Equity Research


High-quality Equity Research and Valuation Outsourcing Services

CFA Credentials

Our Head of Research is a CFA charterholder, and other analysts are candidates in the CFA Program. The globally recognized CFA® designation is the gold standard in the investment management profession.


We believe that lasting partnerships must rely on honesty and openness between partners. We don't play games. We will admit if we don't know or understand something, but we will always work hard to close gaps in our knowledge. We adhere to the CFA Institute's Code of Ethics and Standards of Professional Conduct.

Low Price

We operate in Moldova – the lowest cost European country, thus we can offer competitive pricing on our outsourcing services without sacrificing quality.


We have worked on numerous private companies and public stocks from a wide number of sectors: Basic materials, Capital goods, Consumer goods, Energy (Oil & Gas, alternative energy), Healthcare, Services, Technology (including hi-tech, biotech, IT), Transportation and others.

Public & Private Equity

We have analyzed and valued both publicly traded and privately held companies, including startups. The public stocks typically have market capitalisation between $50 million and $5 billion trading on NYSE, NASDAQ, OTCBB, AMEX, TSX, LSE, Euronext.


Our equity research analysts are fluent in several languages: English, Russian and Romanian, while French inputs can also be analysed.


A wide range of equity research outsourcing services, from support tasks to writing complete equity research reports with valuation

We offer a wide range of equity research outsourcing products to suit the needs of our customers. Note that we do not demand credit for products created by us (only payment), and you will retain full rights to any work we do for you (as long as it has been fully paid). You will own the copyright and we will not distribute the work to anyone else. We will maintain full confidentiality (we recognize that outsourcing may be a sensitive issue to some customers).

Moreover, our pricing is very flexible as we consider each client’s circumstances on an individual basis.

We offer the following financial outsourcing and valuation services:

Startups & Private Equity Research and Valuation

We have extensive experience working with private equity investors, including VCs. Our services include investment reports with financial models and valuation, and investment memorandums. We analyze both startups and established businesses, and these can be both in developed countries and in emerging markets.
Read more about our work with startups...

Public Equity Research and Valuation

We offer a wide range of equity research outsourcing services, from support tasks to writing complete equity research reports with valuation.
Our typical equity research report spans 20-30 pages and contains detailed analysis of a stock. We also fill historical models, gather data and do other research assignments for our customers.

Industry/market research

Market/industry research is an integral part of equity research and valuation and we regularly research various markets for our equity research reports. We perform in-depth market research. Note that this is secondary web-based research, using publicly available information from various sources. We always include the sources we use, so you can always verify where the information comes from.

Financial modeling

We have extensive experience in financial modeling. We have built models of publicly traded companies, private businesses and startups, for the purposes of valuation, business planning, fundraising etc.

If needed, our models include sensitivity analysis, scenarios, presentation charts and tables, and even custom functions and macros.

We build our financial models in the latest version of MS Excel. All manual inputs are always clearly labeled and the logic for projections is always explained.

Historical models

We have built thousands of historical financial models for our clients. Whether you need data pulled from SEC, SEDAR, AMF, LSE, ASX or any other public database or a company's own website, we can do it quickly and error-free. Our expertise in this field and proprietary tools mean we can do this faster than pretty much anyone else, while our financial background means we know what to look for in filings and reports.

We can often work with non-English language filings.

Excel & Data Entry

We use Microsoft Excel extensively in our work to analyse companies, value them, build tables and charts for reports and presentations and for internal needs. With this expertise, we can offer you a wide range of services involving the use of the powerful spreadsheet package that Excel represents.

We regularly sift through SEC filings, press releases and other documents in search for important information. Importantly, our financial background and experience allow us to execute such tasks thoughtfully, understanding what we’re doing and not simply executing work mechanically like robots. We also usually know where to look for particular data. We are also efficient at importing data into Excel from PDF files.

Analyst Support

We also can take care of various support tasks related to financial analysis and research:

Search for information
Financial modeling
Preparation of financial documents
Other tasks

Please contact us for specific requests.

