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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