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What's in an Equity Research Report?
 
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In this tutorial, you'll learn what goes into an equity research report, including how it differs from a stock pitch in terms of structure and argument, the main sections of the reports, and how you might write your own reports. http://www.mergersandinquisitions.com/equity-research-report/ Table of Contents: 1:43 Part 1: Stock Pitches vs. Equity Research Reports 6:00 Part 2: The 4 Main Differences in Research Reports 12:46 Part 3: Sample Reports and the Typical Sections 20:53 Recap and Summary Part 1: Stock Pitches vs. Equity Research Reports The main difference is that equity research reports are like "watered-down" stock pitches: you still recommend for or against investment in a public company, but your views are weaker, "Sell" recommendations are rare, and you spend a lot more time describing the company and its operations and financials. By contrast, in hedge fund stock pitches you take more extreme views and spend more time explaining how your views differ from those of the market as a whole. Part 2: The 4 Main Differences in Research Reports 1) There's More Emphasis on Recent Results and Announcements 2) Far-Outside-the-Mainstream Views Are Less Common 3) Research Reports Give "Target Prices" Rather Than Target Price Ranges 4) The Investment Thesis, Catalysts, and Risk Factors Are "Looser" Part 3: Sample Reports and the Typical Sections The main sections of a report are as follows: Page 1: Update, Rating, Price Target, and Recent Results The first page of an "Update" report states the bank's recommendation (Buy, Hold, or Sell, sometimes with slightly different terminology), and gives recent updates on the company. A specific "target price" must be based on specific multiples and specific assumptions in a DCF or DDM. So with Jazz, we explain that the $170.00 target is based on 20.7x and 15.3x EV/EBITDA multiples for the comps, and a discount rate of 8.07% and Terminal FCF growth rate of 0.3% in the DCF. Next: Operations and Financial Summary Next, you'll see a section with lots of graphs and charts detailing the company's financial performance, market share, and important metrics and ratios. For a pharmaceutical company like Jazz, you might see revenue by product, pricing and # of patients per product per year, and EBITDA margins. For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios: This section of the report explains how the research analyst/associate forecast the company's performance and came up with the numbers used in the valuation. Valuation The valuation section is the one that's most similar in a research report and a stock pitch. In both fields, you explain how you arrived at the company's implied value, which usually involves pasting in a DCF or DDM analysis and comparable companies and transactions. The methodologies are the same, but the assumptions might differ substantially. In research, you're also more likely to point to specific multiples, such as the 75th percentile EV/EBITDA multiple, and explain why they are the most meaningful ones. Investment Thesis, Catalysts, and Risks This section is short, and it is more of an afterthought than anything else. We do give reasons for why these companies might be mispriced, but the reasoning isn't that detailed and it's not linked to specific share prices. Banks present Investment Risks mostly so they can say, "Well, we warned you there were risks and that our recommendation might be wrong." http://www.mergersandinquisitions.com/equity-research-report/
Equity Research - Basics  Fundamental Analysis
 
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Fundamental analysis is the examination of a company's financial standings by examining its financial reports.
Views: 3998 Equity Research
What does an equity research analyst do
 
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What does an equity research analyst do on a day-to-day basis? Why are people attracted to the Equity Research profession? What are the career prospects in Equity Research? What is the difference between Buy-Side and Sell-Side Analysts How does one get into Equity Research after CA/MBA Which are the top Equity Research firms In this video, we will talk about the day-life of an equity research analyst Playlists Random Reflections | GST | Career | Financial Planning | Inspiring Speeches https://www.youtube.com/user/poweryourpreparation/playlists #AnuragSingalYouTube
Views: 7085 Anurag Singal
3.  What is Equity Research (How to they make money?)
 
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In this video, we discuss what is Equity Research. Here we also discuss How Equity Research Makes Money, What is a typical Equity Research job profile and Who are the clients of Equity Research Department What is Equity Research? Equity Research basically means performing financial analysis and valuation of stocks and recommending them to buy/sell to the investors. How Equity Research Makes Money? The research reports that the equity analysts publish is for free. Equity Analysts are in touch with investors and whenever the investors need to trade, they may do it from the Sales and Trading department of their investment bank. This way they earn commission on each trade and earn money for the Investment Bank. What is a typical Equity Research job profile? Equity Research is work in small teams with each team having a sector focus. Each team consists of 1-3 members wherein at the top is the senior analyst. The associates and junior analysts help the senior analyst with research updates and calls. Who are the clients of Equity Research Department Clients of Equity Research are investors. Investors can be institutional investors like Pension Funds, insurance companies, and other asset management companies. Investors can be the retail investors as well. For more detail, please refer to https://www.wallstreetmojo.com/equity-research-in-an-investment-bank/
Views: 2834 WallStreetMojo
Investment Banking vs Equity Research | Best Differences You Must Know!
 
