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Investment and equity research analyst

Equity research, asset management and investment teams

Measure return and risk, build an earnings model, value a company on cash flows and multiples, and turn the analysis into a reasoned view.

What's in it
Lessons available
63
Assessed items
4
Lessons in development
27
Study time left
21 h
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Finance Fundamentals

What finance is for

Start Finance Fundamentals.

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The sequence

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  1. Stage 1: Finance Fundamentalsfoundation · 0/13 lessons · 4.3 h leftAvailable
    1. 1What finance is for 15 minAvailable
    2. 2Risk and return 20 minMembers
    3. 3Markets, banks and instruments 22 minMembers
    4. 4The income statement 18 minAvailable
    5. 5The balance sheet 18 minMembers
    6. 6The cash flow statement 22 minMembers
    7. 7How the statements connect 22 minMembers
    8. 8Revenue, costs and margins 18 minAvailable
    9. 9Break-even and operating leverage 20 minMembers
    10. 10Working capital and the cash cycle 22 minMembers
    11. 11Unit economics 24 minMembers
    12. 12Percentages, growth and CAGR 18 minAvailable
    13. 13Inflation and real returns 20 minMembers
  2. Stage 2: Time Value of Moneyfoundation · 0/14 lessons · 4.1 h leftAvailable

    Builds on: Finance Fundamentals

    1. 1Future value and compound interest 15 minAvailable
    2. 2Present value and discounting 14 minAvailable
    3. 3Nominal and effective interest rates 12 minMembers
    4. 4Valuing uneven cash flows 16 minAvailable
    5. 5Annuities and perpetuities 17 minMembers
    6. 6Growing annuities and perpetuities 18 minMembers
    7. 7Loan payments and amortization 16 minMembers
    8. 8Comparing loan offers 24 minMembers
    9. 9Planning to a savings goal 22 minMembers
    10. 10Net present value (NPV) 18 minAvailable
    11. 11Internal rate of return (IRR) 18 minMembers
    12. 12Payback and profitability index 18 minMembers
    13. 13NPV profiles and the crossover rate 20 minMembers
    14. 14Dated cash flows: XNPV and XIRR 20 minMembers
  3. Stage 3: Financial Statement Analysisintermediate · 0/16 lessons · 5.5 h leftAvailable

    Builds on: Finance Fundamentals

    1. 1An analyst's framework 14 minAvailable
    2. 2Common-size statements 16 minMembers
    3. 3Horizontal and trend analysis 18 minMembers
    4. 4Profitability ratios 18 minAvailable
    5. 5Returns: ROA, ROE and ROIC 22 minMembers
    6. 6DuPont analysis 18 minMembers
    7. 7Liquidity ratios 15 minMembers
    8. 8Efficiency and the cash conversion cycle 22 minMembers
    9. 9Leverage and coverage 18 minMembers
    10. 10Analysing the cash flow statement 20 minAvailable
    11. 11Earnings quality and accruals 18 minMembers
    12. 12Normalising earnings 20 minMembers
    13. 13Benchmarking against peers 22 minMembers
    14. 14The lender's view 22 minMembers
    15. 15Red flags in financial statements 22 minAvailable
    16. 16Case: a full company analysis 45 minMembers
  4. Stage 4: Investment Analysisintermediate · 0/5 lessons · 2.2 h left · 3 assessedAvailable

    Builds on: Time Value of Money, Financial Statement Analysis

    1. 1Measuring returns 22 minAvailable
    2. 2Volatility and drawdowns 22 minMembers
    3. 3Estimating beta 25 minMembers
    4. 4Building an earnings model 35 minAvailable
    5. 5P/E and PEG valuation 25 minMembers

    Prove it

  5. Stage 5: Company Valuationintermediate · 0/15 lessons · 5 h left · 1 assessedAvailable

    Builds on: Time Value of Money, Financial Statement Analysis

    1. 1How companies are valued 15 minAvailable
    2. 2From EBIT to unlevered free cash flow 18 minAvailable
    3. 3Forecasting free cash flow 22 minMembers
    4. 4Cost of capital: CAPM and WACC 20 minMembers
    5. 5Terminal value 18 minMembers
    6. 6Exit-multiple terminal value 18 minMembers
    7. 7Mid-year discounting 18 minMembers
    8. 8The DCF: from enterprise value to value per share 25 minMembers
    9. 9The equity bridge 20 minMembers
    10. 10Sensitivity analysis 18 minMembers
    11. 11Valuation multiples 18 minMembers
    12. 12Trading comparables 25 minMembers
    13. 13Precedent transactions 22 minMembers
    14. 14Cross-checking a DCF with multiples 22 minMembers
    15. 15Dividend discount models 22 minMembers

    Prove it

  6. Stage 6: Portfolio Managementadvanced · 14 lessons plannedIn development

    Builds on: Investment Analysis

    This track is in development. Its 14 lessons are mapped in the course catalog; you'll be able to continue here when it's published.