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Fundamental Equity Research

What is fundamental analysis?

Why is fundamental analysis relevant for investing?

  • Efficient Market Hypothesis (EMH).

  • Arguments against EMH.

Steps in Fundamental Analysis.

Macro Economy Analysis.

Micro Economy Analysis.

Market Forces- Demand & Supply

Industry Reports & Analysis

Economic Cycle

Concept of Time value of Money

  • Interest Rates and Discount Factors.

  • Opportunity Cost.

  • Risk-free Rate.

  • Equity Risk Premium.

  • The Concept Beta.

  • Risk Adjusted Return (Sharpe Ratio).

Elementary Statistical Concepts

  • Mean.

  • Geometric Mean.

  • Return and Risk.

  • Standard Deviation of Return.

  • Co-efficient of variation Covariance.

  • Correlation Coefficient.

  • Normal Distribution.

  • Relationship between Return and Risk.

  • Return and Risk of a portfolio.

Company Analysis.

Understanding Financial Statements.

  • Balance Sheet.

  • Profit and Loss Account.

  • Comparative Financial Statements.

  • Common Size Statements.

  • Ratio Analysis.

Discounted Cash Flow (DCF) Model.

Dividend Discount Model (DDM).

CAPM – Capital Asset pricing Model.

Trading Psychology.

Report Writing.