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In this video on Investment Banking vs Equity Research, we will see the conceptual differences between these two finance domains. along with examples and also what works and what doesn’t. What are the roles of an Investment Banker? ------------------------------------------------------------------------ Investment Bankers job is to do an extensive research on financial deals, They also co-ordinate with the deal makers to execute the major deals. They also act as an mediator between the investors and the the business which are need of financing. Hence, Investment Bankers are the major decision makers of the business. What are the roles of an Equity Researcher? --------------------------------------------------------------------- Their role is to create the valuation models. and also the research reports through which the major decisions are being made. They are expert in valuating the companies, financial modeling, financial statement analysis etc. Education required for Investment Banker ------------------------------------------------------------------ 1. CFA is a good option to opt for an Investment Banker 2. MBA also seems to be an better option too, as MBA offers an incredible opportunity to network which CFA never provide. Education required for Equity Researcher ----------------------------------------------------------------- 1. To become an Equity Research Analyst, CFA is right course to do. CFA is a affordable course with the comparison of MBA Course. BUt Compared to MBA, CFA is very hard to complete. It has three levels which are the must to do, if you want to get the certificate. 3 Important Skills required for an Investment Banker ----------------------------------------------------------------------------------- 1. They must have a ability to create great client relationships. 2. They must being able to manage both small and large transactions. 3. They must be able to negotiate a deal with huge success. Skills required for Equity Researcher --------------------------------------------------------- 1. Researching and Analysis skills are of vital importance for equity research analysts. 2. All the huge financial deals are done on the basis of their calculation and analysis For more information regarding this, you can go to:- https://www.wallstreetmojo.com/Investment-Banking-vs-Equity-Research/
Views: 2139 WallStreetMojo
Mock Equity Research Interview Question – Pitch Me A Stock
 
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For candidates preparing for an equity research interview, the "Pitch Me A Stock" question will almost surely be asked at least once throughout the interview process. It is an important question that highlights the candidates who can articulate investment ideas and show an understanding of the market. So how do you prepare for this question? The question can be split into three steps; 1) The Statement 2) The Thesis 3) The Valuation Watch the full video to learn how to answer this question and take another step towards securing your dream job! If you have any other questions, please comment below. If you enjoyed the video and found it helpful, please like and subscribe to FinanceKid for more videos soon! For those who may be interested in finance and investing, I suggest you check out my Seeking Alpha profile where I write about the market and different investment opportunities. I conduct a full analysis on companies and countries while also commenting on relevant news stories. http://seekingalpha.com/author/robert-bezede/articles#regular_articles
Views: 20216 FinanceKid
5. Hindi: Equity Research Analysis Excel (Live projects for students and ideas for investors)
 
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Money Bee's Online Modules have got over 1300 Registrations. To join Students Special Online Module visit: https://moneybee.info/register_new.php?id=10 Fee: Rs. 100 + GST. Shailesh Sir: 8600043130
Equity Research vs Private Equity - Which is Better?
 
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In this video we discuss the differences between Equity Research vs Private Equity along with its roles and advantages & disadvantages. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐄𝐪𝐮𝐢𝐭𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐯𝐬 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 -------------------------------------------------------------------------------------------------- Equity Research is all about locating the valuation of companies listed on stock markets while private equity research, analysis and interpret your results. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐄𝐪𝐮𝐢𝐭𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡? --------------------------------------------- Equity Research is part of the investment banking industry and is intended for intellectual and qualitative students. Equity research analyst job would include discussing and sharing customer investment suggestions with traders and brokers of firms. 𝐑𝐨𝐥𝐞𝐬 𝐨𝐟 𝐄𝐪𝐮𝐢𝐭𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 --------------------------------------------- #1 - Trainee #2 - Associate #3 - Senior Analyst 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐨𝐟 𝐄𝐪𝐮𝐢𝐭𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 -------------------------------------------------------- #1 - Good salary #2 - A wide range of options to exit and work #3 - Stable working hours 𝐃𝐢𝐬𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐨𝐟 𝐄𝐪𝐮𝐢𝐭𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 ------------------------------------------------------------- #1 - Desk-bound job #2 - Longer lifespan of seating in front of the computer #3 - Pressure between departments 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲? ---------------------------------------- A private equity analyst is a person who uses financial modeling methods to research and evaluate private companies. 𝐑𝐨𝐥𝐞𝐬 𝐨𝐟 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 ------------------------------------------ #1 - Analysts #2 - Associates #3 - Associate Director 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐨𝐟 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 ---------------------------------------------------- #1 - Feasible working hours #2 - Sufficient knowledge to gain 𝐃𝐢𝐬𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐨𝐟 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 -------------------------------------------------------- #1 - In-depth study of things #2 - Not much recognition as compared to other fields To know more about 𝐄𝐪𝐮𝐢𝐭𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐯𝐬 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐄𝐪𝐮𝐢𝐭𝐲, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞: https://www.wallstreetmojo.com/equity-research-vs-private-equity/
Views: 149 WallStreetMojo
Sell side vs Buy side Analysts
 
