How to Pitch a Stock – and Find An "Angle" at the Last Minute [Tutorial]

Summary

This tutorial video offers a comprehensive guide on crafting a stock pitch, detailing the structure, idea generation, and research process. It emphasizes starting with a clear recommendation, providing company background, and explaining investment thesis. The video also advises on selecting a company with a simple business model and upcoming catalysts. It suggests using resources like Finviz for screening and conducting real-life research to refine the pitch, ensuring it's concise and compelling.

Takeaways

• 📈 Start a stock pitch with a clear recommendation (long or short) and an investment thesis explaining why the market's evaluation is incorrect.
• 🏭 Match your pitch to the firm's strategy and industry focus, and choose an industry you're familiar with to increase the pitch's relevance.
• 🔍 Use screening tools like Finviz to find mid-sized companies with a market cap between 1 to 10 billion dollars that have shown divergence from industry trends.
• 📊 Focus on companies with simple financials and a few key drivers to simplify the research and valuation process.
• 🔑 Look for companies with upcoming catalysts within 6 to 12 months, such as product launches or strategic changes, to provide a clear timeline for potential stock price movement.
• 📚 Conduct research using annual reports, investor presentations, and press releases to understand the company's operations and industry position.
• 💼 Build a simple Discounted Cash Flow (DCF) model with projections based on units sold, average selling price, or market share to estimate the company's value.
• 🤝 Engage in real-life research by speaking with industry insiders, suppliers, or customers to gain insights that can strengthen your pitch.
• 📉 Address risk factors and propose mitigants, such as using options or stop-loss orders, to show how potential losses can be managed.
• ⏱ When time is limited, prioritize research that can be completed quickly, focusing on key financials and industry trends, to prepare a compelling pitch.

Q & A

What is the main focus of the tutorial video?

The main focus of the tutorial video is to discuss how to pitch a stock, covering the stock pitch guide, company selection, and research process.

Where can viewers find templates and the full guide mentioned in the video?

Viewers can find templates and the full guide on the M&I blog post located at mergersandacquisitions.com/stock-pitch-guide.

What is the basic structure of a stock pitch as outlined in the video?

The basic structure of a stock pitch includes a recommendation, investment thesis, company background, investment thesis explanation, catalysts, valuation and past performance analysis, risk factors and mitigants, and a summary of recommendations.

Why is it important to match the industry to the hedge fund strategy when preparing a stock pitch?

Matching the industry to the hedge fund strategy is important because it ensures that the pitch aligns with the firm's investment preferences, increasing the likelihood of a successful pitch.

What is the recommended market cap range for mid-sized companies when screening for stock pitches?

The recommended market cap range for mid-sized companies when screening for stock pitches is between 1 to 10 billion dollars.

How does the video suggest narrowing down a list of potential companies for a stock pitch?

The video suggests narrowing down a list of potential companies by focusing on those with a clear divergence from stock price trends, mid-sized market caps, a few key drivers, relatively pure-play businesses, clean and simple financial statements, and clear catalysts in the next six to twelve months.

What are some methods to research a company and its industry as suggested in the video?

Some methods to research a company and its industry include reviewing annual and interim reports, investor presentations, recent press releases, and conducting real-life research by speaking with people in the industry.

What is the recommended approach for building a DCF analysis in a stock pitch?

The recommended approach for building a DCF analysis in a stock pitch is to project revenue and expenses beyond simple percentage growth rates and margins, aiming for around 100 to 300 rows in Excel, and to include cases like the base case, upside case, and downside case.

Why is it beneficial to speak with people in real life for a stock pitch?

Speaking with people in real life is beneficial for a stock pitch because it provides insights from industry professionals, suppliers, customers, and others who can offer unique perspectives and information that may not be available through public financial statements or reports.

What is the significance of catalysts in a stock pitch and how are they identified?

Catalysts are significant in a stock pitch because they are events or developments that can cause the market to reevaluate a stock's value. They are identified by looking for upcoming events such as product launches, acquisitions, earnings announcements, or strategic changes that could impact the stock price.

Outlines

00:00

📈 Introduction to Stock Pitching

The paragraph introduces a tutorial video focused on teaching how to pitch a stock. It mentions the accompanying blog post 'Stock Pitch Guide' available on the M&I website, which offers templates for creating a stock pitch. The video aims to expand on the written guide, with a particular emphasis on idea generation for those who have limited time to prepare for an interview at an investment firm. The tutorial is structured into three parts: basic stock pitch structure, idea generation, and research and valuation process. The basic structure includes a recommendation slide, company background, investment thesis, catalysts, valuation, risk factors, and a summary. The video promises to provide samples and templates to help viewers understand and create effective stock pitches.

