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 19 · filtered from 100Clear filters
  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 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

Company names and figures are illustrative.