Silver BananaTopic
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WSO Hall of Fame: Equity Research The Wall Street Oasis Equity Research Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the equity research industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate ...
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AMA- High Yield/Distressed Debt Sell Side Analyst2nd year analyst at a boutique broker-dealer from a non-target state school. Also a CFA Level 2 candidate, working under multiple sector analysts with decent exposure to Oil & gas, metals & mining, and retail. We publish mostly on high yield/distressed debt situations but also some special situation...
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Research vs Equity Sales offersHi guys, I've been thinking about this decision for quite a while and would love to hear some feedback. I'm fortunate enough to have received offers from both divisions in GS, but here's the dilemma. I am leaning towards research due to the exit ops but as many may know, GS has a program that requ...
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Equity research personal trading restrictions for immediate family members?I want to understand how typical industry personal trading restrictions for Equity Research Analysts (and associates) and their immediate family members work. Particularly in the case of immediate family members. Lets say that someone is an equity research associate covering a certain sector. I und...
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ER SA superday - stock pitch prepHi all, Have a BB research superday this week and am pitching a short. I have an IB superday the day before and therefore have limited time - is it a better use of my time to build out a DCF for my existing pitch (have solid qualitative reasoning, including Q2 results, already) or should I spend my...
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Equity research reports - BB technology TMT industry reportsmsg me if you would like copies - comprehensive industry reports - full length...
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TMT Internet Industry Outlook ReportI have some great reports. TMT, Internet Industry reports by BBs. One report is on 2015 U.S. Consumer Internet Outlook 476 pager!...
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Help a monkey out with some modeling basics Hello WSO, This will be my first WSO post and I will start by screaming for some help :). I have read a lot about equity research and now I want to put it in practice myself. With some help from the Martin Shkreli lessons (Legend) I made this: https://drive.google(dot)com/open?id=0By7ANhp6HBOvVGNr...
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Looking to start an equity research firmQuick Introduction: I've visited WSO on and off over the years, I'm a Actuarial Science Grad however I've trained as a chartered financial accountant within the private equity and Asset Management space. My true passion is equity and investment research with a gearing towards both Value and Tech/Gr...
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Biotech equity research possible with ZERO finance experience? Hi all, So I graduated a couple of years ago with a science background, have been in research 4+ yrs at a top institution (in a very competitive field) with a handful of publications (including first author). I have been interning this summer at a pharma consulting firm but am also interested in ex...
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PhD/MD Transition to Pharma/Biotech Equity ResearchLooking to make the transition to pharma/biotech equity research from a science background (MPH, PhD), would like to know the best way to go about this. Any advice is appreciated!...
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Interview Stock Pitch for AM vs HF vs ERAre there differences in how a stock pitch in an interview should be conducted in different areas or is there one applicable method to all areas. I am interested in a career in either of the 3 areas mentioned and I know "pitch me a stock" is a common question asked during interviews. I want to sta...
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ER in BostonDoes anyone know where I can find a complete list of firms that employ investment research associates in Boston? I know who the big players are, of course (Fidelity, Wellington et al.), so I am searching for the smaller, lesser known ones. I recently passed CFA I, and I am looking to send out emails...
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Company Interview: Evercore - Evercore Equity Research Summer Analyst Pitch me one stock. Pitch me another stock. Really detailed questions on your stock pitch. So make sure your know your stocks well. Also asked some accounting questions. My interviewer asked why I wanted to do sell side equity research instead of buy side. I didn't prepare for that question at all, ...
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What to expect from Hirevue? I got a hirevue for an ER internship at Raymond James and I've never interviewed for an ER position in any aspect. What kind of stuff should I expect? Although it's only hirevue, I know sometimes you can get asked technicals or market questions ...
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Primer Or Initiation: Commercial Banking IndustryI'm looking for something like this from other equity research analysts. Happy to trade other primers or valuation reference books. I'm looking for the commercial banking equivalent of the following: * https://www.scribd.com/document/318801161/Banking-101-Large-Cap-Bank-Primer-Deutsche-Bank-2011...
