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 51–60 of 100
  1. 051You pitched Kelvora Chemicals as a long. The portfolio manager grills you on Chinese prices, the new plant's utilisation and one customer at 40% of sales. Defend or concede each point with numbers, and say what would change your view.Stock pitchHardWellington ManagementBoston · 2019
  2. 052Build a quarterly results preview for Tavirant Cement from volume, realisation and cost per tonne. What EBITDA do you expect, and which line is consensus most likely wrong on?Earnings and resultsCoreSell-side equity researchIndian brokerage research
  3. 053Design a model to forecast three years of rental income for Stavrina Office REIT, whose in-place rents sit below market. Build it and name the drivers you would test.Forecasting and modellingHardTwo SigmaNew York · 2025
  4. 054DCF modelling assessment: take Trivanza Industrial Gases from revenue, margins, capex and working capital to a value per share, showing every step from enterprise value to equity.DCF and intrinsic valueHardJefferiesNew York · 2026
  5. 055The street values Velmora Refining at 6x FY27 EBITDA built on a peak refining margin. You normalise the margin to mid-cycle. Defend your variant view of the multiple.Relative valuationHardFranklin TempletonSan Mateo · 2024
  6. 056Kshemora Life Insurance trades at 2.5x embedded value. Given its value of new business and margin, what is the market paying for business it has not yet written?FinancialsHardSell-side equity researchIndian brokerage research
  7. 057Forecast three years of US generics revenue for Kalpora Pharma, whose base erodes every year, which launches new products, and which has one limited-competition launch that falls away in year two.Sector economicsCoreSell-side equity researchResearch KPO and GCC
  8. 058Trevika Apparel's inventory days rose from 110 to 160 while its gross margin rose from 38% to 42%. How can building stock lift the margin, and what does it mean for next year?Forensic accountingHardHedge fund long/shortSell-side equity research
  9. 059Mandivar Marketplace, a B2B marketplace, raises its take rate from 2% to 3.5% and supplier churn rises from 5% to 8%. Does the network hold, and what is the revenue effect?Industry structure and moatsCoreHedge fund long/shortBuy-side equity research
  10. 060Crude falls from USD 90 to USD 60 a barrel. Fuel is 38% of Skyvela Airlines' costs and the rupee is flat. What happens to costs and EBITDAR if fares hold, and if half the saving goes into fares?Macro and commodity sensitivityCoreSell-side equity researchHedge fund long/short

Company names and figures are illustrative.