Equity Research & Financial Modeling in Excel

Overview

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Master equity research and financial modeling techniques used by professional analysts to evaluate companies and investment opportunities. Learn how to analyze financial statements, forecast revenues and cash flows, build integrated financial models, and apply valuation methods using real-world company data. This course provides a practical, step-by-step approach to equity research modeling through the real-world case study of Praj Industries and the capital goods sector. You’ll explore industry dynamics, macroeconomic demand drivers, and company-specific growth factors while learning how analysts convert business insights into financial projections and investment decisions. Through structured lessons and Excel-based implementation, you’ll build integrated income statement, balance sheet, and cash flow models while learning how to forecast revenues, margins, operating costs, and profitability drivers. The course also explores advanced modeling topics including forex impact, non-operating income adjustments, cash flow analysis, and PE-based valuation techniques used in equity research. A unique feature of this course is its complete end-to-end financial modeling workflow that combines conceptual finance knowledge with practical implementation skills. This enables learners to move beyond theory and develop job-ready analytical capabilities used in equity research, investment banking, and corporate finance roles. By the end of the course, you’ll be able to construct professional financial models, interpret key valuation metrics, analyze company performance, and make informed investment decisions with greater confidence.

Syllabus

Company & Industry Foundations

This module introduces learners to Praj Industries and the broader ethanol industry, helping them understand business models, industry structure, and key growth drivers shaping the capital goods sector.

Financial Statement Input (Income Statement Focus)

This module focuses on building a strong foundation in financial data entry, enabling learners to input, structure, and link income statement and balance sheet data for accurate financial modeling.

Cash Flow & Demand Drivers

This module helps learners understand cash flow construction and macroeconomic demand drivers, enabling them to evaluate industry demand, order flows, and their impact on financial projections.

Revenue Modeling & Assumptions

This module focuses on forecasting revenues and costs using structured assumptions, helping learners build realistic financial projections and evaluate profitability through margin analysis.

Advanced Income Statement Projections

This module covers advanced components of financial modeling, including forex impact, non-operating income, and cost allocations, enabling learners to build detailed and accurate income statement projections.

Balance Sheet, Cash Flow & Valuation

This module integrates balance sheet projections, cash flow analysis, and valuation techniques, enabling learners to complete financial models and derive actionable investment insights.