example, you may want to follow the recommendations of a quantitative firm, read the reports from an analyst-driven firm, and complement that with insight from a supporting research firm.

About Analysis Approach

Fundamental analysis, technical analysis, environmental, social & governance (esg).

• How To Choose

Fundamental analysis focuses on understanding the core value of a business. The first step in fundamental analysis is typically the analysis of a company's financial statements. Fundamental analysis also involves analyzing many other areas of a business such as the quality of the company's marketing or brand, its distribution network, the value added by its products, the firm's strategy, its operational capabilities, and the firm's competitors.

Technical analysis focuses on market action – specifically, volume and price. Technical analysis assumes that the market has already taken into account the fundamentals of a company, and it is only investors' buying and selling decisions that drive future stock price movements. There are many different technical analysis tools that are used, including indicators, trend lines, and chart patterns. All of these different tools, however, are based on analysis of volume and price.

This analysis focuses on understanding a firm's impact in non-financial terms. Environmental analysis focuses on understanding a firm's physical impact on the world around it. Social measures look at how a firm treats its employees and interacts with the surrounding community. Finally, governance looks at how a firm manages itself - how it pays its officers, interacts with its shareholders, etc.

When considering what stocks to buy or sell, you'll need to use the approach that you're most comfortable with. There are many people who believe fundamental analysis is the only way to go in researching stock; others believe that it's investors' decisions based on the technical analysis (i.e., buying and selling patterns), that really matter. Still others adopt a blend, using fundamental analysis to determine what stocks they want to buy and then technical analysis to help them decide when to buy the stock.

About Equity Style

A research firm that adheres to a growth style believes that growth prospects or growth history is the most important factor in valuing a company. They may look at revenue growth, profit growth, or margin growth, but they all try to identify stocks worth owning based on growth that is not being recognized in a company's stock price.

A research firm that adheres to a value style tries to buy companies whose assets are underpriced. Those assets may be physical assets, like equipment and real estate or streams of revenue and profits from customers. They may also include intangibles such as brand or reputation. Value investing is often associated with Graham and Dodd, and their book Security Analysis .

While investors may be comfortable with a growth or a value approach to investing, it's also important to look at the markets and see whether value or growth stocks are being favored. During periods when growth stocks are leading, you may see the performance of value–oriented research firms lag. Conversely, when value stocks are leading, growth–oriented research firms' performance may lag. Also, in certain industries or sectors, one of the approaches may be more typically used. Or conversely, when value stocks are leading, growth-oriented research firms' performance may lag. Also, in certain industries or sectors, one approach or the other may be more typically used.

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Refinitiv Workspace (also known as Refinitiv Eikon) is a research platform that includes company financials, private equity and venture capital, analyst reports (after market research), business news, and data on financial and economic markets worldwide. 

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To access, users must firs t  register for an individual account   with their Vanderbilt mail address and login with their own username and password. Users can chose to download the installed software or use Refinitiv Workspace via the web.

When registering, please identify as a student. Next, please select the add-on AMR (After Market Research) to ensure you have access to analyst reports/investment bank reports.

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• Refinitiv Workspace desktop application : a link to download the application will be included in the new account welcome email from  [email protected] . Users that install the desktop application will also have access to the Refinitiv Workspace add-in for Excel.
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For more information, watch this 'Installating & Accessing Refinitiv Tutorial' video.

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Refinitiv Workspace for Students  is available to authorized users at Vanderbilt University for non-commercial academic research.

• Refinitiv Workspace may be used for academic purposes exclusively. Any use for commercial purposes, including internships or other employment opportunities (even if during a term of academic study), is prohibited.
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