Initiation reports
Our first look at a company. It covers the business, the industry, up to three thesis points, the model, the valuation, the risks and a 12-month target.
Equity research by students, free to read.
We cover Canadian and US public companies. Each report comes with a full three-statement model, a DCF and trading comps, and a price target, and the whole team reviews it before it goes up.
Read our research Get in touchInitiation, in progress
Aritzia Inc. (ATZ)
TSX · Consumer discretionary · Apparel retail
- Rating
- After review
- Price target
- After review
- Valuation
- DCF and comps
- Horizon
- 12 months
Not investment advice.
What we publish
We write these the way a sell-side desk would. Every report is a free PDF and you don't need to sign up for anything.
Earnings notes
One or two pages, out within a week of a covered company reporting. They say what changed and what it does to our numbers.
Sector primers
A primer on one industry: how it makes money, which KPIs we watch, and a comps table of the listed names.
Research library
Newest first. Click a company name to open the PDF.
| Company | Sector | Type | Published | Status |
|---|---|---|---|---|
| Aritzia (ATZ) | Apparel retail | Initiation | Fall 2026 | In progress |
Aritzia is our first report. If you want it in your inbox when it's published, email info@donwoodscapital.com.
How a report gets made
Every report goes through the same four steps. The Director of Research signs off before anything is published.
Pitch
An analyst brings a one-page pitch with three points at most. The team votes on whether to cover it.
Model
The analyst builds the model from the annual report and quarterly filings, then values the company with a DCF and trading comps.
Review
We go through the model line by line as a team. If a number can't be traced to a filing, it comes out.
Publish
The report goes up here with every key assumption listed, so you can see where we might be wrong.
The team
Eight founding members.
Johny Kocjan
Co-founder
Logan Keen
Co-founder
Alex Hunter
Director of Research
Aryan Pant
Founding analyst
Elly Heimbecker
Founding analyst
Eugene Malovanyi
Founding analyst
Kasia Makhnevych
Founding analyst
Luka Vukovic
Founding analyst
Talk to us
Email us about a report, about joining, or with a company you think we should cover. A person reads every message.
info@donwoodscapital.com