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 70 · filtered from 100Clear filters
  1. 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
  2. 031Build Nirvela Bank's return on equity from an ROA tree: margin, fees, cost to income, credit cost, tax and leverage. Where is the gap to a peer earning 17%?FinancialsCoreSell-side equity researchIndian brokerage 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. 041Case presentation to a panel: Helvika Solar has a bear value of Rs 180 (30%), a base of Rs 300 (50%) and a bull of Rs 450 (20%), against a share price of Rs 320. State your view and the uncertainty around it.DCF and intrinsic valueCoreSell-side equity researchResearch KPO and GCC
  7. 042Palvora Consumer trades at 45x earnings against its ten-year average of 38x and a range of 30x to 50x, while EPS growth is accelerating from 10% to 15%. Is it expensive?Relative valuationWarm upLong-only asset managementSell-side equity research
  8. 043Tarvik Tractors sells 60% of its volumes in rural areas. A weak monsoon cuts industry volumes 12%. With 45% of costs fixed and a 14% EBITDA margin, what happens to EBITDA?Sector economicsCoreSell-side equity researchIndian brokerage research
  9. 044Kesarvan Industries buys Rs 500 crore of raw material a year from a promoter-owned supplier at 12% above market. How much margin leaks, and what does it do to fair value at 20x earnings?Forensic accountingCoreSell-side equity researchResearch KPO and GCC
  10. 045Clarvin Auto Glass supplies 70% of the windshields for three car makers who together buy 90% of its output. Who holds the pricing power, and what does that mean for Clarvin's margins?Industry structure and moatsWarm upSell-side equity researchIndian brokerage research

Company names and figures are illustrative.