Research Report

Research Report

The research reports, which are commissioned by Deutsche Börse AG, are compiled for all Scale segment issuers. A quantitative as well as a qualitative research report is provided for all companies. The reports contribute significantly to improving companies’ transparency and visibility among investors and facilitate the comparability of securities within the segment.


  • Institutional investors
  • Asset managers
  • Family offices
  • Retail investors
Edison Investment Research will create a qualitative research report for each Scale segment enterprise. The report will contain a qualitative description and assessment of the enterprise’s business model based on a personal meeting, an analysis of the company’s data as well as that of the competitive and market environment. The initial research report will be eight to ten pages long. An update of around four pages will be published twice a year.

Morningstar’s qualitative research report is based on the work of 120 Morningstar analysts who follow a qualitative approach. By means of a mathematical method, the work of the analysts is transferred to the small and medium-sized companies of the new segment. This process is based on the balance sheets and cash flow statements of the issuers. Each company is evaluated by means of twelve key indicators and updated daily.

Find Morningstar videos with the descriptions of the Star Rating for Stocks, the Fair Value Estimate and the Economic Moat Rating here. Both research approaches are independent and do not provide investment recommendations. Issuers are free to commission further research reports.

The research reports are available at


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Edison is an investment research and advisory company with offices in North America, Europe, the Middle East and Asia Pacific. Edison distinguishes itself through its equity research platform and deep multi-sector expertise. Its publications aimed at all market participants attract a wide international readership. The company leverages its knowledge of multiple sectors to provide nuanced services.


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Morningstar is a leading provider of independent financial services in North America, Europe, Australia and Asia with operations in 27 countries. The company offers an extensive range of products and services for retail investors, financial advisors and institutional investors. Morningstar provides data on nearly 540,000 investment products.