2nd annual global investment research challenge cfa france inaugural investment research challenge
TRANSCRIPT
2nd Annual Global Investment Research Challenge
CFA FRANCEInaugural Investment Research Challenge
Page 2
Regions
Asia-PacificHong KongIndiaIndonesiaSingapore
EuropeFranceItalyNetherlandsSpainUK
North AmericaAtlantic CanadaBostonDallas/HoustonLouisvilleNew YorkPittsburghVirginia
2008 Society Participants
Page 3
Overview
Babson College
Boston College Carroll School of Management
Boston University School of Management
Carnegie Mellon Tepper School of Business
Columbia Business School
ESADE (Spain)
IE Business School (Spain)
Imperial College London’s Tanaka Business School
London Business School
MIT Sloan School of Management
400+ students from over 80 universities in Asia, Europe, and North America will compete, including students from these schools ranked among the Financial Times top MBA programs:
NYU Stern School of Business
Rice University Jones School of Management
SMU Cox School of Business
Texas A&M Mays Business School
University of Pittsburgh Katz School of Business
University of Texas McCombs School of Business
University of Virginia Darden School of Business
William and Mary Mason School of Business
Page 4
Be mentored by an industry professional
Interview company
management
Write an equity research report
Present to a panel of
industry experts
Key Components
Perform corporate analysis
Page 5
Inaugural Investment Research Challenge
Page 6
Participants
8 Teams Tutor & Mentor ESSEC Bernard Esnault & Sarah SmithMaster Techniques Financières
Université Paris-Dauphine Gérard Chapalain & Raphael DuboisMaster Ingénierie Economique
Université ASSAS Denis Deschamps & Julien Guez Magistère Banque Finance
ESC Reims Stéphane Dubreuille & Richard Houbron Master AFI
ESC Lille Rahma Chekkar & Maxime LefebvreMaster AFI
Université Panthéon Sorbonne I Diana Pop & Nina de MartinisIAE Master Finance
Université Lille II Jean-Gabriel Cousin & Kais MbarekESA Master Gestion
CERAM Bertrand Groslambert & Christine VerpeauxMaster Finance des Marchés
Page 7
The Company
PRODUITS ET SYSTÈMES POUR INSTALLATIONS ÉLECTRIQUES ET RÉSEAUX DE COMMUNICATION
Page 8
2008 Timeline
January 22nd
February 20th
March 11th
March 16th
March 20th
Kick-off meeting - introduction of teams to mentors and announcement of subject company
Teams submit questions for the company to CFA France [email protected]
Company presentation: Reuters France 6-8 Bd Haussmann at 18:00
Deadline to send additional questions to CFA France for submission to [email protected]
Conference Call at 18:00 : answers from the company
Page 9
2008 Timeline
April 1st
April 15th
May 13th
May 22nd
First draft of report submitted to mentors
Final reports submitted to CFA France for evaluation by graders
3 finalist teams announced
Presentations by finalist teams to a panel of experts
Page 10
The Rules
Student Teams
Teams of 3-5 students per university
Students must be enrolled in the current semester at their university
CFA Charterholders and students who are or have been employed in a role whose primary duty involves fundamental company analysis are not eligible
If a team loses a member, that member can be replaced up until the company presentation on March 11th
Page 11
The Rules
Research Process
Students must not use material non-public information in their written reports or oral presentations.
The reports must be the original work of the students. Faculty members and mentors may not write any part of the report
Direct contact with the company is limited to the company presentation and one follow-up contact: conference call.
Teams may contact the company’s customers, competitors and suppliers. They must confine their conversations to corporate officers who normally interact with investors, such as IR officers, CEO’s or CFO’s. Any other entity must be approved by CFA France.
Page 12
The Rules
Advisors
Teams may use their mentor and Faculty advisors (tutor) as resources, but may not be helped by any other investment industry professionals in conducting their research or writing their reports.
Tutor can spend up to 10 hours advising the teams
Mentors can spend up to 6 hours advising the teams, including phone calls, face-to-face meetings, and reviewing the reports
Mentors may not contact the company, or any of its competitors, affiliates or suppliers unless supervising a student call.
Page 13
The Rules
Research Report
Teams must use the report template provided by CFA France
The body of the report may be a maximum of 8-10 pages
Any additional charts and/or graphs should be included in the appendix. There is no limit to the length of the appendix.
The report, written in English, must be the original work of the students, and may not be copied from another source.
Final report must be submitted to CFA France in electronic and printed form (5 copies) on or before April 15th.
Reports will be submitted under an anonymous team name, Team A, Team B, …to Team H.
Page 14
The Rules
Grading
Written reports will be graded by a team of 4 to 5 investment professionals
Grading will consist of a blind process in which the identity of the university is not known to the graders.
The 3 teams with the top scores will be selected as finalists to present in front of the panel.
Graders will provide short comments on the reports to all of the teams.
Page 15
The Rules
Section
Investment Summary
Valuation
Business Description
Other Headings
Industry Overview & Competitive Positioning
Financial Analysis
Investment Risks
Total
Maximum Score
20
20
5
5
15
20
15
100
Written Report Scoring Criteria
Page 16
The Rules
Presentation
Finalist teams will make a presentation in front of a panel of investment industry experts selected by CFA France
Students will prepare a PowerPoint presentation for the panel, and will have 10 minutes to present with an additional 10 minutes of Q&A
Panelists will base their scores on the presentation only
The final scores will be based 50% on the score of the written report and 50% on the presentation, in the case of a tie, the team with the highest presentation score will be the IRC winner team
The IRC winner team will be announced
Page 17
The Rules
Criteria
I. Materials
II. Argument (did they use data effectively to support their recommendations)
III. Poise (were they confident in their recommendation, were they convincing)
IV. Questions (were they able to answer questions)
V. Use of Resources (team involvement in the presentation, q&a)
Total
Maximum Score
20
25
20
25
10
100
Presentation Scoring Criteria
Page 18
2008 CFA France IRC Award
€4000will be awarded
Page 19
2008 CFA France IRC Award
€1000will be awarded
to the finalist team who gets
the highest score onthe report
Page 20
2008 CFA France IRC Award
€1000will be awarded
to the finalist teamwho gets
the highest scoreon the presentation
Page 21
2008 CFA France IRC Award
€2000will be awarded
to the finalist teamwho gets
the overallhighest score“The winner team”
Page 22
2008 CFA France IRC Award
Team Report Presentation Overall Score
Prize
Team X 90 65 155 €1000
Team Y 70 85 155 €1000
Team Z 85 80 165 €2000
Example« Team Z wins the challenge »
Our Partners
Page 23
Our Partners
Page 24
Page 25
Questions?