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 11–20 of 35 · filtered from 100Clear filters
  1. 041Case presentation to a panel: Helvika Solar has a bear value of Rs 180 (30%), a base of Rs 300 (50%) and a bull of Rs 450 (20%), against a share price of Rs 320. State your view and the uncertainty around it.DCF and intrinsic valueCoreSell-side equity researchResearch KPO and GCC
  2. 043Tarvik Tractors sells 60% of its volumes in rural areas. A weak monsoon cuts industry volumes 12%. With 45% of costs fixed and a 14% EBITDA margin, what happens to EBITDA?Sector economicsCoreSell-side equity researchIndian brokerage research
  3. 044Kesarvan Industries buys Rs 500 crore of raw material a year from a promoter-owned supplier at 12% above market. How much margin leaks, and what does it do to fair value at 20x earnings?Forensic accountingCoreSell-side equity researchResearch KPO and GCC
  4. 047Pallanza Hospitals raises Rs 1,000 crore through a placement at a 5% discount, adding about 8.8% to its share count, to build three hospitals that break even in year three. When does the deal start adding to EPS?Capital allocation and corporate actionsCoreSell-side equity researchIndian brokerage research
  5. 049Two-hour written test: build a first view on an unfamiliar industry from a data pack on Kestrova Cold Chain. Industry capacity is 40 million tonnes growing 12%, Kestrova's share is 3% and its utilisation 65%. Write five questions you would ask and a first forecast.Forecasting and modellingCoreResearch KPO and GCCBuy-side equity research
  6. 052Build a quarterly results preview for Tavirant Cement from volume, realisation and cost per tonne. What EBITDA do you expect, and which line is consensus most likely wrong on?Earnings and resultsCoreSell-side equity researchIndian brokerage research
  7. 057Forecast three years of US generics revenue for Kalpora Pharma, whose base erodes every year, which launches new products, and which has one limited-competition launch that falls away in year two.Sector economicsCoreSell-side equity researchResearch KPO and GCC
  8. 059Mandivar Marketplace, a B2B marketplace, raises its take rate from 2% to 3.5% and supplier churn rises from 5% to 8%. Does the network hold, and what is the revenue effect?Industry structure and moatsCoreHedge fund long/shortBuy-side equity research
  9. 060Crude falls from USD 90 to USD 60 a barrel. Fuel is 38% of Skyvela Airlines' costs and the rupee is flat. What happens to costs and EBITDAR if fares hold, and if half the saving goes into fares?Macro and commodity sensitivityCoreSell-side equity researchHedge fund long/short
  10. 065Ruvanta Steel Tubes lifts capacity from 1.0 to 1.6 million tonnes after a two-year build costing Rs 1,200 crore. With the new capacity running at 60%, 75% and 85% in its first three years, forecast volumes and asset turns.Forecasting and modellingCoreSell-side equity researchIndian brokerage research

Company names and figures are illustrative.