Program Handbook
by Engineer TalksThe full 6-week curriculum.
Eighteen live sessions. Six weekly milestones. Thirty-plus daily submissions. Reviewed line-by-line.
Limited seats · Need-based scholarships available · Rolling admissions
18
Live Sessions
36+
Daily Submissions
6
Weekly Reviews
1
Real PSX Company
Weekly Curriculum
Week by week, session by session.
Understand sell-side research, read annual reports, and map the business model of your assigned company.
Live Sessions
Session 1
What is Equity Research?
Buy-side vs sell-sideRole of the analystInvestment thesis & target priceBuy / Hold / SellAnatomy of a research report
Session 2
How to Read an Annual Report
Director & chairman reportsNotes to accountsAuditor report & segmentsRelated-party transactionsAccounting policies
Session 3
Business Model & Sector Understanding
Volume × price logicRevenue, cost, margin driversCyclical vs defensive sectorsRegulated vs commodity-linked
Daily Submissions
- D1Company selection form
- D2Annual report collection (5 yrs)
- D3Business model explanation
- D4Sector overview
- D5Revenue/cost driver table
- D6Weekly presentation slides
Weekly Deliverable
Company profile + sector brief + 5-minute presentation
Convert 5 years of annual reports into a clean, formatted historical 3-statement view.
Live Sessions
Session 1
Income Statement Analysis
Revenue → Net profit walkdownEBITDA & operating marginFinance cost & taxEPS calculation
Session 2
Balance Sheet Analysis
Working capital itemsDebt classificationFixed assets & equity movementLeverage ratios
Session 3
Cash Flow Statement Analysis
CFO / CFI / CFFFree cash flowCash conversionWhy profit ≠ cash
Daily Submissions
- D1Historical income statement
- D2Historical balance sheet
- D3Historical cash flow statement
- D4Margin & ratio analysis
- D5Financial performance commentary
- D6Weekly model file
Weekly Deliverable
Clean 5-year historical model with ratio analysis
Build a fully linked 3-statement model that balances and audits cleanly.
Live Sessions
Session 1
Model Structure & Layout
Historical vs forecast periodInput vs formula cellsColor coding & formattingAudit checks
Session 2
Linking the Statements
Net income → retained earningsDepreciation, capex, debt linksWorking capital → CFSCash as balancing item
Session 3
Ratio Analysis & Diagnostics
Growth, profitability, liquidityROE, ROA, ROICDuPont decompositionCommon modeling errors
Daily Submissions
- D1Model template structure
- D2Linked income statement
- D3Linked balance sheet
- D4Linked cash flow statement
- D5Ratio & check tab
- D6Fully linked historical model
Weekly Deliverable
Linked 3-statement model with passing balance sheet check
Project the next 5 years using defensible, sector-specific drivers.
Live Sessions
Session 1
Forecasting Revenue & Costs
Top-down vs bottom-upVolume × priceCapacity utilizationCost inflation & margins
Session 2
Forecasting Balance Sheet & Cash Flow
WC days methodCapex & depreciationDebt schedule & finance costFree cash flow forecast
Session 3
Sector-Specific Forecasting
Cement, Fertilizer, BanksE&P, OMC, PowerTextile, Autos, TechMacro & FX sensitivity
Daily Submissions
- D1Revenue forecast
- D2Cost & margin forecast
- D3Working capital forecast
- D4Capex & depreciation forecast
- D5Debt & finance cost forecast
- D6Complete forecast model
Weekly Deliverable
5-year forecast model with sector driver sheet
Convert forecasts into a defended target price using DCF and comparables.
Live Sessions
Session 1
Valuation Foundations
EV vs equity valueNet debt adjustmentFCFF vs FCFEWACC components
Session 2
DCF Valuation
FCFF buildTerminal value methodsDiscounting & EV → equityTarget price & upside
Session 3
Relative Valuation & Sensitivity
P/E, P/B, EV/EBITDAPeer selectionSensitivity tablesBull / base / bear cases
Daily Submissions
- D1Valuation snapshot
- D2WACC assumptions
- D3DCF valuation
- D4Relative valuation
- D5Sensitivity analysis
- D6Valuation summary
Weekly Deliverable
DCF + relative valuation + sensitivity tables → blended target price
Package everything into a sell-side initiating coverage report and a defended stock pitch.
Live Sessions
Session 1
Writing the Investment Thesis
What makes a strong thesisCatalysts & risksEarnings vs valuation driversStory + numbers
Session 2
Research Report Writing
Initiating coverage formatExecutive summaryCharts & tablesAvoiding vague claims
Session 3
Final Presentation Prep
Stock pitch structureDefending assumptionsQ&A handlingPresenting like an analyst
Daily Submissions
- D1Investment thesis
- D2Research report draft
- D3Final model cleanup
- D4Final presentation deck
- D5Final pitch script
- D6Final submission
Weekly Deliverable
Excel model + research report + 8–12 slide deck + 2-min pitch
Mid-Read Reminder
Six weeks. One real PSX company. Your name on the report.
Grading Rubric
100 points. Weighted by what matters.
Daily Submissions
20/100
Historical Model
15/100
Three-Statement Model
20/100
Forecasting Assumptions
15/100
DCF & Relative Valuation
15/100
Research Report
10/100
Final Presentation
5/100
Certificate Requirements
- Minimum 80% attendance
- Minimum 80% daily submissions
- Complete Excel model
- Final research report
- Final presentation
- Participation in weekly reviews
Final Deliverables
The Excel model has 19 tabs. Here they are.
01Cover02Sources03Hist. IS04Hist. BS05Hist. CFS06Ratios07Assumptions08Fcst. IS09Fcst. BS10Fcst. CFS11WC Schedule12Debt Schedule13Capex Schedule14WACC15DCF16Relative Val17Sensitivity18Charts19Summary
Cohort 01 · Closing SoonYou've read the curriculum. Now claim your seat.
Six weeks from today you can have a defended PSX research report in your portfolio. Applications are reviewed on a rolling basis and seats are capped to preserve 1:1 review quality.
Takes under 5 minutes · No fee to apply
- 1 PSX-listed company assigned to you
- 18 live sessions + 1:1 model reviews
- Sell-side research report in your name
- Defended stock pitch in front of reviewers