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What is equity research report As per the Financial Industry Regulatory Authority FINRA, the definition of equity research report Research report means a written or electronic communication which includes an analysis of equity securities of individual companies or industries, and which provides information reasonably sufficient upon which to base an investment decision and includes a recommendation. If you read the above definition carefully, youll understand that the report can be of an individual company or of an industry. The definition also says that the research report should provide reasonably sufficient information and the report should include a recommendation. Lets see the process of writing an equity research report in detail. Equity research report writing process. Equity Research Report writing. After completing fundamental analysis, financial statement analysis, ratio analysis, and  valuation, the last part in equity research process is writing equity research report. As an analyst, you need to analyze the industry and the company first and then write the stock research report. This is important to write the equity research report in such a way that your clients understand every word of it. Its also important to include relevant analysis that youve done in the report. How to write a report. Lets see each step of writing equity research report in detail. Version Control Repository Manager 7.5. Company fundamental analysisa Macroeconomic Analysisb Checking public information of the companyc Discussion interviews with company managementd Prepare 5 year cash flow model and earnings forecast modele Review your operational and financial assumptionsf Assess management and competitive environment, buyers, suppliers, substitutes, porter 5 forces model that tells you competitive advantage of the company. Company valuation analysis. Use intrinsic valuationDiscounted Cash FlowDCF method. Relative valuation. Sum of the parts valuation method, wherever required. Pointers for writing equity research report. Equity Research Report writing process. Ive created a list of pointers purely based on my experience and observations and a bit of research about dos and donts while writing equity research report. Clear view of the company. Before writing the report, have a clear view of the company in terms ofInvestment rationale, risk assessment, key growth drivers, cost drivers and revenue drivers. RecommendationRating. Clearly write the companys name at the top of the report and mention your recommendationbuy,sell, hold. You can also use the wordsoutperform, underperform, neutral or accumulate based on your valuation. Have an image of an equity research report in your mind, and so you wont miss these details. Usually, there are templates available in your company and you need to write the report using these templates. Target price. You need to mention target price based on your valuation along with recommendation. Investment rationale. Write clearly your investment rationale. Why do you think the share price will go updown Share price chart. Include a price chart of the stock that will show last 5. Business model. Mention the analysis of the companys business model and how will it perform in next 2 3 years. Key ratio analysis. Include important ratio analysis of the company and 5. Include market capitalization, Enterprise ValueEV, Earnings Before Interest Tax and Depreciation EBITDA, EVEBITDA, and dividend yield 8. Product profile and segments. Analyze the companys product profile, its various segments and brands. Include current sales and forecasted revenue figures, cost, market size, companys market share, competition, the companys performance in domestic and other markets. Economy Industry Company E I C Analysis. Cover companys fundamental analysis with supportive data. Intrinsic and relative valuation. Perform DCF analysis and relative valuation. Relative valuation should be done with the companys peers on the basis of Price Earnings ratio PE, Price to Book ratio PB, Price to Sales PS, Return on Equity ROE and Return on Capital Employed ROCE. Reasoning for recommendation. Write a proper reasoning for your recommendation. For exampleWhy to buy the stock or why not to buy the stock. So, your reasoning has to be strong. Unlock the value Write what can unlockincreasereduce the value of the company. Legal matters. If the company is battling any case, write what could be its effects on the stock price. 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. Covering all the areas in equity research report. While writing the equity research report, assume that the reader is new to the company and he doesnt have any idea about its business. So, your report should include precise information aboutproduct, financials, management, market, future plans of the company, growth estimates, and the risk factors of the company. In short, as an analyst, your eequity analysis report writing process should be structured and you should follow the dos and donts mentioned in this post. Sample equity research reports Equity research report PDFWestern Digital Corp. HULAsian Paints. If you have any queries, Speak Your Mind. Next Batch Starts on 2nd January, 2. Tru64 Patch Kit 8'>Tru64 Patch Kit 8. Our Full Time Financial Modeling Investment Banking Course 6 Weeks starts on 2nd January, 2. Months Weekend Workshop starts on 2. January, 2. 01. 8 in New Delhi, India. Only a few seats remain. Interested candidates can contact me. View All BIWS Courses Free 9. Bonus for Finance.