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This video discusses the difference between sell-side analysts and buy-side analysts. Sell-side analysts typically work for a brokerage firm or an investment bank and follow one or more companies within a specific industry. They forecast a company's earnings per share, issue a price target for the stock, and provide buy/sell/hold recommendations in the hope that investors would find the information useful and choose to do business with their investment bank or brokerage firm. Buy-side analysts, on the other hand, typically work for a pension fund, charitable foundation, or other large investor. The buy-side analyst's job is to identify attractive investment opportunities for their employer. A pension fund with $100 million to invest would rely on buy-side analysts to determine the appropriate investment strategy. Buy-side analysts in turn may interact with and rely on the information provided by sell-side analysts. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 9628 Edspira
Valuation Methods
 
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When valuing a company as a going concern there are three main valuation methods used by industry practitioners: (1) DCF analysis, (2) comparable company analysis, and (3) precedent transactions. These are the most common methods of valuation used in investment banking, equity research, private equity, corporate development, mergers & acquisitions (M&A), leveraged buyouts (LBO) and most areas of finance. Click here to learn more about this topic: https://corporatefinanceinstitute.com/resources/knowledge/valuation/valuation-methods/
Financial Modeling for Equity Research
 
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If you are planning a career in Equity Research, Investment Banking, Private Equity, or Asset Management, you are going to have to learn financial modeling. In this video I demonstrate how to use my book "Financial Modeling for Equity Research" to build an earnings model. The book featured in this video is available on Amazon: http://amzn.to/2yHfmlz Terms of Use: https://www.gutenbergresearch.com/terms-of-use.html Facebook: https://www.facebook.com/GutenbergEquityResearch/ StockTwits: http://stocktwits.com/GutenbergResearch Google+: https://plus.google.com/+GutenbergResearchLLC/about Twitter: https://twitter.com/GutenbergRes LinkedIn: https://www.linkedin.com/company/gutenberg-equity-resarch
Views: 12262 GutenbergResearch
Equity Valuation Model (Stock)
 
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A simple equity valuation model using Excel.
Views: 20318 Lou Gattis
Basics of Equity Research Career, Pay, Salary
 
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For details, visit: http://www.financewalk.com Basics of Equity Research Career, Pay, Salary Equity research analysts work on both the sell side and the buy side. Sell-side researchers will work at an investment bank or independent research company, while the buy side typically indicates hedge funds, mutual funds or investment management. On the sell side, researchers develop earnings and cash-flow models of the companies they follow. The research is driven by stock performance: Is Infosys, for example, a good investment for a shareholder? A sell-side analyst will cover a specific group of companies and -know more about less- compared to a buy-side analyst. For example, an analyst might cover 10 Healthcare companies, write reports and make presentations to the clients, which may include investment managers like Fidelity and Morgan Stanley.. On the buy side, an analyst will follow 20 to 40 companies in two to three different sectors. The buy-side analyst focuses on suitability elements for the client involved. They don't publish their research like sell-side analysts do, but instead feed their insights to the portfolio managers who are managing money for the client. Reports can range from two to three pages after a company's earnings to 10 to 15 pages for a longer outlook piece. Not all analysts have to cover companies, however. Some analysts analyze macro trends across countries and for that you have to stay on top of current events. The Pay The pay includes salary + bonus. This bonus depends on the performance of the analyst The Lifestyle The hours required are less intensive than investment-banking hours. You need to put 10-12 hours every day. If you're working as an analyst on the sell side, arrive early. Sell side firms produce morning packages for the clients and so you need to come early. The position may offer greater flexibility than other finance jobs. At some equity research firms in Mumbai, analysts work 50 to 60 hours a week Your output is measured in terms of research and not the number of hours you put in.
Views: 18496 Avadhut Nigudkar
Equity Analysis part 1
 
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Views: 57134 Rahul Malkan
What is Equity Research - Equity Research Jobs, Salary, Job Responsibility
 
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Visit my website: http://www.financewalk.com Here's my video on What Is Equity Research. This video is a brief overview of What is Equity Research, equity research jobs, Salary, and Job Responsibility. Equity research is an excellent field for MBAs, CFAs, CAs, and graduates who want have interest in financial analysis, investment decisions. I myself have worked as an Equity Research Analyst and loved every bit of it. The main attraction is you get to select top companies as per YOUR analysis and research. You need to pitch this in front of investment committee. Nowadays, a lot of investment banks, brokerage houses, research companies, hedge funds, portfolio managers, and Knowledge Process Outsourcing (KPOs) companies need equity research analysts. You need to have skills like financial modeling, financial analysis, Excel, valuation skills, report writing, excellent communication skills, and ability to work independently. Equity research process Equity research process comprises of multiple steps. 1. Economic Analysis 2. Industry Analysis 3. Company Analysis 4. Financial Statement Analysis 5. Financial and Valuation Modeling 6. Report writing 7. Presentation or recommendation Application Equity research is used in many areas. Primarily, the research is used for the following purposes: 1. Investment evaluation 2. In Mutual Fund industry 3. For M&A deals 4. Financial Publications 5. Charitable endowments Equity research in very simple terms comprises of three basic activities -- data collection, data analysis and report writing. The common knowledge says that usage of various tools and techniques happens at the analysis stage, but it is not completely true. You can use various easy to use tools for data collection and report writing as well. You as an equity research analyst need some tools for research and analysis like: 1. Excel 2. SPSS 3. SAS 4. Google Alerts 5. RSS feeds Apart from graduation, there are other skills which are equally important to succeed in careers like Equity Research,Investment Banking, Private Equity, Mutual Funds and Financial Research companies. Skills that employers want: 1. Graduate/Post graduate in commerce,Finance,Management. In some cases Engineers can also apply. 2. Knowledge about Income statement,Balance Sheet and Ratio Analysis 3. Analytical skills and logic 4. Right Attitude. This is the most important skill you need. 5. Excel proficiency and basic knowledge of financial modeling 6. Report Writing skills 7. Fluency in English. 8. Confidence That's all for my What is Equity Research video I highly recommend using my blog (www.financewalk.com) to know more about equity research jobs, career, salary, and training.
Views: 22395 Avadhut Nigudkar
How to do Fundamental Analysis on Stocks
 
