Ticker: ● Recommendation: ● Price: ● Price Target: ● Earnings/Share Mar. Jun. Sept. Dec. Year P/E Ratio 2005A $0.00 $0.00 $0.00 $0.00 $0.00 0.0x 2006A 0.00 0.00 0.00 0.00 0.00 0.0 2007A 0.00 0.00 0.00 0.00 0.00 0.0 2008E 0.00 0.00 0.00 0.00 0.00 0.0 Highlights (Heading: Times New Roman 14 Bold) • Bullet Heading: Times New Roman 9 Bold: Paragraph Text Times New Roman 9 Dummy text This section should include key Merits and Risks – reasons to buy or sell or hold this stock. I.e. this is the main thrust of the story. You can think of this page as the ‘Executive Summary’, and then the remainder of the report backs this up. • Bullet Heading: Times New Roman 9 Bold: Paragraph Text Times New Roman 9 Dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text dummy text. • Bullet Heading: Times New Roman 9 Bold: Paragraph Text Times New Roman 9 Dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text dummy text. • Bullet Heading: Times New Roman 9 Bold: Paragraph Text Times New Roman 9 Dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text dummy text dummy text. Business Description (Heading: Times New Roman 14 Bold) Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Paragraph Heading: Times New Roman 9 Bold Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Industry Overview and Competitive Positioning Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Paragraph Heading: Times New Roman 9 Bold Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Investment Summary (Heading: Times New Roman 14 Bold) Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Paragraph Heading: Times New Roman 9 Bold Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Figure 1: Graph/Table Heading: Times New Roman 9 Bold Graph / table explanation / summary: Times New Roman 8 normal (gray 80%) Source: Times New Roman 7 Italics Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Valuation (Heading: Times New Roman 14 Bold) Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Risks to Your Price Target Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Financial Analysis Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Earnings Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Cash Flow Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Balance Sheet & Financing Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Other Headings Relevant to Company Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Paragraph Heading: Times New Roman 9 Bold Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Investment Risks Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. SWOT Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. PEST Paragraph Text Times New Roman 9. dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. Dummy dummy dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text text text Dummy text dummy text dummy text dummy text dummy text. Dummy text dummy text dummy text dummy text. MAXIMUM OF 10 PAGES FOR MAIN PART OF REPORT APPENDIX Details of Financial Evaluation: - Must use at least 2 methods DDM Model Calculation of expected earnings (discussed in earlier section) Calculation of Beta Calculation of cost of equity PE Model Estimation of earnings and PE Comp Co’s Industry comparisons (discussed in earlier section), and resulting use of PE’s in each company DCF Calculation of CF’s (discussed in earlier section) Calculation of WACC Estimation of terminal growth rate Final calculation of CF discounting Final Recommendation Comparison of forecasts from each method, with reasoning behind final choice. Could include other analysts’ forecasts for ‘reality check’   Figure 1: Income Statement in millions Source: Company Documents, Student Estimates   Figure 2: Balance Sheet in millions Source: Company Documents, Student Estimates Figure 3: Statement of Cash Flows in millions Source: Company Documents, Student Estimates   Figure •: Other Statements or Exhibits in millions Source: Company Documents, Student Estimates   Figure •: Historical Financials (if not already shown in previous section) Source:   Figure •: Industry Comparable Financials (if not already shown in previous section) Source:   Disclosures: (IF YOU OWN THIS STOCK, YOU MUST DISCLOSE THAT FACT) Ownership and material conflicts of interest: The author(s), or a member of their household, of this report [holds/does not hold] a financial interest in the securities of this company. The author(s), or a member of their household, of this report [knows/does not know] of the existence of any conflicts of interest that might bias the content or publication of this report. [The conflict of interest is…] Receipt of compensation: Compensation of the author(s) of this report is not based on investment banking revenue. Position as a officer or director: The author(s), or a member of their household, does [not] serves as an officer, director or advisory board member of the subject company. Market making: The author(s) does [not] act as a market maker in the subject company’s securities. Ratings guide: Banks rate companies as either a BUY, HOLD or SELL. Disclaimer: The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness. The information is not intended to be used as the basis of any investment decisions by any person or entity. This information does not constitute investment advice, nor is it an offer or a solicitation of an offer to buy or sell any security. This report should not be considered to be a recommendation by any individual affiliated with [Society Name], CFA Institute or the CFA Institute Research Challenge with regard to this company’s stock.