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 1–7 of 7 · filtered from 100Clear filters
  1. 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
  2. 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
  3. 030Ferrano Retail reports under Ind AS 116 with Rs 300 crore of lease liabilities; its peer expenses most store rent. Adjust EV and EBITDA so the two can be compared fairly. Which is cheaper?Relative valuationHardSell-side equity researchBuy-side equity research
  4. 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
  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. 067Sorvani Tech trades at 25x earnings with 14% growth and a 35% ROIC; Delkora Systems at 18x with 7% growth and a 25% ROIC. Which is cheaper once growth and returns are both counted?Relative valuationCoreSell-side equity researchIndian brokerage research
  7. 080A cement company looks cheap on P/E against its peers but trades in line with them on EV/EBITDA, and it carries net debt of three times EBITDA. Which multiple should you trust, and why?Relative valuationCoreSell-side equity researchBuy-side equity research

Company names and figures are illustrative.