Dr. P.V. Viswanath

 

pviswanath@pace.edu

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The Global Portfolio Analysis Center (G-PACT) announces

PERC 2006 -- Pace Equity Research Competition

  
 

The Competition

The Pace Equity Research Competition (PERC) is designed to encourage students to develop their equity research report writing skills. The performance of the winning team members will also be taken into account for selection in the Pace team representing the University in the NYSSA Investment Research Challenge (IRC), an area-wide competition, judged by a panel of high-profile experts. For more information on the NYSSA IRC, please click here.

Teams should consist of 3-5 graduate or undergraduate Pace students, who are currently registered. To register your team for the PERC competition, contact Prof. P.V. Viswanath at pviswanath@pace.edu. The deadline for registration is October 23. If you are interested and need more information, please contact Prof. P.V. Viswanath or Prof. Padma Kadiyala. You are responsible for forming your own teams; however, you may want to contact the the Graduate Finance Club (President, Siddhartha Bhattacharya) or the New York and Pleasantville branches of the undergraduate Pace Finance Club (for Pleasantville, contact Paul Kosinski, 1-914-597-8577; for New York, contact Jaclyn DeFonce). Check back regularly at this page for updated information on PERC.

The Details

Your team must analyze the G-III Apparel Group, Ltd. trading under the ticker symbol GIII on the NASDAQ Global Market, and produce an Initiating Coverage Research Report. According to the description on Yahoo, the G-III Apparel Group, Ltd. engages in the design, manufacture, import, and marketing of outerwear and sportswear for men and women in the United States.

Produce a research report consisting of no more than five pages of textual analysis plus supporting documents. Supporting documents, such as tables, may include no more than ten additional pages. The research report itself should have the following components, or other subheadings that include similar information: (You may include a cover page in addition to the page limits described above.)

  • Investment Summary
  • Valuation (including Relative Valuation and Discounted Cash Flow Valuation)
  • Business Description
  • Other Headings, Relative to Company
  • Industry Overview and Competitive Positioning
  • Financial Analysis
  • Investment risks

Following these sections, you should have an Income Statement and a Balance Sheet for the company, as well as any other relevant statements or exhibits. The Income Statement and Balance Sheet, containing forecast estimates for the coming year(s) should be prepared in accordance with the NYSSA Report Model Template. The report must also contain a Market Profile, prepared according to the NYSSA Market Profile Template.

A copy of the NYSSA template is included here for your guidance.

You must also be ready to make a fifteen minute oral presentation ready with PowerPoint Slides. The last date for submission will be November 13.

In addition, please submit a document showing the distribution of effort amongst team members, as well:

  • resumes from each team member
  • a statement from each team providing a distribution of the amount of time each team member spent on each aspect of the write-up. Please address the following categories:
    • Writing and editing the report
    • Putting together the presentation
    • Analysis (valuation and other financial analysis, model building) etc.
    • Data gathering (this includes both numerical data and other facts)
    • Strategy, creativity and idea generation
      Please create a table with one row for each of the above items, and one column for each team member. The entries for each row should add to 100; in other words, if you have three team members, allocate 100% for "writing and editing the report" to the three team members, such as say 20%, 30% and 50%.
    • For each team member, to the best of your ability, please include the number of meetings attended and the amount of time spent at meetings (face-to-face and/or via computer). It is very important to not simply respond "...everyone contributed equally.." or "I put many quality hours on this project..." - as good managers and leaders you need to objective report the activities of your team as well as yourself.

You will need to submit the following items on November 13:

  • Final research report including market profile and financial statements
  • PowerPoint slides
  • Statement of distribution of effort, as explained above

There will be several workshops offered both at Pace and at NYSSA to help PERC participants. Click here for more information.

Notes:

  • Indicate where your data came from. There are many sources of information about companies, and you are free to use any of them as long as you properly indicate what you have used. You are also free to consult with any member of the Pace community, both faculty members and students. However, passing off the work of others as your own is plagiarism and is unacceptable in this competition – you are expected to do your own analysis.
  • All currently registered students may participate in PERC 2006. However, only students who plan to be registered during Spring 2007 will be considered for inclusion in the Pace team participating in the NYSSA Investment Research Challenge.

Materials of Interest