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Banking Professional Equity Research

Industry Endorsed Certificate NCFM: Equity Research Course Online

A complete video lecture on Industry Endorsed Certificate NCFM: Equity Research Course Online

Overview of Industry Endorsed Certificate NCFM: Equity Research Course Online

It covers both qualitative (Economy, Industry & Company) & quantitative analysis (Financial Statements, Ratio analysis & valuation). The course also shows you how to write a proper research report in practice.

Table of contents

Equity Research - An IntroductionOverview: 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 StatementsAnnual Report Overview: Understanding key sections of an Annual report.

Profit & Loss Statement, Balance Sheet, Cash Flow Statement.

Analysis of the EconomyIntroduction: 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 IndustryProcess: Identifying sub-sectors, Key revenue drivers, Key concerns.

Specific Industry Analysis: Oil & Gas, IT, Telecom, Banking and Autos.

Analysis of the CompanyProcess: Analysing the business, Revenue drivers, competitors, Management team.

Case Study: A detailed analysis of Shiv Vani Industries.

Ratio AnalysisProfitability 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.

ValuationConcept: Definition and need for Valuations.Methods: DCF, Relative Valuation.

Case Study: A detailed exercise of valuation using DCF for Titan Industries.

Report Writing

Types of reports,Format,Dos and Don't's of report writing.

About faculty of Industry Endorsed Certificate NCFM: Equity Research Course Online

Anand Vaidya
Anand works as an Equity Research Analyst with a global bank. He is an MBA from IIM Lucknow, B.Tech. in Aerospace Engineering from IIT Bombay, and has passed the CFA Level II exam.

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