Written interview question - What do you think about this company as an investment

Hi fellas,

Heard back from a midsize buy side shop about a second round for which I'll have to answer four questions over email. Last one is "what do you think about company XX as an investment?" They attached a sell side ER report for context.
Got a week to do this, how detailed of an analysis are they expecting?

Should I build a full fledged model and pitch the stock?
Do they just want to see how I talk about an investment idea at a high level (2-3 paragraphs)?
There are 100+ people in the second round and don't know if they actually want to go through hundreds of pages.

Any help is appreciated here folks!
Thanks

 

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