05:00

🔍 Idea Generation for Stock Pitching

This section delves into the process of idea generation for stock pitches, especially when time is limited. It advises first understanding the strategy and industry preferences of the firm for which the interview is scheduled. The speaker suggests looking at the firm's website, asking insiders, or researching their SEC filings to identify their investment strategies. The approach involves selecting an industry that aligns with the firm's strategy and then using Finviz to screen for mid-sized companies within that industry. The focus should be on companies with a market cap of 1 to 10 billion dollars that have shown a divergence from the overall market trend in their stock prices. The aim is to identify companies that may present interesting investment opportunities and are suitable for a stock pitch.

10:02

📊 Screening and Selecting Companies for Stock Pitch

The paragraph discusses the process of screening and selecting companies for a stock pitch. It emphasizes focusing on companies with simple financial statements and a few key drivers, making them easier to analyze and present in a pitch. The speaker uses examples to illustrate how to narrow down a list of companies by eliminating those that are too large, too small, or have complex financials. The goal is to find companies with clear catalysts in the next six to twelve months, such as acquisitions or major product launches, which can serve as a basis for the stock pitch. The examples given include Barnes Group, Trymax Corporation, and Standex Corporation, with a focus on their financial statements and business segments. The paragraph concludes with a recommendation to choose companies that are changing in some way and have clear catalysts, making them easier to discuss in a pitch.

15:03

📚 Research and Valuation Process for Stock Pitch

The final paragraph outlines the research and valuation process for creating a stock pitch. It suggests starting with obtaining the company's annual and interim reports, investor presentations, and recent press releases. The speaker advises building a simple discounted cash flow (DCF) analysis in Excel, projecting revenue and expenses, and aiming for a model with around 100 to 300 rows. The paragraph also recommends using Finviz or Google Finance for public comparables analysis and conducting real-life research by speaking with suppliers, customers, or others in the industry to gain insights. The goal is to incorporate these findings into the analysis to support the investment thesis. The paragraph concludes by emphasizing the importance of this research in identifying the company's potential, catalysts for change, and the overall investment opportunity presented by the stock pitch.

Keywords

💡Stock Pitch

A stock pitch is a presentation or argument made by an investor or analyst to persuade others that a particular stock is worth buying or selling. In the video, the stock pitch guide is a central theme, with the speaker discussing how to structure a pitch, including the recommendation, investment thesis, and key financial analysis.

💡Idea Generation

Idea generation refers to the process of coming up with new and original ideas, particularly in the context of stock pitches, it involves identifying potential investment opportunities. The video emphasizes the importance of idea generation, especially in a time-constrained scenario, and provides strategies for quickly identifying promising stocks.

💡Research and Valuation

Research and valuation are critical components of stock analysis. They involve gathering information about a company and its industry, and then using this data to estimate the company's value. The video discusses an efficient research process and how to conduct a valuation, including the use of discounted cash flow (DCF) analysis.

💡DCF Analysis

Discounted Cash Flow (DCF) analysis is a method of valuing a company by estimating its future cash flows and discounting them back to their present value. The video mentions setting up a DCF analysis as part of the research and valuation process, suggesting a focus on simplicity and practicality in the analysis.

💡Investment Thesis

An investment thesis is a statement that outlines why a particular investment is expected to perform well or poorly. It includes the reasons for the investment and the factors that could influence its performance. The video script includes an example of an investment thesis for Jazz Pharmaceuticals, explaining why the market is wrong about its evaluation.

💡Catalysts

In the context of stock pitches, catalysts are events or developments that could cause a change in a company's stock price. The video discusses identifying catalysts that could lead to a pricing correction, such as FDA approvals or earnings announcements.

💡Risk Factors

Risk factors are potential events or conditions that could negatively impact an investment. The video script includes a section on risk factors and mitigants, where the speaker explains how to identify and potentially reduce the risks associated with a stock pitch.

💡Market Cap

Market capitalization, or market cap, is the total market value of a company's outstanding shares of stock. The video mentions using market cap as a criterion for screening companies, focusing on mid-sized companies in the $1 to $10 billion range.

