Financial Modeling & Equity Research — Complete Analyst Program Recorded Program · 70+ Hours of Live Program

Learn how professional analysts think, build, and present — end to end. From reading your first annual report to building a fully integrated 3-statement model, running DCF and LBO valuations, and delivering an equity research report with a buy/sell recommendation — structured exactly the way analysts work inside brokerages, asset management firms, and investment banks.

DURATION 12 Weeks of Content

TOTAL HOURS 40+ Hours · On-Demand · Watch Anytime · Rewatch Unlimited · One Year Validity

WHO IS THIS FOR Aspiring Equity Research Analysts · Investment Banking Juniors · Finance Students · CFA Candidates · MBA Applicants

Basic accounting knowledge helpful. No prior modeling experience required.

TARGET ROLES AFTER Equity Research Analyst · IB Analyst · Credit Analyst · Fund Analyst · Portfolio Associate Brokerages · Asset Management Firms · Investment Banks · Family Offices · VC/PE Firms

The Transformation Promise

"Go from someone who reads a company's stock price to someone who can read its annual report like an analyst, build a fully integrated 3-statement financial model from scratch, value a company using DCF, Comparable Companies, Precedent Transactions, and LBO — and deliver a professional equity research report with a clear investment recommendation."

What You Will Leave With

✓ A Business Understanding Framework — how to read annual reports, concalls, and segment data like an analyst

✓ A Governance Scorecard and Red Flag Checklist — risk scoring model built on real fraud case studies

✓ An EIC Analysis Sheet — macro indicators, sector outlook, and company positioning in one framework

✓ A Strategic Positioning Model — SWOT, Porter's 5 Forces, and value chain analysis on a real company

✓ A Fully Integrated 3-Statement Financial Model — Income Statement, Balance Sheet, and Cash Flow linked end to end

✓ A DCF Valuation Model — built from scratch with WACC, terminal value, sensitivity tables, and target price band

✓ A Comparable Company and Precedent Transaction Analysis — peer multiples, football field chart, valuation range

✓ An LBO Model — leveraged buyout structure, debt waterfall, and investor IRR analysis

✓ An M&A Accretion / Dilution Model — synergy assumptions, deal impact, combined entity analysis

✓ A Stock Screener — factor-based idea generation to build an investment shortlist

✓ A Professional Equity Research Report + 10-Slide Pitch Deck — investment thesis, financial summary, recommendation

✓ A Complete Capstone Portfolio — one company, all valuation methods, full presentation — analyst ready

✓ Certificate of Completion — verifiable at analystfactor.com

CURRICULUM · Class-by-Class Breakdown

24 classes across 6 phases. Every class mirrors real analyst workflow — you don't study theory, you do the work.

PHASE 1 — Analyst Foundation · Classes 1–5 Understand Businesses Before Numbers

Class 01 — Introduction to Finance & Analyst Mindset 3 Hours · Recorded

• How real-world finance works and where analysts fit in
• Role of equity research and investment banking analysts
• How to think like an investor — what drives stock prices
• How to compare two businesses across sectors and identify what drives each

Output: Business understanding framework comparing an FMCG and Auto company

Class 02 — Annual Reports & Concall Analysis 3 Hours · Recorded + Exercise

• How to read an annual report — what to look for and what to skip
• MD&A, segment reporting, and footnotes — where the real story is
• Concall analysis — reading between the lines of management commentary
• Volume vs price growth — how to separate real growth from inflation
• Applied to HUL, Nestlé India, Maruti Suzuki, and Tata Motors

Output: Excel sheet with revenue segmentation, key growth drivers, and management commentary summary

Class 03 — Financial Statements Deep Dive · Income Statement 3 Hours · Recorded + Build

• Revenue drivers — volume, price, and product mix
• Cost structure — fixed vs variable costs, operating leverage
• Margin evolution — how margins expand or compress over a cycle
• Building a clean 5-year Income Statement in analyst format

