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What’s in an Equity Research Report?

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Even though you can easily find real equity research reports via the magical tool known as “Google,” we’ve continued to get questions on this topic.

Whenever I see the same question over and over again, you know what I do: I bash my head in repeatedly and contemplate jumping off a building…

…and then I write an article to answer the question.

To understand an equity research report, you must understand what goes into a  stock pitch first.

The idea is similar, but an ER report is a “watered-down” version of a stock pitch.

But banks have some very solid reasons for publishing equity research reports:

Why Do Equity Research Reports Matter?

You might remember from previous articles that equity research teams do not spend that much time writing these reports .

Most of their time is spent speaking with management teams and institutional investors and sharing their views on sectors and companies.

However, equity research reports are still important because:

• You do still spend some time doing the required modeling work (~15%) and writing the reports (~20%).
• You might have to write a research report as part of the interview process.

For example, if you apply to an equity research role or an equity research internship , especially in an off-cycle process, you might be asked to draft a short report on a company.

And then in roles outside of ER, you need to know how to interpret reports quickly and extract the key information.

Equity Research Reports: Myth vs. Reality

If you want to understand equity research reports, you have to understand first why banks publish them: to earn higher commissions from trading activity.

A bank wants to encourage institutional investors to buy more shares of the companies it covers.

Doing so generates more trading volume and higher commissions for the bank.

This is why you rarely, if ever, see “Sell” ratings, and why “Hold” ratings are far less common than “Buy” ratings.

Different Types of Equity Research Reports

One last point before getting into the tutorial: There are many different types of research reports.

“Initiating Coverage” reports tend to be long – 50-100 pages or more – and have tons of industry research and data.

“Sector Reports” on entire industries are also very long. And there are other types, which you can read about here .

In this tutorial, we’re focusing on the “Company Update” or “Company Note”-type reports, which are the most common ones.

The Full Tutorial, Video, and Sample Equity Research Reports

For our full walk-through of equity research reports, please see the video below:

Table of Contents:

• 1:43: Part 1: Stock Pitches vs. Equity Research Reports
• 6:00: Part 2: The 4 Main Differences in Research Reports
• 12:46: Part 3: Sample Reports and the Typical Sections
• 20:53: Recap and Summary

You can get the reports and documents referenced in the video here:

• Equity Research Report – Jazz Pharmaceuticals [JAZZ] – OUTPERFORM [BUY] Recommendation [PDF]
• Equity Research Report – Shawbrook [SHAW] – NEUTRAL [HOLD] Recommendation [PDF]
• Equity Research Reports vs. Stock Pitches – Slides [PDF]

If you want the text version instead, keep reading:

Watered-Down Stock Pitches

You should think of equity research reports as “watered-down stock pitches.”

If you’ve forgotten, a hedge fund or asset management stock pitch ( sample stock pitch here ) has the following components:

• Part 1: Recommendation
• Part 2: Company Background
• Part 3: Investment Thesis
• Part 4: Catalysts
• Part 5: Valuation
• Part 6: Investment Risks and How to Mitigate Them
• Part 7: The Worst-Case Scenario and How to Avoid It

In a stock pitch, you’ll spend most of your time and energy on the Catalysts, Valuation, and Investment Risks because you want to express a VERY different view of the company .

For example, the company’s stock price is $100, but you believe it’s worth only $50 because it’s about to report earnings 80% lower than expectations.

Therefore, you recommend shorting the stock. You also recommend purchasing call options at an exercise price of $125 to limit your losses to 25% if the stock moves in the opposite direction.

In an equity research report, you’ll still express a view of the company that’s different from the consensus, but your view won’t be dramatically different.

You’ll spend more time on the Company Background and Valuation sections, and far less time and space on the Catalysts and Risk Factors. And you won’t even write a Worst-Case Scenario section.

If a company seems overvalued by 50%, a research analyst would probably write a “Hold” recommendation, say that there’s “uncertainty around several customers,” and claim that the company’s current market value is appropriate.

Oh, and by the way, one risk factor is that the company might report lower-than-expected earnings.

The Four Main Differences in Equity Research Reports

The main differences are as follows:

1) There’s More Emphasis on Recent Results and Announcements

For example, how does a recent product announcement, clinical trial result, or earnings report impact the company?

You’ll almost always see recent news and updates on the first page of a research report:

These factors may play a role in hedge fund stock pitches as well, but more so in short recommendations since timing is more important there.

2) Far-Outside-the-Mainstream Views Are Less Common

One comical example of this trend is how all 15 equity research analysts covering Enron rated it a “buy” right before it collapsed :

Sell-side analysts are far less likely to point out that the emperor has no clothes than buy-side analysts.

3) Research Reports Give “Target Prices” Rather Than Target Price Ranges

For example, the company is trading at $50.00 right now, but we expect its price to increase to exactly $75.00 in the next twelve months.

This idea is completely ridiculous because valuation is always about the range of possible outcomes, not a specific outcome.

Despite horrendously low accuracy , this practice continues.

To be fair, many analysts do give target prices in different cases, which is an improvement:

4) The Investment Thesis, Catalysts, and Risk Factors Are “Looser”

These sections tend to be “afterthoughts” in most reports.

For example, the bank might give a few reasons why it expects the company’s share price to rise: the company will capture more market share than expected, it will be able to increase its product prices more rapidly than expected, and a competitor is about to go bankrupt.

However, the sell-side analyst will not tie these factors to specific share-price impacts as a buy-side analyst would.

Similarly, the report might mention catalysts and investment risks, but there won’t be a link to a specific valuation impact from each factor.

So the typical stock pitch logic (“We think there’s a 50% chance of gaining 80% and a 50% chance of losing 20%”) won’t be spelled out explicitly:

Your Sample Equity Research Reports

To illustrate these concepts, I’m sharing two equity research reports from our financial modeling courses :

The first one is from the valuation case study in our Advanced Financial Modeling course , and the second one is from the main case study in our Bank Modeling course .

These are comprehensive examples, backed by industry data and outside research, but if you want a shorter/simpler example you can recreate in a few hours, the Core Financial Modeling course has just that.

In each case, we started by creating traditional HF/AM stock pitches and valuations and then made our views weaker in the research reports.

The Typical Sections of an Equity Research Report

So let’s briefly go through the main sections of these reports, using the two examples above:

Page 1: Update, Rating, Price Target, and Recent Results

The first page of an “Update” report states the bank’s recommendation (Buy, Hold, or Sell, sometimes with slightly different terminology), and gives recent updates on the company.

For example, in both these reports we reference recent earnings results from the companies and expectations for the next fiscal year:

We also give a “target price,” explain where it comes from, and give our estimates for the company’s key financial metrics.

We mention catalysts in both reports, but we don’t link anything to a specific valuation impact.

One problem with providing a specific “target price” is that it must be based on specific multiples and specific assumptions in a DCF or DDM.

So with Jazz, we explain that the $170.00 target is based on 20.7x and 15.3x EV/EBITDA multiples for the comps, and a discount rate of 8.07% and Terminal FCF growth rate of 0.3% in the DCF.

Next: Operations and Financial Summary

Next, you’ll see a section with lots of graphs and charts detailing the company’s financial performance, market share, and important metrics and ratios.

For a pharmaceutical company like Jazz, you might see revenue by product, pricing and # of patients per product per year, and EBITDA margins.

For a commercial bank like Shawbrook, you might see loan growth, interest rates, interest income and net income, and regulatory capital figures such as the Common Equity Tier 1 (CET 1) and Tangible Common Equity (TCE) ratios:

This section of the report explains how the analyst or equity research associate forecast the company’s performance and came up with the numbers used in the valuation.

The valuation section is the one that’s most similar in a research report and a stock pitch.

In both fields, you explain how you arrived at the company’s implied value, which usually involves pasting in a DCF or DDM analysis and comparable companies and transactions.

The methodologies are the same, but the assumptions might differ substantially.

In research, you’re also more likely to point to specific multiples, such as the 75 th percentile EV/EBITDA multiple, and explain why they are the most meaningful ones.

For example, you might argue that since the company’s growth rates and margins exceed the medians of the set, it deserves to be valued at the 75 th percentile multiples rather than the median multiples:

Investment Thesis, Catalysts, and Risks

This section is short, and it is more of an afterthought than anything else.

We do give reasons for why these companies might be mis-priced, but the reasoning isn’t that detailed.

For example, in the Shawbrook report we state that the U.K. mortgage market might slow down and that regulatory changes might reduce the market size and the company’s market share:

Those are legitimate catalysts, but the report doesn’t explain their share-price impact in the same way that a stock pitch would.

