Need Equity Research Report Sample

shanky's picture
Rank: Chimp | 11

Hey all,
I was talking to a equity researcher sell side( C.L King and Associate) . He suggested that the best way to impress ER analyst is to build a pitchbook/ Equity research report and present it along with cover letter.
I would appreciate if if somebody could share any sample report and suggest some industries/companies that I should follow and build the report for.

Thanks in advance.

Comments (56)

Feb 2, 2016

You can usually download free equity research reports from Credit Suisse if you make an account on TDAmeritrade (which is free to register). Works for me.

Feb 3, 2016

Do NOT bring along your "research report" to an interview. You'll get yourself screwed over - Limited upside, extremely high downside (overeager, report getting ripped apart etc.) Best way to impress your interviewer? Find out more about his sector and try to provide differentiated views/info.

    • 1
Mar 4, 2016

just google it.. you should be able to find em ... as for the downsides mentioned by astfin-juki it is unlikely that anyone will grill you for your making a report or a paper portfolio or preparing a stock pitch because everyone knows there is no way you can do this stuff better than a professional.. they will ask about your analysis as in the reasons behind it, to see "why" you have come to the conclusions you have ... the worst result will be that they will not even pay any attention to your reports ... if they do grill you or put you on the spot it will be to test your nerves to see how you handle criticism, angry bosses, angry clients and pressure in general ... just don't let your brain go dead with a heavy feeling on the front/top part of your brain,that is the cortisol and other stress hormones taking over (too much of them and the brain slows down), sleep well, hydrate and take optimal amounts of caffeine ... caffeine consumption without sufficient water will slow the brain down since caffeine dehydrates the body and also do Not eat too many sugary foods either, leads to pretty bad crashes within 10 to 20 minutes ... also try BIWS you should be set for interviews and making models, reports, etc

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Mar 4, 2016

I'm willing to share a research sample with you. Send me a private message with your email address. As for what sectors/companies to cover, what do you know best? Research what you understand!

Mar 4, 2016

modeling is definitely more important than technicals. I think a lot of people will roll their eyes at a formal porter's breakdown but it is definitely a useful way to think about things.

Mar 4, 2016

Modeling and standard technicals you should know. Doesn't make sense to know technical analysis. If you end up talking about a company or pitching something, definitely know the ins and outs. (This is probably why someone mentioned Porter's.)

Best Response
Mar 4, 2016

send it over

Mar 4, 2016

Thanks, again! +1

Mar 4, 2016

Hi the brofessor. Do you mind to send me a copy as well? i am hving this coming ER modelling test with a BB this Friday. I ll appreciate if anyone can help~

Mar 4, 2016

I'll take a look

Mar 4, 2016

I will take look as well

Mar 4, 2016

send it over - happy to review

Mar 4, 2016

me too

Mar 4, 2016

Send it over, happy to look

Mar 4, 2016

Please send would love to take a look.

Mar 4, 2016

Send it , happy to look

Mar 4, 2016

what firm?

"The way to make money is to buy when blood is running in the streets."

-John D. Rockefeller

Mar 4, 2016

I would somewhat copy the format of the research from the firm you are applying to

Mar 4, 2016

where you interviewing at kid?

Mar 4, 2016
spaceagecowboy:

where you interviewing at kid?

I'm not in the interviewing stage yet, I'm just planning to apply and put my best foot forward even though my background is not related to ER at all. It's at a reputable MM bank.

Mar 4, 2016

What are you going to do, send in your stock pitch with your cover letter? I'd do some research and a few good verbal pitches going first. Check Gillian Elcock's "How to get an Equity Research Analyst Job", she basically takes you through it step by step. Once you have the basic outline/structure of a stock pitch down, then you can worry about things like formatting and prettifying.

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Mar 4, 2016

Even though all responses make sense I'm at a similar spot (I guess) with "spacecowboy"...
I am from a totally different field trying to break into the field. And I also want to "practice" doing the analysis, and I think following a format would help that.
That's why if there is a good/preferred format (or even one you guys would think the best to gain experience with), I also would appreciate any recommendation...

M.B.A.(c) | Ph.D. - Biochemistry | M.Sc., B.Sc. - Molecular Biology and Genetics

Mar 4, 2016

don't think you'd need to but they aren't any different from other valuation methods.
same stuff - except more time to go into the accounting that's it.

Mar 4, 2016

Send him an initiation report on Quiksilver.

