Goal:
Build an independent investment thesis for a listed pharma API manufacturer and determine whether the stock was fairly priced, using the same rigor as a sell-side or buy-side pitch.

Tools & Technologies used:
Financial modeling (three-statement model, DCF valuation, WACC via CAPM), ratio analysis, industry research, investor deck design.

What I did?

• Built a 5-year financial model (FY25–FY29) for Neuland Laboratories off historical FY20–FY24 financials
• Ran a DCF valuation using WACC (CAPM method) to estimate intrinsic value per share
• Analyzed industry tailwinds (API/CDMO market growth, government policy support, cost advantages) to stress-test the thesis
• Packaged the analysis into an investor-style pitch deck: company overview, financial performance, investment thesis, risks and mitigation, conclusion: https://drive.google.com/file/d/1ZTxzqQNTbrg6sDP39PcD5tVHOVRnaMIi/view?usp=share_link
• Shortlisted five additional listed names from the same screening exercise as follow-on ideas: https://drive.google.com/file/d/1ZTxzqQNTbrg6sDP39PcD5tVHOVRnaMIi/view?usp=share_link

Challenges and learning:

• Reconciling optimistic growth assumptions in company guidance against more conservative historical trends when building the forecast
• Learning how sensitive DCF output is to terminal value assumptions and WACC inputs — small changes moved the valuation meaningfully
• Structuring a pitch that a real investment committee could act on, not just a spreadsheet exercise

Result/Outcome:

• Arrived at an intrinsic value estimate meaningfully above the prevailing market price, suggesting the stock was undervalued
• Built a repeatable pitch deck template usable for future stock screens
• Extended the exercise into a five-stock watchlist across healthcare, textiles, and renewable energy