Guides

12 long guides, taken from the course

Each one takes a question analysts get asked and works it all the way through, with the maths shown. They're 25,864 words in total, and you can read them here without an account.

• How to read an Indian annual report in 45 minutesA working order for reading an Indian annual report fast, starting at the auditor's report and the notes rather than the…2,274 words
• ROCE against ROIC: which return on capital to use, and whenROCE and ROIC answer the same question with different denominators.2,049 words
• Promoter pledging: how to spot it and what it costs youWhat promoter pledging is, how to compute the figure that actually matters, why pledged shares transmit a promoter's private…2,065 words
• A DCF for beginners, worked in rupeesA discounted cash flow built from scratch in rupees, with every number shown: the cash flows, the discount rate, the terminal…2,291 words
• How to value a bank: price to book against return on equityWhy banks are valued on price to book rather than earnings, how the multiple follows from return on equity, and a worked…2,352 words
• Reading a bank's asset quality: GNPA, NNPA, PCR and slippageWhat GNPA, NNPA, provision coverage and slippage actually measure, how Indian loan classification works, and how to read the four…1,994 words
• The cash flow statement: why profit is not cashHow the three sections of a cash flow statement work, why a profitable company runs out of money, and the two checks that catch…2,317 words
• The P/E ratio: what it means and when it liesWhat a price to earnings multiple actually contains, why a high one is not expensive and a low one is not cheap, the four…2,013 words
• Free cash flow: what it is, how to compute it, and where it goes wrongFree cash flow built from an Indian income statement step by step, the difference between the firm and equity versions…2,144 words
• Working capital and the cash conversion cycleHow to compute the cash conversion cycle from an Indian annual report, why it can be negative, what it costs to grow, and the…2,040 words
• Bonus issue, stock split, rights issue and buyback: what actually changesFour Indian corporate actions that look similar and do different things.2,166 words
• How to read a DRHP before an IPOA working order for reading an Indian offer document: risk factors, objects of the issue, restated financials and the basis for…2,159 words