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Best ER firms for healthcare in London?What are people's views on which firms are currently leading in healthcare ER covering European equities? particularly interested in which of the MM banks are doing well - and what any of these are like to work for. ...
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How to improve your knowledge of markets?Hi all, I am an undergraduate at a target school and interested in possibly working in equity research. The problem is that I am not an expert in any way on financial markets. Do any of y'all have recommendations of any resources (videos, books, publications) that should help me get started? I won'...
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Ask a VP in Equity Research anythingI haven't seen one of these in a while, so I figured I would start one. I am a Vice President in equity research, with coverage of a selection of stocks (from mid to small cap firms) within a large sector. I'm at a top 10 bank. Ask me about how the industry works, lifestyle, recruiting, compensati...
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Equity Research Internship InterviewI have a superday coming up for a 2018 equity research internship, and I'm currently preparing my stock pitch. For internship interviews, do they expect us to calculate and perform a valuation for the company we pitch? If so, what model is best (DCF, comparable companies analysis, etc.)? ...
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Quick dcf question about 1-year TPWhen you run a DCF, you're taking all future free cash flows and discounting it to today. So essentially, that's the intrinsic value of the company at the present. If you're looking for the 1-year TP, would you discount the free cash flows back but only up to the period one year from the present?...
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Estimating lost yield- Stock Repurchase modelHi Everyone, I am attempting to recreate a stock repurchase model I was researching from a sell side report. Fro my understanding, the inputs required go like this: 1. Estimate future cash, Net income, dividend payout 2. Estimate Net (post-tax) cash yield, given the historical interest income and...
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Company Interview: Barclays Capital - Equity Research If you could have dinner with anyone not in finance, who would it be and why? If you were writing an autobiography, what would the title of it be? Pitch me 2 stocks: one long and one short. How does a $10 increase in depreciation affect all three financial statements? What is one thing you left ...
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Grammar in equity report vs Compliance.............................................................................................................................................please delete...
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How is Nomura Instinet EQR?Do you think it can survive the Mifid2 regulations? and how would you rate job stability there (For me its a big deal, because i just got laid off so dont want to work hard for a couple of months just to get laid off come Mifid2 time) ...
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CFA for Equity Research?Hello everyone. I am an undergrad (non-finance major) interested in equity research. I don't know much about equity research job and I am still in the process of learning about the job, and hopefully applying for an internship next summer. I have seen a lot of forums on WSO about the CFA exams. ...
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Tips For putting together an ER ReportHello, I am attempting to do some side research and write up my first ER report and I have a few basic questions. 1.Do I need to do a valuation first, as in come up with an intrinsic value of the company, before I dig in deeper into the 10k's, press releases, etc? I recently signed up for WSP mode...
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JPM researchHey there, Anyone here have access to JPM research? I have access to other BB and broker reports. Willing to exchange some reports/primers for some stuff from JPM. Thanks...
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Worth going for the CFA if my goal is VC/startup?Hello everyone. Ill keep this short and sweet (the goal of Wall St am I right?) - 10 months into an ER job (learning a ton, great job, intense boss though and hours obviously) - Debating taking the CFA. I have all 4 certs already - If so I would do CFA 1 in June. Debating if its worth it. I love t...
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Equity Research writing test+modeling test next Tuesday, seeking for adviceHey guys, I am going to attend a 2 hours writing test + modeling test for an ER position next Tuesday, since I dont have any experience or much knowledge about ER, could anyone give me some advice on what the test might cover or what should I prepare for it? Thanks....
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Alerian MLP Index, anyone?I am a consumer analyst based in Hong Kong not really familiar with energy at all. However, a client called up asking about Alerian MLP index. Can anyone give me some head-ups about the index please? Is it an important indicator in US energy market? Many thanks guys...
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Series 63 STC or Kaplan?Hi I am taking the series 63 and wanted to know what review people recommend? Thanks ...
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Company Interview: Morgan Stanley - Summer Research AnalystIf I gave you a million dollars to invest, what would you do. Do you have a stock pitch prepared? What would happen if etc? Tell me about your summer experience, what did you enjoy and not enjoy. Why Equity Research over anything else? What do you study at school? Do you have any additional question...
