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Agenda

Agenda. Introduction to CFA charter by Andre Broijl , CFA Research Challenge by Rogier van Aart , CFA Do’s / don’ts by Astrid Herinckx BREAK How to write an analyst report ? by Teun Teeuwisse. CFA Society of the Netherlands Information. Sponsor Acknowledgement.

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Agenda

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  1. Agenda • Introduction to CFA charter by Andre Broijl, CFA • Research Challengeby Rogier van Aart, CFA • Do’s / don’ts by Astrid Herinckx • BREAK • How to write an analyst report?by TeunTeeuwisse

  2. CFA Society of the Netherlands Information

  3. Sponsor Acknowledgement • Nancy Kool – Event manager • TeunTeeuwisse - Head Equity Research

  4. 2011 Global ChampionsPolitecnicodi Milano – Milan, Italy

  5. What is the CFA Institute Research Challenge? • Worldwide intercollegiate competition between teams of students • Organized by local CFA societies • Analysis of a publicly traded company • Interview company management • Mentoring by a CFA charterholder • Research report writing • Presentation of research

  6. 2011 Research Challenge Network • 2500 Students • 546 Universities • 1200 Industry Volunteers • 102 Local CFA Societies

  7. 2012 Tournament Diagram Global Finals EMEA Regional 25 Teams • New York • Regional • 20 Teams Asia-Pacific Regional 19 Teams Americas Regional 47 Teams 91 LOCAL LEVEL CHALLENGES

  8. 2011 Tournament Results

  9. Benefits for Students • Learn best practices in research and report writing • Real-life learning experience as a Sell-Side Equity Analyst • Gain access and exposure to leading industry professionals • Professional report and experience can be featured on resume/CV and on job interviews

  10. Benefits for Students (2) • Experience presenting to top financial professionals • Individual and team prizes • Opportunity for travel (all expenses paid) • Potential for media exposure • Join a network of over 5000 students & 2000 volunteers worldwide

  11. Participating Teams • Amsterdam Business School • Duisenberg School of Finance • HEC Management School - University of Liège • Maastricht University • Nyenrode Business School • Rotterdam School of Management • Solvay Business School Brussels • Tilburg University • University of Groningen • Vlerick Leuven Gent Management School • VU University Amsterdam • ICHEC Brussels

  12. Timeline

  13. Insight and guidance on research methods and tools as taught in academia 10 hours of productive time maximum Access to faculty for other projects unrelated to the Research Challenge is permitted All work must be the original work of the students Insight and guidance on industry practice 6 hours of productive time maximum Face to face or virtual Company management question development Review first draft of research report Presentation development assistance Advisor and Mentor Involvement • Faculty Advisor • Industry Mentor

  14. Teams of 3-5 students Only 1 team per University Enrolled in school at time of kick off meeting Original work of students No contact with company outside of organized events No purchased or professional research reports may be used Rules Overview • Mentors and faculty may NOT contact the company • Mentors and faculty may NOT provide inside information or company reports • Students, Mentors,and Faculty all agree to the CFA Institute Code of Ethics and Standards of Professional Conduct

  15. Ethical Standards for Investment Professionals: An Interactive Case-Based Course Online Ethics Case Study

  16. Sample Report

  17. Section Investment Summary Valuation Business Description Other Headings Industry Overview & Competitive Positioning Financial Analysis Investment Risks Total Report Scoring • Maximum 20 20 5 5 15 20 15 100

  18. Section Argument Questions Financial, Valuation & other Analysis Team Involvement Poise Materials Total Presentation Scoring Maximum 25 25 20 15 10 5 100

  19. Subject Company • Imtech offers added value in the form of integrated multidisciplinary total solutions that lead to better business processes and higher revenue for our own clients and for the clients that they, in turn, serve. Imtech also offers solutions that contribute towards a sustainable society, such as ‘green’ technology and technological solutions in the fields of energy, environment, water and mobility. • http://imtech.eu

  20. Subject Company • JeroenLeenaers – investor relations • BoudewijnGerner - CFO • 2 hours access for all teams

  21. Designated Officers ONLY Organized Meetings ONLY Industry Mentor or Faculty Advisor must be present for ALL student-Imtech interactions Students may contact company suppliers, customers, vendors, etc. Interacting with Imtech

  22. Contact both mentors (industry and uni) Choose a chairman, divide tasks Read guidelines Access Bloomberg Visit www.researchchallenge.org for tips Prepare yourselves, because… Do’s!

  23. “Preparation is everything; Noah didn’t wait start building the arc until it was raining” Warren Buffet Preparation

  24. Semi final: Best report EUR 500 Finals: 3rd price EUR 250 2nd price EUR 500 1st price: EUR 1.000 + 5 scholarships + Representation of B/NL in regional finals, London Awards

  25. Questions

  26. CFA Institute Research Challenge Team Rogier van Aart, CFA – co-ordinator Dutch Research Challenge SjoerdUmmels – co-ordinator Belgium Research Challenge • Rogier.van.Aart@cfanetherlands.nl • Sjoerd.Ummels@INGbank.com Brian Stype – Manager Amanda Quinn – Program Coordinator Amy Strunk – Administrator • www.researchchallenge.org • researchchallenge@cfainstitute.org

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