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.

Business UnderstandingDemonstrate an understanding of how the business operates20IndustrySituate the company in its competitive landscape15QualityAssess the durability of the business15FinancialsGround the pitch in the numbers15ThesisWhat thesis is driving your buy/sell/hold recommendation?20CommunicationPresent the pitch with clarity15

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.