Checklist for Writing an Equity Research Report

1. Company Highlights Does the report clearly state why the report should be read? Yes No 2. Investment Summary Does the investment summary expand upon your recommendation? Yes No Does the investment summary make clear assertions as to why the recommendation is being made? Yes No 3. Valuation Does the valuation section clearly justify your price target? Yes No Do you include a sensitivity analysis that identifies the possible effects of risks to your price target? Yes No 4. Business Description Do you describe the business model? Yes No Do you describe the financial position of the company? Yes No Do you describe what the business strategy is? Yes No Do you highlight the important assets and liabilities present? Yes No Have you addressed how the company is positioned to navigate through a downturn? Yes No 5. Have you provided an Industry Overview? Yes No 6. Have you provided an assessment of the companys competitive position within its industry? Yes No 7. Historical Financial Analysis Have you provided a ratio-based analysis? Yes No
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8. Estimates Have you successfully justified your assumptions? Yes No Have you addressed both long-term and short-term estimates? Yes No 9. Investment Risks Have you discussed what would need to happen in order to cause a change in your recommendation? Yes No 10. Have you made disclosures about your ownership interests in the company being researched? Yes No

Additional Notes: ______________________________________________________ ______________________________________________________ ______________________________________________________ _____________________________________________________.

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