Hedge Funds case studies, worked step by step

Cases
100
Traced to a firm
31
Topics
13
Hard
30
Topic
All topicsCredit, distressed and capital structure7Earnings, models and KPIs8Event-driven and merger arbitrage7Fund economics, NAV and LP decisions8Global macro trades7Long pitches and valuation14Manager evaluation and attribution7Pairs and relative value5Portfolio construction and sizing7Risk limits and drawdowns7Short selling6Systematic research and data11Volatility, options and convertibles6
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–8 of 8 · filtered from 100Clear filters
  1. 006Harvel Paints has revenue of Rs 2,400 crore and a 12% EBIT margin, with crude-linked raw materials at 55% of revenue. Your thesis is that raw material prices fall 10% and Harvel keeps half the saving. What happens to EBIT, and how much must it keep for a 15% upgrade?Long pitches and valuationWarm upMillennium ManagementNew York · 2024
  2. 018Mervaan Foods, a consumer staple, trades at 35x earnings against a five-year average of 45x. Earnings grow 12% a year and the dividend yield is 1.5%. If the multiple recovers only to 40x over three years, what annual return does the stock offer, and what if it stays at 35x?Long pitches and valuationCoreBalyasny Asset ManagementNew York · 2024
  3. 049Quillon Software, an Indian SaaS company, has revenue of Rs 800 crore growing 25% a year and an EBITDA margin of 18% that management says reaches 28% by year three. It trades at 6x EV/sales (EV Rs 4,800 crore) against peers at 5x. Pitch it: what do year-three EBITDA and a 25x exit multiple imply for the return, and what has to go right?Long pitches and valuationHardMillennium ManagementNew York · 2023
  4. 050Rank four businesses from best to worst investment in one hour with quick maths: Palvin Pipes (ROIC 15%, growth 10%, P/E 18), Serik Software (ROIC 40%, growth 20%, P/E 45), Morvanti Hotels (ROIC 7%, growth 8%, P/E 30), Juvara Dairy (ROIC 18%, growth 6%, P/E 14). Use earnings yield plus growth adjusted for reinvestment.Long pitches and valuationHardViking Global InvestorsNew York · 2025
  5. 056You have two minutes to pitch Corvane Logistics, at Rs 240 with EPS of Rs 12, EPS growth of 18% a year for three years and peers at 25x. Build the pitch: the one-line thesis, the three numbers, the value and the one risk that would change your mind.Long pitches and valuationWarm upPoint72central · 2025Man GroupLondon · 2016
  6. 068Tarsil Pharma trades at 14x earnings while three peers trade at 20x, 22x and 24x. But 35% of Tarsil's revenue comes from one US product that loses patent protection in two years, which would cut earnings by 30%. Is Tarsil mispriced against its peers?Long pitches and valuationCorePoint72London · 2026
  7. 081Tessaro Hospitals runs 3,000 beds at 62% occupancy and earns an average of Rs 50,000 per occupied bed-day. Your structured idea is that occupancy rises to 72% in two years as new wings mature, with 50% of incremental revenue flowing to EBITDA. Set out the thesis, the catalyst, the numbers and the main risk.Long pitches and valuationCorePoint72London · 2026
  8. 099Varuni Retail earns a 25% ROIC, reinvests 60% of earnings and trades at 40x. Ostrel Metals earns an 8% ROIC, pays out everything and trades at 8x. Over ten years both multiples converge to 15x. Which stock returns more, and how sensitive is the answer to the exit multiple?Long pitches and valuationHardCoatue ManagementNew York · 2023

Company names and figures are illustrative.