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 30 · filtered from 100Clear filters
  1. 028Case study, then a debrief with the portfolio manager: Telvarra Telecom raises tariffs 15% and expects to lose 3% of subscribers. Model the effect on revenue and EBITDA, and defend it.Forecasting and modellingHardHedge fund long/shortMulti-manager pod
  2. 030Ferrano Retail reports under Ind AS 116 with Rs 300 crore of lease liabilities; its peer expenses most store rent. Adjust EV and EBITDA so the two can be compared fairly. Which is cheaper?Relative valuationHardSell-side equity researchBuy-side equity research
  3. 032Ambrosa Developers pre-sold Rs 5,000 crore of flats this year but books revenue on completion, so reported revenue is Rs 2,200 crore. Value it on net asset value instead of P/E.Sector economicsHardSell-side equity researchIndian brokerage research
  4. 033Over five years Mardanta Infra reported cumulative profit of Rs 2,000 crore but operating cash flow of only Rs 600 crore, with unbilled revenue rising every year. What is happening, and what would you ask management?Forensic accountingHardSell-side equity researchHedge fund long/short
  5. 035Tamravat Copper mines 200,000 tonnes a year at a cash cost of USD 6,500 a tonne. The copper price falls from USD 9,000 to USD 8,000. What happens to EBITDA, and how does a 30% hedge at USD 8,800 change it?Macro and commodity sensitivityHardSell-side equity researchHedge fund long/short
  6. 051You pitched Kelvora Chemicals as a long. The portfolio manager grills you on Chinese prices, the new plant's utilisation and one customer at 40% of sales. Defend or concede each point with numbers, and say what would change your view.Stock pitchHardWellington ManagementBoston · 2019
  7. 053Design a model to forecast three years of rental income for Stavrina Office REIT, whose in-place rents sit below market. Build it and name the drivers you would test.Forecasting and modellingHardTwo SigmaNew York · 2025
  8. 054DCF modelling assessment: take Trivanza Industrial Gases from revenue, margins, capex and working capital to a value per share, showing every step from enterprise value to equity.DCF and intrinsic valueHardJefferiesNew York · 2026
  9. 055The street values Velmora Refining at 6x FY27 EBITDA built on a peak refining margin. You normalise the margin to mid-cycle. Defend your variant view of the multiple.Relative valuationHardFranklin TempletonSan Mateo · 2024
  10. 056Kshemora Life Insurance trades at 2.5x embedded value. Given its value of new business and margin, what is the market paying for business it has not yet written?FinancialsHardSell-side equity researchIndian brokerage research

Company names and figures are illustrative.