Case Study

Round - I
INSTRUCTIONS

The deadline to submit answers to

this Round is within 48 hours of
receiving the PDF.

Please note that we are open and

flexible to any kind of format you
may deem fit drives the point

Please send in your entries to

hr.tusk@tuskinvest.com

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PART – I
▪ What will be the sector focus of your research / buy-side (based on your experience)?

▪ On the above sectors, can you let us know your current investment thesis (macroeconomics + microeconomics)

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PART - II
▪ What would be your framework of shortlisting companies ?

▪ Based on framework + macro, what would be your portfolio (10 stocks)

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PART – III : SECTORAL PICK AND COMPANY ANALYSIS - INSTRUCTIONS

Pick two companies from the allocated sector

▪ A sector along with a list of 10-12 companies from that sector would be
A provided
▪ Kindly choose two companies from the list to proceed

Try answering the follow-up questions backed by your investment thesis

▪ A mix of quantitative and qualitative factors supporting your thesis
B ▪ Valuation Models – DCF / Price to Book / DDM along with sensitivity table
▪ Management Commentary / Channel check insights will be a plus

Contradict and suggest a better alternative

▪ After evaluating both the companies and concluding which one is better,
C tell us why it doesn’t make sense to invest on either of the two
▪ You can pick the alternative company of your choice (not restricted to list)

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A
PART – III : LIST OF COMPANIES

1. Tata Steel Long Products

2. Tata Steel BSL
3. GPIL
4. JSPL
5. JSW Steel
6. SAIL

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B
PART – III : QUESTIONS ……. (1/2)
▪ Based on the two companies picked, what is your investment recommendation?

▪ Kindly focus on consumer trends + highlight other key factors that form the basis of your recommendation

▪ What are the key macro & micro drivers for the sector?

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 C
PART – III : QUESTIONS ……. (2/2)
▪ What should be the value of Company 1 and Company 2 (can you kindly prepare a simple DCF / Price to Book
comparison to explain to us with focus on assumptions and sensitivities)

▪ Why is it not a great idea to invest in either of the two companies?

▪ What would be a better investment than Company 1 and Company 2 in your opinion looking at the competitive
landscape?

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A CHECKLIST
▪ In case you’re preparing a Word Document / PPT – convert the same into a PDF.

▪ Kindly put the DCF summary and key assumptions in the PDF, the excel can be attached as a backup.

▪ The sample attached is for reference and can be relied as an example to prepare your case.

▪ Try being as objective as possible and ensure there is clarity in what you wish to communicate in the thesis.

▪ The industry selection can be separate or be the same in Part I and II of the case study.