Question 1

Who can participate?

Accepted Answer

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

Question 2

What is the ideal time horizon of investments?

Accepted Answer

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.

Question 3

Can we add appendices to the report to explain our investment model or thesis?

Accepted Answer

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.

Question 4

What is the grading scheme of the two-pager report for the first round?

Accepted Answer

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

Question 5

Can a student receive the mentoring if they already have an internship for summer 2026?

Accepted Answer

Yes.

Question 6

What if I cannot make it to the training day?

Accepted Answer

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

Question 7

Any recommendation to improve the odds of being selected as a finalist?

Accepted Answer

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.

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