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Our promise

We promise highest research quality and optimum support. We supply our clients value added research, which is way beyond the contents of the financial reports and the typical press releases of the company. We rely on many years of experience as analysts and invest in intensive communications with the management of the companies in our coverage. We use all customary valuation methods with the goal of ensuring the best possible transparency for investors.

Thanks to our focus as a pure-play research firm, we are not subject to conflicts of interests that might arise in integrated investment banks due to other departments' requirements or financial participations. As a basic principle, our analysts do not invest in the companies covered by Sphene Capital GmbH. Any remaining potential conflicts of interest are disclosed.

Our Approach

Established in 2010, Sphene Capital GmbH considers itself to be the quality leader in equity and bond research for German small and mid caps.

The initiation report commences with an outline of the company's business model. We provide an in-depth analysis of its products and services, value chain and unique selling propositions (USPs). In addition, we analyze the company's competitive position, the level of competitive intensity, supplier and customer structures and the enterprise's positioning by region and sector. We perform a SWOT analysis of strengths and weaknesses and, if applicable, a competitive analysis on the basis of Porter's model.

The next step involves analysis of the company's historical financial data. Ideally, we take a look at financial reports across a full economic cycle. Proceeding from there, we forecast future financial data, putting together a comprehensive, integrated model made up of segment analysis, income statement, balance sheet, and cash flow statement..

Finally, we perform the company valuation. We use all customary valuation methods and select those geared best to the specific situation of the company in question; in some cases, we might even develop valuation methods of our own.

Due to our cooperation with the leading German information service provider, our research products are distributed to all relevant news agencies like Reuters, Bloomberg oder S&P Capital IQ, newspapers and financial publications. In addition, there are approximately 6,500 institutional investors, asset managers and family offices in Germany and other European countries with an affinity for small caps on the distribution list. We maintain regular face-to-face and phone contacts with these information multipliers and support them in their investment decisions.

We also have contacts with influential journalists and stock-market newsletters and regularly write articles for them on the companies we cover.

Upon request, we organize non-deal related roadshows to institutional clients in Germany, Switzerland, Austria and the UK.

Alongside original research services, we offer management training in the area of capital markets communications and compile and update company fact books and enterprise presentations upon request.

Our Analysts

Peter Thilo Hasler

After studying economics at the University of Passau, Hasler began his career as a financial analyst for technology stocks at Bayerische Vereinsbank in Munich. In the mid-1990s, he became promoted to deputy head of company research and was responsible for all IPOs of the bank. At the end of the 1990s, Peter Hasler became Head of Neuer Markt Research at HypoVereinsbank and later Head of Small Caps Research at UniCredit. In 2006, Hasler joined Viscardi AG, a Munich-based investment bank, and from 2010 to 2013, he was Partner and Member of the Board at Blättchen & Partner AG, a leading German M&A advisory firm.

Peter Thilo Hasler is member of the board of German Association for Financial Analysis and Asset Management (DVFA), where he is also deputy chairman of the DVFA Expert Group Company Analysis and lecturer for various training courses.

Since 2014, Peter Hasler is lecturer of Asset Management and Investor Relations at the FOM Munich, a private university. Hasler is author of numerous articles and books on business valuation as well as corporate bonds and writes regular columns in the financial press. Peter Hasler is happily married and has two sons.

Susanne Hasler

Susanne Hasler is founder and managing director of Sphene Capital. She began her career as a strategist for Euroland equity markets at Bayerische Hypotheken- und Wechsel Bank and continued this position at Bayerische Hypo- und Vereinsbank. She was responsible for analysis of fundamental market structures in the Euro zone equity markets. In 2001, Susanne Hasler switched to company research. She started her research coverage with the retail, consumer and luxury-goods sectors.

From 2001 onward, her responsibilities included utilities and construction companies and the then still young sector of renewable energies. In 2008, she assumed responsibility for stocks from the transport, logistics and steel sectors. In late 2009, Susanne Hasler left HVB/Unicredit to subsequently establish Sphene Capital GmbH.


As of February 1, 2018, Sphene Capital has been selected by Euronext, Europe's leading pan-European stock exchange, as its preferred research partner for its Trade & Leverage program.

The program was developed as part of the European Tech Initiative for small and medium-sized enterprises. It is aimed at German, Italian, Spanish and Swiss companies from three segments Life Science (Biotech and Medtech), TMT (Technology, Media, and Telecommunications) and Cleantech. Following their listing, the companies will benefit from investor relations initiatives sponsored by Euronext.

For German-speaking countries (Germany, Austria, and Switzerland), Sphene Capital was selected as one of two research partners. Relevant for the decision were Sphene Capital’s proven track record in TMT, biotech, and pharmaceutical companies as well as its dedicated expertise in the evaluation of companies.


Just a selection of our references:


Sphene Capital GmbH
Wettersteinstrasse 4
82024 Taufkirchen/Munich | Germany
HRB 187636 - Local court of Munich
Tax-ID: DE273588050
Peter Thilo Hasler +49 (152) 31764553
Susanne Hasler +49 (176) 24605266