💡Financial Statements

Financial statements are formal records of a company's financial activities, including its income statement, balance sheet, and cash flow statement. The video emphasizes the importance of having clean and simple financial statements for ease of analysis in a stock pitch.

💡Strategy and Industry Focus

Strategy and industry focus refer to the specific investment approach and sectors that an investment firm targets. The video suggests aligning the stock pitch with the firm's strategy and industry preferences, which can influence the selection of companies to pitch.

Highlights

Introduction to a tutorial video on pitching stocks and discussing the stock pitch guide.

The video corresponds to an M&I blog post, 'Stock Pitch Guide', providing templates and the full guide.

Discussion on expanding the article to focus on idea generation for stock pitches.

Explanation of the basic stock pitch structure, including recommendation, investment thesis, and risk factors.

Providing examples and templates for the stock pitch structure.

Guidance on idea generation for stock pitches when time is limited.

Advice on researching the strategy and industry focus of the firm you're interviewing with.

Using FinVis to screen for mid-sized companies in the industry that match the firm's strategy.

Focusing on companies with clear divergence from stock price trends as a potential pitch.

Narrowing down the list by selecting companies with simple financial statements and clear business models.

Selecting companies with only a few key drivers for easier analysis in a stock pitch.

Identifying companies with clear catalysts in the next six to twelve months for stock pitch ideas.

The importance of researching the company and industry through annual reports, investor presentations, and press releases.

Building a simple DCF-based valuation for the stock pitch.

Using FinVis or Google Finance for public comps to save time in the research process.

Incorporating real-life research by speaking with industry professionals and incorporating their insights.

Summary of the tutorial on how to find, screen, and pitch stocks with limited time.

Transcripts

[Music]

[Music]

