Public Equities & Securities Analysis
F1 Equity Research Fundamentals
What the job is, and what an equity actually is as an instrument.
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Equity
Topic 02Debt Security: Claim, Return and Control
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Equity Research
Topic 02Security Analysis: Job and Method
F2 Equity Markets and Listings
The market the instrument trades in. Listing, primary and secondary, corporate actions.
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Public
Topic 02Private Company: What Actually Differs
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Buyback
Topic 02Rights Issue: Opposite Actions Compared
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IPO
Topic 02Follow-on Offering: Price, Disclosure and Time
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Bonus Issue
Topic 02Stock Split: The Real Difference
F3 Market Data and Liquidity
What the market publishes about itself, and what each number does and does not say.
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Fair Value
Topic 02Market Price: Two Different Objects
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Volume Growth
Topic 02Price Growth: Two Different Signals
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Price Return
Topic 02Total Return: Why the Gap Is the Dividend
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Liquidity
Topic 02Volatility: Two Properties, Not One Number
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Large, Mid and Small Capitalisation Companies Compared
F4 Sector Research
The field before the company. What moves a sector and where one company sits in it.
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Secular
Topic 02Cyclical Growth: Telling Them Apart
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Top-Down
Topic 02Bottom-Up Research: Where the Work Starts
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Sector
Topic 02Thematic Research: What Defines the Set
F5 Earnings Analysis
The recurring work. Guidance, consensus, and building a forecast from drivers.
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Guidance, Forecast, Estimate and Result: Four Numbers
F6 Quality of Earnings
Whether the reported number is a sound base for the forecast just built.
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Revenue Growth
Topic 02Earnings Growth: Why the Two Differ
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Recurring
Topic 02Non-Recurring Earnings: What to Forecast
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Reported
Topic 02Adjusted Earnings: Who Defines Each One
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EBITDA
Topic 02Free Cash Flow: What Each Measure Leaves Out
F7 Valuation Application
Applying D04's methods to a real company, and the boundary this platform holds.
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Discounted Cash Flow and Multiples: Where Assumptions Sit
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Thesis Risk and Valuation Risk: Two Different Failures
F8 Research Thesis and Models
The view itself. What it rests on, what would break it, and over what horizon.
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Fact
Topic 02Thesis: What the Record Settles and What It Cannot
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Scenario
Topic 02Sensitivity: One Variable or a Coherent Set
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Confidence
Topic 02Certainty: Stating a Belief Without Claiming One
F9 Corporate Events
What changes the thesis from outside the model. Mergers, raises, management change.
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Corporate Event
Topic 02Research Catalyst: The Difference
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Organic
Topic 02Acquisition-Led Growth: Telling Them Apart
F10 Governance and Disclosure
What ownership and disclosure reveal, and what research may legitimately read into it.
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Disclosure
Topic 02Disclaimer: What Each One Is Evidence Of
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Board Independence
Topic 02Management Independence
F11 Research Discipline and Cases
The professional layer. Coverage, output, independence and the pass before publication.
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Research Note
Topic 02Research Report: What Each Carries
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Peer Group
Topic 02Coverage Universe: What Fixes Each Set
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Fact
Topic 02Opinion in Research: Where the Line Actually Is