Equity Research case studies, worked step by step

Cases
100
Traced to a firm
30
Topics
12
Hard
30
Topic
All topicsStock pitch15Earnings and results9Forecasting and modelling10DCF and intrinsic value9Relative valuation7Financials6Sector economics9Forensic accounting9Industry structure and moats7Macro and commodity sensitivity7Capital allocation and corporate actions7Buy-side portfolio judgement5
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–10 of 100
  1. 001Take-home stock pitch with a model test: Brassvale Engineering has an order book of 2.4 years of revenue, 140 days of working capital and a 13% EBITDA margin. Build three years of EPS and cash flow and decide whether the order book converts to cash.Stock pitchHardBalyasny Asset ManagementNew York · 2026
  2. 002Quarzen Software beats revenue estimates by 1%, but guides next quarter to 2% sequential growth against a street expectation of 3.5%, and large deal bookings fell 20%. The stock falls 9%. Explain the move and rebuild next year's revenue.Earnings and resultsHardHedge fund long/shortSell-side equity research
  3. 003Model test: build one year of income statement, balance sheet and cash flow for Ombrano Packaging from a handful of drivers, and make the balance sheet balance.Forecasting and modellingHardSell-side equity researchMulti-manager pod
  4. 004Value Kavindra Group, which owns a cement business, a chemicals business and a 40% stake in a listed company, on a sum of the parts, and explain the holding discount.DCF and intrinsic valueHardSell-side equity researchIndian brokerage research
  5. 005Build a comps valuation for Tanvika Pharma from five peers trading between 18x and 42x earnings. Which peers do you keep, median or mean, and is a premium justified for Tanvika's higher US exposure?Relative valuationCoreSell-side equity researchIndian brokerage research
  6. 006Zenvora Broking earns 60% of its revenue from equity derivatives. New rules cut derivative volumes by 30%. With 70% of costs fixed, what happens to revenue and profit?FinancialsCoreSell-side equity researchHedge fund long/short
  7. 007Regional cement capacity rises 15% while demand grows 7%, and utilisation falls from 78% to about 73%. Rajvela Cement earns EBITDA of Rs 1,000 a tonne. What happens to price and EBITDA a tonne if producers cut price to hold share?Sector economicsHardSell-side equity researchIndian brokerage research
  8. 008Nerevo Agrochem books 45% of its annual revenue in the fourth quarter against 30% historically, and year-end receivable days jump from 90 to 150. Estimate how much revenue may have been pulled forward.Forensic accountingCoreSell-side equity researchHedge fund long/short
  9. 009Ritvara Batteries earns 80% of its profit from lead-acid batteries. Lithium takes 5%, 15% or 30% of its market over five years. What happens to profit in each case, and what could Ritvara do?Industry structure and moatsHardLong-only asset managementHedge fund long/short
  10. 010Coravi Auto Parts sells 45% of its output to the US, and a 25% tariff is imposed. Customers absorb 40% of it. What happens to volumes and EBITDA, and how would you defend your view under challenge?Macro and commodity sensitivityHardFranklin TempletonSan Mateo · 2024

Company names and figures are illustrative.