Download the report and do a search for "fee". In the disclaimer they acknowledge they are being paid USD 65k for consulting services, which includes the preparation of the report.
I personally don't like companies paying for research because I think their IR budget can be better spent - professional investors wouldn't put too much weight on paid research from brokers they have never heard of.
On the other hand, companies only get free coverage if they have or are likely to have a corporate relationship (e.g. can be paid to do a cap raise), so they are effectively paying for research anyway.
While I wouldn't blindly accept any recommendation or price target in these reports, I wouldn't completely dismiss the report either - for those new to the stock or wanting a new perspective, they provide good background on the business, industry etc and then the reader can come to their own conclusion.
I'll be reading but bearing in mind any biases. You have to consider as well that unless you guys have attended roadshow meetings personally, the author would have had closer contact with Executive Management, so had a chance to ask questions about the business while preparing the report. Worth a read.