Finally, banks present Investment Risks mostly so they can say, “Well, we warned you there were risks and that our recommendation might be wrong.”

By contrast, buy-side analysts present Investment Risks so they can say, “There is a legitimate chance we could lose 50% – let’s hedge against that risk with options or other investments so that our fund does not collapse .”

How These Reports Both Differ from the Corresponding Stock Pitches

The Jazz equity research report corresponds to a “Long” pitch that’s much stronger:

• We estimate its intrinsic value as $180 – $220 / share , up from $170 in the report.
• We estimate the per-share impact of each catalyst: price increases add 15% to the share price, more patients from marketing efforts add 10%, and later-than-expected generics competition adds 15%.
• We also estimate the per-share impact from the risk factors and conclude that in the worst case , the company’s share price might decline from $130 to $75-$80. But in all likelihood, even if we’re wrong, the company is simply valued appropriately at $130.
• And then we explain how to hedge against these risks with put options.

The same differences apply to the Shawbrook research report vs. the stock pitch, but the stock pitch there is a “Short” recommendation where we claim that the company is overvalued by 30-50%.

And that sums up the differences perfectly: A Short recommendation with 30-50% downside in a stock pitch turns into a “Hold” recommendation with roughly equal upside and downside in a sell-side research report.

I’ve been harsh on equity research here, but I don’t want to disparage it too much.

There are many positives: You do get more creativity than in IB, it might be better for hedge fund or asset management exits, and it’s more fun to follow companies than to grind through grunt work on deals.

But no matter how you slice it, most equity research reports are watered-down stock pitches.

So, make sure you understand the “strong stuff” first before you downgrade – even if your long-term goal is equity research.

You might be interested in:

• The Equity Research Analyst Career Path: The Best Escape from a Ph.D. Program, or a Pathway into the Abyss?
• Private Equity Regulation : 2023 Changes and Impact on Finance Careers
• Stock Pitch Guide: How to Pitch a Stock in Interviews and Win Offers

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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Read below or Add a comment

15 thoughts on “ What’s in an Equity Research Report? ”

Hi Brian, what softwares are available to publish Research Reports?

We use Word templates. Some large banks have specialized/custom programs, but not sure how common they are.

Is it possible if you can send me a template in word of an equity report? It will help the graduate stock management fund a lot at Umass Boston.

We only have PDF versions for these, but Word should be able to open any PDF reasonably well.

Do you also provide a pre constructed version of an ER in word?

We have editable examples of equity research reports in Word, but we generally only share PDF versions on this site.

Hey Brian Can you please help me with coverage initiated reports on oil companies. I could not find them on the net. I need to them to get equity research experience, after which only I will be able to get into the field. I searched but reports could not be found even for a price. Thanks

We have an example of an oil & gas stock pitch on this site… do a search…

https://mergersandinquisitions.com/oil-gas-stock-pitch/

Beyond that, sorry, we cannot look for reports and then share them with you or we’d be inundated with requests to do that every day.

No worries. Thanks!

Hi! Brian! Do u know how investment bankers design and layout an equity research? the software they use. like MS Word, Adobe Indesign or something…? And how to create and layout one? Thanks

where can I get free equity research report? I am a Chinese student and now study in Australia. Is the Morning Star a good resource for research report?

Get a TD Ameritrade to access free reports there for certain companies.

How do you view the ER industry since the trading commission has been down 50% since 2007. And there are new in coming regulation governing the ER reports have to explicitly priced and funds need to pay for the report explicity rather than as a service comes free with brokerage?

In addition the whole S&T environment is becoming highly automated.

People have been predicting the death of equity research for over a decade, but it’s still here. It may not be around in 100 years, but it will still be around in another 10 years, though it will be smaller and less relevant.

Yes, things are becoming more automated, but the actual job of an equity research analyst or associate hasn’t changed dramatically. A machine can’t speak with investors to assess their sentiment on a company – only humans can do that.

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Here’s How to Write an Equity Research Report: The Best Guide

October 17, 2016

Equity Research is a rewarding career.

To keep up, you need a strong foundation with the judgment to think critically, act independently, and be relentlessly analytical.

That’s why I wrote this guide — to empower you with the equity research(ER) report writing skills to stay ahead in the equity research career.

There is almost NO guide available that teaches you how to write an equity research report.

From textbooks to online video tutorials, you can check and let me know if you find one.

And, I felt that I should write a detailed and step-by-step guide— a guide that really starts at the beginning to equip already-intelligent analysts with a healthy balance of conceptual and practical advice.

The Advanced Guide to Equity Research Report Writing takes your writing to the next level.

Who Is This Guide for?

I wrote this guide for an audience of equity research analysts , investment banking professionals, industry analysts, market research professionals, business management students, and freelance writers.

Most of all, I want you to walk away from this guide feeling confident about your equity report writing skill.

What Is an Equity Research Report

This chapter explains what exactly an ER report is.

The questions like—Who makes it? Who reads and uses it? What are the different types of equity research reports?—are answered clearly and elaborately.

It briefly talks about the various key contents of an ER report.

And lastly, it explains the need to provide a disclaimer at the end of an ER report.

So before understanding how to write an ER report, let’s try to understand what exactly an equity ER is.

FINRA , the Financial Industry Regulatory Authority, defines an equity research report, in Rule 2711 (a)(8) as,

 “A written or electronic communication that includes an analysis of equity securities of individual companies or industries , and that provides information reasonably sufficient upon which to base an investment decision.

Readers of Equity Research, more so than anything else, identify trends that make investment decisions easier to justify.

In simpler words, equity research is a document written and published by a brokerage house or securities firm for its clients to help them to make better decisions regarding which stocks to choose for profitable investment.

The report should be such that it should convince the client to make a decision.

The report should be crisp; the point of view should be clearly structured and articulated concisely.

In the investment industry, equity reports usually refer to ‘sell-side’ research, or investment research created by brokerage houses.

Such research is circulated to the corporate and retail clients of the brokerage house that publishes it.

Research produced by the ‘buy-side’, which includes mutual funds, pension funds, and portfolio managers, is usually for internal use and is not distributed to outside parties.

a. Different types of equity reports

In the above paragraph, we saw terms such as ‘sell-side’ and ‘buy-side’.

Let’s quickly understand what these terms mean:

There are two main types of equity research reports:

i. Sell-Side reports

Sell-side reports are the most common type of equity research reports in circulation.

They are normally produced by investment banks , typically for their clients to guide their investment decisions.

A sell-side analyst works for a brokerage firm or bank which manages individual clients and makes investment recommendations to them.

Sell-side analysts issue the often-heard recommendations of “buy”, “hold”, “neutral”, or “sell”.

These recommendations help clients make decisions to buy or sell stocks.

This is favourable for the brokerage firm as each time a client takes a decision to trade; the brokerage firm gets a commission on the transactions.

Click here to see some examples of sell-side reports

ii. Buy-Side reports

The ‘buy-side’ reports are internal reports, produced for the bank itself, and are guided by differing perspectives and motivations.

A buy-side analyst generally works for a mutual fund or a pension fund company.

They perform research and make recommendations to the money managers of the fund that hires them.

Buy-side analysts will verify how promising an investment seems and how well it fits with the fund’s investment strategy.

These recommendations are made exclusively for the benefit of the fund that employs them and is not available to anyone outside the fund.

Within the buy/sell group, there are other types of reports like initiating coverage reports, standard reports, Issue reports, Investor notes, and sector reports.

iii. Initiating coverage reports

The initiating coverage reports are conducted on firms that the bank has begun following and are typically more comprehensive in nature.

Initiating coverage reports analyze a company’s historical financial information, order books, efficiency, SWOT, cash-flows, and future earning potential, basis which it estimates the future earnings of the company and its P/E multiples.

Click here to see some examples of initiating coverage reports

iv. Standard reports

After an initiating report is produced standard reports will follow for as long as the brokerage house continues to track the stock.

Stocks that are tracked are typically part of an index like the SENSEX or are amongst the top stocks in an industry as these are the stocks that investors care about and are traded in larger volumes.

v. Issue reports

These reports are issued when generally companies announce earnings each quarter (Quarterly earnings reports).

vi. Investor notes

These reports are published a few times in between for incremental information and news.

For example – investor conference companies hold a big M&A deal or a major new product announcement from a competitor.

These are usually short-run updates and are typically just quantitative in nature.

vii. Sector reports

A sector report is a document that evaluates a given industry and the companies involved in it.