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Fundamental Analysis is very important if you are going to Buy and Hold a stock for any period of time. This lessons shows you how to do proper Due Diligence on the stocks you are interested in. Learn to trade Like a Pro - Join the StockGoodies Community - It's Free! Join HERE - http://www.stockgoodies.com
NSE Academy Certified Equity Research Analysis
 
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Course URL: https://goo.gl/CYa1rJ This course will help you to be a better investor as well as provide participants with an understanding of how to identify, analyse the financial statements of a business and invest in companies and make better investment decisions. This program also helps an individual to become a equity research analyst by providing complete understanding of capital market & Industry Analysis. For Offline i.e. Classroom Courses, Contact: Ms. Neelam Gupta: - +91-9748222555 [email protected] For Online Live as well As Recorded classes, Contact: - Ms. Puja Shaw: - +91-9903432255 [email protected]
Views: 3729 Elearnmarkets.com
6. Hindi: Equity Research Analysis Excel (Select companies for Portfolio from India's GDP data)
 
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Money Bee's Online Modules have got over 1300 Registrations. To join Students Special Online Module visit: https://moneybee.info/register_new.php?id=10 Fee: Rs. 100 + GST. Shailesh Sir: 8600043130
5 U.S. Equity Analysts Share What They Learned on the Job
 
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The best ideas come from clients, says J. Michael Webber Jr., this year's top analyst in the Shipping sector. Director/Editor: Diana Panfil Originally published October 28, 2015 http://bit.ly/1lYdj2E Watch Institutional Investor's latest videos at http://iim.ag/videos Get more from Institutional Investor at http://iim.ag
Here's how AI can compete with equity research analysts
 
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Art Amador, Equbot co-founder and COO, joins the 'Power Lunch' team to discuss how his company is using artificial intelligence to do the work of an army of equity research analysts all for one mind.
Views: 923 CNBC Television
Fundamental Analysis of a Company - For a better and informed Decision to Invest in Equity
 
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Fundamental Analysis is important before investing in a Company/ Stock. It helps the person to make an informed decision whether to invest or not. It is not only the study of the Company and its fundamentals, but also analysis of the environment in which the Company operates viz. the industry, the domestic economy and the global economy which are equally important . External factors impacting the Company, such as global recession, political turmoil, natural calamities etc. though not restricted to just one Company, are to be kept in mind while evaluating the decision to invest. ☞ Subscribe to our Channel: https://goo.gl/YqDpAu ☞ Like us on Facebook: https://goo.gl/QOJGSB ☞ Follow us on Twitter: https://goo.gl/xEJeXw ☞ Circle us on G+ https://goo.gl/zIDGA9
Best Practices for Equity Research Analysts
 
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A former Morgan Stanley analyst, explains in his new book Best Practices for Equity Research Analysts, everything today's competitive analyst needs to know, providing practical training materials for buy and sell-side research analysis in the United States and globally. This book covers the five primary areas of the equity research analyst's role: Identifying and monitoring critical factors, Creating and updating financial forecasts, Deriving price targets or a range of targets, Making stock recommendations and Communicating stock ideas. Best Practices for Equity Research Analysts Book: http://www.amazon.com/Best-Practices-Equity-Research-Analysts/dp/0071736387/ref=sr_1_fkmr0_1?s=books&ie=UTF8&qid=1339603455&sr=1-1-fkmr0 Follow McGraw-Hill Professional Twitter: https://twitter.com/MHBusiness Facebook: http://www.facebook.com/mcgrawhillprofessional.business Blog: http://www.mhprofessional.com/businessblog.
Views: 24557 McGrawHillPro
Financial Modeling for Equity Research Training - Types of Valuation
 
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Financial Modeling for Equity Research - Types of Valuations, Dividend discounting, Relative Valuation, Residual Valuation, Regression Based Valuation Models using EXCEL. Financial Statements Analysis using EXCEL, Derivatives & Risk Modeling, Infrastructure, Project Finance training also available.
Views: 14538 Vamsidhar Ambatipudi
⨘ } Equity Research }  Revenue Analysis }
 