welcome to another tutorial video this

time we're going to be discussing how to

pitch a stock and cover our stock pitch

guide as well as the company selection

and research process this video

corresponds to an M and I blog post

called stock pitch guide you can go

visit it down below on the screen just

mergers and acquisitions comm / stock -

pitch - guide and you can get some

templates there the full guide and text

we're going to expand on the article

here and focus more on the idea

generation part and in particular how

you can come up with ideas for stock

pitches and screen companies when it's

the last minute and you don't have much

time left

so the plan for this tutorial will be to

cover the basic stock pitch structure

first which you're probably already

familiar with but we'll go through it

quickly and give you a few samples and

templates then in part two we'll talk

about idea generation how can you find

ideas if it's the last minute and you

only have two or three days or maybe

five six or seven days to prepare for an

interview at a hedge fund or asset

management firm and then a part three

we'll discuss the research and valuation

process how you can do it efficiently

how to find your angle and how to get

the key inputs for your stock pitch

including the complexity of the model

and valuation analysis that you come up

with and the ideal length and how to

make it complex enough without going

overboard and coming up with something

that takes too much time to research and

finish well let's go to part one first

and talk about the basic stock pitch

structure now this is something that we

covered extensively on the site over the

years so you can go through and look at

the text version of this as well but you

always want to start a stock pitch with

a recommendation where you long or short

the company and you say what it should

be worth according to your analysis in

our example on the site for Jazz

pharmaceuticals we have a recommendation

slide here we short the company we

present our investment thesis and

explain why the market is wrong about

this evaluation and then give what we

think it should be worth why we think

its stock price will change what the

risk factors are and how we can mitigate

some of those risks then in the next

section you give the company background

you describe its products services

market its approximate revenue ebody

market cap at valuation multiples for

Jazz pharmaceuticals we do

just that we also include a price volume

chart over the past year from before the

stock pitch for good measure and we

explain a little bit about what the long

term projections and our base case

scenario here look like then in part 3

you go through the investment thesis and

you explain why the stock is mispriced

and why the market hasn't factored this

in and adjusted to the correct price so

here we have three main reasons the

threat of generics to one of the

companies key product lines we think the

company's ability to raise prices will

be quite limited and we think that some

of its new experimental products or

drugs will have lower than expected

potential in the next part you have

catalysts key events in the next 6 to 12

months that will cause the market to

realize its mistake and result in a

pricing correction so for Jazz

pharmaceuticals we have the FDA approval

of some of those generic drugs we have

the fact that when the company announces

earnings everyone's going to realize

that it is simply not raising prices on

its key drugs as much as it did in the

past and then we also have early sales

results from some of these more

experimental and earlier stage products

then in part 5 you go through the

valuation and paste in your DCF analysis

comparable companies and whatever other

analysis you have to show why the stock

is undervalued or overvalued you can see

our example here for jazz we have a

football field valuation chart we have a

summary of our assumptions for the DCF

and we also have some sensitivity tables

showing why we think the company is at

best appropriately valued right now and

actually significantly overvalued

according to our views and then we go

through the risk factors and mitigant

and how we could reduce some of the risk

or limit our losses if we're completely

wrong and you can see it here we

basically reverse the catalyst and say

that maybe the generics will enter later

than expected maybe some of the new

drugs will perform better than expected

and maybe some other products will gain

positive clinical trial data and we can

mitigate some of these risks with call

options or stop-loss or stop limit

orders and overall we say that we limit

our potential losses here to about 15 to

20 percent and then at the end we just

give us summary and show all of our

recommendations here once again so

that's a basic structure for a stock

pitch again you can go

the entire M&I article and read through

all this in text format and get some

screenshots of everything for a couple

different companies here as well what I

want to focus on doubt is the idea

generation process what if you leave a

few days you're not following the

markets or specific companies closely

and you need an idea for an upcoming

interview as soon as possible the first

step in this process is you need to

figure out what strategy the firm you're

going to interview with uses and then

which industries it likes and does not

like there are a couple ways you can do

that you can of course to try to look on

their website you can ask someone there

about their strategies you can try to

find their holdings and SEC filings so

there are a couple different ways you

can do this but you need to figure this

out first because for example if you're

going to interview with a value oriented

long-only fund that likes industrial

companies then you want to focus on

companies in industrials or related

sectors so maybe manufacturing or

chemicals or even retail but something

that is a bit more mature and is based a

little bit more on hard assets you don't

want to go in and pitch a short for an

overpriced biotech startup if the fund

only does long investments and focuses

on undervalued companies and then you

want to match the industry to something

that lends itself to the hedge fund

strategy or pick an industry that you

know something about so let's keep going

with this industrials example and we'll

say industrial goods for the sector and

then industrial equipment for the

industry and I'll go on fin vis right

here and for sector I'll say industrial

goods and then for industry I will say a

dish industrial equipment and components

so we have those two for the screening

criteria and so we get a set of 12

companies based on that now how do you

screen and narrow down this list once

you have the set of 12 companies first

off you want to focus on mid-sized

companies in the industry ideally ones

that are in roughly the 1 to 10 billion

dollar market cap range if you're

working with us-based companies if

you're doing this based on revenue maybe

something with hundreds of millions of

revenue to perhaps the low billions so

you get mid-sized companies in the

industry you don't want to pick giant

conglomerate companies you also don't