It is often included as part of a business plan and typically seeks to establish how one company can gain an advantage in industry through detailed research on competition, products, and customers.

Click here to download the sector report

b. Contents of an equity research report

Now that we have understood the different types of equity research reports, let’s try to see the contents of an ER report.

An ER report should not be more than 10 to 15 pages long and should be very crisp and concise.

It should give the reader a clear understanding of the opinion of the analyst writing the report.

An ER report typically has the following contents:

1. Analyst opinion and summary

2. Key highlights of the company

3. A snapshot of the industry

4. Financial ratio analysis

5. Financial Modeling and Valuation analysis

6. Risk factors

7. Disclosure and rationale of rating

Usually, most of the equity research reports have this information; however, there is no hard and fast rule in which an ER report should be written.

We will study in detail (with examples) how to write each of these segments of an ER report in the forthcoming chapters.

c. Importance of Disclaimers in Analyst Reports

As every ER report is an investment document, and investors use it to make decisions for buying or selling securities based on it, it is important for the report to have certain disclaimers to show un-biases of the analyst writing the report.

Some typical disclaimers are as follows:

• Every ER report entirely reflects views and personal opinions of the analyst as on the date of publication
• The equity research analyst does not have an interest in the shares of the company
• Compensation of the analyst is not linked directly to any specific research recommendations contained in the report

Financial Analysts or equity research analysts working in brokerage firms or sell-side analysts write equity research reports.

Equity research report writing process

Equity Research Report writing

After completing the fundamental analysis, financial statement analysis, ratio analysis, and valuation, the last part of the equity research process is writing equity research reports.

As an equity research analyst, you need to analyze the industry and the company first and then write the stock research report.

This step is paramount in your equity research analysis career .

This is important to write the equity research reports in such a way that your clients understand every word of it.

It’s also important to include relevant analysis that you’ve done in the report.

How to write a report

Let’s see each step of writing an equity research report in detail.

1. Company fundamental analysis

a) Macroeconomic Analysis

b) Checking public information of the company

c) Discussion/ interviews with company management

d) Prepare a 5-year cash flow model and earnings forecast model

e) Review your operational and financial assumptions

f) Assess management and competitive environment, buyers, suppliers, substitutes, porter 5-forces model that tells you the competitive advantage of the company.

2. Company valuation analysis

1. Use intrinsic valuation—Discounted Cash Flow(DCF) method

2. Relative valuation

3. sum-of-the-parts valuation method, wherever required.

Pointers for writing equity research reports

I’ve created a list of pointers purely based on my experience and observations and a bit of research about dos and don’ts while writing an equity research report.

1. A clear view of the company

Before writing the report, have a clear view of the company in terms of—Investment rationale, risk assessment, key growth drivers, cost drivers, and revenue drivers.

2. Recommendation/Rating

Clearly write the company’s name at the top of the report and mention your recommendation—buy, sell, hold.

You can also use the words—outperform, underperform, neutral or accumulate based on your valuation.

Have an image of an equity research report in your mind, and so you won’t miss these details.

Usually, there are templates available in your company and you need to write the report using these templates.

3. Target price

You need to mention the target price based on your valuation along with the recommendation.

4. Investment rationale

Write clearly your investment rationale. Why do you think the share price will go up/down?

5. Share price chart

Include a price chart of the stock that will show the last 52-weeks’ share price movement.

6.Business model

Mention the analysis of the company’s business model and how will it perform in the next 2-3 years.

7. Key ratio analysis

Include important ratio analysis of the company and 52-week high-low share price on a stock exchange.

Include market capitalization, Enterprise Value(EV), Earnings Before Interest Tax and Depreciation (EBITDA), EV/EBITDA, and dividend yield (%)

8. Product profile and segments

Analyze the company’s product profile, its various segments, and brands. Include current sales and forecasted revenue figures, cost, market size, company’s market share, competition, the company’s performance in domestic and other markets.

9. Economy-Industry-Company (E-I-C) Analysis

Cover the company’s fundamental analysis with supportive data.

10. Intrinsic and relative valuation

Perform DCF analysis and relative valuation. Relative valuation should be done with the company’s peers on the basis of Price-Earnings ratio (P/E), Price to Book ratio (P/B), Price to Sales (P/S), Return on Equity (ROE) and Return on Capital Employed (ROCE).

11. Reasoning for recommendation

Write proper reasoning for your recommendation. For example—Why buy the stock or why not to buy the stock. So, your reasoning has to be strong.

12. Unlock the value

Write what can unlock/increase/reduce the value of the company .

13. Legal matters

If the company is battling any case, write what could be its effects on the stock price.

14. Common industry points

While writing industry reports, write the points which are common for all players in the industry, for example, regulatory limitation, excise duty, oil prices, etc.

15. Covering all the areas in an equity research report

While writing the equity research report, assume that the reader is new to the company and he doesn’t have any idea about its business.

So, your report should include precise information about—product, financials, management, market, future plans of the company, growth estimates, and the risk factors of the company.

In short, as an equity research analyst, your equity analysis report writing process should be structured and you should follow the dos and don’ts mentioned in this post.

Sample equity research reports (PDFs):

The Walt Disney Company

If you have any queries, Speak Your Mind.

Key Takeaways

• Equity research report writing is a skill . You need to build this skill to go to the next level in your career . Top-notch careers in finance–equity research, investment banking , asset management, financial research, Knowledge Process Outsourcing (KPO) units value this skill in high regard.
• There are different types of research reports–sell-side, buy-side, initiating coverage, standard, issue, investor notes, and sector reports. As an analyst, you should know all these reports.
• Contents of an equity research report include Analyst opinion and summary, Key highlights of the company,  A snapshot of the industry, Financial and ratio analysis, Valuation analysis, Risk factors, and Disclosure and rationale of rating. I’m going to cover all these sections in detail with examples in the coming chapters.

Now You Try It

I hope you can see the potential of equity research report writing skills for your career.

Yes, it takes hard work to create something great.

But with this skill, you already know ahead of time that your hard work is going to pay off.

I want you to give the skill a try and let me know how it works for you.

If you have a question or thought, leave a comment below and I’ll get right to it.

• Download BIWS Course sample videos here .
• Read Students’ Testimonials here .

Avadhut is the Founder of FinanceWalk. He enjoys writing on Finance Careers topics. Check our Financial Modeling Courses . Contact us for  Career Coaching based on Your Inner GPS.

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How to Write an Equity Research Report

By Brian Dzingai |

 Reviewed By Rebecca Baldridge |

November 15, 2022

What is an Equity Research Report?

An equity research report may focus on a specific stock or industry sector, currency, commodity, or fixed-income instrument, or even on a geographic region or country, and generally make buy or sell recommendations. These reports are produced by a variety of sources, ranging from market research firms to in-house research departments at large financial institutions or boutique investment banks.

Key Learning Points

• An equity research report is a document prepared by an analyst that provides a recommendation to buy, hold, or sell shares of a public company. 
• An equity research report is a document prepared by an analyst who is part of an investment research team in a brokerage firm or investment bank
• It provides an overview of the business, the industry it operates in, the management team, the company’s financial performance, and risks, and includes a target price and investment recommendation.
• It is intended to help an investor decide whether to invest in a stock.

Equity Research Report Structure

An equity research report can include varying levels of detail, and although there is no industry standard when it comes to formatting, there are common elements to all equity research reports. This guide includes some fundamental features and information that should be considered essential to any research report, as well as some tips for making your analysis and report as effective as possible. 

Access the download to see a real-world example of an Equity Research Report, annotated to show each element discussed below. 

Basic Information

The research report should begin with basic information about the firm, including the company’s ticker symbol, the primary exchange where its shares are traded, the primary sector and industry in which it operates, the current stock price and market capitalization, the target stock price, and the investment recommendation. 

In addition, a security’s liquidity and float are important considerations for the equity analyst. The liquidity of a stock refers to the degree to which it can be purchased and sold without affecting the price. The analyst should understand that periods of financial stress can affect liquidity. A stock’s float refers to the number of shares that are publicly owned and available for trading and generally excludes restricted shares and insider holdings. The float of a stock can be significantly smaller than its market capitalization and thus is an important consideration for large institutional investors, especially when it comes to investing in companies with smaller market capitalizations. Consequently, a relatively small float deserves mention. Finally, it is good practice to identify the major shareholders of a firm. 

Business Description 

This section should include a detailed description of the company and its products and services. It should convey a clear understanding of the company’s economics, including a discussion of the key drivers of revenues and expenses. Much of this information can be sourced from the company itself and from its regulatory filings as well as from industry publications. 

