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 21–30 of 30 · filtered from 100Clear filters
  1. 058Trevika Apparel's inventory days rose from 110 to 160 while its gross margin rose from 38% to 42%. How can building stock lift the margin, and what does it mean for next year?Forensic accountingHardHedge fund long/shortSell-side equity research
  2. 061Aurevik Foods buys Zestora Naturals, a direct to consumer brand, for 6x sales. Zestora's operating profit is small but growing 30% a year. How many years until the deal earns Aurevik's 12% cost of capital?Capital allocation and corporate actionsHardBuy-side equity researchHedge fund long/short
  3. 062Hedge a Rs 50 crore long in Ornavi Specialty Tubes, which has no close listed peer. Given its betas to the market and to a capital goods basket, size the hedge and say what risk is left.Buy-side portfolio judgementHardBalyasny Asset ManagementNew York · 2026
  4. 076Your case competition pitch went long a retailer at Rs 400. A year later it trades at Rs 280 on lower earnings. Split the fall into the earnings miss and the de-rating, and say what you would do now.Stock pitchHardPoint72New York · 2026
  5. 077An electronics maker beats consensus EPS by 10%, but operating cash flow is negative, receivables jumped Rs 300 crore and there is a one-off export incentive. Was it a real beat?Earnings and resultsHardSell-side equity researchHedge fund long/short
  6. 079Value an EV charging network that loses money until year four. In one scenario it scales to Rs 600 crore of free cash flow; otherwise it is sold cheaply. How do you build one value?DCF and intrinsic valueHardBuy-side equity researchHedge fund long/short
  7. 081An NBFC with Rs 20,000 crore of loans sees gross NPAs rise from 2% to 4.5% and keeps provision cover at 55%. What does that do to credit cost and ROE this year?FinancialsHardSell-side equity researchIndian brokerage research
  8. 083A software company capitalises 45% of its R&D while peers capitalise 10%. Restate its EBITDA margin and free cash flow on a peer basis.Forensic accountingHardHedge fund long/shortSell-side equity research
  9. 084In a three-player food delivery market, who is poised to win and who is doomed to fail, given each player's share of orders, contribution per order and cash?Industry structure and moatsHardCoatue ManagementNew York · 2014
  10. 086A group is demerging its consumer arm, which peers value at 30x EBITDA, from its chemicals arm, valued at 12x. The group trades at 14x. How much value could the split unlock?Capital allocation and corporate actionsHardSell-side equity researchIndian brokerage research

Company names and figures are illustrative.