AVESCON is an independent Swiss research and investment firm founded in Zurich in 2003.
Its two founders, Steffen Binder and Christian Nolterieke, are successful entrepreneurs and investors who have built and sold various companies.
«Our approach to investing has been shaped not only by financial analysis, but also by our own, decades long experience as entrepreneurs.»
Focus
European Small & Mid Caps
We believe that lower analyst coverage, less efficient information flows and a greater diversity of business models can create attractive opportunities for entrepreneurial investors willing to conduct their own research.
«We focus on listed European companies that receive limited or no attention from large investment banks and institutional research providers.»
Frontier Markets
We selectively research listed companies in frontier and less-developed capital markets.
These markets often combine attractive long-term growth opportunities with limited research coverage, lower transparency and greater political, regulatory and governance risks.
«Understanding the local context in frontier markets is therefore an integral part of our investment analysis.»
These market segments are often under-researched, receive limited analyst coverage. To address this, AVESCON has developed its own independent equity research capabilities.
Independent, Proprietary Research
Our research combines fundamental company analysis with primary research, management meetings, industry contacts and, where relevant, on-site research from an entrepreneurial perspective.
We do not limit ourselves to scrutinizing the balance sheet and forecasting numbers.
«We are deeply convinced that qualitative factors like the personality and integrity of the managment team and the political, regulatory and social environment are the decisive long-term drivers of a company’s success.»
About Us
AVESCON is an independent research and investment firm founded in Switzerland in 2003 by Steffen Binder and Christian Nolterieke.
Their investment approach is shaped not only by financial analysis, but also by decades of hands-on entrepreneurial experience building and developing research and technology businesses.
«Together, we founded several successful companies, including Forit Research and MyPrivateBanking, both of which were subsequently acquired by international publicly listed corporations.»
This successful entrepreneurial background gives AVESCON a practical perspective on business development, strategic positioning, company valuation and transaction processes.
Christian Nolterieke – Co-Founder & Managing Partner
Christian Nolterieke co-founded AVESCON in 2003. His background is in economics and he has in-depth experience in strategy consulting, entrepreneurship and market research.
At Avescon he focuses on innovation assessment, business development and international market analysis, in particular on frontier markets.
Steffen Binder co-founded AVESCON in 2003 and has extensive experience in management consulting, investment research, financial services and entrepreneurship.
At AVESCON, his work focuses primarily on company valuation, investment research and the identification of attractive investment opportunities. Steffen is also the author of the book «Professional Investment Strategies for the Stock Market«.
Building and successful selling businesses ourselves has strongly influenced the way we analyse companies today. We look at investments not only through financial statements and valuation models, but also from the perspective of entrepreneurs:
How attractive is the market really? What makes the business difficult to replicate? How does management allocate capital? What can go wrong? And what could the business look like five or ten years from now?
In frontier markets, we place additional emphasis on political, regulatory, currency and governance risks as well as the broader economic environment in which a company operates.
«Our research is conducted primarily for our own investment activities and combines research based on public and proprietary sources and on-site visits.
We believe in the importance of understanding the goals, motivations and integrity of the executives running a business.»
Research for Professional Investors
AVESCON makes selected proprietary research available to family offices, asset managers and other professional investors.
We do not accept issuer-sponsored research mandates. This allows us to determine independently which companies and markets we research and which conclusions we draw.
A sample research report is available in our library, providing an example of our analytical approach and research methodology.