Industry Overview and Competitive Positioning

This section should include an overview of the industry dynamics, including a competitive analysis of the industry. Most firms’ annual reports include some discussion of the competitive environment. A group of peer companies should be developed for competitive analysis. The “Porter’s Five Forces” framework for industry analysis is an effective tool for examining the health and competitive intensity of an industry. Production capacity levels, pricing, distribution, and stability of market share are also important considerations. 

It is important to note that there are different paths to success. Strength of brand, cost leadership, and access to protected technology or resources are just some of the ways in which companies set themselves apart from the competition. Famed investor Warren Buffett describes a firm’s competitive advantage as an economic “moat.” He says, “In business, I look for economic castles protected by unbreachable moats.” 

Investment Summary

This section should include a brief description of the company, significant recent developments, an earnings forecast, a valuation summary, and the recommended investment action. If the purchase or sale of a security is being advised, there should be a clear and concise explanation as to why the security is deemed to be mispriced. That is, what is the market currently not properly discounting in the stock’s price, and what will prompt the market to re-price the security? 

This section should include a thorough valuation of the company using conventional valuation metrics and formulas. Equity valuation models can derive either absolute or relative values. Absolute valuation models derive an asset’s intrinsic value and generally take the form of discounted cash flow models. Relative equity valuation models estimate a stock’s value relative to another stock and can be based on a number of different metrics, including price/sales, price/earnings, price/cash flow, and price/book value. Because model outputs can vary, more than one valuation model should be used. 

Financial Analysis

This section should include a detailed analysis of the company’s historical financial performance and a forecast of future performance. Financial results are commonly manipulated to portray firms in the most favorable light. It is the responsibility of the analyst to understand the underlying financial reality. Accordingly, a careful reading of the footnotes of a company’s financial disclosures is an essential part of any examination of earnings quality. Non-recurring events, the use of off-balance-sheet financing, income and reserve recognition, and depreciation policies are all examples of items that can distort a firm’s financial results. 

Financial modeling of future results helps to measure the effects of changes in certain inputs on the various financial statements. Analysts should be especially careful, however, about extrapolating past trends into the future. This is especially important in the case of cyclical firms. Projecting forward from the top or bottom of a business cycle is a common mistake. 

Finally, it can be informative to use industry-specific financial ratios as part of the financial analysis. Examples include proven reserves/shares for oil companies, revenue/subscribers for cable or wireless companies, and revenue/available rooms for the hotel industry. 

Investment Risks

This section should address potential negative industry and company developments that could pose a risk to the investment thesis. Risks can be operational or financial or related to regulatory issues or legal proceedings. 

Although companies are generally obligated to discuss risks in their regulatory disclosures, risks are often subjective and hard to quantify (e.g., the threat of a competing technology). It is the job of the analyst to make these determinations. Of course, disclosures of “qualified opinions” from auditors and “material weakness in internal control over financial reporting” should be automatic red flags for analysts. 

Environmental, Social & Governance (ESG)

This section should include information on how the company manages the relationships related to Environmental, Social, and Governance. Below are some examples within these three areas that can have a lasting impact on the company’s short- and long-term prospects:

• E nvironmental – how is the company working towards the conservation of the natural world? This can include climate change and carbon emissions, air and water pollution, energy efficiency, waste management, and more. 
• S ocial – how does the company consider people and relationships? This can include community relations, human rights, gender and diversity, labor standards, customer satisfaction, and employee engagement. 
• G overnance – what are the standards for running the company? This can include board composition, audit committee structure, executive compensation, succession planning, leadership experience, and bribery and corruption policies. 

Enroll in our online ESG course and learn to identify the principles of ESG and how they are applied to investment strategies.

If you are interested in a career as an equity research analysts or in fixed income research, our online course covers all the key skills needed as either a sell side analyst in an investment bank or a buy side analyst working in an investment management firm.  

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Example of an equity research report.

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Equity Research Report Template

Demonstrate transparency, accountability, and provide sound financial recommendations to investors with this equity research report template..

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Equity research is the process of analyzing a publicly traded company to determine its investment potential. It provides investors with detailed financial analysis and recommendations on whether to buy, hold, or sell a particular investment. Equity research can be conducted by individuals working in an investment bank's equity research division, by employees at a buy-side institution such as a mutual fund or pension fund, or by independent analysts. The primary purpose of equity research is to help investors make informed decisions about where to allocate their capital. Banks often use equity research to support their investment banking and sales and trading clients by providing timely, high-quality information and analysis. Portfolio managers also use equity research at buy-side institutions to build and manage their portfolios. The work of equity researchers is divided into three main categories: company analysis, sector analysis, and stock analysis. In company analysis, equity researchers examine a company's financial statements and track its historical performance. They also assess a company's competitive landscape and determine its prospects. In sector analysis, equity researchers look at the overall industry in which a company

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Valuatum’s report templates for Microsoft Word and PowerPoint offer an individual and high-quality layout for equity research reports. Automatic data population, clear user interface, dynamic structure and a large number of pre-prepared tables and graphs speed up report preparation significantly.

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The Value of Equity Research

Equity research is an invaluable asset for anyone looking to stay up-to-date on market and industry trends. In this guide, you will learn about the type of information contained in equity research, the value it offers to corporate professionals, and how the most advanced teams are already leveraging the expertise of Wall Street’s top analysts to inform critical business decisions.

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Introduction.

Equity research, which forms a multi-billion dollar industry for investment banks, is produced by thousands of analysts worldwide to provide the market with valuable information on companies, industries, and market trends. Today, over 90% of equity research is consumed by fund managers, who have the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For corporate strategy professionals who lack this access, however, equity research has historically been challenging to obtain and navigate.

To help corporations circumvent these challenges, AlphaSense has introduced Wall Street Insights, the first and only equity research collection purpose-built for the corporate user. Through the AlphaSense platform, any business making strategic plans or product decisions, conducting competitive analysis, evaluating M&A, or engaging in investor relations can now tap into the deep industry expertise of Wall Street’s top analysts.

What is Equity Research?

Equity research is developed by sell-side firms to help investors and hedge fund managers discover market opportunities and make informed investment decisions. Increasingly, this expert analysis has also been identified by forward-looking corporations as a highly valuable tool to inform strategic decision-making.

There are thousands of sell-side firms that employ expert analysts around the globe to write equity research for the market. The majority of firms producing equity research are hyper-focused and only have one or two analysts developing reports on a specific industry. However, larger firms, such as Morgan Stanley and Bank of America, collectively employ thousands of analysts to write reports on thousands of public companies–covering everything from TMT giants to niche products.

Equity research analysts are deep subject matter experts who are often former executives, industry veterans, or academics. These analysts conduct in-depth research and publish reports on corporations, industries, and macro trends, offering an expert lens into a subject.

Historically, over 90% of equity research was consumed by buy-side fund managers, who had the Wall Street relationships to acquire it and the analyst resources to mine it for insights. For buy-side professionals, equity research is a critical tool to inform sound investment decisions backed by expert insights.

Today, equity research is increasingly relied upon by corporate teams as a high-value source of information. These teams leverage equity research to make strategic business plans, conduct competitive analysis, evaluate mergers and acquisitions, and make product and marketing decisions. For corporations, the value of equity research lies in the detailed coverage of their company, their competitors, and how they are performing related to the marketplace they are within.

What is an Equity Research Report?

An equity research report is a document prepared by an equity research analyst that often provides insight on whether investors should buy, hold, or sell shares of a public company. In an equity research report, an analyst lays out their recommendation, target price, investment thesis, valuation, and risks.

There are multiple forms of equity research, including (but not limited to):

An update report that highlights the latest news, company announcements, earnings reports, Buy Sell Hold ratings, M&A activity, anything that impacts the value of the company.

A comprehensive company report that is compiled when an analyst or firm initiates their coverage of a stock. Initiation reports cover all of the divisions and products of a company in-depth to provide a baseline of what the company is and how it is performing. Initiation reports can be tens to hundreds of pages long, depending on the complexity of a company.

General industry updates that cover a group of similar companies within a sector. Industry-specific reports typically dive into additional factors such as loan growth, interest rates, interest income, net income, and regulatory capital.

A report compiled by research firms either daily or weekly. These reports can often be a great place to get more in-depth insight on commodities and also get market opinions from commodity analysts or traders who write the reports.

A quick 1-2 page report that comments on a news release from a company or other quick information

What is Included in a Typical Equity Research Report?