Our Clients

Our client base is very diversified. The main client groups are represented by:

  • Independent equity research companies looking to outsource their equity research projects without hiring expensive staff on a permanent basis;
  • Consulting companies that need to complement their offering with valuation and equity research without hiring additional staff;
  • Investment banks looking for equity research outsourcing during periods of high workload and staff shortage;
  • Individual equity research analysts looking for help with high workload.
  • Companies in need of professionally-written investment memorandums or valuation reports for fundraising purposes.
  • Investors analyzing opportunities to invest in private equity.
  • A couple of large North American funds use our services to build historical financial models of listed companies.

We offer a comprehensive set of financial outsourcing products to suit every client’s needs. Moreover, our pricing is very flexible as we consider each client’s circumstances on an individual basis.

We have worked on UpWork (formerly Elance) since 2008 and have built a very good reputation. We are a Top-Rated Agency with 100% Job Success rate.

AskAnalyst UpWork Profile

Below you can see our reputation profile from Elance before it was merged into UpWork. You can access our UpWork profile here.


  • Excellent results as usual. AskAnalyst always comes through and does first rate work at an extremely reasonable price.

    Burke McCormack, Ardmore Capital
  • AskAnalyst's team has done a great job building a few financial models of listed small cap companies. The turnaround was fast. The communication on deadlines and issues is very transparent and professional. Analysts are very efficient in their desk research and the models they build are almost 100% perfect. I would highly recommend this freelancer.

    Elance Customer
  • Vitalie and his AskAnalyst team were very professional, and completed the task well within the schedule and budget. In particular, they were meticulous in making notes of where the numbers come from, any irregularities and how they treated them, which is very important for valuation. Thanks and we hope to work with them long-term.

    Elance Customer
  • Job well done and very fast turnaround as usual.

    Elance Customer
  • Excellent Group; They always exceed our expectations

    Elance Customer
  • Work was great, very efficient, accurate, precise, thoughtful, proactive, timely. Very happy. Will definitely use again.

    Elance Customer
  • I will definitely use Vitalie again. Very easy to work with, very patient and does fantastic work! Thank you.

    Elance Customer
  • An excellent analyst; knows his subject very well and exceeds expectations. Easy to work with and goes the extra mile to get things done correctly!

    Great guy to work with. Very smart and unlike many others really understands corporate finance and in this case bank finance. He found errors in an investor's model and made us look really smart. He is a among the best we have found.

    Burke McCormack, Ardmore Capital
  • Working with AskAnalyst was a very professional experience. He was prompt to respond to my inquiries and patient with explaining matters which were beyond my knowledge. An expert at his craft, I continue to work with him on other projects.

    Elance Customer


Private Equity Research Report & Valuation
$2,000 - $3,000U.S. Dollars
  • Best for: Investment Funds, Venture Capitalists, Startups
  • Length: 20-30 pages
  • Turnaround: 2-4 weeks
  • Financial model: 5...10-year forecast
  • Valuation: DCF
  • Data sources: company or client, internet
Public Equity Research Report & Valuation
$2,000U.S. Dollars
  • Best for: Investment Funds, Equity Research Boutiques
  • Length: 20-30 pages
  • Turnaround: 2-3 weeks
  • Financial model: 5-year forecast
  • Valuation: DCF, Multiples
  • Data sources: SEC filings, public information
Investment Memorandum
$2,000 - $3,000U.S. Dollars
  • Best for: companies looking for external financing
  • Length: 30-50 pages
  • Turnaround: ~4 weeks
  • Financial model: 5...10 year forecast
  • Valuation: none
  • Data sources: company or client, internet
Standard Historical Model
$65U.S. Dollars
  • Stock Listing Country: United States only
  • Stock Industry: Non-Financial only
  • Historical data: 5 years, incl. 2-3 years' worth or quarterlies
  • KPIs: Most are included (if reported in tabular form)
  • Turnaround: 1-3 working days after payment
  • Format: Excel
Non-standard Historical Models
$25/hourU.S. Dollars
  • Stock Listing Country: US and other
  • Stock Industry: any (including financial)
  • Any historical range, both annual and quarterly
  • KPIs: both tabular and from text
  • Turnaround: 2+ working days after payment (depends on amount of data)
  • Format: Excel
Analyst support
$25-$50/hourUS dollars per hour
  • Best for: busy analysts and teams, clients looking for temporary help
  • Both regular and one-off relationships are welcome
  • Projects include financial modeling, report editing, data search, verification, etc.
  • Third-party verified time tracking, escrow, and automatic billing via the UpWork platform


Free samples of our research and valuation work

Below are several samples of our equity research and valuation work (virtually all of our work is our customers’ property, so we can’t show them all to you).

