To provide French small and mid caps with research coverage that is useful to investors

Theia Recherche makes sense of small and mid caps listing through research produced to the highest standards of quality and independence. The structure of our analysis has been developed in partnership with mid-cap investors to meet their needs.

Being listed on the stock market is expensive. Euronext estimates this cost at between €200K and €300K per year, excluding internal staff costs. Including the time allocated by the management and communication teams, the total cost is over €500,000.

To transform this cost into value, the information issued by the company must be analysed, translated into a forecast of future flows and transcribed into a credible equity story for investors.

To be listed without being followed by financial analysts is to bear all the constraints of listing without deriving any benefit. (Rapport à l’OFEM de l’Université d’Orléans)

Sponsored research is paid for by issuers. It provides a solution to the financing of quality research for companies that are less and less followed spontaneously and more and more distantly.



Independence and transparency

As a pure-player in sponsored analysis, the only clients of Theia Recherche are issuers, in full transparency.

Paid by listed companies, Theia Recherche is distributed free of charge to all investors without restriction on its website, through its network and via the ResearchPool, Refinitiv and FactSet platforms.

Theia Recherche and the issuers sign together the Charter of Trust which guarantees their common vision of independence.

Theia Recherche is independent and does not sell advice or communication services. It does not receive any brokerage commission.

A member of the SFAF, François Digard, founder of Theia Recherche, is bound by its Code of Ethics. It stipulates in particular that “the studies written and the advice given by the SFAF member must have as their primary objective the interests of the recipients of his work. His analyses and advice must reflect his independence of judgement and objectivity […]. ”


One job, sponsored research

François Digard, founder of Theia Recherche, has over 20 years of experience in the financial markets at Natwest, Bankers Trust, ING, CA Cheuvreux and Natixis. He has won numerous awards as an analyst (including “Best Expert across all sectors” in the 2008 Extel Focus France ranking).

He is a graduate of the SFAF financial analysis training center and of EFFAS as an ESG analyst – CESGA ©. He also holds the AMF professional certification.

A member of the SFAF, of which he was a director from 2014 to 2018, François Digard has been a member of its ethics commission since 2012. He has been particularly involved in the work of the financial community on the implementation of MIFID II and was a member of the AMF’s Issuers Advisory Commission from 2017 to 2019.


With over 30 years of experience, Carole Rozen is a specialist in European small and mid caps. She has joined Theia Recherche as a senior advisor.

“A stock picker par excellence, she has analysed a very large number of companies and has marketed her research to French and foreign institutional investors.

Carole and her team’s analyses have been recognized and awarded by investors in France and Europe.

As a manager for several years, she invested in European mid caps.

Carole is a graduate of the SFAF.


Why Theia?

To illuminate the hidden value

In Greek mythology, Theia gave birth to the sun, the moon and the dawn. Through the celestial light she gave off, she enabled men to appreciate precious metals and gems. Associated with the gift of sight, Theia reveals the value of things and makes it possible to clearly discern situations.


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