T.I.G instructor-led programme
Fundamental Analysis & Equity Research Course
A structured progression from market foundations and financial-statement interpretation to forensic analysis, valuation, equity research and portfolio review.
12 learning modules
Beginner to advanced
Instructor-led sessions
Applied company analysis
Learning Modules
Explore what you will learn in each module and how it supports practical company analysis, financial-statement interpretation, valuation and evidence-based equity research. The curriculum progresses from ownership foundations to an integrated research capstone.
01Capital Markets, Ownership & Analytical Foundations
Capital Markets, Ownership & Analytical Foundations
What you’ll learn
- What a share represents, helping you analyse a company as a part-owner rather than only follow its market price.
- How equity and debt capital differ and what each funding source means for growth and shareholder risk.
- How primary and secondary markets work and what happens when shares are issued or traded.
- Why market capitalisation and enterprise value measure different things when comparing companies.
- How buybacks, fresh issues and rights issues can change ownership, dilution and value per share.
- How analytical scepticism helps you test assumptions rather than accept company narratives at face value.
02Financial Statements & Annual Report Interpretation
Financial Statements & Annual Report Interpretation
What you’ll learn
- How to read the income statement, balance sheet and cash-flow statement as connected views of company performance.
- How accrual accounting and revenue recognition can create differences between reported profit and cash generation.
- How profit, retained earnings, capital expenditure and financing choices interact over time.
- How auditor reports and key audit matters can reveal concerns that headline financial numbers may not show.
- How management commentary, notes and related-party disclosures help you assess transparency and governance.
03Business Model, Industry Economics & Competitive Positioning
Business Model, Industry Economics & Competitive Positioning
What you’ll learn
- How revenue drivers and cost structures determine whether profits are sustainable or temporary.
- How operating leverage can amplify changes in profit during stronger and weaker demand cycles.
- Why asset-light and capital-intensive companies can have very different economics despite similar revenue.
- How lifecycle stage, industry structure and competitive positioning influence growth and valuation expectations.
- How to conduct primary research using annual reports, investor presentations and exchange filings.
04Financial Ratio Analysis & Operating Performance
Financial Ratio Analysis & Operating Performance
What you’ll learn
- How gross, operating and net margins reveal the efficiency and quality of reported profitability.
- How ROE, ROA and related returns indicate the effectiveness of shareholder capital and company assets.
- How liquidity, leverage and interest-coverage ratios help assess resilience during difficult conditions.
- How inventory, receivables, payables and the cash-conversion cycle affect working-capital requirements.
- How multi-period trends, peer comparisons and ratio cross-checks prevent reliance on one flattering number.
05Competitive Advantage, Management Quality & Capital Allocation
Competitive Advantage, Management Quality & Capital Allocation
What you’ll learn
- How brands, switching costs, network effects, intellectual property and cost advantages can defend profitability.
- How management competence, integrity and disclosure quality affect long-term shareholder outcomes.
- How to evaluate capital allocation across reinvestment, acquisitions, dividends, buybacks and debt reduction.
- How board oversight, incentives and related-party transactions can reveal governance concerns.
- How to distinguish an attractive business from one that is also responsibly and effectively managed.
06Earnings Quality & Forensic Financial Analysis
Earnings Quality & Forensic Financial Analysis
What you’ll learn
- Why incentives and performance pressure can encourage aggressive or misleading financial reporting.
- How premature revenue recognition, expense capitalisation and period shifting can distort reported earnings.
- How one-time items, provisions and changing adjusted metrics can make recurring performance difficult to judge.
- How cash-flow classification and divergence among earnings, receivables, inventory and cash may indicate poor earnings quality.
- How to build a repeatable forensic red-flag checklist before committing substantial research time.
07Sector-Specific Fundamental Analysis
Sector-Specific Fundamental Analysis
What you’ll learn
- How analytical frameworks differ across banks, insurers, pharmaceuticals, technology, consumer and industrial companies.
- How sector-specific performance indicators help you focus on the economics that matter for each industry.
- How to normalise cyclical earnings rather than value a commodity or industrial company at a temporary peak.
- Why generic ratios may be unsuitable for specialised sectors such as banks and insurers.
- How to construct relevant peer groups and approach unfamiliar sectors with greater confidence.
08Time Value of Money, Cost of Capital & Economic Value Creation
Time Value of Money, Cost of Capital & Economic Value Creation
What you’ll learn
- How compounding, discounting, present value and future value form the mathematical basis of valuation.
- How cost of debt and cost of equity establish the returns expected by providers of capital.
- How weighted average cost of capital combines financing sources into a valuation benchmark.
- How ROIC and ROCE help distinguish economic value creation from accounting profit or revenue growth alone.
- How to recognise the assumptions and practical limitations within cost-of-capital estimates.
09Equity Valuation, Scenario Analysis & Margin of Safety
Equity Valuation, Scenario Analysis & Margin of Safety
What you’ll learn
- How P/E, P/B, price-to-sales, EV/EBITDA and cash-flow yields are selected and interpreted.
- How to construct a discounted cash-flow model using forecast periods, terminal value and sustainable cash flow.
- How bull, base and bear scenarios account for uncertainty instead of relying on one fragile forecast.
- How sensitivity analysis and valuation triangulation produce a range rather than false precision.
- How margin of safety creates a buffer for analytical errors, adverse developments and uncertainty.
10Company Research & Evidence-Based Thesis Development
Company Research & Evidence-Based Thesis Development
What you’ll learn
- How to separate reported facts, analytical assumptions and market narratives when planning research.
- How to identify the revenue, margin and cash-flow drivers that matter most to a company thesis.
- How to develop bull, base and bear scenarios supported by evidence-based valuation ranges.
- How to create a risk register, measurable milestones and indicators for monitoring a thesis.
- How to document research like an analyst and recognise evidence that weakens or invalidates a conclusion.
11Portfolio Construction, Review Discipline & Research Process
Portfolio Construction, Review Discipline & Research Process
What you’ll learn
- How diversification, concentration and position sizing affect risk at portfolio level.
- How to balance company-specific uncertainty, business categories and economic sensitivities.
- How to distinguish temporary market-price movement from genuine deterioration in an investment thesis.
- How decision journals and quarterly review routines support evidence-based learning and revisions.
- How to build a repeatable research and review process designed for years rather than one stock selection.
12Integrated Equity Research Capstone
Integrated Equity Research Capstone
What you’ll learn
- How to integrate business analysis, industry economics, financial statements, ratios and governance into one company review.
- How to apply earnings-quality, sector-specific, return-on-capital and cost-of-capital analysis in a complete case.
- How to combine relative and intrinsic valuation with sensitivity and scenario analysis.
- How to produce a documented thesis, risk register and monitoring framework that can be reused for future research.
- How to reach an evidence-backed research conclusion and neutral watchlist classification.