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 31–40 of 100
  1. 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
  2. 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
  3. 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
  4. 034Case study on Kavelin Adhesives: 55% market share, ROCE above 35% for ten years, four price rises in three years with volumes still growing. What are its competitive advantages, are there barriers to entry, and can growth last?Industry structure and moatsCoreMorningstarAnonymous interview candidate in · 2023
  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. 036How would you IPO a school? Vidhyora Schools has EBITDA of Rs 150 crore and net debt of Rs 200 crore; at 20x EV/EBITDA it raises Rs 600 crore of new money and the promoter sells Rs 400 crore. Work out the post-money value, the dilution and the free float.Capital allocation and corporate actionsCoreWellington ManagementBoston · 2024
  7. 037Advise a long-only manager on building an ESG thesis on Hiravati Textiles: high water use, two effluent fines in three years, and export customers asking for audited data. What changes in the cash flows and the cost of capital?Buy-side portfolio judgementCoreNeuberger BermanNew York · 2025
  8. 038TMT stock pitch: Orvanta Cloud, an Indian software-as-a-service company with ARR of Rs 800 crore growing 30% and net revenue retention of 115%, trades at 9x EV/ARR against peers at 7x. Pitch it and name the two metrics that justify or break the premium.Stock pitchCoreMillennium ManagementNew York · 2023
  9. 039Twenty-minute investing case with rapid-fire questions: Sarvaka Consumer's revenue grew 9% against 12% expected, the EBITDA margin beat, EPS beat by 3% on other income, and the stock fell 4%. Answer six quick questions crisply.Earnings and resultsWarm upFidelity InvestmentsToronto · 2024
  10. 040Use app and social media data to forecast Sanvora Beauty's quarterly sales. Downloads are up 25% and brand mentions up 40%; your estimate is Rs 410 crore against a street estimate of Rs 450 crore. How confident are you?Forecasting and modellingCoreTwo SigmaNew York · 2024

Company names and figures are illustrative.