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 91–100 of 100
  1. 091Build WACC for an auto components maker whose regression beta is 1.3 while peers' unlevered beta averages 0.9. Which beta do you use, and why?DCF and intrinsic valueCoreSell-side equity researchIndian brokerage research
  2. 092An asset manager runs Rs 1.5 lakh crore at a blended fee yield of about 0.54%, with equity 45% of assets. What happens to revenue if equity rises to 55% of the same assets?FinancialsWarm upSell-side equity researchIndian brokerage research
  3. 093A fashion retailer's new store costs Rs 3 crore and makes Rs 6 crore of sales at a 15% store EBITDA margin. What is the payback, and what sales per store would make payback two years?Sector economicsWarm upSell-side equity researchIndian brokerage research
  4. 094A pharma company carries contingent liabilities of Rs 1,200 crore against net worth of Rs 2,000 crore, mainly tax disputes, and has just changed auditor. How would you size the risk in value per share?Forensic accountingCoreSell-side equity researchHedge fund long/short
  5. 095Soda ash is priced off the industry cost curve. The lowest-cost producer makes it for Rs 18,000 a tonne and the marginal producer for Rs 26,000. A new low-cost entrant adds 10% capacity. What happens to price and to the low-cost producer's margin?Industry structure and moatsCoreSell-side equity researchBuy-side equity research
  6. 096Suppose the GST rate on small cars falls from 28% to 18% and a carmaker passes it on fully. With demand elasticity of 1.2, what happens to prices, volumes and the carmaker's profit?Macro and commodity sensitivityWarm upSell-side equity researchIndian brokerage research
  7. 097A steel company plans to double capacity for Rs 8,000 crore against a market value of Rs 12,000 crore. The new plant's mid-cycle ROCE is 11% against a 12% cost of capital. Should the market welcome it?Capital allocation and corporate actionsCoreLong-only asset managementSell-side equity research
  8. 098Write a one-page investment memo on a PVC pipe maker trading at 32x earnings, with revenue of Rs 3,100 crore, 30,000 dealers and resin prices that swing 25% a year. What goes in each section?Stock pitchCoreFidelity InvestmentsToronto · 2026
  9. 099An appliance maker raised prices 5% from the second month of a quarter in which revenue was Rs 900 crore. At flat volumes, how much extra revenue does the full-quarter effect add next quarter?Earnings and resultsWarm upSell-side equity researchIndian brokerage research
  10. 100A toll road has 10 years left on its concession and earns Rs 200 crore of cash a year. At a 10% discount rate, what is it worth, and what goes wrong if you value it as a perpetuity?DCF and intrinsic valueWarm upSell-side equity researchResearch KPO and GCC

Company names and figures are illustrative.