Research reports don’t need to follow a specific formula. Analysts at different investment banks have some latitude in determining the look and feel of their reports. But more often than not, research reports follow a certain protocol of what investors expect them to look like.

A typical equity research report includes in-depth industry research, management analysis, financial histories, trends, forecasting, valuations, and recommendations for investors. Sometimes called broker research reports or investment research reports, equity research reports are designed to provide a comprehensive snapshot that investors or corporate leaders can leverage to make informed decisions.

Here’s a quick overview of what a standard equity research report covers:

This section covers events, such as quarterly results, guidance, and general company updates.

Upgrades/Downgrades are positive or negative changes in an analyst’s outlook of a particular stock valuation. These updates are usually triggered by qualitative and quantitative analysis that contributes to an increase or decrease in the financial valuation of that security.

Estimates are detailed projections of what a company will earn over the next several years. Valuations of those earnings estimates form price targets. The price target is based on assumptions about the asset’s future supply & demand and fundamentals.

Management Overview and Commentary helps potential investors understand the quality and makeup of a company’s management team. This section can also include a history of leadership within the company and their record with capital allocation, ESG, compensation, incentives, stock ownership. Plus, an overview of the company’s board of directors.

This section covers competitors, industry trends, and a company’s standing among its sector. Industry research includes everything from politics to economics, social trends, technological innovation, and more.

Historical Financial Results typically cover the history of a company’s stock, plus expectations based on the current market and events surrounding it. To determine if a company is at or above market expectations, Analysts must deeply understand the history of a specific industry and find patterns or trends to support their recommendations.

Based on the market analysis, historical financial results, etc., an analyst will run equity valuation models. In some cases, analysts will run more than one valuation model to determine the worth of company stock or asset.

Absolute valuation models : calculates a company’s or asset’s inherent value.

Relative equity valuation models : calculates a company’s or asset’s value relative to another company or asset. Relative valuations base their numbers on price/sales, price/earnings, price/cash flow.

An equity research analyst’s recommendation to buy, hold, or sell. The analyst also will have a target price that tells investors where they expect the stock to be in a year’s time.

What Does an Equity Research Analyst Do?

Equity research analysts exist on both the buy-side and the sell-side of the financial services market. Although these roles differ, both buy-side and sell-side analysts produce reports, projections, and recommendations for specific companies and stocks.

An equity research analyst specializes in a group of companies in a particular industry or country to develop high-level expertise and produce accurate projects and recommendations. Since ER analysts generally focus on a small set of stocks (5-20), they become specialists in those specific companies and industries that they evaluate or follow. These analysts monitor market data and news reports and speak to contacts within the companies/industries they study to update their research daily.

Analysts need to comprehend everything about their ‘coverage’ to give investment endorsements. Equity research analysts must be conversant with the business regulations and regime policies within the country to decide how it will affect the market environment and business in general. The more you understand the industries in detail, the easier it will be for you to decipher market dynamics.

One prevalent aspect of an equity research analyst’s job is building and maintaining valuable relationships with corporate leaders, clients, and peers. Equity research is largely about an analyst’s ability to service clients and provide insightful ideas that positively influence their investing strategy.

EQUITY RESEARCH ANALYSTS:

• Analyze stocks to help portfolio managers make better-informed investment decisions.
• Analyze a stock against market activity to predict a stock’s outlook.
• Develop investment models and provide trading strategies.
• Provide expertise on markets and industries based on their competitive analysis, business analysis, and market research.
• Use data to model and measure the financial risk associated with particular investment decisions.
• Understand the details of various markets to compare a company’s and sector’s stock

Buy-Side vs. Sell-Side Analysts

Although the roles of buy-side and sell-side analysts do overlap in some respects, the purpose of their research differs.

How Do Corporates Currently Access Equity Research?

If you were to Google “equity research reports,” you would not get access to equity research, earnings call transcripts or trade journals. You would, however, discover an unmanageable amount of noise to sift through.

Accessing equity research reports is highly dependent on relationships and entitlements, particularly for corporate teams. Unlike financial firms and investor relations teams, who can access equity research by procuring the right entitlements, corporate teams have a much harder time finding and purchasing high-quality equity research.

If you were to search online for equity research, for example, you would be presented with sub-par options such as:

Some websites allow you to search for research reports on companies or by firms. Some of the reports are free, but you must pay for most of them. Prices range from just $15 to thousands of dollars.

If you want just the bottom-line recommendations from analysts, many sites summarize the data. Nearly all the websites that provide stock quotes also compile analyst recommendations, however, you will only get the big picture and not any of the detailed analysis.

Some independent research providers sell their reports directly to investors. These reports typically include an overview of what a stock’s price could be, plus an analysis of the company’s earnings. These reports often cost less than $100 but can be more.

The majority of equity research is completely unsearchable, which is why AlphaSense’s Wall Street Insights is changing the game for corporations globally. Now, with WSI, corporations can leverage this high-quality research to augment their understanding of specific companies and industries; plus, AlphaSense’s corporate clients can now conduct more meaningful analysis and make more data-driven decisions.

Real-Time Research : Real-Time research is available to eligible users (based on an entitlement) immediately upon publication by the broker. Financial Services users with entitlements are the primary consumers of real-time research, while some Corporate professionals are also eligible. Payment for real-time research is made directly from clients to brokers through trading commissions or hard dollar agreements.

Aftermarket Research : Aftermarket research is a collection of many of the same documents as the real-time collection, but it is available after a zero to fifteen-day delay. Investment bankers, consultants, and corporate users are the primary consumers of Aftermarket research.

What is Wall Street Insights?

Wall Street Insights is the first and only equity research collection purpose-built for the corporate market, providing corporations unprecedented access to a deep pool of equity research reports from thousands of expert analysts.

Through partnerships with Morgan Stanley, Bank of America, Barclays, Bernstein, Bernstein Autonomous, Cowen, Deutsche Bank, Evercore ISI, HSBC, and others, corporate professionals can now access the world’s most revered equity research, indexed and searchable in the AlphaSense platform.

From macro market trends and industry analyses to company deep-dives, the Wall Street Insights content collection provides corporate professionals with a 360-degree view of every market. With the valuable expertise of thousands of analysts on your side, corporate teams can quickly compare insights, validate internal assumptions, and generate new ideas to guide critical business decisions and strategies.

In terms of search and accessibility, Wall Street Insights is the first of its kind. Not only does AlphaSense offer hard-to-find equity research reports, but we also provide a robust and seamless search experience.

What Research Do You Get Access to with WSI?

Get access to the world’s leading equity research with Wall Street Insights. Download the e-book to learn more about equity research from Morgan Stanley, Barclays, Bernstein, Deutsche Bank, and more.

“We are delighted to partner with AlphaSense to expand access to Morgan Stanley’s global research platform,” says Simon Bound, Global Head of Research at Morgan Stanley. We have over 600 publishing analysts covering companies, industries, commodities, and macroeconomic developments across more than 50 countries. Morgan Stanley will bring corporates a unique perspective from our best in class analysts, a global platform, and a collaborative culture that enables us to unravel the most complex market and industry trends.”

How Can Companies Leverage Equity Research?

Discover how the world’s most innovative companies leverage Wall Street Insights to make critical business decisions every day. Download the e-book to read real case studies from a Corporate Development team and a Corporate Strategy team.

“AlphaSense’s corporate users are typically Corporate Strategy, Corporate Development, and Investor Relations professionals. Today, thousands of enterprises rely on equity research to power data-driven decision making. These teams leverage equity research reports to:”

• Create investment ideas
• Monitor peers in real-time (and discover what equity research is being produced about them)
• Model and evaluate companies (for M&A or general benchmarking)
• Dive deep into customers, partners, and prospects
• Get up-to-speed quickly on specific industry trends
• Prepare for earnings season

Ready to explore the world’s leading equity research

Equity Research Report

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Equity research reports are essential for effective stock analysis and decisions. A great report includes accurate data, insightful analysis, and clear visuals for better understanding of the market trends.

ClickUp's Equity Research Report Template gives you all the tools you need to confidently assess your portfolio holdings or potential investments. It lets you:

• Capture, organize, and analyze data quickly and accurately
• Move beyond spreadsheets with no-code dashboards and powerful visualizations
• Share reports publicly or privately with teammates—all in one place.

Analyze like a pro with ClickUp's Equity Research Report Template!

