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 CardCommunication (30 points)Presentation is concise and to the pointInformation presented in logical orderStudent shows creativity and professionalismFundamental Analysis (30 points)The facts presented are correct and relevant to the analysisKey information on the company and the industry have been well describedBusiness model and key revenue/cost drivers are appropriately identifiedDefensiveness of the cash flow profileHistorical financial results snapshotOverview of ESG risks and benefitsInvestment Thesis (40 points)Investment thesis supported by well-researched fundamental analysisStudent identifies direction (improvement/deterioration) of KPIs/key trends over the long termPreliminary valuation analysis is used to ascertain attractiveness of risk/returnStudent 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.