Projecting Revenue Builds | Peak Frameworks

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Equity Research Course

1. Introduction and Equity Research Course Overview

Course Introduction (0:41)
Study Plan (1:16)
Course Material Download
Support FAQ

2. Equity Research Landscape

Introduction to Equity Research Landscape (0:13)
Overview of Equity Research (4:14)
Relationship to Sales & Trading (3:39)
Relationship to Investment Banking (3:04)
Industry Groups (0:43)
On the Job (2:37)
Dealing with Covered Companies (3:39)
Exit Opportunities (4:07)

3. Equity Research Recruiting

Introduction to Equity Research Recruiting (0:18)
Why Equity Research? (2:02)
On-Cycle and Off-Cycle Recruiting Cycles (2:41)
Evaluating Firms to Work For (4:27)
The Typical Equity Research Interview (6:26)
The Recruiting Timeline (2:28)
Online Screening Tools (HireVue) (6:32)

4. Financial Fundamentals (Income Statement, Revenue Build, and Operating Costs)

Introduction to Income Statement, Revenue Build, and Operating Costs (0:17)
Price Targets (3:33)
The 3 Financial Statements (2:58)
The Income Statement (6:45)
Projecting Revenue Builds (3:15)
Meta (NASDAQ:FB) Revenue Build (3:49)
Cummins (NYSE:CMI) Revenue Build (9:50)
Moderna (NASDAQ:MRNA) Revenue Build (10:06)
Tesla (NASDAQ:TSLA) Revenue Build (10:42)
Income Statement Expenses (3:31)
Non-Cash Expenses (2:21)
Meta Operating Costs (5:13)
Cummins Operating Costs (6:02)
Moderna Operating Costs (3:29)
Tesla Operating Costs (2:43)
Meta Net Income Build (5:13)
Cummins Net Income Build (2:08)
Moderna Net Income Build (2:54)
Tesla Net Income Build (3:44)
Stock-Based Compensation (5:43)
Treasury Stock Method (7:23)

5. Financial Fundamentals (Cash Flow Statement, Balance Sheet, and Model Tests)

Introduction to Cash Flow Statement, Balance Sheet, and Model Tests (0:17)
Cash Flow Statement (6:54)
Southwest Airlines (NYSE:LUV) Cash Flow Statement Example (1:27)
Cash Flow Statement Line Items (7:08)
Balance Sheet (4:20)
Balance Sheet Sections (3:51)
Balance Sheet Formulas (6:53)
Balance Sheet and Cash Flow Logic (1:07)
Meta Cash Flow Build (13:56)
Cummins Cash Flow Build (7:41)
Non-GAAP Financials (7:07)
Meta Non-GAAP Adjustments (5:03)
Cummins Non-GAAP Adjustments (2:38)
Caterpillar (NYSE:CAT) Non-GAAP Adjustments (2:39)
Financial Model Test 1 (11:06)
Financial Model Test 2 - Part 1 (15:53)
Financial Model Test 2 - Part 2 (9:42)
Financial Model Test 3 (26:41)

6. Valuation

Introduction to Valuation (0:23)
What is Valuation? (3:34)
Valuation Multiples by Time Period (2:27)
Market Capitalization (1:44)
Enterprise Value (2:47)
Enterprise Value Questions (3:45)
Common Valuation Metrics (5:54)
Industry Valuation Metrics (3:16)
P/E Valuation (1:32)
EV / EBITDA Valuation (3:38)
EBITDA (2:04)
Comparables Analysis (7:40)
Valuation in the Context of the Market (3:13)
Probability Weighting (6:37)
How Much of an Event is "Priced In"? (6:11)
Catalysts (2:02)
Tracking Performance in the Markets (7:02)
Cyclical Industries (6:20)
Valuation Test 1 (8:28)
Valuation Test 2 (16:21)
Valuation Test 3 (7:52)

7. Equity Research Reports, Stock Pitches, and Case Studies

Introduction to Equity Research Reports, Stock Pitches and Case Studies (0:28)
Equity Research Reports (3:14)
What Moves a Stock? (3:05)
Stock Pitch Structure (6:10)
Typical Stock Pitch Flow (1:53)
Company Vetting (8:05)
What Makes a Good Investment? (1:49)
Finding Stock Pitch Ideas (3:33)
Key Financial Documents (0:51)
Stock Pitch #1 - Delta Air Lines - Revenue Build (4:37)
Stock Pitch #1 - Delta Air Lines - Operating Cost Build (5:34)
Stock Pitch #1 - Delta Air Lines - Model (11:27)
Stock Pitch #2 - Nvidia - Income Statement (16:47)
Stock Pitch #2 - Nvidia - Cash Flow Statement & Balance Sheet (14:21)
Stock Pitch #2 - Nvidia - Revenue Forecast & Valuation (25:25)

8. Course Conclusion

Course Conclusion (0:26)
Equity Research Course Certificate (1:38)

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Projecting Revenue Builds

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