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JPM/MS Internet PrimerLooking for Internet primer from JPM/MS/GS Willing to exchange primers for other Tech Groups/Spaces...
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Company Interview: Samsung - InternshipThe most difficult or unexpected question was the group discussion round where we had to speak about Samsung vs Apple. It was a difficult question given that we were not given any time to prepare for the round and no prior information on the type of questions to be asked by them on the given topic....
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DeMatteo Research?Has Anyone ever heard of DeMatteo Research? They appear to be an independent broker-dealer/equity research firm in New York. I Don't know much about them. Thank you!...
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JP Morgan AM - Equity ResearchWondering if I could get some color on JPM Equity Research, under Asset Management in the Investment Management arm. Locations/prestige/hours/pay/work/exit ops Thanks...
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Capital IQ University AccessIf anyone has and is willing to share access Compustat / Capital IQ fundamental data the get through their university, I'll make it worth your time. My firm doesn't use it, and I trust their fundamentals over what I'm getting. I only need it for a month. Don't want to deal with their sales departmen...
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Series 7, 63, 86, 87, and CFA Level I/II: Which Order to Take?I apologize in advance for the length of this post, but I'm trying to plan for the next twelve months and need a little help. First, some background: I am currently scheduled to begin work as a full-time associate in June. The firm that I am with has no set timeline for completing your licensing ex...
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Why are you still trying to break into equity research?I keep seeing all of the posts for people trying to get into ER - why?! Commissions were down 10-15% last year, firms are closing, and more regulation is coming.......
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GS GIR ART Program (ER) in SingaporeHi guys, anyone know about the ART program for GS GIR in singapore? Read about the ART in SLC, wanted to know if anyone knows about SG as well - comp, hours, lifestyle etc....
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How to learn to evaluate a company like Goldman?* Ducks to avoid Monkey shiat * I want to learn to evaluate a company like a Goldman analyst/ERer. I don't really know where to start though beyond reading ER reports. The search functionality of the site isn't working well for me and I didn't find anything. I can perform most of the basic financi...
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MBA Research Associate- Buy or Sell Side?As an MBA without previous ER experience, would it be better to shoot for a position on the sell side or buy side, in terms of salary progression and work/life. I'd like to see my career progress towards a PM role. I'd particularly like to hear from post MBA associates without previous ER experien...
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Stock Pitch Hello guys, I have an interview with a top BB for their investment research division. I will likely be asked to pitch a stock. I would like to pitch CTRIP and have a strong reason for it on a marco/market share level but have one issue I am not sure how to overcome. The stock is overpriced on a c...
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Biotech/Life Sciences Key DriversHello Monkeys, I have an ER Associate interview in a week for a boutique that covers biotech/life sciences. I have no experience in biotech, but I been reading up on the sector from publicly available sources. This is entry-level so I don't think they'll require me to have a full understanding of b...
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A Predictive Model Using Elaboration of Time and Space Coding (with Drawings)Looking for partners or buyers, any data can be verified by this method. If anyone interested, please contact me. ![DJI][DJI] [DJI]: http://a2.qpic.cn/psb?/V134vDR04BsGYc/yfo5tYVja40wiNdEjrUw9nxPgMPVvmc9xnwgoDiUfhQ!/b/dDwBAAAAAAAA&bo=dQQ1AgAAAAARB3Y!&rf=viewer_4 ...
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Private Company FinancialsHow does an investor looking into the bonds of a non-public company receive financial statements and other information about the company? When I try to find it on Bloomberg the financials are not available. Thank you in advance....
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equity reserch/Equity capital merkets preparation materialHello everyone!!! I am a new member here and i love this community!! Such great info! I have a problem.. I studied at a non target for my undergraduate (2:1...) and now I have an offer for a SUPER target in London for IB. However because it is a one year MSc I don't have a chance for an internships...