Later brah,

Mar 4, 2016
andyinsandiego:

Send him an initiation report on Quiksilver.

Later brah,

Bro...my question was more like should I send the hiring manager...a report in his industry? And risk getting slayed???

Mar 4, 2016

You're a shit head

Mar 4, 2016

Trending stocks for this week $SNMX DSKX $ARCO $EVDY

Mar 4, 2016

I will leave the content comments to others but every ER report on my desk has its text justified - yours will look a lot neater that way as well.

Mar 4, 2016
kingb:

I will leave the content comments to others but every ER report on my desk has its text justified - yours will look a lot neater that way as well.

Thanks for the advice. The texts are now justified.

Mar 4, 2016

Good content... make it as concise and to the point as possible. Every sentence should mean something; if the report would survive without it, get rid of it.

Mar 4, 2016
gulfcoastbanker:

Good content... make it as concise and to the point as possible. Every sentence should mean something; if the report would survive without it, get rid of it.

Thanks. Since my first language is not English, I'll try to get my friend to proof read it tomorrow.

Mar 4, 2016

I've been getting messages from couple fellows asking for a template. Just so you know, not that I didn't want to share it but I really don't have one. For those who are interested in putting their reports together, get the 30 trial version of Adobe InDesign. And once you get it, pm me and I'll walk you through all the basics that you'll need to know. Building from scratch doesn't seem as hard as it looks, and you'll master it within couple .practices

Mar 4, 2016

I'll just leave the sample up. lol some mad dude threw a monkey shit at me because I took it down.

*Updates: Fixed some typos, added "Appendix 4: Smartphones Comparison" to demonstrate the homogenous features and close substitutions among the most popular smartphones in nowadays.

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Mar 4, 2016

what does the debt ceiling have to do with RIMM? I mean i know it will impact the market as a whole but it just doesn't seem to be right as the first argument to go with.

Love the layout

1percentblog.com

Mar 4, 2016

page 7 RIMM holds about % of the mkt, there is no number there

1percentblog.com

Mar 4, 2016
redrut:

page 7 RIMM holds about % of the mkt, there is no number there

Thanks for letting me know, I'll fix it tonight. And for your previous reply regarding the debt ceiling, what I want to bring up here is that, one of the consequences of not being able to solve the debt ceiling would be anticipatory default. It renders firms insolvent due to insufficient funds for lending on the bank side. So given the potential downside of the market, I don't think the environment is ideal for equity investment, especially RIMM price is a little bit shaky right now. Investors might have to consider about hedging themselves for a bit. And for the BB10 launch, they better crush it and get good sales with the 4 bb10 devices coming up. Their biggest risk comes from having only one product line.

Mar 4, 2016

I don't know if you can call it an anticipatory default if the firm has over $2bn sitting in the bank. From my experience, you can't put external risks as the forefront of your equity model.

Fundamentally you are pricing a company, of course if Iran nukes the US there may be headwinds but this is not important. Granted the debt ceiling is more likely than nuclear war but you cannot lead with this.

I know that it can hurt to cut well written prose but in this case, the person will pick up this piece of research (from 20 other analysts research) begin reading and bin the paper as soon as he realises you are throwing darts everywhere.

I don't want to be properly negative as the product looks good but you have to get to the point, start with the market and drill down to the company then as a side note, the debt ceiling is a risk factor

1percentblog.com

Mar 4, 2016

Picture of Thornstein Heins: "Source: Internet" No idea if there's anythign wrong with that, I just thought it was amusing. Very nicely laid out report.

Mar 4, 2016
woodywoodford:

Picture of Thornstein Heins: "Source: Internet" No idea if there's anythign wrong with that, I just thought it was amusing. Very nicely laid out report.

Don't think an actual bank would ever cite that way, lol, but minor.

Mar 4, 2016

Emergency bump! would anyone be able to send me something like this for my interview?

Apr 3, 2018

Hi avo427, did you manage to get anything in the written test? Appreciate any insights on the report and excel.

Apr 3, 2018

http://www.wallstreetoasis.com/forums/doing-a-stoc... --- for ER

buy a modelling program right now if you really want to learn ER work (modelling, analysis, channel checks, etc)

if you want the feel of a report the old reports over here will do, some sell side firms keep old reports as samples those will do as well, google it you should find some

Apr 3, 2018

10 pages is fine, 200 is a big no-no.

Have you been asked for work samples, or are you using these to cold-call/cold-email or send to contacts?

Apr 3, 2018
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Apr 3, 2018