Equity research reports can provide investors with valuable insight into a company’s performance and potential. An equity research report template offers a number of benefits, including:

• Providing a consistent format for comparing various investments quickly and accurately
• Simplifying the process of creating detailed, comprehensive reports
• Helping analysts standardize their research processes
• Improving communication between analysts and clients

ClickUp's Equity Research Report Template is designed to help you organize and write equity research reports. This Doc template includes:

• Custom Statuses: Create tasks with specific custom statuses to keep track of the different stages of your equity research report
• Custom Fields: Categorize and add attributes to manage your equity research report to ensure accuracy and consistency
• Custom Views: Start with this Doc template and build out your ClickUp workflow which includes List, Gantt, Workload, Calendar, and more
• Project Management: Improve equity research report tracking with comment reactions, collaborative editing, automations, AI, and more

Creating an equity research report can be a challenging task, but it doesn’t have to be. By following these steps, you can easily create a comprehensive, professional looking report that will be sure to impress any investor.

Start by gathering the necessary information about the company you’re researching. This includes financial statements, company news, analyst reports, and other relevant data.

Create tasks in ClickUp to track the information you need and assign them to team members for research.

Once you have all the necessary data, it’s time to analyze it. Look at the company’s financial performance, its competitive landscape, and other factors that could affect its stock price.

Create custom fields in ClickUp to track and analyze the data points that are most relevant to the company.

Now it’s time to start writing the report. Start with a brief overview of the company and its industry, followed by your analysis of the data.

Use a Doc in ClickUp to write the report and collaborate with your team .

Adding visuals to the report can help make the data easier to digest. Use charts and graphs to illustrate key points and add clarity to your analysis.

Use the Table view in ClickUp to create visuals and charts to support your analysis.

Once the report is finished, it’s important to give it a professional look. This includes adding headers, footers, page numbers, and any other elements that will make the report look polished and presentable.

Use the Board view in ClickUp to format and organize your report for a professional appearance.

Once you’ve finished formatting the report, it’s time to review it again for accuracy and any last minute changes. When you’re satisfied with the results, you can send it to investors or other stakeholders.

Set a Milestone in ClickUp to mark the completion of the report and send it out.

Equity analysts can use this Equity Research Report Template to help everyone stay on the same page when it comes to analyzing stocks and preparing reports.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create an equity research report:

• Create a project for each equity research report
• Assign tasks to team members and designate a timeline
• Collaborate with stakeholders to research and analyze potential investments
• Organize tasks into categories to keep track of progress
• Set up notifications to stay up-to-date on progress
• Hold regular meetings to discuss progress and any issues
• Monitor and analyze tasks to ensure maximum productivity

Get Started with Our Equity Research Report Template Today

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21+ SAMPLE Equity Research Report in PDF | Google Docs | Apple Pages | MS Word

Equity Research Report | Google Docs | Apple Pages | MS Word

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1. possess a clear understanding of the company, 2. know about product and service profiles and segments, 3. understanding about the consumer market, 4. research and development capabilities, 5. familiarize yourself with the sector and industry, share this post on your network, file formats, word templates, google docs templates, excel templates, powerpoint templates, google sheets templates, google slides templates, pdf templates, publisher templates, psd templates, indesign templates, illustrator templates, pages templates, keynote templates, numbers templates, outlook templates, you may also like these articles, 12+ sample construction daily report in ms word | pdf.

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FREE 10+ Equity Research Report Samples in MS Excel | PDF | MS Word

As an equity research analyst, one of the important tasks you need to accomplish is obtaining a clear understanding about the industry or industries several companies are in, some particular things companies perform, and several ways they generate money. In order to fully understand their strategies, financials, and management, you need to make a well-detailed research and create an effective equity research report. In this article, we are glad to help you in writing the best equity research reports as we provide an informative guide and downloadable free equity research reports to guide you in your research work. Keep on reading!

Equity Research Report

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An equity research report is a beneficial document that contains the well-detailed financial analysis and recommendations concerning investment banking, sales, and trading. It gives essential details about a particular company’s target price and recommendation, compelling headline, stock vs. index graph, stock data, investment report summary or overview, business description, valuation, investment risks, and many more. Some common types of equity research reports are initiation reports, sector reports, economy reports, and quarterly/annual results update reports.

When writing an equity research report , you need to know the basic information of the company such as its accounting, products and services, management, selling practices and more. Be aware about the industry and the market’s perspective about the company. Also, take note of specific factors that your clients want when it comes to investment. 

Below are some easy-to-follow tips  that indicate how to design and write an equity research report: 

The first thing you need to do in your equity analysis report is you need to work alongside the management of your target company to identify their vision. So, you should be able to interact well with the management team or you may also meet with the senior management of the company under your coverage. Attend some of their conferences and prepare questions when you conduct an interview for the management.

The second step is gathering all essential puzzle pieces together to create the bigger picture. Simply, include your perspective of the industry, company ’s products and services, financial performance, management, and valuation. Then, decide the right recommendation or rating for the stock. Mention the target price and investment rationale.

After creating the bigger picture of the company’s financial analysis , you need to demonstrate a price shart of the company’s stock, showing last year’s share price movement. Plus, include a thorough analysis of the company’s business model and forecast its performance in the upcoming years. Additionally, a key ratio analysis of the company is necessary in your report.

To wrap up your  equity research report , think carefully in writing your explanation concerning your reason for recommendation or rating of the company you’re covering. 

Equity research is done by evaluating the company’s financial statements, conducting ratio analysis, predicting the financials, and exploring various scenarios with the aim of creating a buy/sell stock investment recommendation.                                                                                                              

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An investment research is a kind of research that provides an analysis of the performance of various kinds of financial tools such as mutual funds, stocks, debentures, bonds and many more. This is significant for the investor so that he or she can view the real performance of his or her company. Also, it helps in determining the company’s future performance for price movements. 

The main purpose of equity research is providing comprehensive financial analysis and recommendations to suitable investors, whether they purchase, hold, or sell a certain investment.

Gather your stock research materials so that you can evaluate the financial statements of your company. Then, carefully examine them. After that, you need to perform qualitative research and put your research into context.

Therefore, writing an equity research report is a worthwhile step in analyzing the financial performance of a company especially when it comes to stock investments. The book “ How to Get an Equity Research Analyst Job ” explained that when you are an equity analyst on either the buy or sell side, you are an intermediary in the capital raising process of the global financial markets. The work you do is beneficial in creating a value on publicly traded assets. Here are some of our downloadable and printable research report samples available in different kinds of formats. Simply click the report templates in this article and start downloading now!

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Top 10 Equity Research PowerPoint Templates with Samples and Examples

To invest wisely, there is only one mantra, diversify, and stay patient for long-term equity success. On how to diversity and the choice of stocks, equity research is vital. This helps investors  understand stocks, bonds, and market trends to make informed decisions that maximize returns. Equity research also guides investors through these complexities to discover opportunities, manage risks, and optimize portfolios faster than ever. Here is where SlideTeam’s PowerPoint Templates transform complicated equity research into captivating visual narratives.

These 100% editable, user-friendly templates streamline your message and offer a visually-captivating canvas for communicating insights from trend analyses to intricate financial models. A well-constructed presentation draws your target audience's comprehension and engagement.

Check out our blog on top research templates to get ahead of the competitive edge.

Let us explore these equity research report templates to tap the potential to turn data into compelling narratives that make each financial presentation a masterpiece!

Get an insight into our blog on Five Year Financial Projects Templates and streamline your finances.

Appealing Equity Research PPT Templates to Look out for

SlideTeam brings an end to your search for an equity research PowerPoint Template. Renowned for 100% editability and user-friendliness, these presentations impact audiences. These presentation templates streamline equity research processes and transform data into narratives that captivate and convince.

Template 1: Company Stock Analysis and Equity Research Report PowerPoint Presentation Slides

This PPT Slide offers an extensive toolkit for equity research analysts and investment bankers to understand a target company’s finances in depth. The presentation starts with expert analyses, analyst highlights, and concluding remarks that provide condensed opinions of key takeaways. Moving forward, the presentation provides a deep dive into the industry landscape, exploring competitive environments and industry trends. It also shines a light on the target company through an overview, financial statements, vertical and horizontal analyses, shareholding patterns analysis, SWOT evaluation, historical share price performance, and historical share price performance data. It includes liquidity, asset management, leverage, profitability, and financial ratio analysis . The study involves discounted cash flow analysis, relative value approach analysis, or precedents analysis. A concluding overview of its structure and team members adds a personal touch to this report.

