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 16 · filtered from 100Clear filters
  1. 019Ochrelle Chemicals reports pre-tax profit of Rs 300 crore, of which Rs 90 crore is other income from gains on its treasury portfolio. What are core earnings, and what should each part of the profit be worth?Forensic accountingWarm upSell-side equity researchIndian brokerage research
  2. 021Hemvara Utilities pays out 90% of its profit as dividends while free cash flow is only 70% of profit. How is the gap funded, and is the dividend safe?Capital allocation and corporate actionsWarm upLong-only asset managementIndian brokerage research
  3. 023Veltrona Textiles grows revenue from Rs 2,000 crore to Rs 2,400 crore with debtor days of 70, inventory days of 90 and payable days of 60. How much extra working capital does the growth need?Forecasting and modellingWarm upSell-side equity researchResearch KPO and GCC
  4. 024Sudhira Home Care raises prices 6%, volumes fall 2%, and gross margin moves from 45% to about 48%. What are revenue growth and gross profit growth?Sector economicsWarm upSell-side equity researchIndian brokerage research
  5. 042Palvora Consumer trades at 45x earnings against its ten-year average of 38x and a range of 30x to 50x, while EPS growth is accelerating from 10% to 15%. Is it expensive?Relative valuationWarm upLong-only asset managementSell-side equity research
  6. 045Clarvin Auto Glass supplies 70% of the windshields for three car makers who together buy 90% of its output. Who holds the pricing power, and what does that mean for Clarvin's margins?Industry structure and moatsWarm upSell-side equity researchIndian brokerage research
  7. 046Rainfall is 10% below normal. Kheta Agri Inputs' volumes historically fall 0.6% for each 1% rainfall shortfall. With a 12% EBITDA margin and 40% of costs fixed, what happens to volumes and profit?Macro and commodity sensitivityWarm upSell-side equity researchIndian brokerage research
  8. 064Pellora Cooling sells 40% of its annual volume in April to June, and first-quarter revenue is up 30% on a heatwave. Why is multiplying the quarter by four wrong, and what is a sensible full-year number?Earnings and resultsWarm upSell-side equity researchIndian brokerage research
  9. 071Sundora Tea sells at a 20% price premium to loose tea and holds 18% of the market. What would you check to know whether the brand is a real advantage?Industry structure and moatsWarm upLong-only asset managementIndian brokerage research
  10. 072A fund wants a Rs 150 crore position in Sahvira Microfinance, which trades Rs 8 crore a day. Buying at 20% of daily volume, how many days does it take to build, and what does that mean for sizing?Buy-side portfolio judgementWarm upLong-only asset managementBuy-side equity research

Company names and figures are illustrative.