This is a program under Investment Banking, covering the detailed issuance process of Equities - IPOs and FPOs, Bonds, CPs and FCCBs. It takes you step by step through the entire process, with timelines and the regulatory requirements.
|Equity Research - An Introduction||Overview: What is equity research? Goal of an equity research analyst.Market Participants:The research providers and the research users.Types of Research: Buy side research and Sell side research.Role of an Analyst: How do analysts go about research?, Front end and back end research, equity research as a cost and revenue center.Concept of Alpha: Importance of alpha in equity research.|
Key Terms used in Equity Markets, Stocks Classification.
|Understanding Financial Statements||Annual Report Overview: Understanding key sections of an Annual report.|
Profit & Loss Statement, Balance Sheet, Cash Flow Statement.
|Analysis of the Economy||Introduction: Stages of the qualitative analysis process - EIC framework.Economic Cycles: How valuation of a company gets affected by economic activities?Key Economic Factors : GDP, Industrial Production, Inflation, Unemployment, Business and consumer confidence and Oil prices.|
Stock Indices: Different benchmark indices across the globe, How do share prices and stock indices move? How are stock indices interlinked?
|Analysis of the Industry||Process: Identifying sub-sectors, Key revenue drivers, Key concerns.|
Specific Industry Analysis: Oil & Gas, IT, Telecom, Banking and Autos.
|Analysis of the Company||Process: Analysing the business, Revenue drivers, competitors, Management team.|
Case Study: A detailed analysis of Shiv Vani Industries.
|Ratio Analysis||Profitability Ratios: Profit Margins - Gross margin, EBITDA margin, Net Profit margin.Return Ratios: Return on Equity (ROE), Return on Common Equity (ROCE), Return on Total Capital (RTC) and Return on Assets (ROA).Liquidity Ratios: Current ratio, Quick ratio and Cash ratio.Activity Ratios: Account receivables turnover & Days of receivables, Inventory turnover & Days of inventory, Account payables turnover & Days of payables.Solvency Ratios: Debt-to-Equity ratio, Interest coverage ratio and Financial leverage.Valuation Ratios: Price to Earnings (P/E) ratio, P/E re-rating and de-rating, PEG ratio, EV/EBITDA, Price to Book Value (P/BV) ratio.|
Case Study: Pantaloons vs. Titan Industries.
|Valuation||Concept: Definition and need for Valuations.Methods: DCF, Relative Valuation.|
Case Study: A detailed exercise of valuation using DCF for Titan Industries.
Types of reports,Format,Dos and Don't's of report writing.
Jai joined ANZ Grindlays from campus, and moved on to Citibank, and then to Deutsche Bank, as head of Foreign Exchange & short term Derivatives trading for India.
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