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This lecture discusses revenue analysis and key questions one should be looking for when doing financial statement analysis. Click above and [ ►Subscribe ] Leprofesseur } on YouTube. We appreciate your feedback and support. Do not forget to give thumbs-up :) Sincerely, H.
Views: 510 LEPROFESSEUR
Oil & Gas Stock Pitch: How to Research and Present It
 
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In this tutorial, you'll learn how to research, structure, and present an oil & gas stock pitch. More at http://www.mergersandinquisitions.com/oil-gas-stock-pitch/ You'll also learn how it's different from investment recommendations and stock pitches in other industries. We'll use Ultra Petroleum [UPL] as the example company, and present a SHORT recommendation based on a detailed analysis of their filings, investor presentations, and earnings call transcripts, along with a complex Net Asset Value (NAV) Model, based on individual wells drilled in different regions. Table of Contents: 1:19 The Structure of an Oil & Gas Stock Pitch 3:15 Investment Thesis 6:19 Catalysts 10:42 Valuation 13:38 Risk Factors 15:51 Why This Recommendation Was Wrong 19:25 Recap and Summary Investment Thesis Why is the company mis-priced? How does the market view it, and why is everyone else wrong? Here, we cite 3 reasons: 1. The company has overstated its average EUR per well in some regions, which means its reserves may be overstated or otherwise inaccurate. 2. Cutting capital expenditures (D&C Costs) and operating expenses (LOE) over time makes less of an impact on the company's implied value than they claim it does - being a low-cost producer is nice, but even substantial reductions over time don't boost the value by all that much. 3. Drilling in Pennsylvania may be stopped or reduced due to the company's JV partners, and the market hasn't yet factored in the chances of that happening and the impact on the company's implied value. Catalysts A few examples of potential catalysts: Oil & Gas-Specific: Reserve Reports / Drill Results, Well Drilling Schedules / Expanded or Reduced Drilling, Produce / No Produce Decisions, New Technology Deployment to reduce D&C Costs, Improved Well Spacing, Pipeline Developments, Hedging Contract Changes More Generic: Geographic Expansion, Acquisitions or Divestitures, Earnings Announcements, Competitors' Activities, Financing Activities For UPL, we use these 3 catalysts: 1. The close of the $650 million Uinta Basin acquisition. 2. The release of new reserve reports from the company's existing regions. 3. The possible halt to drilling in the Marcellus shale of Pennsylvania. For each one, we show the implied per share impact on the company based on the NAV model. Valuation We use the NAV model here, lay out our assumptions in the beginning, and then mostly focus on the OUTPUT of the model to avoid pasting in sheets and sheets of Excel. With the NAV Model, you split the company into existing production (PDP and PDNP) and new production (PUD, PROB, and POSS), make "high-level" estimates for the existing production, and assume a decline rate over time. For the others, assume that a certain # of new wells are drilled each year, assume that they start producing at a certain level and then decline to 0 over time, and then project the revenue, expenses, CapEx, and cash flow for each region and reserve type... Finally, you sum up everything at the end. The main point is to show that the assumption we're MOST uncertain of - EUR per well - makes a huge difference on the valuation... ...While other assumptions, such as the D&C Costs and LOE per well, make a smaller difference and so it doesn't matter much even if the company can reduce those costs. Risk Factors You can "reverse" the catalysts and ask, "What happens if this catalyst does NOT happen, or what if the results are different than expected?" Our top risk factors are: 1. The $650 million Uinta Basin acquisition fails to close. 2. Even if the acquisition does close, initial drilling reports might be positive and indicate higher-than-expected reserve levels. 3. Full drilling continues in the Marcellus shale as natural gas prices recover. 4. The company's improved well spacing pilots prove successful, and it is able to increase its effective EUR per well. So the first 3 are "reversals" of the catalysts, and we therefore also assess the implied per share impact from them. The last risk factor is more of an "X Factor" type of item that might cause the company's reserves to jump up dramatically if executed well. Why This Recommendation Was Wrong First off, gas prices spiked up to very high levels ($7.00 - $8.00) due to an unusually cold winter. That killed the "Short" recommendation since all oil & gas companies become more valuable when commodity prices spike up. Next, the company beat revenue and EPS consensus estimates twice in the past 6-7 months after this pitch; equity research analysts also upgraded their ratings on the stock. Finally, the stock had already fallen substantially in the past 2-3 years before this... so our timing wasn't great. How to Avoid Disaster: We recommended setting a buy-stop order at $23.00 - $24.00 / share to limit our losses. That would have limited our losses to ~25%.
My Learnings: As Equity Research Analyst
 
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Table of Contents: 00:26 - My Journey in Equity Research World 01:56 - What did I learn? 02:32 - Financial Aspects 05:23 - Skill Sets I developed 09:18 - Interpersonal Skills 11:28 - Aspirational Aspects 13:47 - Thank You
Recruitment/Research Analyst Interview Questions And Answers
 
