We Cover What the Banks Abandoned.

Following the implementation of MiFID II in 2018, sell-side coverage of smaller growth companies contracted significantly. Today, hundreds of UK and European listed businesses receive little or no active research coverage. This represents a persistent information gap — and a structural opportunity for active fund managers willing to do proprietary work.

Lumina Research exists to close that gap. We publish initiations of coverage, earnings reviews, sector primers, and deep-dive reports on companies where we have identified either a material valuation discrepancy or a structural growth thesis that the market has yet to price.

All analysis is built on proprietary financial models using DCF, EV/EBITDA, and peer-group comparisons as appropriate. We conduct management meetings, sector channel checks, and competitive analysis for every initiation. Every investment conclusion is accompanied by a clear base case, upside scenario, and principal risks.

Our primary focus is UK-listed equities, with selective coverage of Nordic, DACH, and Eastern European growth companies where we identify material research gaps. We do not cover FTSE 100 names, FX markets, commodities, or macro. We are specialists.