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. 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
  2. 018Suvika Renewables owns 2 GW of solar at a 24% plant load factor selling power at Rs 2.6 a unit, which gives revenue of about Rs 1,093 crore. With Rs 7,000 crore of debt at 9%, is debt service covered?Sector economicsCoreSell-side equity researchResearch KPO and GCC
  3. 024Sudhira Home Care raises prices 6%, volumes fall 2%, and gross margin moves from 45% to about 48%. What are revenue growth and gross profit growth?Sector economicsWarm upSell-side equity researchIndian brokerage research
  4. 032Ambrosa Developers pre-sold Rs 5,000 crore of flats this year but books revenue on completion, so reported revenue is Rs 2,200 crore. Value it on net asset value instead of P/E.Sector economicsHardSell-side equity researchIndian brokerage research
  5. 043Tarvik Tractors sells 60% of its volumes in rural areas. A weak monsoon cuts industry volumes 12%. With 45% of costs fixed and a 14% EBITDA margin, what happens to EBITDA?Sector economicsCoreSell-side equity researchIndian brokerage research
  6. 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
  7. 069A Pindora QSR restaurant does average daily sales of Rs 1.2 lakh at an 18% four-wall margin and costs Rs 2.5 crore to fit out. What are the store economics, and how sensitive are they to daily sales?Sector economicsCoreSell-side equity researchIndian brokerage research
  8. 082An IT services company with USD 500 million of revenue wins a USD 300 million five-year deal that ramps over 12 months at a margin 6 points below its average. What does it do to growth and margin next year?Sector economicsCoreSell-side equity researchIndian brokerage research
  9. 093A fashion retailer's new store costs Rs 3 crore and makes Rs 6 crore of sales at a 15% store EBITDA margin. What is the payback, and what sales per store would make payback two years?Sector economicsWarm upSell-side equity researchIndian brokerage research

Company names and figures are illustrative.