In this project, you are expected to choose alisted companyfor which you have to applyvaluationconcepts and suggest whether one should buy/sell/hold that stock. You will need to conduct an in-depth analysis of a single company and produce an equity research report.

A written report : The report must contain (but not be limited to) the following sections:

• Business descriptionin brief
• Industryoverviewand competitive positioning in brief
• Investmentsummary (summary of valuation, financial analysis and investment risks, key drivers influencing the stock price in brief
• Valuation(Using dividend discount method, free cash flow method and relative valuation in detail
• Financialanalysis(Historical income statement and balance sheet, financial ratios - liquidity ratios, profitability ratios, solvency ratios, efficiency ratios in brief
• Investment risks (sensitivity analysis- how the stock price may change with a change in different assumptions .

You may use only publicly available information in conducting your research. Publicly available information includes:

• information in company financial statements and press releases,
• information in the media about the company and its competitors, and
• information produced by data aggregators for general use (e.g., Bloomberg, S&P Global, FactSet, etc.)