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所在平台: Udemy |
课程主页: https://www.udemy.com/course/financial-modeling-and-equity-research-hands-on/
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课程名称：股权研究与股权分析师项目 概述：欢迎参加股权研究与股权分析师项目—这是一个全面、实践性的课程，旨在为您在股权研究、投资银行或财务分析领域的职业生涯做好准备。课程以普拉杰工业有限公司（Praj Industries Ltd）为例，这是一家领先的乙醇技术和工程解决方案公司，带您逐步了解财务建模、公司分析和估值的每个阶段。您将学习如何像真实的分析师一样思考、研究和呈现投资建议，无论您是学生还是在职专业人士，本课程都将帮助您掌握基于Excel的建模技能、财务报表解读和行业预测。 课程内容： 第一部分：介绍 该部分介绍普拉杰工业有限公司及其以乙醇为驱动的商业模式，以及其在更广泛的可再生能源生态系统中的作用。您将了解该公司的乙醇生产、市场细分，以及政府政策和新兴市场如何推动增长。同时，我们还将从行业层面探讨乙醇在印度能源独立中的战略重要性，为后续的行业特定建模铺平基础。 第二部分：财务报表分析 您将开始使用普拉杰的季度和年度报告，将独立及合并财务数据输入到Excel模型中。该部分包括管理层分析、损益表细分、资产负债表审查以及报表之间的关联性构建。您还将学习如何在完整报告不可用时进行反向推导现金流，模拟真实分析师的工作。 第三部分：乙醇需求与订单流预测 分析印度乙醇的宏观和微观需求驱动因素，您将预测汽油消费趋势，理解政府对乙醇混合的规定，并评估这些趋势如何转化为普拉杰及其竞争对手的新订单流。利用石油规划与分析中心（PPAC）提供的数据，您将开发需求模型并进行敏感性分析。 第四部分：酿酒厂及新兴市场订单流预测 将您的需求建模扩展至普拉杰的其他业务线，包括酿酒厂和国际市场。学习如何使用假设表来建模新订单流入，并分析全球乙醇政策的扩展如何在未来几年影响普拉杰的财务状况。 第五部分：收入预测 从顶线预测转向详细的收入模型，您将预测销售额、估算运营成本、计算利润率，并调整外汇波动和其他收入来源等变量。同时，本部分还包括折旧、摊销和融资成本的预测，这些都是建立可靠的损益表预测的关键。 第六部分：资产负债表预测 学习如何预测资产负债表的所有关键组成部分，如资产、负债和股东权益。您还将了解如何计算营运资本要素，例如应付账款，并构建一个全面集成的资产负债表，与损益表和现金流预测相连接。 第七部分：现金流预测 现金流建模对于估值和风险分析至关重要。您将学习如何使用间接法预测现金流，并将其与损益表和资产负债表链接。本部分将帮助您评估自由现金流，这是股权研究中的一个关键估值驱动因素。 第八部分：每股股权价值的预测 一旦模型完成，您将使用它得出估值倍数，包括绘制1年和2年的滚动市盈率（PE）图，以评估相对估值。您将探索如何估计内在价值，以及买方和卖方分析师所使用的估值指标。 第九部分：准备总结表 最后一步是将所有见解汇总成一页的股权研究摘要表—这正是现实分析师所做的。这包括财务亮点、估值、建议和关键投资风险，成为求职面试、报告或客户演示的完美材料。 通过完成股权研究与股权分析师项目，您将构建一个全面整合的财务模型，进行行业需求预测，并为普拉杰工业有限公司创建估值摘要。这不仅是学习经历—而是一个展示您作为未来股权研究分析师能力的组合项目。
Welcome to the Equity Research & Equity Analyst Program-a comprehensive, hands-on course designed to prepare you for a career in equity research, investment banking, or financial analysis. Using Praj Industries Ltd, a leader in ethanol technology and engineering solutions, this program walks you through every stage of financial modeling, company analysis, and valuation. From understanding the business model to projecting financials and estimating share value, you will learn how real analysts think, research, and present investment recommendations.Whether you're a student or a working professional, this course equips you with job-ready skills in Excel-based modeling, financial statement interpretation, and sector forecasting.Section 1: IntroductionThis foundational section introduces Praj Industries Ltd, its ethanol-driven business model, and its role in the broader renewable energy ecosystem. You'll learn how the company manufactures ethanol, its market segments, and how government policies and emerging markets are fueling growth. We also provide an industry-level view of ethanol's strategic importance to India's energy independence, laying the groundwork for sector-specific modeling.Section 2: Financial Statement AnalysisHere, you'll roll up your sleeves and start working with Praj's quarterly and annual reports. You'll input (or "punch") data from both standalone and consolidated financials into your Excel model. The section includes management analysis, income statement breakdowns, balance sheet reviews, and linkage-building between statements. You'll also learn how to reverse-engineer FY16 cash flows when full reports aren't available-just like real analysts do.Section 3: Ethanol Demand and Order Flow ProjectionsAnalyze the macro and micro demand drivers for ethanol in India. You'll forecast petrol consumption trends, understand government mandates for ethanol blending, and estimate how these trends translate into new order flows for Praj and its competitors. Using data from the Petroleum Planning and Analysis Cell (PPAC), you'll develop demand models and run sensitivity analyses.Section 4: Brewery and Emerging Market Order Flow ProjectionsExtend your demand modeling to Praj's other business lines, including breweries and global markets. Learn how to use assumption sheets to model new order inflows and analyze how global expansion in ethanol policies may impact Praj's financials in the coming years.Section 5: Projection of RevenuesMove from top-line forecasting to a detailed revenue model. You'll project sales, estimate operating costs, calculate margins, and adjust for variables like foreign exchange fluctuations and other income sources. This section also includes projections of depreciation, amortization, and finance costs-all critical for building a reliable income statement forecast.Section 6: Projection of Balance SheetThis section teaches you to project all critical components of the balance sheet, such as assets, liabilities, and equity. You'll also learn to calculate working capital elements like trade payables and build a fully integrated balance sheet that connects with your income statement and cash flow projections.Section 7: Projection of Cash FlowsCash flow modeling is essential for valuation and risk analysis. You'll learn how to project cash flows using the indirect method, linking them to the income statement and balance sheet. This section will help you evaluate free cash flow, a key driver of valuation in equity research.Section 8: Projections of Equity Value Per ShareOnce the model is complete, you'll use it to derive valuation multiples. This includes drawing 1-year and 2-year rolling PE charts to assess relative valuation. You'll explore how to estimate intrinsic value and understand the valuation metrics used by buy-side and sell-side analysts.Section 9: Preparing Summary SheetYour final step is to compile all insights into a one-page Equity Research Summary Sheet-just like real analysts do. This includes financial highlights, valuation, recommendations, and key investment risks. It's a perfect takeaway for interviews, reports, or client presentations.By the end of the Equity Research & Equity Analyst Program, you will have built a fully integrated financial model, conducted industry demand forecasts, and created a valuation summary for Praj Industries. This isn't just a learning experience-it's a portfolio-ready project that showcases your capabilities as a future equity research analyst.