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Too Soon to leave ?So I've been thinking about trying to find another ER job elsewhere (buyside or sellside). I love what the job entails and although my analyst is not the easiest to work with that's not the issue. Im covering a sector thats too macro based (highly levered to China), which I think is too easy to get...
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Earnings Season StoriesHi Everyone, I thought this might be a fun thread and a little like the IB stories on their forum. Any stories about weird interactions with management on earnings calls, days when half your coverage reports, major mistakes, etc.? As much as I'd like to start out, I'm just starting my first earning...
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Consolidated Statement of CFs is Presented CumulativelyI am trying to build a quarterly operating model for a company that happens to present its consolidated statement of cash flows cumulatively throughout the year i.e. Q1 is the Q1 cash flow, Q2's, however, is Q1 + Q2... and so on. I didn't think this would be a problem because I assumed that I could...
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Valuation help/insight for a stock pitchHello WSO, I have recently got an interview for an investment research position at a BB. I made an earlier thread about being lost on a valuation part for a CTRIP stock pitch. I was wondering if you could read what I would say in an interview regarding the valuation section of my stock pick and pr...
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HY Research Interview PreparationI currently work in the Credit Department (Lev/structured Finance side) in a bank in London. I have an interview with EU HY Research internally (Sell-side) soon, and I'm hopeful of making that switch. Would be great to get insight into how I should prepare for a High Yield interview, and what the o...
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can equity analyst trade their own moneyJust curious, can a sell-side (or buy-side) equity analyst trade their own money outside the job or is this prohibited?...
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Achieve 1-year target price by DCF?For dcf valuation, it's my understanding that I will reach a fair value of the stock If I want to achieve a 1-year target price, do i need to discount the future cash flow to one year from now or do I just multiple the fair value by a growth rate? Thanks! ...
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Analystix Tools- free Excel Add-ins for financial analystsHi everyone, I developed a package of Excel Add-Ins, designed especially for financial analysis. Excel offers a lot of flexibility, but it lacks specific functions which can be very helpful for Security Analysis and valuation. The idea to create various tools, which can ease and improve the workflow...
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Help getting pro ER financial models (mining, reits, FIG, O&G, etc)Does anyone out there have real, professional equity research financial models? I'm practicing as much as I can but I am getting stuck designing models from scratch for more complex companies as all of the templates for the modelling courses I've done have been relatively simple. What I'm lookin...
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BB Equity Research VP or B-School to pursue M&A Associate Role?Dear WSO, I need some advice as I've been pondering and losing sleep day and night on this topic. I'm 30, in ER in a MM for 4.5 years prior to which I was an auditor for 2 years (gained amazing accounting skills, work bored me to death, made the switch through massive networking/hustling at the ...
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MD (Medical Doctor) wanting to get into healthcare ERHello everyone, I am currently a resident in internal medicine that is planning to forgo fellowship to get into ER. Why now? Because I didn't know the field even existed until last year. About me: BS in biochemistry at a University of California school. MD from a BIG 10 school in the Midwest. Curre...
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Master's in Finance to Equity ResearchI'm an undergrad studying accounting at a non-target state school. I've done some research into finance careers and equity research sounds right up my alley. I wanted to know the best course of action to get into ER. Would it be better to get a MACC/CPA and do Big 4 Audit or try to get into a targe...
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Pfizer & Merck to collaborate with Corning for new pharma glass manufacturing plantPresident Donald Trump announced that pharma giants Merck and Pfizer are collaborating with Gorilla Glass manufacturer Corning for manufacturing a new glass (Valor Glass), which is superior and reliable for the delivery of injectable drugs. Corning is planning to invest $500 million creating 1,000 j...
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Goldman ER Salt Lake City vs. New YorkHi, I'm looking at the Salt Lake City ER ART program and was wondering if anyone had specific experiences with it and how it might compare to the positions in NY or elsewhere. Thanks!...
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Masters and PhDs in Equity Research?I have always been wondering, what are the job placements for masters (finance, economics) and PhDs (economics) in ER? It is widely known that banks recruit a very small amount of masters into IBD (or don't) and people almost never heard of PhDs getting into IBD. What about equity research then? ...
