Preparing students for a career in Equity Research
The Equity Research Competition will showcase the strength of Australian business students in a highly competitive forum where the winning individuals will receive industry exposure and graduate opportunities.
Student participants will be sent a task summary capturing exactly what they have to research and do to complete the report, within the deadline and of exceptional quality. All reports will be submitted online and will be reviewed by a Portfolio Manager at Wenlock Capital.
The winner will receive an Equity Research internship at Wenlock Capital, and the runner up will have an opportunity to visit the Wenlock Capital offices in Sydney and meet with the Executive team.
Students will be expected to complete a report of roughly 30 pages in the specified time, including:
The Equity Research Competition is of very high calibre and targeted at students who have a strong background in finance, favouring those with existing exposure to Financial Services, e.g. Private Equity, Asset Management, Investment Banking etc.
Student participants will be sent a task summary capturing exactly what they have to research and do to complete the report, within the deadline and of exceptional quality. All reports will be submitted online and will be reviewed by a Portfolio Manager at Wenlock Capital.
The winner will receive an Equity Research internship at Wenlock Capital, and the runner up will have an opportunity to visit the Wenlock Capital offices in Sydney and meet with the Executive team.
Students will be expected to complete a report of roughly 30 pages in the specified time, including:
- Executive Summary (2 Pages) – Summary of the company, its positives, negatives, management quality and price recommendation, i.e buy, sell or hold. Justify your recommendation.
- Company analysis – introduction of the company, detailed analysis of each of its operating divisions, outlook/ prospects for each of these divisions. Analyse the revenue profile, profits, operating margins and cash flows historically and over the next 5 or 10 years. Ensure you understand the business and its products, what problem(s) the products solve and why.
- Company long term prospects – Analyse for each division the products and what their long term prospects are and the probability of success. For each division ensure the reader understands the products, and analyse the revenues and profits where applicable both historically and the future forecasts you build.
- Industry Analysis – In depth analysis of each of the industries for each division. Analyse the political, regulatory, competitive, pricing, supply, demand dynamics. A thorough explanation of each of these points and the effect on the company.
- SWOT and Porters analysis – Spend time in understanding the barriers to entry. Think hard about the relevant points to include here.
- Management Assessment – Track record of management in current role and previous roles.
- Financial Analysis – DCF, P&L, Balance Sheet Models for an ultimate valuation with sensitive analysis. Analysis on Return on Invested Capital with details on why the long term prospects in this measure will impact the company and its value.
The Equity Research Competition is of very high calibre and targeted at students who have a strong background in finance, favouring those with existing exposure to Financial Services, e.g. Private Equity, Asset Management, Investment Banking etc.
