First Equity Research Project

Hi - I’m interviewing for an Equity Research internship. Currently have a case study project where I need to create a mini Equity Research document about a specific company. Company is in the Media sector if that matters.I’ve never come across any equity research in my uni classes. What stuff would be important to include in this document? Do I need to build some sort of financial model on the company and include, or is it mostly just qualitative?

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Basic overview of financials (revenue, EBIT/EBITDA, free cash flow, gross/net debt and leverage) and be ready to discuss the sector: main debates are around how quickly the 'legacy' media businesses see revenue/earnings decline (due to cord cutting, rising costs for sports broadcasting; charter/disney dispute is a great example of this) and how the direct-to-consumer businesses are ramping profitability and still trying to grow revenue (primarily thru pricing at this point as subscriber growth has slowed)

 

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