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/
http://www.edupristine.com/ca/online-courses/financial-modeling-for-equ…
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
Great post! But for the sake of their privacy I would remove the name of the user who PM'd you.
Thank you for the post. So, usually, the financial model of investment banking are the same.. There If some analysts can share some models, can give us an example, and it can also do for reports...
A great resource is "Best Practices for Equity Research" by James Valentine. I can see this book becoming a bible of sorts like the Rosenbaum book is to IB
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