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 50 · filtered from 100Clear filters
  1. 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
  2. 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
  3. 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
  4. 011Serovan Pharma holds Rs 4,000 crore of net cash and trades at 25x earnings. Rank three uses of the cash: a buyback, an acquisition at 15x EBIT of a business earning a 12% return on capital, or a special dividend.Capital allocation and corporate actionsCoreSell-side equity researchBuy-side equity research
  5. 013Stock pitch case study: Halvoren Tiles has revenue of Rs 2,400 crore and a 14% EBITDA margin expected to reach 17% as gas costs fall. The stock trades at Rs 576, 18x next year's EPS of Rs 32. Build the long thesis, the catalyst and the one risk that breaks it.Stock pitchCoreMillennium ManagementNew York · 2024
  6. 014Fenvara Capital Goods has an order book of Rs 12,000 crore, order inflow of Rs 2,100 crore this year against Rs 3,000 crore last year, and revenue of Rs 2,600 crore. What does a book to bill of 0.8 imply for revenue two years out?Earnings and resultsCoreSell-side equity researchIndian brokerage research
  7. 015Run a whitespace analysis for Tamrika Pharmacies: 900 stores in 60 cities, mature cities at one store per 60,000 urban people, and 150 target cities holding 170 million urban people. How many stores can the network hold?Forecasting and modellingCoreViking Global InvestorsNew York · 2024
  8. 016Value Sarthal Power, a regulated utility, with a dividend discount model: dividend just paid Rs 12, growth 5%, cost of equity 11%, allowed return on equity 15.5%, payout 80%. The model says about Rs 210. Is the growth consistent with what the company retains?DCF and intrinsic valueCoreLong-only asset managementIndian brokerage research
  9. 017Compare two sectors through one company each: Medrova Hospitals grows 15% with an 18% return on capital at 55x earnings; Ghatola Cement grows 8% with a 12% return on capital at 30x. Which offers better prospects for the price?Relative valuationCoreWellington ManagementHong Kong · 2022
  10. 018Suvika Renewables owns 2 GW of solar at a 24% plant load factor selling power at Rs 2.6 a unit, which gives revenue of about Rs 1,093 crore. With Rs 7,000 crore of debt at 9%, is debt service covered?Sector economicsCoreSell-side equity researchResearch KPO and GCC

Company names and figures are illustrative.