want to pick micro cap companies because

they both have different problems and

tend to be harder to use in stock

pictures

you also want to look for companies

where there's been a clear divergence

from the stock price trends overall over

the past few months so maybe the entire

market has gone up but one company has

stayed the same or even decreased or

it's the opposite and the entire market

has gone down but one company has stayed

the same or gone up so with this example

for our industrial screen here first off

we'd probably eliminate the top two

companies at the top one is in the UK so

it's not great if we're in the u.s. the

other company is just too big and then

we'd probably also eliminate some of

these companies at the bottom because

they're well below a billion dollars in

terms of market cap which leaves us with

roughly this set of companies five six

or seven or so in the middle if we look

at these companies share prices for the

most part they have increased pretty

substantially in the past three four

five six months something in that time

range however there are a few that stand

out as not having increased by that much

one clear example of that is Barnes

group right here its stock price fell

pretty dramatically the year before and

then even this year it stayed basically

the same even as everything else in the

sector has gone up the other one that

stands out is try mask corporation here

it did increase the year prior to this

but this year it's been roughly flat

except for a quick increase right in the

beginning in January and then if we want

to expand this a little bit more we

could also look at Standex corporation

which has been relatively flat so far

this year so if you look at all these

and you look at something like this

where maybe the company decreased a lot

last year stayed flat this year even as

the sector as a whole has gone up you

get some ideas for companies that may

not quite be following trends and might

be a bit different from everything else

in the industry so as I say we think

that Barnes Group Standex group and tri

mass here are probably the best bets for

our initial screen now the next two

steps steps four and five because I'm

grouping them together are that you want

to find companies with only a few key

drivers and relatively pure-play

businesses as well as clean and simple

financial statements so you don't want a

company with 20 different product lines

where each one is say 5% of the revenue

you want a company that has maybe two to

three major segments and well-defined

key drivers

and you don't want a company that has

say 50 items on its cashflow statement

you want relatively short and simple

financial statements so if we look at

all these companies start with starting

with Barnes Group its income statement

here is fairly simple and

straightforward if we go down to its

balance sheet everything here is also

pretty straightforward these are all the

standard items you'd expect cash debt

equity receivables inventory nothing too

crazy here and it's cash flow statement

we'd say is also pretty straightforward

with exactly the items that you'd

normally expect for a standard company

if we go to try mass again it's balance

sheet is pretty standard and

straightforward seem for its income

statement and moving down its cash flow

statement looks a little bit more

complicated on the surface but it's

actually not that much more complex than

Barnes groups and then finally if we

look at stand X its balance sheet is

similar maybe a little bit more

complicated its income statement also

looks fairly straightforward and then if

we go down its cash flow statement is

also straightforward although there are

some more items here maybe it's a little

bit more complex than the others however

the real point here is that the

financial statements are not that much

different but Standex appears to have

more segments than the others and that

is going to make the research and

valuation process it take more time to

illustrate what I mean here let's just

go up and do a search for one of the

numbers in that screenshot so if you

look at a summary of the company's

operations they have a food service

equipment segment and a grieving segment

and engineering technology segment and

an electronics and hydraulics segment

two separate segments there actually and

there are some that are bigger than

others the food service equipment one is

the dominant segment but it's not as if

one segment has 90% of the company's

revenue it's more like maybe close to a

forty to fifty percent split for the

food service equipment one so we have

quite a few segments here by contrast if

we look at something like the Barnes

Group for example and

let's just go down to where they have

their split I'm searching for aerospace

because I know already that's what one

of the major segments is they basically

have two segments Industrial and

aerospace and if you go down a little

bit and you look at financial

performance by business segments they

have industrial they have the sales and

operating profit and operating margin

and then if you go down they have

aerospace and the sales and operating

profit and operating margin and beyond

that they don't really have much of

anything so they just have two simple

segments right here and if you go to try

mass you'll see something similar so

based on this quick screen we'd probably

narrow this further to barn troop and

try mess barns group is two main

segments try mass has three main

segments and two now the final step to

pick a winner here and to decide is that

you generally want a favored companies

with clear catalysts in the next six to

twelve months such as an announced

acquisition or divestiture

a major product launch a major expansion

plan a strategic change something like

that

and if we go and look at try masses

investor presentations and other sources

we do see something that looks promising

at first glance a recent acquisition

announcement for this company plastic

srl which is based in Italy however if

we keep reading we see that its annual

revenue is only about twelve million

here and if we look at try masses

revenue for the company as a whole it's

close to nine hundred million so no

matter how you slice it a ten or twelve

million revenue company is just not

going to contribute that much to

something that is almost a hundred times

the Sophos based on that we would say

that try mass here is probably not the

best one if you look through there are a

couple other potential catalysts but

overall we think that the Barnes Group

is probably a better candidate for a

couple of reasons if you look in their

investor presentation for example one

key slide here is that they give their

major portfolio shifts over the last

several years and they explain where

they were before and then where they are

now which implies that the company is

changing by a good amount also if you

look throughout this you'll see that

there are some pretty clear references

to their growth areas for example if we

could do a search for automation right

here they list it as one of their key

growth drivers and as one of the key

macro factors and that if we keep going

they say that they've launched

