A hodgepodge of ER Questions sent to me via PM

WSO,

Below is a PM sent to me by WSO member, in the name of transparency I thought I would answer his questions publicly.

Hey R,
Questions Below - I apologize if some of them are fairly basic.
1) Do you know of any resources that provide ER specific modeling on the web/training courses? WallStreetPrep seems to be designed for IB/PE (even though there are some basic valuation models to study from)
2) What is the best way to obtain ER reports for a specific industry/company? I have been hearing that ER teams are willing to give out reports for free for certain companies (small-caps).
3 If you had the ability to give a run down of the ER process from an AM/HF's perspective that would be great (how AM/HF's approach ER teams, etc)
W

My Answers –

Q1. Do you know of any resources that provide ER specific modeling on the web/training courses?

A1. Don’t steer away from the WSP just b/c it seems to be designed for IB/PE. Due to the popular nature of this course many of questions may come from these IB/PE models during the ER interview. Also, all ER analyst use their own proprietary models. But, since you asked here’s what I found:
https://www.udemy.com/equity-research/

Q2. What is the best way to obtain ER reports for a specific industry/company? I have been hearing that ER teams are willing to give out reports for free for certain companies (small-caps).

Q2. Do a GOOG search!!!! But, reaching out to analysts to see if they will share their old reports so that a young driven kid can learn doesn’t hurt. Call the mass affluent retail banking group of a BB, in most cases they share ER reports to their mass affluent clients on their online portal (tell them you’re looking to move your $$$ to their bank but you want to see a sampling of 1-2 ER first). Do you go to a Top 1,000,000 school in the US than your b-school should have access to a Bloomberg Terminal, pull ER reports.

Q3.If you had the ability to give a run down of the ER process from an AM/HF's perspective that would be great (how AM/HF's approach ER teams, etc)

A3. There are more qualified people on WSO to answer this buy-side questions. My gut reaction to how the buy-side analyst approach sell-side ER teams is they use them as another very small data point in their models and that’s all. How do you buy a car you do your own research first and use the salesperson to answer any questions you don't know and then go back to validate to salespersons answers. (PLEASE NOTE - I'M NOT COMPARING ER TO BUYING A USED CAR)

Hope this helps,
R