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Slightly tweaked valuation method?I've been thinking about this for a while and was hoping some more experienced people might be able to point out where I've gone right/wrong. Trying to figure out if this is more viable in the real world than DCF as a valuation and investment tool: project out company's financials for 5-10 years, a...
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Need Help Breaking into Equity Research--------------------------------------------------------------------------------------------------------------...
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Adjustments to opening balance of shareholders' equityHi. I am looking into a company which does really poor quarterly reporting - resulting in various adjustments to the balance sheet and reclassification of balance sheet items every year when the audited figures in the annual report are released. One peculiar one is a post in the statement of cha...
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Equity Research Group Sector Presence Hey guys, I was hoping to familiarize myself and get an idea of which firms' equity research teams specialize/have a strong presence in what sector. Would anybody that has had experience in industry be able to provide insight? The size of the company doesn't really matter to me. It can range from a ...
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CMBS/MBS(Agency and Non-Agency)/CMO research teamsHi all, I'm interested in the mortgage backed stuff and was wondering how the research teams in BB doing. Was reading a research report published by CS 2 years ago and searched the team on LinkedIn, it seems a lot people left. Is that common? Also would like to know about how other teams (MS/JPM/Ci...
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Singapore BB Equity Research RA Salary?Can anyone give me a range?...
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West Coast Equity Research Opportunities?Hi, I am currently an undergrad at UC Berkeley. Do you guys know if there are more equity research opportunities in the east coast or the west coast? and how do I go about finding opportunities in the west coast? Thanks!...
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Snapchat App Download PlummetsSNAP's global app downloads plummets 16% in April 2017. Check out for more info! http://alph.st/pcc4d4ba...
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Difference between Equity Research and Research Fixed Income?Im looking for updated opinions and thoughts, and also which will be the best experience for joining a Hedge Fund....
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Buy Side Equity Research Analyst/Associate ProgramsHi all, I'm hoping to learn more about asset managers that have an equity research associate (entry-level) program. I'm particularly interested in companies like Brandes with a long/value focus that may not be as well known as some of the larger asset managers. So far I know the following firms h...
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credit research at JPM and other banks in Columbus, OhioHi all, Does anyone here have any experience or info they could share about fixed income at JPM there? Talked to an alum who works there and he told me that JPM does a third of all their fixed income trading through Columbus (the only other two locations being NYC and London, I was shocked) and app...
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Upheaval in Research RegulationRecently EU lawmakers rewrote their financial rule book MiFID II which will change how research will be sold. [quote] Gone will be the days of offering market analysis for free, as part of a bundle of services offered to clients. Soon, brokers will have to decide how much to charge for researc...
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Equity Research sell side: how do you think the buyside should do better to interact with you?going to be starting in equity research at a mutual fund. i'll be be covering companies and so wanted to ask the wso community (specifically those working on the sell side) what are the characteristics of buyside analysts that you like to work the most with? what is your ideal relationship with buys...
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SB for Healthcare/Pharma/Biotech Industry PrimersI am looking for some healthcare/pharma/biotech primers, primarily from BBs. If anybody can provide copies of the most recent editions, particularly Deutsche Bank's "Global Pharmaceuticals: Pharmaceuticals for Beginners", they will receive 2 SBs for each primer. PM me please if you have any primers....
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Don't lose hope, from BO/MO to Equity ResearchSeems like there has been a lot of negative posts lately (mainly from a few trolls or most likely the same troll) so I wanted give a positive story for those looking to transition. Quick Background: Went to a non-target state school and didn't know anything about banking for the most part aside fr...
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MSF for transfer into ER or AM?I am a graduate of a top 10 public uni (UIUC, Purdue, Wisconsin) with a 3.95 UGPA in agricultural economics. My main focus as an undergrad was on econ theory and commodity markets. Currently, I have a merchant job with a large physical trading firm (think Cargill, Bunge, BP). I am currently not real...
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Best overall online equity research course?Can anyone recommend an overall (fundamental, modeling, business analysis etc) online course to do? ...

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