First Berlin Equity Research

We provide independent equity research and market intelligence on small and micro cap companies in a variety of sectors to banks, asset managers and other institutional investors.

Our equity research team analyses economic, market, industry and company data to optimise the performance of our clients’ investment portfolios and to help companies set their strategic direction. Purely focused on micro and small cap companies, our analysts offer stock recommendations and insights into industry trends and precise valuation perspectives through in-depth reports.

Strength in Relationships

Close connection to management of the companies we cover, some of which we’ve been working with for 20 years such as PSI Software SE and PNE AG

Global distribution list of institutional investors for each industry sector with readership lists generated each month

Investment recommendations available through major financial portals (i.e. aktiencheck.de, onvista.de, etc.)

Channels & Distribution

DGAP, Thomson Reuters, Deutsche Börse Capital Market Partner, FactSet, S&P Capital IQ Research reports read by over 2,500 institutional investors and cited in financial media including Börsenzeitung, der Aktionär, €uro am Sonntag, Handelsblatt, FAZ und Wirtschaftswoche

Research Team

Dr. Karsten von Blumenthal

Senior Analyst – Cleantech

Specialised in renewable energy & green hydrogen he has been involved in financial markets since the 1990s working for companies such as SES Research/M.M.Warburg in Hamburg and a mutual fund subsidiary of Allianz-Dresdner Bank in Frankfurt. He has a PhD in Economics from the University of Hamburg and has been working for First Berlin since 2010.

Simon Scholes, CFA

Senior Analyst – Biotech and Resources

CFA® charterholder and Oxford alumnus with more than 25 years of experience as a sell-side analyst at ABN AMRO in London and at Bankgesellschaft Berlin in Frankfurt. At First Berlin he supervises equity research projects and is a 2018 Thomson Reuters Europe Analyst Award winner as No. 1 Stock Picker in Biotechnology.

Ellis Acklin

Senior Analyst – Real Estate and Technology

After a tenure at Jefferies International in London, Ellis re-joined First Berlin in 2014 and now focuses on real estate and financial services companies. He has over 20 years of experience on the buy and sell sides of the equity markets and a background that also includes financial consultancy services for Berlin-based start-ups. He studied at Southern Methodist University, Dallas, and holds a BS in Economics.

Christian Orquera

Senior Analyst

Christian joined First Berlin in 2005. Christian’s financial analysis is focused on Small Cap Companies from the Biotech, IT and VC fields. Prior to First Berlin, he worked as a sell side analyst at Bankgesellschaft Berlin.

Alexander Rihane

Analyst

Alexander joined First Berlin in 2023 after completing his Bachelor of Science in mathematics and theoretical physics at Maastricht University. In his bachelor’s thesis on portfolio optimization, he constructed a set of efficient portfolios to outperform their benchmark index.

Our Core Values

The principles of integrity, transparency and competence drive our research and provide the basis for a fair analysis and valuation of companies.

Why we are proud of First Berlin Equity Research

  • We strive to produce thoroughly researched, clearly argued investment ideas

  • We can afford to turn down poor quality companies

  • We have deep sector expertise in renewable energies

  • We look at companies from angles others don’t

Want to meet the team?

If you have unanswered questions about our services and are classified as an institutional investor, contact us to see how we can service your institution.