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Bender Trust Research Project

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

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  1. Bender TrustResearch Project Securities Analysis Sponsored by: Greg Francfort

  2. The Bender Trust • Started by alumni David Bender • $120,000 principal • Currently worth $1,600,000 • Used for scholarships

  3. Greg Francfort • Rutgers undergraduate in engineering • Wharton MBA graduate • First Boston Corp. • Research Director • Neuberger Berman • Portfolio Manager • Securities Analysis at Columbia University

  4. Part I: Fundamentals

  5. Summary • “There is no such thing as present tense in performance management.”

  6. Company Description • One paragraph • What does the company do to make money? • What products / services do they sell? • What are the costs of production?

  7. 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!

  8. Part II: Analysis

  9. 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?

  10. 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

  11. Summary • Maximum three pages • Five minute presentation • Only the important information • More effort = more knowledge

  12. Resources • Yahoo! Finance • EDGAR • 10-K, 10-Q, etc. • Company websites • Customers, employees, competitors, suppliers • Creative intellect!

  13. Stock List

  14. Deadlines • Part I • December 3, 2008 • Part II • TBA

  15. Questions? • greg@francfortco.com • rulibor@gmail.com

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