How do you go about modelling a company on the buy side?

Prospective Monkey here. I have seen several sell-side models but never come across a buy-side model here.

Wondering how do you go about modelling a company and how do you get confidence into where the company is heading 2-3 years from now? Is the process more top-down or bottom-up?

Would love to hear how you do this?

P.S. This question is not meant for short-duration HF guys trading into names every quarter

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Sell side models = very complicated and usually very wrong, hard to update. Buyside models = all the straightforward drivers are modeled and the analyst has a very good understanding of the levers of value creation (buyback, costs, components of growth). Every great model is simple enough that a PM could go in and understand what’s going on (excl some complex industries). Because if you need to spend too much time explaining it to your PM, probably not worth buying 

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