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 15 · filtered from 100Clear filters
  1. 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
  2. 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
  3. 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
  4. 022Keep a long pitch ready: Ravestra Motors, a two-wheeler maker with revenue of Rs 9,000 crore, where electric models are 8% of volumes rising to 20% and carry a gross margin 10 points below petrol. Pitch it and show what the mix shift does to margins.Stock pitchCoreFranklin TempletonSan Mateo · 2024
  5. 034Case study on Kavelin Adhesives: 55% market share, ROCE above 35% for ten years, four price rises in three years with volumes still growing. What are its competitive advantages, are there barriers to entry, and can growth last?Industry structure and moatsCoreMorningstarAnonymous interview candidate in · 2023
  6. 036How would you IPO a school? Vidhyora Schools has EBITDA of Rs 150 crore and net debt of Rs 200 crore; at 20x EV/EBITDA it raises Rs 600 crore of new money and the promoter sells Rs 400 crore. Work out the post-money value, the dilution and the free float.Capital allocation and corporate actionsCoreWellington ManagementBoston · 2024
  7. 037Advise a long-only manager on building an ESG thesis on Hiravati Textiles: high water use, two effluent fines in three years, and export customers asking for audited data. What changes in the cash flows and the cost of capital?Buy-side portfolio judgementCoreNeuberger BermanNew York · 2025
  8. 038TMT stock pitch: Orvanta Cloud, an Indian software-as-a-service company with ARR of Rs 800 crore growing 30% and net revenue retention of 115%, trades at 9x EV/ARR against peers at 7x. Pitch it and name the two metrics that justify or break the premium.Stock pitchCoreMillennium ManagementNew York · 2023
  9. 040Use app and social media data to forecast Sanvora Beauty's quarterly sales. Downloads are up 25% and brand mentions up 40%; your estimate is Rs 410 crore against a street estimate of Rs 450 crore. How confident are you?Forecasting and modellingCoreTwo SigmaNew York · 2024
  10. 048Energy stock pitch: Ujjanta Gas Distribution, a city gas distributor with volumes growing 9%, a margin of Rs 7 per standard cubic metre and 30% of its gas bought at spot prices. Pitch it and handle the gas cost pass-through question.Stock pitchCoreFranklin TempletonSan Mateo · 2024

Company names and figures are illustrative.