# The Equity Research Analyst: companion files

Julian R. Sterling. Free files, no sign-up, nothing locked. They open in Excel, LibreOffice Calc or any spreadsheet that reads .xlsx. There are no macros and no links to other files.

Everything in these files is fictional: Halvorsen Flow Technologies, its peers, the nine brokers, the analyst and the firm, Pellmore Brands and every figure. They illustrate the method of the book. They are not advice on any real security.

## The files

**Halvorsen_Coverage_Model.xlsx** (Chapters 3 to 21). The whole worked case with live formulas:

- Inputs: every hard-coded number (history, the base, revised, bear and bull drivers, market data, multiples, WACC inputs, peers, brokers, Q1 data, the twelve past calls).
- Model: the base case FY2023A to FY2028E, from segment volume and price to EPS, free cash flow and net debt (Chapters 3 to 8).
- Scenarios and Sensitivity: bear, base and bull recomputed from their own drivers; FY2027E EPS under each shock; the price target and DCF grids (Chapter 9, Chapters 12 and 13).
- Consensus: the nine brokers, the stale filter, the analyst's gap, z-score and rank, the bridge (Chapter 10).
- Valuation: P/E, EV/EBITDA, sum of the parts, the DCF control and the reverse DCF (Chapters 12 to 14).
- Rating: total return, the grid, the Hold line, the coverage distribution (Chapters 2 and 15).
- Quarter and Revision: Q1 FY2026 estimate, actual, variance and bridge; the revised model, the new target and the downgrade (Chapters 11, 17 and 18).
- TrackRecord and BuySide: the twelve calls scored with the book's rules; the position size (Chapters 20 and 21).
- Text_Figures: every figure a chapter computes in its own text (a Hold line, a split of a price move, an average of methods), each as a formula, chapter by chapter.

**Pellmore_Recruiting_Test.xlsx** (Chapter 22). The candidate's version: instructions, time allowed, marking scheme, the data and an empty answer layout. Try it before you read the chapter.

**Pellmore_Recruiting_Test_Answer_Key.xlsx** (Chapter 22). The same test with the answer key assumptions and every answer as a formula.

**Blank_Coverage_Templates.xlsx**. Empty, reusable versions of the tools: a three-segment earnings model, a consensus tracker, an earnings-day variance sheet, a rating-grid calculator and a recommendation log scored with the book's rules.

## How to read the workbooks

Blue type on a pale yellow fill is an input: change it and everything downstream moves. Black type is a formula. Figures are in $ millions unless stated; per-share figures in dollars.

## The Checks sheet

The coverage model and the answer key end with a Checks sheet. Each row sets a figure as it is printed in the book beside the live cell that computes it, with the gap and a tolerance of half a unit of the last printed digit (so 4.40 passes for any value from 4.395 to 4.405). The status reads PASS or FAIL, and the overall status at the top reads PASS only if every row passes. When you change an input, rows turn FAIL: that is expected, it shows you which printed figures your change moves. Put the input back and they pass again.