Output: Structured 5-year Income Statement model

Class 04 — Balance Sheet & Cash Flow Understanding 3 Hours · Recorded + Build

• Working capital cycle — debtors, creditors, inventory
• Asset-light vs asset-heavy businesses — what it means for returns
• Cash flow mechanics — why PAT and cash flow are never the same
• Linking Cash Flow Statement to Income Statement and Balance Sheet

Output: Linked Income Statement to Cash Flow Statement model

Class 05 — Governance & Red Flag Analysis 3 Hours · Recorded + Case Study

• Corporate governance framework — board structure, auditor quality, related parties
• Fraud detection signals — what analysts look for before it hits the news
• Earnings manipulation — common techniques and how to spot them
• Case studies: Yes Bank, DHFL, and Satyam

Output: Governance scorecard + red flag checklist — risk scoring model

PHASE 2 — EIC + Strategic Thinking · Classes 6–7

Class 06 — EIC Framework · Economy → Industry → Company 3 Hours · Recorded + Exercise

• Top-down investing — how macro drives sector drives stock
• Economy to sector to company linkage — building the full picture
• Interest rate cycles and banking; commodity cycles and auto
• Building a complete EIC analysis sheet with macro indicators and sector outlook

Output: EIC Analysis Sheet — investment thesis base

Class 07 — Strategic Analysis Frameworks 3 Hours · Recorded + Exercise

• SWOT Analysis — structured competitive assessment
• Porter's 5 Forces — industry attractiveness framework
• Value Chain Analysis — where does the company actually make money
• Applied to Nestlé India and Maruti Suzuki

Output: Strategic positioning model — SWOT table, Porter's analysis, value chain map

PHASE 3 — Financial Modeling · Classes 8–11 Build the Engine First

Class 08 — 3-Statement Modeling Part 1 · Revenue to Profit 3 Hours · Recorded + Excel Build

• Revenue modeling — units, realisation, capacity, product mix
• Cost drivers — raw materials, employee costs, operating leverage
• Margin build-up — EBITDA, EBIT, PAT line by line

Output: Revenue and cost model — full P&L projection

Class 09 — 3-Statement Modeling Part 2 · Forecasting & Growth 3 Hours · Recorded + Excel Build

• Growth driver assumptions — volume, price, market share
• Margin expansion modeling — efficiency gains, operating leverage
• Scenario building — Base, Bull, and Bear cases

Output: 3-scenario forecast model — Base / Bull / Bear

Class 10 — 3-Statement Modeling Part 3 · Schedules 3 Hours · Recorded + Excel Build

• Working capital schedule — days receivable, payable, inventory
• Capex and depreciation schedule — gross block, additions, useful life
• Debt and interest schedule — drawdowns, repayments, interest coverage

Output: Supporting schedules — working capital, capex, and debt — linked to the model

Class 11 — 3-Statement Modeling Part 4 · Integration 3 Hours · Recorded + Excel Build

• Linking Income Statement, Balance Sheet, and Cash Flow
• Circularity basics — how interest and debt create circular references
• Balancing the Balance Sheet — retained earnings and cash plug

Output: Complete fully integrated 3-Statement Financial Model

PHASE 4 — Valuation Core · Classes 12–16

Class 12 — Cost of Equity · CAPM 2 Hours · Recorded + Excel Build

• Risk-free rate — what to use and why it matters
• Equity risk premium — market return assumptions for India
• Beta — levered vs unlevered, peer-based estimation

Output: Cost of equity calculator — CAPM-based discount rate model

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Class 13 — Cost of Capital · WACC 2 Hours · Recorded + Excel Build

• Cost of debt — pre-tax, post-tax, market vs book rate
• Capital structure — target vs current, market value weights
• WACC with sensitivity — how capital structure changes the discount rate

Output: WACC model with sensitivity table — discounting engine

Class 14 — Cash Flow Model · Earnings to Free Cash Flow 2 Hours · Recorded + Excel Build