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Template 2: Competitive Environment Analysis

The PPT Template examines your market share compared to your competitors, providing valuable data points such as Unique Selling Points (USPs), valuation, revenue and net profit margin. This slide offers business strategists, market analysts, and decision-makers insights into the industry’s competitive dynamics. Visualizing these key data points, users can analyze their company's strengths, weaknesses, and standing within its market - facilitating strategic decision-making. It also earmarks areas for improvement and opportunities to gain a competitive advantage.

Template 3: Key Industry Trends For Equity Research

The slide offers a selection of industry trends, such as the use of Bring Your Own Devices (BYOD), cryptocurrency's meteoric ascent, and widespread cloud adoption, among others, such as the rise of aritificial intelligence. Targeted at equity research analysts, financial consultants, and decision-makers, this slide is a strategic tool to stay abreast of market dynamics. By highlighting key industry trends, users gain an in-depth knowledge of the factors shaping competition. Such analysis helps formulate investment strategies while assessing risks and recognizing opportunities within target companies.

Template 4: Income Statement of Target Company

This Income Statement of Target company slides is an essential tool to display profit and loss statements featuring key performance indicators like net sales, expenses, EBITDA (Earnings Before Interest Taxes Depreciation Amortization), income tax provision provisions, research & development expenditures, general administrative costs as well as research expenditures. Also included is a comprehensive overview of revenue, costs, profitability, and balance sheet . Professionals looking to gain a deeper insight into a company's financial standing will find this slide an indispensable aid. You can assess operational efficiency, identify cost structures, and assess sustainability.

Template 5: Historical share price performance for equity research appointment PPT Presentation

This slide provides a dynamic visual depiction of a company’s historic stock performance, outlining events which impacted fluctuations. Users can display the stock price performance in detail within this slide by highlighting key events that altered stock values. Its comprehensive nature enables an in-depth examination of correlations between organizational milestones, stock price movements, and price movements. Ideal for equity research analysts, financial consultants, or investors presenting historical trends or developing strategic decisions, this slide makes a perfect asset for equity research presentation slides.

Template 6: Four Exit Options for Equity Research Analyst PPT

This slide offers a summary of potential career paths for equity research analysts. It explores four distinct exit options. Private equity emerges as an attractive option that facilitates transfer to investment banks for training and exposure, while individual private banking and hedge funds also represent viable pathways. Corporate finance or development could be another potential path for equity research analysts seeking to diversify their career trajectories. Download instantly for an in-depth exploration of exit options!

Template 7: Types of risk for equity research inflation PowerPoint Presentation Graphics Template

The PPT Template illustrates associated risks with equity research. Users can explore and understand multiple risk dimensions, including equity, interest rate, currency, liquidity, and concentration risks. This slide is intended to serve as an invaluable resource for equity researchers, financial analysts, and risk management professionals. Outlining key risk factors to empower presenters to provide thorough and insightful analyses.

Template 8: Target company's shareholding pattern for equity research domestic PPT Template

This slide provides a powerful visual asset for domestic equity research. The graph details which entities hold which shares, providing an in-depth picture of this sector's landscape. Categories covered include promoter groups, domestic institutional investors, foreign institutional investors, private corporate bodies, and the general public. By showing their shareholding pattern breakdown, users gain insight into the distribution of influence and investment within the company. 

Template 9: Target company overview for equity research acquisition PPT Summary

This slide provides a vital building block in equity research. Here, you'll find key details such as its founding year, employee count, and global presence, thus, providing a holistic look at its target company and setting up an in-depth equity research report. With this, you can lay a strong foundation before undertaking more in-depth financial scrutiny.

Template 10: Equity research report overview in-depth analysis PPT Infographic Template Designs

This equity research report slide offers a detailed yet brief overview of an equity research report. Key statistics about target companies are presented for easy viewing. This presentation sets the scene for further investigation of their business operations. This presentation template is essential in communicating equity research endeavors' purpose and goals. Presenters can captivate audiences by showing key details and insights from initial studies while setting the stage for the investigation of financial data.

Streamline Equity Research with Us!

A compelling presentation is central to financial analysis; its power cannot be overstated. In this blog, we have showcased presentation templates and unlocked an intricate web of visual storytelling using data to captivate and persuade. Every template serves as a brushstroke on this canvas of financial insight, allowing analysts to paint an authentic picture of opportunities and risks.

As you embark upon your quest to craft engaging equity research presentations, remember: It's not about the numbers; it's how they come alive! With SlideTeam’s carefully-crafted templates, your data will not simply become numbers on a page but instead become stories that resonate, persuade, and leave an everlasting impression.

PS : Remember to check out our blog on Stock Portfolio Templates to revamp your portfolio like never before.

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Equity Research Report

They say money can’t buy happiness but hey, what’s the use of a million bucks if it’s just going to sit there? There’s nothing wrong with spending money as long as you do it wisely. You could even make it grow by investing. The worth of something is always subjective, what may be worth it for you, might not be said for another person. And when it comes to the corporate world, the financial statement of a company can make or break its future. That’s what equity research is for. It helps company heads and investors formulate business forecasts and decisions regarding their investments.

Shareholders and investors need a way to communicate with an analyst about the company’s finances. This is where equity research reports come in. Analyst record and present forecast, valuation, management overview, and recommendations in equity research reports for investors to further analyze and discuss. These reports also include industry research that contains the trends and competition in the given field. These also come as lengthy industry reports that cover the holistic update of corporations in the same area, quarterly reports that talk about the company’s quarterly finances, and flash reports that comment on the company’s fresh releases and other various updates.

Equity Research VS Investment Banking

Misconceptions are present in all fields and industries. This is true when it comes to investments. Some people might assume that equity research and investment baking are the same since they both focus on finances and investments. There are actually key differences between these two. For one thing, equity researchers require comprehensive mathematical skills, while investment bankers focus on client relationships. Another is the visibility, the analyst gets recognition for their research reports and are sought out by major companies while investment bankers spend a lot of time in obscurity. If your career path leads you to these two professions, you should learn more about equity research vs. investment banking .

Equity Research is a lot of work, for your convience here are 10+ equity research report examples and templates for you!

1. Financial Analysis Report Template

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Size: A4 & US Letter Sizes

2. Financial Analysis Template

3. Business Research Report Template

4. Company Financial Analysis Template

5. Financial Report Template

6. Free Financial Report Template

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7. Free Research Report Cover Page Template

Size: A4 & US Sizes

8. Free Financial Management Report Template

• Editable PDF

9. Free Company Expense Report Template

• Google Sheets

10. Free Finance Internal Audit Report Template

11. Equity Research Report

Size: 1.9 MB

What Makes a Good Analyst

In a song by Dillion, there’s a line that goes, “if your dreams don’t scare you, they’re not big enough.” As with any profession, it’s not so hard to believe that people want to be the best. There is nothing wrong with wanting to be renowned for something you’re passionate about. Whether you want to be a business mogul, graphic designer , or even professional dog walker, greatness is always a goal. This also applies to equity research analyst. But there are things you need to attain to achieve prominence. Before you become an acclaimed analyst, you first need to encompass these traits for your career. 

1. How the Land Lies

Before you venture into any industry, you must first understand how it works. Not knowing the basics and marketing trends of the industry is like going to battle unarmed – you are going to get killed. Once you understand the field you are in, you can also figure out the best strategies to use and what to recommend to your investors. But you can’t just focus on the trends within a certain market; your insights must be universal. This way, you can compare patterns, styles, and inner workings from various corporate environments that involve your field.  

2. Chill for a Sec

In a line of work that is usually situated in a fast-paced world, you need to learn to take your time. Patience is required to be part of the major league. Do you think Michael Phelps swam once and became a champion overnight? Take a moment to listen and learn from the master. Sit down and look through all the details of the information you gathered to make sure you don’t miss anything out. Your patience is required for many aspects, from writing reports to making financial modeling structure. So just chill for a sec.

3. Knowledge is Power

What you think you know is never enough. Just when you thought you’ve got all the tricks in making financial analysis  up your sleeve, a new technique comes rolling in. That’s why you should always be open to learning something new. As time moves and trends change, a new and better way to do is bound to arise. If you let yourself take in all the knowledge presented to you, you are sure to have an edge against others. So go ahead and read a book, watch a video, smash your head, whatever. Sharpen that mind kiddo.

4. Get Your Facts Straight!

Inaccurate data is never acceptable. It could mean you aren’t doing your job right, or you are making up information to make your report believable. Like with any business reports , accuracy is extremely important. Any wrong information can cause a giant mess. That’s why when making your equity research reports, your data must be valid. You need to do an intensive examination to figure out if the data you gathered is reliable. Any inconsistencies might throw the buy-side off. So get a grip, get it right, and get your facts straight!

