The Challenge is open to all students, both bachelor and masters. No finance background is required.

The investment horizon is long term; approximately ten years.When writing their report, students should take a long-term view, where they see the company in ten years.

Yes, you can add appendices to the two-pager report to explain your model or thesis, but this is limited to one extra page. This page could include a snapshot of your model (images) without any text or explanations. Key valuation assumptions and forecasts should form a part of the main two-pager report.

Round 1 - Score Card Communication (30 points) • Presentation is concise and to the point • Information presented in logical order • Student shows creativity and professionalism Fundamental Analysis (30 points) • The facts presented are correct and relevant to the analysis • Key information on the company and the industry have been well described • Business model and key revenue/cost drivers are appropriately identified • Defensiveness of the cash flow profile • Historical financial results snapshot • Overview of ESG risks and benefits Investment Thesis (40 points) • Investment thesis supported by well-researched fundamental analysis • Student identifies direction (improvement/deterioration) of KPIs/key trends over the long term • Preliminary valuation analysis is used to ascertain attractiveness of risk/return • Student develops his/her own conclusions and long-term outlook

Yes.

You can attend the training day virtually. However, attendance is strongly encouraged for Round 2.

Read publicly available documents (company presentation, 10-Q, 10-K) as well as sell-side reports. It also helps to listen to a few recent earnings calls and the most recent investor and analyst day. This should provide a solid foundation for the two-pager analysis. While referring to sell-side reports, we recommend that you use your own thinking and creativity to make a decision instead of blindly relying on and reproducing the recommendation of sell-side reports.