automation in 2018 establish fortune

motion control in 2019 so these are

clearly segments on the rise and if we

keep going you'll see that here

automation is only about 1% of revenue

right now but it's growing very quickly

by double digits which means that

something relating to the company here

is changing the other thing with Barnes

group is that they do have high exposure

to aerospace about 34% of its revenue

comes from it just before I created this

tutorial there was big news about Boeing

and several fatal accidents fortunately

company to ground their 737 max aircraft

right after those announcements the

Barnes groups share price fell by about

10 percent when the aircraft was

grounded presumably because investors

know this and they're worried about

their exposure to Boeing but if you look

later on in the presentation you'll see

that yes they have some exposure they

are making some parts relating to the

737 max but it's actually much less of a

focus for the company then all the other

Airbus and Boeing aircraft so we could

make some type of argument that the

company might have been unfairly

penalized for its aerospace exposure

here that's part two the idea selection

process and how we came to the

conclusion of using the Barnes group

here let's now go through the research

and valuation process you want to do

four basic things here first is research

the company in the industry by getting

the annual and interim reports the

latest investor presentation and recent

press releases then you can build a

simple DCF based valuation don't go

overboard you want to project revenue

and expenses beyond simple percentage

growth rates and margins maybe go down

to units sold average selling price or

market share times market size and aim

for around 100 to 300 rows in Excel if

you've seen our DCF example for steel

dynamics where we split up its sales

into three main segments and a couple

smaller ones something like this would

be reasonable for a stoppage where we

get up to around 150 or so rows here you

don't want 5,000 rows you want something

in that range we'd say a hundred to

three hundred rows in Excel for your

projections and DCF analysis and then

for the public comps you could use fin

vis or Google Finance to save time there

take a look at our comparable company

analysis tutorial for more on that one

and then you also want to do some real

life research so speak with people in

real life for a few hours

find some suppliers customers others on

LinkedIn email them and offer your

insights as an investor into their

company in exchange for maybe 10 minutes

of their time to answer a few questions

that you might have had about the

company or the industry as a whole so

here we already have the reports and we

actually already have the peer companies

because when we did our fin visit screen

this also gave us some of the peer

companies that we could use so we

already have that part done we just need

to pull the financial information for

them our first step would be to set up

the DCF analysis and make the main

splits between an aerospace and

industrial on a revenue and operating

income basis and then we go beyond that

if possible maybe it would be unit Sol

maybe would be market share maybe you'll

be the backlog growth and the backlog

delivered it can be a little bit tricky

in this sector to go below revenue

growth and operating margin by product

line but with enough research and going

through the filings and doing some

online research for the market we might

be able to do that and then for the real

life research borange group mentions

General Electric rolls-royce and United

Technologies in its filings all those

seem pretty important so we probably

start there and then start looking for

some possible contacts on LinkedIn and

if we ran out of time

maybe we can only speak with one or two

people or contact one or two people but

it's still a whole lot better than

nothing the angle here would probably be

something to do with the market over

penalizing it because of its exposure to

Boeing maybe under estimating its

automation segment and maybe also under

estimating its margin expansion

potential if the automation segment

really takes off presumably its margins

will go up because automating tasks is

cheaper than hiring humans to complete

them or we could take the opposite view

and maybe we should say and maybe we

will say that it should follow by even

more than it already has

it just depends on the results of this

process and what we find when we speak

with people and do our market research

the catalysts here could be backlog

updates announcements relate to Boeing

earnings announcements that have some of

the automation segment results and maybe

potentially acquisitions as well with

the valuation we can't really say

anything because this was intended to be

a quick tutorial showing you what to do

with limited time

setting up a whole DCF here would take

more time and I don't have it and I'm

not going to show it here but you would

do that and draw some conclusions

ideally building in cases like the base

case upside case and downside case to

reflect your views what the market is

thinking and then what you think will

actually happen that's it for a tutorial

to do a quick summary now the stock

pitch structure is that you always want

to start with your recommendation long

or short what the company should

actually be worth why it's miss price

right now and why it's going to change

then you give some company background

information then you go into your

investment thesis and explain why it's

mispriced and why others have overlooked

it then you go into the valuation and

explain what you think it should be

worth then you give the catalyst explain

why its stock price will change over the

next six to twelve months and then you

give the risk factors and explain how to

mitigate some of the risks for the idea

to generation we recommend picking an

industry that matches the strategy and

industry focus of the firm you're

interviewing with and also something

that you ideally know a little bit about

once you have that then you can go on a

site like fin vis and screen for

mid-sized companies in the industry

focus on ones that only have a few key

drivers and relatively clean to

financial statements and relatively easy

to understand businesses once you have

that then look for companies that have

clear catalysts in the next section

twelve months and are changing in some

way because those will be better and

easier to discuss and then finally for

the research and valuation process get

the company's annual interim reports a

few recent press releases start building

a simple TCF and valuation analysis

using the p r-- company data that you

found before on sites like fin vis and

use a very simple template and then go

out and try to speak with people in real

life if you can and incorporate some of

those views into your analysis that's it

for tutorial on stock pitches how to

find companies with limited time screen

for them and then pick the best one

hopefully now you know a bit more about

this process and what to do if you're in

this position and you need to come up

with a stock pitch very quickly