What we do

T-Rank is a software provider that delivers products and solutions for shareholder analysis.

The T-Rank starting point is a set of shareholder data. We receive shareholder data from one of our information providers, Bureau Van Dijk for international data and Evry for Norwegian data.

T-Rank then builds a complete shareholder network, and analyzes that network.

T-Rank calculates the effect of indirect and cross ownership in the shareholder network. The result enables the user understand who is behind and controlling a company.

Why is indirect ownership difficult, and why is it important?


The shareholder map above is from the Portugese company Santos & Vale LDA.

The red box is the company being analyzed, Santos & Vale LDA.
The brown boxes are personal shareholders.
The blue boxes are company shareholders.
The percentages on the arrows are direct ownership, as provided by Bureau Van Dijk.
The percentages inside the boxes are the indirect accumulated ownership a given box has in the company being analyzed, in this case Santos & Vale LDA.

The shareholder map shows two very important facts:

  • The three persons on the top indirectly control 33.33% each of Santos of Vale LDA, and that is through three direct 2% links.
  • Santos & Vale LDA indirectly owns 92.25% of itself.

These two facts are consequences of the ownership circles in the shareholder structure.

Why is it important to understand cross ownership?


The example above shows a circle of two companies. One of the companies owns the other by 100%, and the second company owns the first company by 99%.

Then you have one personal shareholder that owns the first company by 1%. That person indirectly owns both the companies by 100%.

This is an extreme example of the hidden difference between direct and indirect ownership.


Understanding circular ownership is important for the following reasons:

  • An ownership loop leads to self ownership.
  • Self ownership leads to a «hidden» difference between the direct ownership and the accumulated ownership for all shareholders outside the loop.
  • There are simple examples with one loop, as the example above, and there are complex examples with a lot of loops and loops within loops. A given loop can consist of two companies, or a series of companies.

T-Rank calculates the correct accumulated indirect ownership in all ownership structures.