Equity Research

Go from annual report to a defensible target price: three-statement models, DCF, peer multiples, and bank valuation.

BeginnerExcelIDX annual reports

ER-101

Modules

Lessons

Video

6.7 hrs

Working files

Curriculum

19 lessons in 5 modules, about 21 minutes each

Reading the financials

4 lessons · 1h 12m

Building a five-year historical sheet24 min

Normalizing earnings and one-off items21 min

The three-statement model

6 lessons · 2h 21m

Valuation

4 lessons · 1h 27m

From model to free cash flow18 min

Cost of equity and WACC for Indonesia24 min

Terminal value and sensitivity tables22 min

Peer multiples: P/E, EV/EBITDA, P/BV23 min

Sector deep dive: banks

3 lessons · 1h 03m

How banks make money16 min

NIM, CoC, and asset quality24 min

Valuing banks with P/BV and ROE23 min

An auditable three-statement model
Inputs, calculations, and outputs separated, with a balance sheet that balances without plugs.
A defensible DCF
WACC with a source for every number and terminal value kept below 70% of EV.
Truly comparable peers
P/E, EV/EBITDA, and P/BV benchmarks across 5 to 8 peers.
A presentation-ready call
Football field and a one-page note you can defend in committee.

All-access membership

This course plus 1 more, every template and future update.