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Interview for Recruitment/Research Analyst.Explain the difference between an associate and an analyst in equity research?Explain financial and valuation modeling in equity research?
Views: 3891 Interview Questions
Write Equity Research Report, format, process
 
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For details, visit: http://www.financewalk.com Equity Research Process The following process should be followed while researching any company. When conducting company analysis, analysts are expected to incorporate Macro and Economic Analysis. I . Company Fundamental Analysis Step 1 : Macroeconomic Analysis • Interest rate forecasts, market performance forecasts • Economic,political and related developments of interest to investment community • Consensus concerning effect of such developments on Analyst's view of financial markets,including recommended percentage asset allocation among stocks, bonds and cash. Step 2 : Review public information • Annual Reports • Quarterly Reports • Conference Calls Step 3 : Conversations with company management for detailed information • Establish relationships with new companies • Most meetings with companies done via phone; some in-person meetings • Obtain a better understanding of--- •Trends •Leverage-margins •Efficiency programs •Costs --current, changes Step 4 : Prepare 5-Year Preliminary Earnings Model •EPS Growth Rate •Earnings Prospects •Balance sheet and cash flows Step 5 : Review financial assumptions with company as appropriate for company guidance (e.g.earnings comparisons) Step 6 : Assess •Management team •Competitive environment •Suppliers •Buyers •Substitutes •Barriers to entry •Regulatory environment •Economic Moat Step 7 : Finalize Earnings Model • Determine earnings quality • Evaluate corporate governance • Project Company's Core Earnings based on the "Core Earnings Calculation Criteria". It would be more accurate representation of the true performance of a company's ongoing operations Core Earnings Calculation should include • Employee stock option grant expense • Restructuring charges from ongoing operations • Write-downs of depreciable or amortizable operating assets • Pension costs • Purchased research and development expenses • Merger-acquisition related expenses • Unrealized gains-losses from hedging activities Core Earnings Calculation should exclude • Goodwill impairment charges • Gains-losses from asset sales • Pension gains • Litigation or insurance settlements and proceeds • Reversal of prior-year changes and provisions operation II . Company Valuation Analysis Step 8 : An Analyst must use multiple criteria for valuing a company, including: • Intrinsic Value Analysis • Relative Valuation • Sum of the Parts • Risk Assessment --Analyst incorporates a "risk premium" to derive a valuation Step 9 : Establish Intrinsic Value • Target Price over 12 months • Analyst assigns a Risk Ranking Assessment (High-Medium-Low) of projected share volatility and risk of capital loss Step 10 : Supervisory analyst review for regulatory and compliance purposes Step 11 : Repeat Steps 2, 3, 4, 8, 9 • Continuous risk-assessment • Constant updates for covered companies from primary sources. Goal: 7-8 updates per year • Quarterly updates published and distributed , Material events, Changes in recommendations,Stock Report updates
Views: 12560 Avadhut Nigudkar
Equity Analysis Course   Video 1 GNFC Analysis   Idea Generation to Execution
 
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We have tried to share our thought process on idea generation as to how we research from scratch. This is the first video in our course. Please fill this form to know more about the course - https://goo.gl/LKppNh
Views: 2516 Growthx Capital
Building Quant Equity Strategies in Python
 
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Presented by Dr. Jess Stauth Dr Jess Stauth, VP of Quant Strategy at Quantopian, former quant research analyst at StarMine, and former director of quant product strategy for Thomson-Reuters. Quantopian is the first algorithmic trading platform in the browser and a robust platform for writing algorithms, backtesting against over a decade of stock data, paper-trading, and live-trading through a brokerage account. Quantopian also hosts a strong community of quants and developers where members can learn from each other and collaborate. https://www.quantopian.com/
Views: 87352 Python Quants
Travel Morning Routine || Day in My Life as a Private Equity Analyst
 
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xoxo Anna ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ S O C I A L M E D I A Twitter - @smilecuzurhappy Instagram - @anna_graziella Pinterest - Anna Graziella Facebook - https://www.facebook.com/annagraziellayoutube Blog - https://annagraziella.wordpress.com ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ V I D E O S Y O U M A Y L I K E Morning Routine - https://www.youtube.com/watch?v=ML90396Hq1k Room Tour - https://www.youtube.com/watch?v=QclEDFWgKVY Boyfriend Tag - https://www.youtube.com/watch?v=_kGxiJE_3tI ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ M U S I C " " By ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ ◌ C O N T A C T M E Business Email - [email protected]
Views: 21887 Anna Graziella
Research Analysis in a simple way | Become Research Analyst
 
