About Us
Our research team is made up of seasoned sector-specialists who boast an average 15 years of experience in securities analysis and industry practice. Rochdale Research analysts all employ our Economic Value Added based system, providing a consistent thought process throughout our universe of coverage. Thus, Rochdale Research is distinguished by its breadth of coverage as well as its unified approach to valuation. Our dedication to EVA® methodology results in truly differentiated valuations of the thousands of securities in our universe, and allows investors to compare companies and industries across all sectors.

Economic Value Added
Quite simply, Economic Value Added is a measure of the economic profit produced by a company as a result of operations. A key difference between economic profit and accounting profit is a charge for the use of equity capital. EVA analysis looks at all capital, both debt and equity. The Capital Charge is simply the Cost of Capital multiplied by Capital Invested. In this way, EVA accounts for the use of all capital in assessing performance.

Our Philosophy
Why use EVA over the traditional accounting measures of EPS or ROI? Of course, accounting measures often reflect changes in the value of a business. As with all "rules of thumb", accounting measures can work, particularly if applied by a skilled analyst who can "feel" when adjustments to the standard should be made. Investors have relied on accounting measures for countless years. However, each of these measures has a specific shortcoming that can be very costly in too many situations. When EPS continues to rise despite a fundamental negative shift in the economic value of a firm, the investment costs can be great. Or when a measurement shortcoming leads to excluding profitable investments, significant opportunities can be lost. Investors should use the best information and technology available to make their investment choices. How is a company doing? What is its financial performance? An Economic Value Added framework measures performance consistently and accurately.

Press Releases
TIMES COLONIST: Vessel runs aground off Alaska. Empress of the North comprises 15 per cent of Ambassadors' cruise capacity in 2007 and 6 percent of its revenue, according to Jaison Blair, an analyst at Rochdale Securities in New York. The company will lose $650,000 in sales each week the boat is out of service, he said.
 - May 15, 2007 BUSINESSWEEK ONLINE: Investing Q&A. The arrival of a new and untried Fed chairman is sure to produce investor unease, says Nicholas Colas of Rochdale Research
 - Feb 10, 2006 AMERICAN BANKER: Merrill Goal, Retail Banking Expansion. Mark Morgan, an analyst at Rochdale Securities LLC in New York, said in an interview Wednesday that Merrill's quest for revenue diversification is smart.
 - Feb 9, 2006 ON WALL STREET: Showtime for Gorman. "If you don't have a leader, that tends to create some turmoil," says financial services analyst Mark Morgan of Rochdale Research.
 - Feb 1, 2006 WALL STREET JOURNAL (Online): Small Stocks. "The fundamentals of the tech sector drove the market on Wednesday," said Nick Colas, director of research at Rochdale Research. Disappointing results from large caps Yahoo and Intel were the main factors in play, he said.
 - Jan 19, 2006