This Level provides an in-depth review of a tenant's financials over a 3-4 year period, with the emphasis on understanding long-term trends in key financial areas — revenue growth, profit margins, overhead factors, cash flow, balance sheet accounts, debt coverage ratios, overall capitalization, etc. Our analysis typically includes discussions with management about areas of concern and issues that require clarification.

The written report provides observations about the tenant's financial strengths and weaknesses and presents discussions and opinions about the strength of a tenant's credit. The report includes a detailed spreadsheet that summarizes a company's key financial statistics and scrutinizes the trends over a multiple year period. This trends analysis enables us to discover areas of weakness (if they exist) that hint at future problems for the company. Our conclusions assess the level of tenant risk and make recommendations about how to mitigate that risk.

Estimated fee range:* $800 - $1,400

The pricing on the reports is presented in estimated ranges since analytical projects vary widely in the complexity of financial documents, availability of market data, the cooperation of management, and other project-specific issues. The estimated fee schedules assume that a single company or market is being examined. The scrutiny of technology-based companies often requires specialized research efforts: markets are frequently ill-defined; the ability of management to productize a technology must be judged; and complex technologies need to be examined.

Expenses are in addition to analytical fees. All invoice payments are due on a net 30 day basis unless alternative arrangements are made prior to the start of a particular project.