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Research Analyst is an important position in Financial Industry and to work in this sector one must clear Research Analyst SEBI NISM XV Series Certification. This exam is compulsory for all those going for financial advisory, Research houses. tips through any means – as on individual, SMS, Website, TV, Radio, Newspaper, or any after mode. This is a very valued programme and one can stand apart from the crowd. https://www.ifmcinstitute.com/online-courses/research-analyst-course/ IFMC is committed to producing Stock Market Analysts (SMA), Equity Analyst / Research Analyst (RA) and professionals for this upcoming sector NSE, SEBI and Stock Market. IFMC provides short term job oriented courses in the share market, the stock market, capital market, commodity market, currency or forex market, / derivative market (future and options) and option strategy. IFMC also offers certificate courses for technical analysis, fundamental analysis, research analyst, NSE, BSE, NCFM, NISM, BCSM, MCX, NCDEX, MCKSX, MODULES PREPARATION AND CERTIFICATION, CDSL, NSDL, DP, MODULES preparation, risk management etc. For admission inquiry contact at - 09810216889, 09650066987 JOIN US ON:- WEBSITE: https://www.ifmcinstitute.com/ BLOG: https://www.ifmcinstitute.com/blog/ FACEBOOK: https://www.facebook.com/ifmcinstitute/ TWITTER: https://twitter.com/ifmcinstitute/ GOOGLE + : https://plus.google.com/u/0/113183716093797365403 LINKEDIN: https://www.linkedin.com/in/ifmc-institute/ YOUTUBE: https://www.youtube.com/channel/UCbOkZlwRtOP3EGGAYd-Zi1Q
Views: 7725 IFMC Institute
Buy Side Sell Side Analyst, Job Description of Equity Research Analyst
 
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For details, visit: http://www.financewalk.com Buy Side Sell Side Analyst, Job Description of Equity Research Analyst Sell Side Analysts and Buy Side Analysts So, after knowing the job description, working conditions and career development opportunities, you have decied to be an equity research analyst. Now, tell me- do you want to work on the buy side or the sell side? Confused? Don't know what's the sell side and what's the buy side? Let me explain.. All equity and credit analysts perform research in order to make buy and sell recommendations. The ultimate user of those recommendations and the clients who pay the bills determine if you are on the buy side or the sell side. Sell Side Analysts • Sell side analysts, also known as equity research analysts, are generally the analysts you see on financial news channels recommending stocks. They perform research and make recommendations that are sold to others to use -- this is why you see them on television. Sell side analysts do not use the research for their own portfolios, their goal is to sell their research to others to use in their portfolios. Generally, their research is sold to the buy side -- buy side analysts are the clients of sell side analysts. • Sell side analysts closely follow companies and issue research reports and earnings models for their coverage universe. Their coverage universe is usually focused on a specific niche or sector ( e.g. Telecom, Healthcare, Metal). If you've ever listened to a company's quarterly conference call, then you've listened to sell side analysts as they are typically on the calls asking questions of management. • One key difference between buy side and sell side analysts is the role of marketing. Sell side analysts spend a large amount of time talking to existing clients and potential new clients about their research. Their job is to convince institutional investors (i.e., buy side analysts) that their research is worth paying for --through trading commissions with their firm. • Backing up a bit, sell side analysts are typically employed by two types of firms: the large, bulge bracket brokerage houses and investment banks that are household names or smaller, boutique research shops that only provide research. The larger firms have trading desks, so a portion of the trading commissions generated are paid in exchange for access to that firms sell side research. For the smaller firms without trading desk, the research is typically paid through cash. • Another key difference between buy side analysts and sell side analysts applies to those sell side analysts at the large brokerage firms that have investment banks. One role of the investment bank is to raise capital for public companies -- the same public companies that its research analysts cover. This creates a serious conflict of interest because the investment bankers don't want its research analysts slapping SELL ratings on companies where they are trying to raise capital. Sarbanes-Oxley has rules that strengthened the Chinese walls between the research groups and the bankers, but the internal conflict is still there and evidenced by the very high percentage of BUY recommendations issued by analysts compared to an almost zero number of SELL ratings.
Views: 12176 Avadhut Nigudkar
EquityRT Market Analysis and Equity Research Platform
 
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Experience the innovative simplicity of EquityRT to beat the market and find the best possible investment! http://www.equityrt.com
Views: 274 EquityRT Official
Equity Research Report Writing Training
 
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https://www.educba.com/course/equity-research-report-writing-training/ A report is a form of communication from a securities firm to its clients with a specific purpose to help an investor take decisions. Report writing forms an important component of finance studies as it is the one which represents your findings and analysis on a company’s financial data.
Views: 4016 eduCBA
Day in the Life of a Credit Analyst | PIMCO
 
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Christian Stracke, Global Head of Credit Research, offers an inside look at PIMCO’s intensive credit research process and how it led the firm to invest in pipeline companies as oil reached its 2016 low. For more information, visit http://pimco.com Follow us for insights on economies, markets and investing: Twitter: https://twitter.com/pimco LinkedIn: http://www.linkedin.com/company/pimco Facebook: http://www.facebook.com/pimco Blog: http://blog.pimco.com Terms and conditions: pimco.com/socialmedia
Views: 70713 PIMCO
How to become a Research Analyst - Part 1
 
