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 1–10 of 70 · filtered from 100Clear filters
  1. 002Quarzen Software beats revenue estimates by 1%, but guides next quarter to 2% sequential growth against a street expectation of 3.5%, and large deal bookings fell 20%. The stock falls 9%. Explain the move and rebuild next year's revenue.Earnings and resultsHardHedge fund long/shortSell-side equity research
  2. 003Model test: build one year of income statement, balance sheet and cash flow for Ombrano Packaging from a handful of drivers, and make the balance sheet balance.Forecasting and modellingHardSell-side equity researchMulti-manager pod
  3. 004Value Kavindra Group, which owns a cement business, a chemicals business and a 40% stake in a listed company, on a sum of the parts, and explain the holding discount.DCF and intrinsic valueHardSell-side equity researchIndian brokerage research
  4. 005Build a comps valuation for Tanvika Pharma from five peers trading between 18x and 42x earnings. Which peers do you keep, median or mean, and is a premium justified for Tanvika's higher US exposure?Relative valuationCoreSell-side equity researchIndian brokerage research
  5. 006Zenvora Broking earns 60% of its revenue from equity derivatives. New rules cut derivative volumes by 30%. With 70% of costs fixed, what happens to revenue and profit?FinancialsCoreSell-side equity researchHedge fund long/short
  6. 007Regional cement capacity rises 15% while demand grows 7%, and utilisation falls from 78% to about 73%. Rajvela Cement earns EBITDA of Rs 1,000 a tonne. What happens to price and EBITDA a tonne if producers cut price to hold share?Sector economicsHardSell-side equity researchIndian brokerage research
  7. 008Nerevo Agrochem books 45% of its annual revenue in the fourth quarter against 30% historically, and year-end receivable days jump from 90 to 150. Estimate how much revenue may have been pulled forward.Forensic accountingCoreSell-side equity researchHedge fund long/short
  8. 009Ritvara Batteries earns 80% of its profit from lead-acid batteries. Lithium takes 5%, 15% or 30% of its market over five years. What happens to profit in each case, and what could Ritvara do?Industry structure and moatsHardLong-only asset managementHedge fund long/short
  9. 011Serovan Pharma holds Rs 4,000 crore of net cash and trades at 25x earnings. Rank three uses of the cash: a buyback, an acquisition at 15x EBIT of a business earning a 12% return on capital, or a special dividend.Capital allocation and corporate actionsCoreSell-side equity researchBuy-side equity research
  10. 014Fenvara Capital Goods has an order book of Rs 12,000 crore, order inflow of Rs 2,100 crore this year against Rs 3,000 crore last year, and revenue of Rs 2,600 crore. What does a book to bill of 0.8 imply for revenue two years out?Earnings and resultsCoreSell-side equity researchIndian brokerage research

Company names and figures are illustrative.