Basic Information

  • Company Name

  • Bloomberg Code

  • Company Website

  • Date of last company visit (call)

  • Basic Description of company's activities

  • Beta

  • Free float

  • Major shareholders (type of investor to be described, State, family, hedge fund, long only fund etc). Any holding over 3%

  • Sources used (information sources)

  • GICS Category

  • Country

  • Liquidity

  • If in Benchmark what is the weight

  • Weight of meaningful sector within country and wider benchmark if applicable

  • Significant global peers

  • Capital Appraisal sheet completed?

  • Allianz One pager filled in?

  • When is the next earnings release?

  • Has the earnings release date been entered into the calendar?

  • Mind map?

Quant screening factors

  • Combined JPM Q Score

  • JPM Valuation score

  • Detail of the valuation score and what it implies

  • JPM Price score

  • Detail of the momentum score, what it implies and view on whether momentum can be maintained. price or reversion

  • JPM Earnings score

  • Where is the strength in earnings and sentiment, can this be sustained?

  • JPM Quality score

  • Sustainability of the quality score

  • RCM style screen analysis

  • Bespoke screen analysis

  • How does the stock sit in respective deciles?

  • Historic EPS volatility vs benchmark

  • EPS vs Benchmark EPS

  • Earnings surprise history

  • Earnings surprise

  • Historic price performance

  • Price performance

  • What is the stocks correlation with country, sector and peers?

  • Correlation

  • What direction are consensus earnings taking

  • Consensus earnings

  • Analyse the historic pattern of earnings estimates

  • Historic Earnings estimates EE G

  • What is the historic valuation range and what is the relevance of the range?

  • Valuation range

Investment case

  • Brief description of the investment case

  • Detailed Investment case - industry analysis (Porter etc), SWOT, other (input link to other documents if appropriate)

  • Corporate Governance and ESG analysis (if Chinese is it a VIE relationship?)

  • Issues from statutory reports (accounts, 20F etc)

Outlook for the timing and certainty of cashflows

  • Assessment of certainty of future cashflows (relative to benchmark) - 1 is low certainty

  • Return analysis (DuPont and CFROI) - stability of future returns. Margins, asset turnover and leverage

  • Balance sheet analysis - source and future outlook for funding

  • Working capital check

  • Where is the company in its Capex cycle (or capital requirement for banks)

  • Are any step changes in cash flow forecast

  • What is the Dividend policy and current yield and the sustainability of this yield?

Impact of macro and political factors on the stock

  • Currency

  • Reforms

  • Fiscal policy (Importance of tax revenues to central government, tax changes, are prices regulated- subsidies)

  • Monetary Policy

  • Economy

  • License regime and other specific government related interference (ie strategic asset)

Outlook for the sovereign curve

  • If the sovereign curve is important in the market derive an appropriate outlook and link it to the stock and stock market

  • Sovereign curve - impact upon discount rate

  • Sovereign curve changes and impact upon cashflow

Drivers and Risks

  • For drivers and risks you need to consider materiality, what issues are large enough to change the current perception over the level, timing and certainty of cash flows.

  • Major Positive Drivers, earnings, cashflow, risk perception

  • What is the market missing in the current valuation

  • Major Risks to investment case

  • Category of major catalyst

  • Looking at where forecasts of the level, timing and certainty of cashflow differ from that currently implied and the factors/catalysts needed to move the market towards this view

  • Description and timing of the key catalysts

  • What is the current market psychology around the stock

  • Key factors to monitor for the stock and sources

  • Filed Balance Sheet, Income statement and Cashflow?

Valuation and target

  • There are four factors to return. Dividend, earnings growth, multiple change and currency. The combination of these factors determines absolute and hence relative performance

  • Is the expected earnings growth above GEM earnings growth in FY1 and 2?

  • Current appropriate valuation models (include reasons for validity)

  • Target price range and reason (growth, multiples, yield and currency impact)

  • Investment decision

  • What is the current technical and supply and demand position of the stock?

  • What is the historic stock performance and does it have any relevance

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