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What does a Research Analyst do? Where are the roles available for a Research Analyst? Watch this video to find out! About FLIP: FLIP (Finitiatives Learning India Pvt. Ltd. | www.learnwithflip.com ), a senior IIM alumni initiative, offers India’s most powerful, career-oriented certification programs, in Banking & Financial Services (BFS). Leading banks & FIs have signed contracts to “Prefer/Give weightage to a FLIP certified candidate” – the only such endorsement in India. Learn more about FLIP's industry endorsed Research Analyst certification program: https://www.learnwithflip.com/programs/research-analyst
Views: 2402 FLIP learnwithflip
NIFM - SEBI NISM Series XV Research Analyst Course Complete Video Tutorial for Free
 
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FOR ADMISSION, inquiry call us:- 01145646322, 9910300590 Complete Course Video Lecture of NISM Series X V Research Analyst certification examination for preparation of NISM certificate exam. with the mock test at onlinenifm.com for all SEBI courses & modules. For New Online research Analyst course:- http://www.onlinenifm.com/module_detail/122/research-analyst-sebi-nism-series-xv-certification-course For Classroom-Based Research Analyst Course:- http://www.nifm.in/courses-certification/financial-market/30/diploma-in-research-analyst.php Visit Our Website:- For our classroom courses on- http://www.nifm.in/courses-certification/financial-market.php Check out our online courses:- http://www.onlinenifm.com/courses/courses-and-certifications Visit our Research House:- http://www.nifmresearch.com/ Social Media Link:- FaceBook:-https://www.facebook.com/NifmEducationalInstitutionsLtd/ Linkedin:- https://www.linkedin.com/company/6461026/ Twitter:- NIFM_India Google+ :-https://plus.google.com/+OnlineNIFM FOR ADMISSION, inquiry call us:- 01145646322, 9910300590
Views: 30221 Sun House
Top 5 Skills that make a Successful Equity Research Analyst
 
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Based on our conversations with the top equity analysts in the industry, as well as detailed hiring discussions with heads of research across Tokyo, we have compiled a list of the five most important skills. Tune in for our top 5 tips!
Views: 3844 MorganMcKinley
My Career, My CFA Charter: An Equity Analyst in Hong Kong
 
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What does it take to be a successful equity analyst? Hong Kong native Silvia Fun, CFA, gives us a peek into her exciting job and shares how the CFA Program made a difference in her career. Learn more at www.cfainstitute.org/cfaprogram.
Views: 57522 CFA Institute
NIFM - Equity Research Online Course Video - 3 Free Online Toturial
 
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FOR ADMISSION, inquiry call us:- 01145646322, 9910300590 Free online courses on equity research AND STOCK ANALYSIS NIFM offers courses on following categories: 1. JOB oriented Courses - Diploma & Certification Courses 2. NSE NCFM & SEBI NISM Module Exam Certification - Classes for Preparation & Mock exam practice test papers 3. Stock Market Trading - Training courses from beginner level to advance level for share & commodity market trading. FOR ADMISSION, inquiry call us:- 01145646322, 09910300590 OR visit Online Course: http://www.onlinenifm.com/module_detail/46/equity-research-ncfm-certification visit Classroom Course: http://www.nifm.in/courses-certification/financial-market/55/equity-research-certification.php You can also check our OTHER COURSES: Check out all other classroom courses: http://www.nifm.in/courses-certification/financial-market.php Check out all other online courses: http://www.onlinenifm.com/courses/courses-and-certifications Check out our Research House:- http://www.nifmresearch.com SOCIAL MEDIA LINK: FaceBook:-https://www.facebook.com/NifmEducationalInstitutionsLtd/ Linkedin:- https://www.linkedin.com/company/6461026/ Twitter:- https://www.twitter.com/NIFM_India Google+ :-https://plus.google.com/+OnlineNIFM FOR ADMISSION, inquiry call us:- 01145646322, 9910300590
Views: 1945 Sun House
Equity Research Presentation: Coca-Cola
 
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My Coca-Cola Equity Report for my FIR 7155 class.
Views: 4607 Jeffrey Kaldahl
⨘ } Equity Research } Financial statements and business valuation }
 
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This lecture discusses role of financial statements when doing business valuation. If you need private lessons, you may contact at: [email protected] Do not forget to subscribe { Leprofesseur } YouTube channel. This helps to keep you up-to-date with latest videos as soon as they are available. Sincerely, H.
Views: 1258 LEPROFESSEUR
EQUITY RESEARCH CAREER FOR CA CMA STUDENTS
 
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CA Final SFM Inter FM & Economics For Finance elective paper Capital Market best financial management teacher in all over india aaditya jain sir. Best revision Practical approach stock market trading For CA Updates Telegram "UPDATES" AT 9911442626
⨘ } Equity Research } Qualitative and Quantitative analysis }
 
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This video lecture discusses about qualitative and quantitative factors, inherent stability and management factors. If you like to have private consultation/lessons, you are very welcome to contact at [email protected] Do not forget to subscribe { Leprofesseur } YouTube channel. Subscription to the channel helps to keep you up-to-date with latest videos. Your feedback and comments are very much appreciated. Sincerely, H.
Views: 704 LEPROFESSEUR
Fundamentals Analysis:  Basics to Stock Picking
 
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for frequent updates WhatsApp - 9970166954
Views: 125793 Nivesh Pathshala