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 30 · filtered from 100Clear filters
  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. 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
  6. 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
  7. 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
  8. 012Merger arbitrage: Kaldrin Power Systems offers Rs 450 cash for Pravena Cables, which trades at Rs 420, with closing expected in six months and a fall-back price of Rs 330 if the deal breaks. What probability is priced in, and is the spread worth it if you think 85%?Buy-side portfolio judgementHardAQR Capital ManagementGreenwich · 2021
  9. 026One-week take-home: pitch Ashvik Logistics, an asset-light contract logistics company. Give three thesis pillars and cross-check value with a DCF and a peer multiple.Stock pitchHardWellington ManagementBoston · 2024
  10. 027Zentara Chemicals' EBITDA fell from Rs 400 crore to Rs 310 crore. Build the bridge from price, volume, raw material, currency and other items, and judge which parts are temporary.Earnings and resultsHardSell-side equity researchBuy-side equity research

Company names and figures are illustrative.