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 41–50 of 100
  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 046Rainfall is 10% below normal. Kheta Agri Inputs' volumes historically fall 0.6% for each 1% rainfall shortfall. With a 12% EBITDA margin and 40% of costs fixed, what happens to volumes and profit?Macro and commodity sensitivityWarm upSell-side equity researchIndian brokerage research
  7. 047Pallanza Hospitals raises Rs 1,000 crore through a placement at a 5% discount, adding about 8.8% to its share count, to build three hospitals that break even in year three. When does the deal start adding to EPS?Capital allocation and corporate actionsCoreSell-side equity researchIndian brokerage research
  8. 048Energy stock pitch: Ujjanta Gas Distribution, a city gas distributor with volumes growing 9%, a margin of Rs 7 per standard cubic metre and 30% of its gas bought at spot prices. Pitch it and handle the gas cost pass-through question.Stock pitchCoreFranklin TempletonSan Mateo · 2024
  9. 049Two-hour written test: build a first view on an unfamiliar industry from a data pack on Kestrova Cold Chain. Industry capacity is 40 million tonnes growing 12%, Kestrova's share is 3% and its utilisation 65%. Write five questions you would ask and a first forecast.Forecasting and modellingCoreResearch KPO and GCCBuy-side equity research
  10. 050Present a short stock pitch on Nerolia Jewellers: stores rising from 40 to 60, same-store sales growth of 8%, gold price moves passed through, inventory funded partly by gold loans. One paragraph of thesis and one risk.Stock pitchWarm upAmundiBotson · 2022

Company names and figures are illustrative.