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Bender Trust Research Project. Securities Analysis Sponsored by: Greg Francfort. The Bender Trust. Started by alumni David Bender $120,000 principal Currently worth $1,600,000 Used for scholarships. Greg Francfort . Rutgers undergraduate in engineering Wharton MBA graduate

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bender trust research project

Bender TrustResearch Project

Securities Analysis

Sponsored by: Greg Francfort

the bender trust
The Bender Trust
  • Started by alumni David Bender
  • $120,000 principal
  • Currently worth $1,600,000
  • Used for scholarships
greg francfort
Greg Francfort
  • Rutgers undergraduate in engineering
  • Wharton MBA graduate
  • First Boston Corp.
    • Research Director
  • Neuberger Berman
    • Portfolio Manager
  • Securities Analysis at Columbia University
summary
Summary
  • “There is no such thing as present tense in performance management.”
company description
Company Description
  • One paragraph
    • What does the company do to make money?
    • What products / services do they sell?
    • What are the costs of production?
competitive analysis
Competitive Analysis
  • One page: Porters Five Forces
    • Identify customers / suppliers
    • What are the competitive advantages / disadvantages? Size, market share?
    • Is the business getting more or less competitive?
    • Is there a moat around the company?
    • Be succinct!
earnings outlook
Earnings Outlook
  • What are the prospects the company can grow it’s business?
  • Growth from price or volume increases?
  • What is the danger of cost increases?
  • Likelihood of positive or negative earnings surprise compared to consensus estimate of EPS for 2008?
recommendation
Recommendation
  • Convincing case of earnings surprise (positive or negative)
  • Persuasively assert the stock deserves a larger / smaller relative P/E multiple on 2009 EPS than present level
  • Possible takeover potential or some other corporate event that unlocks or reduces value
summary1
Summary
  • Maximum three pages
  • Five minute presentation
    • Only the important information
  • More effort = more knowledge
resources
Resources
  • Yahoo! Finance
  • EDGAR
    • 10-K, 10-Q, etc.
  • Company websites
  • Customers, employees, competitors, suppliers
  • Creative intellect!
deadlines
Deadlines
  • Part I
    • December 3, 2008
  • Part II
    • TBA
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