Companion files · The Equity Research Analyst
The Equity Research Analyst: Earnings Models, Price Targets and Ratings by the Numbers, With the Models Supplied.
These are the companion files of the book. The analyst initiates on Halvorsen Flow Technologies at $86.20 with a Buy and a $101 price target, twenty times FY2027 adjusted EPS of $5.06: an expected total return of 18.4 percent. One quarter later the company beats and raises guidance, the estimates move 0.9 percent and the shares 5.6 percent, and the firm's own grid turns the Buy into a Hold. Every figure in the book is a live formula here. No sign-up, no email is asked for.
The archive holds the four workbooks below, with 00_START_HERE.md at its root. No macros, no circular references, no external links in any workbook. They recalculate in Excel, LibreOffice or Google Sheets.
Chapters 3 to 21 · Appendix A
The whole case in one workbook: three segments from FY2023A to FY2028E built from volume, price and margins, reported and adjusted EPS, free cash flow and net debt, the scenarios and sensitivities, nine brokers' estimates and the cleaned consensus, the price target by multiples, sum of the parts and a DCF control, the rating grid, the first quarter and the revision that followed, the record of twelve past calls and the position size a fund would take. The Checks sheet puts every printed figure beside its formula, with the gap.
Download the workbook195 KBChapter 22
Pellmore Brands as a candidate receives it: three years of history, the consensus, the price, the time allowed and the marking scheme, and an empty answer layout. Two hours for the model, one for the one-page pitch.
Download the test11 KBChapter 22
The same test solved with live formulas: FY2027 EPS of $3.30, a $53 target and a total return of 8.0 percent, which the grid calls a Hold. Open it after the two hours, not before.
Download the answer key19 KBChapters 4 to 10, 15, 17 and 20
A three-segment earnings model with its formulas in place and its inputs empty, a consensus tracker that flags stale estimates, an earnings-day variance sheet, a rating-grid calculator and a recommendation log scored by the book's rules.
Download the workbook28 KBRead first
What each file is, which chapters each sheet serves, how the Checks sheet works, and the conventions.
Download the read-me3 KB| The target | Twenty times FY2027 adjusted EPS of $5.06: $101. From $86.20, with the dividend, a total return that clears the 15 percent Buy line |
| The quarter | Estimates up 0.9 percent, shares up 5.6 percent: the rest is a higher multiple |
| The downgrade | A $102 target from $93.25 leaves 10.6 percent of expected return: a Hold on the firm's grid |
The files are provided as they are, without warranty of any kind. The models are illustrative: Halvorsen Flow Technologies, Pellmore Brands, the analyst, the brokers and every figure are fictional, and nothing here is a recommendation to buy or sell any security. The rules cited in the book are described as they stood when it was written; your compliance department has the current text.