• FCFF vs FCFE — what each measures and when to use which
• Adjustments to earnings — D&A add-back, capex, working capital changes
• Converting PAT to FCFF — step by step

Output: Free cash flow model — PAT to FCFF conversion

Class 15 — DCF Valuation · Build from Scratch 3 Hours · Recorded + Excel Build

• DCF structure — forecast period, discount rate, terminal value
• Gordon Growth Model and Exit Multiple approach — terminal value methods
• Discounting cash flows — NPV of forecast period plus terminal value

Output: Full DCF model — enterprise value output

Class 16 — DCF Sensitivity & Valuation Insights 2 Hours · Recorded + Excel Build

• Sensitivity analysis — WACC vs growth rate, margin vs revenue
• Scenario valuation — how assumptions shift the output
• Building a valuation range — bull to bear target price

Output: Sensitivity tables + target price band

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PHASE 5 — Advanced Valuation · Classes 17–21

Class 17 — Comparable Company Valuation 3 Hours · Recorded + Excel Build

• Peer selection — how to define the right comparable set
• Trading multiples — EV/EBITDA, EV/Sales, P/E, P/B
• Normalising multiples — removing one-time items for clean comparison

Output: Comparable company model — comps table with relative valuation output

Class 18 — Precedent Transactions Analysis 3 Hours · Recorded + Excel Build

• M&A valuation — why deal multiples differ from trading multiples
• Control premium — what acquirers pay and why
• Football field chart — presenting a full valuation range visually

Output: Transaction comps sheet + football field chart — valuation range

Class 19 — Advanced Valuation · M&A Model 3 Hours · Recorded + Excel Build

• Synergy assumptions — revenue synergies, cost synergies, timeline
• Accretion / dilution analysis — EPS impact of the deal
• Combined entity model — pro-forma financials post-acquisition

Output: M&A impact model — accretion / dilution analysis

Class 20 — Advanced Valuation · LBO Model 3 Hours · Recorded + Excel Build

• Leveraged buyout structure — equity, senior debt, mezzanine
• Debt waterfall — repayment schedule, cash sweep
• IRR analysis — entry, exit, and investor returns at different scenarios

Output: Basic LBO model — capital structure and investor IRR output

Class 21 — Integrated Valuation Case Study 3 Hours · Recorded + Excel Build

• Combining DCF, Comparable Companies, and Precedent Transactions
• Reconciling different valuation outputs — which to weight and why
• Presenting a final valuation range with judgment and conviction

Output: Full valuation summary — one company valued across all three methods

PHASE 6 — Output & Career · Classes 22–24

Class 22 — Screening & Idea Generation 2 Hours · Recorded + Exercise

• Factor-based investing — quality, value, growth, and momentum screens
• Idea sourcing — where analysts find investment opportunities
• Building a stock screener in Excel with filters and ranking

Output: Stock screener — investment shortlist

Class 23 — Equity Research Report + Pitch Deck 3 Hours · Recorded + Writing Workshop

• Writing the investment thesis — why this company, why now, why at this price
• Structuring a professional equity research report — cover page to risks
• Storytelling in finance — how to present data so it drives a recommendation
• Building a 10-slide investor pitch deck

Output: Equity research report + 10-slide pitch deck — investment presentation

Class 24 — Final Capstone Project 4 Hours · Full Project

• Pick one company and run the complete analyst workflow
• Build the 3-Statement Financial Model
• Run DCF Valuation
• Build Comparable Company Analysis
• Add M&A or LBO view
• Write the research report
• Deliver the final investment presentation

Output: Complete analyst portfolio — one company, all models, full presentation — career ready

 

Total: 70+ Hours across 24 Classes. One Year Access. By program end, you have built every model, written every output, and delivered a complete investment case - the entire analyst workflow on a real company. Watch at your pace. Rewatch any session. Build your portfolio.