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Course Outline
Chapter - 1
Duration in Hours Topic What is Equity Research? Overview Goal of an equity research analyst Research providers Market Participants Research users Buy side research Types of Research Sell slide research How do analysts go about research? Role of an Equity Research Analyst Front end and back end research Equity research as a cost and revenue centre Concept of Aplha Importance of alpha in equity research ADRs Bellwether stock Book value, Face value, Intrinsic value Key Terms used in Equity Markets Bull & Bear market FIIs Market capitalization Overheated market etc. Large, Mid & Small cap Interest rate sensitive stocks Commodity pack Stocks Classification Policy driven stocks Stocks driven by domestic demand, Stocks that are vulnerable to external economies & FII favorites.

Equity Research: An Introduction

3 Hours Sub-topic

Chapter - 2
Duration in Hours Topic Annual Report Overview Analysis of Profit & Loss Statement Analysis of Balance Sheet Analysis of Cash Flow Statement

Understanding Financial Statements

5 Hours Sub-topic Understanding key sections of an Annual report - Balance sheet, Profit & Loss statement and Cash flow statement Understanding and interpretation of key items of a Profit and loss statement Understanding and interpretation of key items of a Balance sheet Understanding the cash flow statement and its implication on the business

Chapter - 3
Duration in Hours Topic Introduction Economic Cycles

Quantitative Analysis: Analysis of the Economy

2 Hours Sub-topic Stages of the qualitative analysis process Economy, Industry, Company Explanation of Economic cycle How valuation of a company gets affected by economic activities? GDP Industrial Production Inflation

Key Economic Factors

Unemployment Business and consumer confidence Oil prices FIIs Different benchmark indices across the globe

Stock Indices

How do share prices and stock indices move? How are stock indices interlinked?

Chapter - 4

Analysis of the Industry

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Chapter - 5
Duration in Hours Topic Analysing company's business Revenue drivers Markets Company Analysis Process Competitors Entry barriers Clients & suppliers Management team. Case Study

Analysis of the Company

3 Hours Sub-topic

A detailed analysis of Shiv Vani Industries

Chapter - 6
Duration in Hours Topic Introduction What is ratio analysis? Profit Margins - Gross margin Profitability Ratios EBITDA margin Net Profit margin Return on Equity (ROE) Return on Common Equity (ROCE) Return Ratios Return on Total Capital (RTC) Return on Assets (ROA) Current ratio Liquidity Ratios Quick ratio Cash ratio

Ratio Analysis
6 Hours Sub-topic

Account receivables turnover & Days of receivables Inventory turnover & Days of inventory Actrivity Ratios Account payables turnover & Days of payables Total asset turnover Debt-to-Equity ratio Solvency Ratios Interest coverage ratio Financial leverage Price to Earnings (P/E) ratio P/E re-rating and de-rating PEG ratio Valuation Ratios EV/EBITDA Price to Book Value (P/BV) ratio Other valuation ratios Case Study Pantaloon vs. Titan Industries

Chapter - 7
Duration in Hours Topic Definition of valuation Concept Need for valuation DCF- FCFF,FCFE Valuation Methods Case Study Relative Valuation

Valuation
9 Hours Sub-topic

A detailed exercise of valuation using DCF for Titan Industries

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