5. All the Bits and Bobs

As an equity research analyst, your report has to be detailed. You need to make sure anyone can read your business document without missing any information. What if the sell-side reads your work and can’t keep up with its content because it’s missing some vital parts? Even if you think it’s common knowledge, you need to include all the essential organizational knowledge to keep your report consistent and flawless. Your report shouldn’t leave investors asking questions. You must keep your research report comprehensive and holistic. Every bit of data counts.

6. Keep it Simple

Technical writing doesn’t always need fancy words; it just needs to be understandable. Using simple language in your executive summary keeps your readers away from confusion. There is really no need for you to require readers to look up every word in your report. You’re just making all our lives harder. Complex sentences tend to complicate things. This could lead to misunderstandings that could lead to even bigger chaos. The best thing to do is to keep things simple, concise, and clean.

Dealing with financial management are always stressful. But when done right, they can also lead to great success. Remember, she who leaves a trail of glitter is never forgotten. 

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Attached - Equity Research Template Examples

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A lot of people have asked me for equity/industry analyst report templates. In response I have attached a few BB / MM examples from JPM , GS , BMO , MS, BAML , RBC , Nomura. Enjoy!

https:// mm .JPMorgan.com/EmailPubServlet?h=-otaf686&doc=GPS-961848-0.pdf

http://www.mauldineconomics.com/images/uploads/overmyshoulder/Goldman_S…

http://www.bpcplc.com/media/22382/goldman_sachs_june_2013.pdf

http://www.resource-capital.ch/fileadmin/research/fremde/Heinz_Isler_Au…

http://www.morganstanleychina.com/conferences/apsummit2011/research/boo…

http://www.resource-capital.ch/fileadmin/research/fremde/Heinz_Isler_Ju…

http://www.merrilledge.com/publish/content/application/pdf/gwmol/BofAML…

https://www.Nomura.com/events/Nomura-upstream-conference/resources/uplo…

What the hell GS , landscape??

B/c Woody is a prick here is a GS report on AAPL - http://pdf.cyberpresse.ca/lapresse/dufour/AAPLBUY.pdf

RBC 's looks really nice imo. I hate Nomura and Jeffereies ER ; something about the red just turns me away.

Shit son... really appreciate your share. Do you have any Deutsche reports btw? Thanks!

Golden bananas for you...or wd you prefer handshakes instead

Looking at equity research reports makes me feel much better about my working all this weekend on 2 M&A deals. Technical writing makes me cringe!

it's awesome....thanks!!

Thanks WSO ,

Here's more:

Suntrust Robinson Humphrey - http://www.thestreetsweeper.org/ckfinder/userfiles/files/KEYWParrotRepo…

deutsche bank - http://www.bbbiotech.ch/fileadmin/user_upload/files/bbbiotech/de/pdf/An…

Silver bananas! Any chance you have more thematic REIT research?

BluenoseMonkey - Here you go.

JPM HK Link REIT - https://mm.jpmorgan.com/EmailPubServlet?h=n92o91lq&doc=GPS-983509-0.pdf MS FX Repot - http://www.morganstanley.com/public/FXPulse_11152013.pdf RBC REIT - http://www.investorvillage.com/uploads/51535/files/RBCdundeefeb2013.pdf

anything on healthcare/ pharma/ biotech/ med tech?

@Couchy - Here you go.

william blair and company - http://www.acgchicago.com/UserFiles/file/chicago/Web%20docs/HCare%20201…

rajsmith: @couchy - Here you go. william blair and company - http://www.acgchicago.com/UserFiles/file/chicago/W...

Do you have anything for consumer retail?

Great thanks!

This site might be usefull. Just type equity-research dot com/reports

@Stryfe - Here you go!

It's not equity but I thought I would change it up. GS Credit Research on JC Penny.

Goldman Sachs Credit Research - http://www.valuewalk.com/wp-content/uploads/2013/09/170903704-JCP-GS1.p…

rajsmith: @Stryfe - Here you go! It's not equity but I thought I would change it up. GS Credit Research on JC Penny. Goldman Sachs Credit Research - http://www.valuewalk.com/wp-content/uploads/2013/0...

Credit Suisse Research from the TMT group on Wearables Fashion - https://doc.research-and-analytics.csfb.com/docView?language=ENG&source…

many thanks

anything on MCK CAH or ABC?

MCK has been a huge value play since the last 1-2 years. Trading much higher now though... It's a stock I actively follow and definitely worth looking into.

Hi I do need some equity research report on commercial real estate....Can you help? I do appreciate your help! BR

https://www.credit-suisse.com/media/production/pb/docs/privatkunden/hyp…

one of the top results on google

Can anyone help find real estate research for UK market....

Thanks for the resources!

Does anyone have any actual tutorials/resources about how to create reports like this from scratch?

This really is amazing. Thank you so much for sharing.

This is goldmine! Rajsmith, take a bow, SIR! You're awesome!!

Great! I'm an incoming analyst and these sure would be a good read. SB-ed.

Thanks for sharing! It's a great resource for beginners.

@"rajsmith" you're AWESOME man !!

@"cynicalhbk"I aim to please

@"cynicalhbk" Saw your PM on Men's Warehouse - Here's a little something.

http://www.jefferies.com/CMSFiles/Jefferies.com/files/TheHolidays.pdf

Old Report from Asia - http://www.hsbcnet.com/nutshell/attachments/pdf/asiaPacific-consumer-di…

http://content.stockpr.com/menswearhouse/media/a63438bb9fd67a0c0b9e5006…

@"rajsmith" - Thanks so much !!

Let me know if you're able to get hold of any initiation / earnigs review notes, but this is super helpful as well. Thanks again!!

@"cynicalhbk" - if i had it i would have posted it....do you own research for your interview. good luck

Yep, working on it. Thanks for your help!

For the WSO Spanish and Portuguese speaking members here's Santander

http://www.sportsworld.com.mx/inversionistas/pdf/reportesaccion/14Q2%20…

Again for our Latin American friends here's the Santander analyst deck for their LatAm coverage (with analyst names/emails). Also you guys/gals don't know how lucky you are you have the best asses in the world!

http://www.santander.com.br/document/wps/3_Book_Santander%20LatAm%20Han…

Anything about equity research and bond markets research from Nomura ?

@astfin-juki BOOM!

https://www.nomura.com/events/global-quantitative-equity-conference/res…

http://www.lupin.com/pdf/14/20140508%20-%20Lupin%20-%204QFY14-%20Nomura…

http://www.policyexchange.org.uk/images/WolfsonPrize/nordvig%20-%20reth…

Here's one more on Nomura EM Brazil Fixed Income:

http://frombrazil.blogfolha.uol.com.br/files/2013/10/BRL-long-short-ter…

This is for @samson_dada from WF

http://www.semismatter.com/wp-content/uploads/2014/11/IndTech_rpt_14111…

@rajsmith thanks man! Do you know if these are similar to 'case studies' at their global markets research interviews?

Goldman Sachs Report on Retail Liquid Alternatives - http://www.alphacapitalmgmt.com/media/pdfs/120613_Retail_Liquid_Alterna…

@"rajsmith" Anything on gold mining companies?

@"rajsmith" Do you have JPM research reports on SMID cap banks? Thanks in advance

Equity researchs reports by Goldman Sachs are great. Can anyone give me some more. I am searching for "2012/2011 US equity outlook" by Goldman Sachs as well as other researchs on firms.

Thank so muchs

For people looking for more recent reports, this page seems to have a good and up-to-date selection: http://equity-research.com/reports/

Thank you for sharing!

Awesome. thanks for the post

Awesome posts here, anyone have anything from Barclays ?

Equity Research Template MS word ( Originally Posted: 12/20/2015 )

I wanted to ask if anyone has a MS Word Equity Research template with a functionality to fetch the standard financial statements , historical price and standard ratios from the internet. It would be a great help to input the ticker info and get all that information without having to copy/paste it.

I am sure this is not a hard thing to automate...

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Equity Research Report Template

Download this Equity Research Report Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable.

Investing in the stock market is not just all fun and gaining profit. There are times that market price drops down, and some investors don’t have any idea as to why such an unfortunate downtrend happened. That is why some investors require their stockbrokers to submit an equity research report for them to make a strategic decision before investing. If you have no idea how to write this report yet, then you came in the right place because our Equity Research Report Template is what you need. This template has sample content based on actual stock and ideal for stockbrokers or stock investors. So, why waste time writing your own while you can have it now in a few seconds? Download now! 

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