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 30 · filtered from 100Clear filters
  1. 001Take-home stock pitch with a model test: Brassvale Engineering has an order book of 2.4 years of revenue, 140 days of working capital and a 13% EBITDA margin. Build three years of EPS and cash flow and decide whether the order book converts to cash.Stock pitchHardBalyasny Asset ManagementNew York · 2026
  2. 010Coravi Auto Parts sells 45% of its output to the US, and a 25% tariff is imposed. Customers absorb 40% of it. What happens to volumes and EBITDA, and how would you defend your view under challenge?Macro and commodity sensitivityHardFranklin TempletonSan Mateo · 2024
  3. 012Merger arbitrage: Kaldrin Power Systems offers Rs 450 cash for Pravena Cables, which trades at Rs 420, with closing expected in six months and a fall-back price of Rs 330 if the deal breaks. What probability is priced in, and is the spread worth it if you think 85%?Buy-side portfolio judgementHardAQR Capital ManagementGreenwich · 2021
  4. 013Stock pitch case study: Halvoren Tiles has revenue of Rs 2,400 crore and a 14% EBITDA margin expected to reach 17% as gas costs fall. The stock trades at Rs 576, 18x next year's EPS of Rs 32. Build the long thesis, the catalyst and the one risk that breaks it.Stock pitchCoreMillennium ManagementNew York · 2024
  5. 015Run a whitespace analysis for Tamrika Pharmacies: 900 stores in 60 cities, mature cities at one store per 60,000 urban people, and 150 target cities holding 170 million urban people. How many stores can the network hold?Forecasting and modellingCoreViking Global InvestorsNew York · 2024
  6. 017Compare two sectors through one company each: Medrova Hospitals grows 15% with an 18% return on capital at 55x earnings; Ghatola Cement grows 8% with a 12% return on capital at 30x. Which offers better prospects for the price?Relative valuationCoreWellington ManagementHong Kong · 2022
  7. 022Keep a long pitch ready: Ravestra Motors, a two-wheeler maker with revenue of Rs 9,000 crore, where electric models are 8% of volumes rising to 20% and carry a gross margin 10 points below petrol. Pitch it and show what the mix shift does to margins.Stock pitchCoreFranklin TempletonSan Mateo · 2024
  8. 025Pitch Mirelia Foods, a packaged snacks maker with revenue of Rs 1,500 crore growing 11%, a 16% EBITDA margin and a P/E of 38x. Then answer the three follow-ups: why now, what is priced in, and what would make you wrong.Stock pitchWarm upPoint72central · 2025
  9. 026One-week take-home: pitch Ashvik Logistics, an asset-light contract logistics company. Give three thesis pillars and cross-check value with a DCF and a peer multiple.Stock pitchHardWellington ManagementBoston · 2024
  10. 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

Company names and figures are illustrative.