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 1–9 of 9 · filtered from 100Clear filters
  1. 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
  2. 019Ochrelle Chemicals reports pre-tax profit of Rs 300 crore, of which Rs 90 crore is other income from gains on its treasury portfolio. What are core earnings, and what should each part of the profit be worth?Forensic accountingWarm upSell-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. 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. 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
  6. 070Tanmora Textiles' promoter owns 60% and has pledged 70% of that stake. The lender makes a margin call if the share falls 30%. What is the risk to minority shareholders?Forensic accountingCoreHedge fund long/shortSell-side equity research
  7. 074Zorvan Holdings reports cash of Rs 3,000 crore earning 4% alongside debt of Rs 2,500 crore costing 11%. Why is that a red flag, and what would you check?Forensic accountingWarm upSell-side equity researchIndian brokerage research
  8. 083A software company capitalises 45% of its R&D while peers capitalise 10%. Restate its EBITDA margin and free cash flow on a peer basis.Forensic accountingHardHedge fund long/shortSell-side equity research
  9. 094A pharma company carries contingent liabilities of Rs 1,200 crore against net worth of Rs 2,000 crore, mainly tax disputes, and has just changed auditor. How would you size the risk in value per share?Forensic accountingCoreSell-side equity researchHedge fund long/short

Company names and figures are illustrative.