This paper examines the information search behaviour of security analysts , the first stage of their decision process. Their information cho ice , the set of attributes they selected in valuing the s tocks of each and every sampled company , is evaluated agains t two theoretical models of stock valuation the discounted cash flow model (DCF) and the capital a sset pricing model (CAPM) . The results indicate that most analysts ' information choice corresponds to those attributes advocated in the DCF model , and attributes advocated in the CAPM are rarely included in the analysts ' information cho ice . Earnings per share , price - earnings ratio , a security 's historical prices , sales , net income , and return on comm on equity dominate the analysts ' information choice , and moderate agreement in the analysts ' information choice is evidenced.