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Use case inspiration for hedge funds, asset managers, sell-side equity research departments, and IR teams.Narrative assessment
Interpreting tone of voice, communication shifts, and strategic intent.
Spot the three adjectives describing demand that recur in the last 4 calls. (e.g., 'robust', 'resilient') for [COMPANY]. Did any of them swap to a softer or stronger synonym this quarter? If so, explain the read-through. What's changed in [COMPANY]'s tone, KPIs, or guidance since the last earnings? Deliver the deltas. Pull the last four shareholder letters or words from the CEO from [COMPANY]. Identify shifts in tone, capital priorities, or strategic direction. Highlight underappreciated signals that might precede KPI or outlook movements for [COMPANY]. What were the most recurring themes in analyst questions during [COMPANY]'s last two earnings calls? Highlight key areas of focus and concern.
Earnings quality
Guidance credibility and true cash-generation.
List every instance where [COMPANY] has provided financial guidance or an outlook since its IPO, and whether it met or missed it. Answer concise in a table. Identify any patterns or significant quarter-over-quarter changes in the bridge components, and assess whether EBITDA appears inflated relative to actual cash generation. Explain where the cash is going and flag any adjustments that could distort economic reality. Review [COMPANY]'s last four quarterly earnings reports and filings. Compare reported EBITDA and free cash flow (FCF) for each quarter. Break down the key components of the EBITDA-to-FCF bridge, including changes in working capital, capital expenditures, stock-based compensation, and other non-cash or one-time items.
Capital allocation & incentives
Use of capital, shareholder alignment, and incentive structures.
Summarize [COMPANY]'s capital return strategy over the last 5 years. Does it align with shareholder-friendly behavior? How has [COMPANY]'s executive compensation evolved or changed over the past three years, including base pay, incentives, and performance metrics? How has [COMPANY] historically responded to economic downturns (e.g., COVID-19, 2008)? Specifically, analyze any counter-cyclical capital allocation decisions such as opportunistic buybacks, M&A activity, or strategic capex during periods of market stress. How quickly and decisively were these actions taken? Describe how [COMPANY] evaluates the trade-offs between different uses of capital: dividends, share buybacks, M&A, and reinvestment in organic growth. Where has the company historically achieved the highest return on capital? Support with data.
Risk analysis & red flags
Hidden liabilities, potential downside triggers, and early warning signs.
What are three potential red flags in [COMPANY]'s latest earnings call transcript that might precede a drawdown? List and contextualize [COMPANY]'s largest impairments, write-downs, or restructuring charges in the past three years. What were the drivers? Parse footnotes in the last Annual Report for [COMPANY] for litigation, warranty, or environmental contingencies. Rank top three hidden risks and state why markets might be under-pricing them. If you can quantify the risk, please do.
Value chain research
Supplier and customer dependencies and industry ecosystem signals.
Have any companies referenced [COMPANY] in the past year? If so, summarize what was said and in what context. Have any companies highlighting [COMPANY] as a key customer recently flagged concerns that could impact [COMPANY]’s performance?
Business model
Company fundamentals, product criticality, and sources of competitive advantage.
Summarize the core business model of [COMPANY] in simple terms. What does it sell, who are its customers, and how does it make money? Evaluate whether [COMPANY]'s main product or service is mission-critical or discretionary for its customers. How dependent are customers on it? Does [COMPANY] have a durable competitive advantage? Identify evidence of brand strength, network effects, switching costs, or economies of scale.
Scenario analysis & forecasting
Forecasting financial outcomes based on revenue growth, margins, specific KPIs.
If [COMPANY] grows revenue by 10% per year over the next three years and reaches the midpoint of their EBIT guidance, what would the EV/EBIT multiple be on that EBIT? Also, account for the cash build-up by assuming that EBIT × (1 - tax rate) approximates the cash generated over the period. Therefore, the EV in three years would be the current EV minus the cumulative cash build-up over the next three years. If [COMPANY] raises prices by 8% while maintaining customer volume, what impact would this have on gross margins and EBIT? How would a 10% increase in [COMPANY]'s Average Order Value (AOV) impact EBIT, assuming revenue growth does not require a proportional increase in operational costs? Consider the effect on both fixed and variable costs, and assess the potential margin improvement based on the company's current cost structure.
Benchmarking
Peer positioning and analyst expectations.
Our peer [COMPANY] just reported earnings, what topics did they cover that we should consider preparing for in our next investor presentation? List the top 5 concerns raised by analysts in recent Q&A sessions for [COMPANY]. Highlight any KPIs or disclosures that [COMPANY] has introduced or removed during the last year. Generate a bullet-point bull vs bear case on [COMPANY], citing only the last four transcripts and filings.
Customers
Customer behavior and retention drivers.
Are [COMPANY]'s customers behaving differently now compared to previous years? Look for changes in usage, contract length, pricing sensitivity, or churn. What are the main reasons customers choose [COMPANY] over alternatives? Include value proposition, switching costs, or product advantages. How has [COMPANY]'s customer base evolved over the past five years? Highlight shifts in segment, geography, or behavior.
Competition
Competitive dynamics, pricing positioning, and strategic differentiation.
Analyze how the competitive landscape has evolved over the past five years. Have new entrants emerged, and how has [COMPANY] responded? Compare [COMPANY]'s pricing strategy to that of its key competitors. Who leads on pricing, and how does it impact market share or margins? What are the main reasons customers choose [COMPANY] over alternatives? Include value proposition, switching costs, or product advantages.
General operational insights
Hidden strengths, structural resilience, and barriers to entry.
What key strengths of [COMPANY]'s business model are commonly overlooked by investors? Explain why the company's model is attractive or resilient. If a private equity-backed team attempted to build a direct competitor to [COMPANY], what would be the biggest barriers or challenges they would face? Assess defensibility.
