Elements that are unique in the initial company research reports and not in the subsequent ones are:

I. industry overview and competitive positioning
II. financial analysis and model
III. valuation
IV. ESG considerations

Correct Answer: I, II and IV

All reports end with a valuation, an investment recommendation, and investment risks.

Research reports typically include a valuation analysis, where analysts estimate the intrinsic value of the company's shares. This can involve various valuation methodologies, such as discounted cash flow (DCF) analysis, relative valuation (comparables) analysis, or asset-based approaches.