Modelling Case Studies - Working through the material
Hey all,
Recently completed a DCF case study for an interview, where they provided 5-6 equity research reports on a company, along with historical financials, and asked me to build a model and do up slides explaining if it's a yes/no on investing.
I realise it's a pretty standard test, but it was my first time doing a modelling test with 5 research reports (my experience thus far has just been working off of a CIM) so I spent a fair bit of time trying to go through all the equity research reports, 10-K, and 10-Q. In hindsight, not a good idea, because it cost me time for the slides (had 4 hours to complete everything).
Question to folks out there: is it necessary to go through all the reports? Or is it defensible to zoom in on the one/two you find most useful and use them as a guide for forecasting and understanding the business? More broadly speaking, is there a set process you follow in such tests? Cheers in advance for any input.
Unless the reports were all initiations I would only use ER reports to see where consensus / their estimates are as well as for commentary around topical items. No need to do a deep dive into the reports; recommend spending most of your time with the 10K/10Q as far as business stuff goes.
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