Equity Research & Equity Analyst Program

Equity Research & Equity Analyst Program udemy course free download

Become a job-ready equity research analyst by building real-world financial models and valuations from scratch.

Welcome to the Equity Research & Equity Analyst Program—a comprehensive, hands-on course designed to prepare you for a career in equity research, investment banking, or financial analysis. Using Praj Industries Ltd, a leader in ethanol technology and engineering solutions, this program walks you through every stage of financial modeling, company analysis, and valuation. From understanding the business model to projecting financials and estimating share value, you will learn how real analysts think, research, and present investment recommendations.

Whether you're a student or a working professional, this course equips you with job-ready skills in Excel-based modeling, financial statement interpretation, and sector forecasting.

Section 1: Introduction

This foundational section introduces Praj Industries Ltd, its ethanol-driven business model, and its role in the broader renewable energy ecosystem. You'll learn how the company manufactures ethanol, its market segments, and how government policies and emerging markets are fueling growth. We also provide an industry-level view of ethanol’s strategic importance to India’s energy independence, laying the groundwork for sector-specific modeling.

Section 2: Financial Statement Analysis

Here, you’ll roll up your sleeves and start working with Praj’s quarterly and annual reports. You'll input (or "punch") data from both standalone and consolidated financials into your Excel model. The section includes management analysis, income statement breakdowns, balance sheet reviews, and linkage-building between statements. You’ll also learn how to reverse-engineer FY16 cash flows when full reports aren't available—just like real analysts do.

Section 3: Ethanol Demand and Order Flow Projections

Analyze the macro and micro demand drivers for ethanol in India. You'll forecast petrol consumption trends, understand government mandates for ethanol blending, and estimate how these trends translate into new order flows for Praj and its competitors. Using data from the Petroleum Planning and Analysis Cell (PPAC), you’ll develop demand models and run sensitivity analyses.

Section 4: Brewery and Emerging Market Order Flow Projections

Extend your demand modeling to Praj’s other business lines, including breweries and global markets. Learn how to use assumption sheets to model new order inflows and analyze how global expansion in ethanol policies may impact Praj’s financials in the coming years.

Section 5: Projection of Revenues

Move from top-line forecasting to a detailed revenue model. You'll project sales, estimate operating costs, calculate margins, and adjust for variables like foreign exchange fluctuations and other income sources. This section also includes projections of depreciation, amortization, and finance costs—all critical for building a reliable income statement forecast.

Section 6: Projection of Balance Sheet

This section teaches you to project all critical components of the balance sheet, such as assets, liabilities, and equity. You'll also learn to calculate working capital elements like trade payables and build a fully integrated balance sheet that connects with your income statement and cash flow projections.

Section 7: Projection of Cash Flows

Cash flow modeling is essential for valuation and risk analysis. You’ll learn how to project cash flows using the indirect method, linking them to the income statement and balance sheet. This section will help you evaluate free cash flow, a key driver of valuation in equity research.

Section 8: Projections of Equity Value Per Share

Once the model is complete, you’ll use it to derive valuation multiples. This includes drawing 1-year and 2-year rolling PE charts to assess relative valuation. You'll explore how to estimate intrinsic value and understand the valuation metrics used by buy-side and sell-side analysts.

Section 9: Preparing Summary Sheet

Your final step is to compile all insights into a one-page Equity Research Summary Sheet—just like real analysts do. This includes financial highlights, valuation, recommendations, and key investment risks. It’s a perfect takeaway for interviews, reports, or client presentations.

By the end of the Equity Research & Equity Analyst Program, you will have built a fully integrated financial model, conducted industry demand forecasts, and created a valuation summary for Praj Industries. This isn’t just a learning experience—it’s a portfolio-ready project that showcases your capabilities as a future equity research analyst.