Please note, equity research report samples are just that – samples, while our typical equity research reports have more content, spanning 20-30 pages, have more detail and include DCF models, company overview, SWOT tables etc.

Report Samples

South Australia Water Equity Research and Valuation Report

South Australia Water Equity Research and Valuation Report

A full equity research report sample prepared in October 2009 on an Australian state-owned water utility company. Download full report here

Mercom Oil Sands Plc Equity Research and Valuation Report

Mercom Oil Sands Plc Equity Research and Valuation Report

A full equity research report on a junior oil sands company, Mercom Oil Sands Plc, commissioned by CMP Capital and prepared in November 2012. Download full report here

Beyond Commerce Inc. Equity Research and Valuation Report

Beyond Commerce Inc. Equity Research and Valuation Report

A full equity research report sample on an OTCBB-listed e-commerce company. Download full report here

Oracle Sample Equity Research Report

Oracle Sample Equity Research Report

A brief equity research report on the technology company Oracle Corp. Download the sample report here

Suzlon Sample Equity Research Report

Suzlon Sample Equity Research Report

A brief equity research report on the Indian wind turbine maker Suzlon. Download the full sample report here

TomTom Sample Equity Research Report

TomTom Sample Equity Research Report

A sample equity research report on the navigation technology company TomTom prepared for a client who subsequently hired us. Download the full sample here

U.S. Insurance Market Sample Research Report

U.S. Insurance Market Sample Research Report

A sample report summarizing the trends of the U.S. Insurance market, prepared in July 2007. Download the full sample report here


AskAnalyst is a small team of financial analysts passionate about equity research, financial analysis and valuation.

We believe that financial analysis must be based on facts, solid logic, and common sense. At the same time, we believe it is an art, reflecting not only an analyst’s experience, but often personal beliefs and imagination. If we don’t know something, we look for an answer; and if we can’t find an answer that would make sense to us, we openly say so.

We believe in open communication with our customers. We do not over-promise, and we certainly do not under-deliver.

We enjoy what we do and believe this love translates into the high quality of our work.

Our Team

Oxana Sutreac

Oxana Sutreac

Senior Analyst & Customer Relationships

Oxana Sutreac joined AskAnalyst in early 2010. Prior to AskAnalyst, Oxana was an auditor with a Big Four audit company. Oxana is a self-motivated, result-oriented and open-minded person. Since 2006, Oxana regularly participates in local intellectual game competitions. Oxana has passed the Level 1 Exam in the CFA Program.

Elena Zandelova

Elena Zandelova


Elena joined AskAnalyst in 2015. Prior to AskAnalyst, she worked as an accountant with Counterpart International for two community development programs in Moldova and Georgia. Elena is an ambitious and open-minded person, with a great interest in different cultures. She is an alumni of several international scholarships, including Theodor Heuss Kolleg in Germany and Confucius Institute in China. In 2012 she gained the Level 5 in the HSK Chinese Proficiency Test. Elena has passed the Level 2 exam in the CFA Program.

Vitalie Eremia, CFA

Vitalie Eremia, CFA

Head of Research

Vitalie is our founder, Head of Research and senior analyst. Vitalie has a strong background in financial modelling and industry research. He began his career in finance while studying in university, devoting most of his time to a demanding job in a leading microfinance institution, where in a short time he progressed from project assistant to accountant. His excellent command of English language comes from two years of studies in the UK. Vitalie is a regular member of the CFA Institute.



We always welcome interest from Moldova-based professionals and even students or graduates aspiring to become professional equity research analysts. If you live in Moldova and are interested in joining our team, by all means get in touch with us.

If you’re not based in Moldova, unfortunately we have no possibility of hiring you at this time.

Contact Info