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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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